Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-6523 | |
Entity Registrant Name | Bank of America Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-0906609 | |
Entity Address, Address Line One | 100 N. Tryon Street | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28255 | |
City Area Code | 704 | |
Local Phone Number | 386-5681 | |
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 | 9,308,300,536 | |
Entity Central Index Key | 0000070858 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, par value $0.01 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BAC | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrE | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series W | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrW | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.500% Non-Cumulative Preferred Stock, Series Y | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrY | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.200% Non-Cumulative Preferred Stock, Series CC | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrC | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series EE | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrA | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrB | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrK | |
Security Exchange Name | NYSE | |
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | |
Trading Symbol | BAC PrL | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrG | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrH | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrJ | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrL | |
Security Exchange Name | NYSE | |
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Floating Rate Preferred Hybrid Income Term Securities of BAC Capital | |
Trading Symbol | BAC/PF | |
Security Exchange Name | NYSE | |
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities | |
Trading Symbol | BAC/PG | |
Security Exchange Name | NYSE | |
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Income Capital Obligation Notes initially due December 15, 2066 of | |
Trading Symbol | MER PrK | |
Security Exchange Name | NYSE | |
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Senior Medium-Term Notes, Series A, Step Up Callable Notes, due | |
Trading Symbol | BAC/31B | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/1,000th interest in a share of | |
Trading Symbol | BAC PrM | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net interest income | ||||
Interest income | $ 18,224 | $ 16,369 | $ 36,394 | $ 31,968 |
Interest expense | 6,035 | 4,541 | 11,830 | 8,371 |
Net interest income | 12,189 | 11,828 | 24,564 | 23,597 |
Noninterest income | ||||
Fees and commissions | 8,190 | 8,317 | 16,028 | 16,657 |
Trading account income | 2,345 | 2,151 | 4,683 | 4,704 |
Other income | 360 | 253 | 813 | 661 |
Total noninterest income | 10,895 | 10,721 | 21,524 | 22,022 |
Total revenue, net of interest expense | 23,084 | 22,549 | 46,088 | 45,619 |
Provision for credit losses | 857 | 827 | 1,870 | 1,661 |
Noninterest expense | ||||
Compensation and benefits | 7,972 | 7,944 | 16,221 | 16,424 |
Occupancy and equipment | 1,640 | 1,591 | 3,245 | 3,198 |
Information processing and communications | 1,157 | 1,121 | 2,321 | 2,286 |
Product delivery and transaction related | 709 | 706 | 1,371 | 1,462 |
Marketing | 528 | 395 | 970 | 740 |
Professional fees | 409 | 399 | 769 | 780 |
Other general operating | 853 | 1,068 | 1,595 | 2,176 |
Total noninterest expense | 13,268 | 13,224 | 26,492 | 27,066 |
Income before income taxes | 8,959 | 8,498 | 17,726 | 16,892 |
Income tax expense | 1,611 | 1,714 | 3,067 | 3,190 |
Net income | 7,348 | 6,784 | 14,659 | 13,702 |
Preferred stock dividends | 239 | 318 | 681 | 746 |
Net income applicable to common shareholders | $ 7,109 | $ 6,466 | $ 13,978 | $ 12,956 |
Per common share information | ||||
Earnings (in dollars per share) | $ 0.75 | $ 0.64 | $ 1.45 | $ 1.26 |
Diluted earnings (in dollars per share) | $ 0.74 | $ 0.63 | $ 1.45 | $ 1.25 |
Average common shares issued and outstanding (in shares) | 9,523.2 | 10,181.7 | 9,624 | 10,251.7 |
Average diluted common shares issued and outstanding (in shares) | 9,559.6 | 10,309.4 | 9,672.4 | 10,389.9 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,348 | $ 6,784 | $ 14,659 | $ 13,702 |
Other comprehensive income (loss), net-of-tax: | ||||
Net change in debt securities | 2,384 | (1,031) | 4,693 | (4,994) |
Net change in debit valuation adjustments | (138) | 179 | (501) | 452 |
Net change in derivatives | 304 | (92) | 533 | (367) |
Employee benefit plan adjustments | 29 | 30 | 57 | 60 |
Net change in foreign currency translation adjustments | (14) | (141) | (48) | (189) |
Other comprehensive income (loss) | 2,565 | (1,055) | 4,734 | (5,038) |
Comprehensive income | $ 9,913 | $ 5,729 | $ 19,393 | $ 8,664 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 29,409 | $ 29,063 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 141,985 | 148,341 |
Cash and cash equivalents | 171,394 | 177,404 |
Time deposits placed and other short-term investments | 8,692 | 7,494 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $54,257 and $56,399 measured at fair value) | 248,077 | 261,131 |
Trading account assets (includes $122,803 and $119,363 pledged as collateral) | 251,987 | 214,348 |
Derivative assets | 44,912 | 43,725 |
Debt securities: | ||
Carried at fair value | 246,094 | 238,101 |
Held-to-maturity, at cost (fair value – $202,484 and $200,435) | 199,981 | 203,652 |
Total debt securities | 446,075 | 441,753 |
Loans and leases (includes $7,863 and $4,349 measured at fair value) | 963,800 | 946,895 |
Allowance for loan and lease losses | (9,527) | (9,601) |
Loans and leases, net of allowance | 954,273 | 937,294 |
Premises and equipment, net | 10,426 | 9,906 |
Goodwill | 68,951 | 68,951 |
Loans held-for-sale (includes $2,388 and $2,942 measured at fair value) | 5,416 | 10,367 |
Customer and other receivables | 53,329 | 65,814 |
Other assets (includes $22,074 and $19,739 measured at fair value) | 132,360 | 116,320 |
Total assets | 2,395,892 | 2,354,507 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 393,567 | 412,587 |
Interest-bearing (includes $604 and $492 measured at fair value) | 900,434 | 891,636 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 12,864 | 14,060 |
Interest-bearing | 68,228 | 63,193 |
Total deposits | 1,375,093 | 1,381,476 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $19,866 and $28,875 measured at fair value) | 194,948 | 186,988 |
Trading account liabilities | 82,150 | 68,220 |
Derivative liabilities | 38,380 | 37,891 |
Short-term borrowings (includes $2,403 and $1,648 measured at fair value) | 27,244 | 20,189 |
Accrued expenses and other liabilities (includes $22,811 and $20,075 measured at fair value and $806 and $797 of reserve for unfunded lending commitments) | 168,658 | 165,026 |
Long-term debt (includes $35,198 and $27,689 measured at fair value) | 238,011 | 229,392 |
Total liabilities | 2,124,484 | 2,089,182 |
Commitments and contingencies (Note 7 – Securitizations and Other Variable Interest Entities and Note 11 – Commitments and Contingencies) | ||
Shareholders’ equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,939,040, and 3,843,140 shares | 24,689 | 22,326 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 9,342,601,750 and 9,669,286,370 shares | 106,619 | 118,896 |
Retained earnings | 147,577 | 136,314 |
Accumulated other comprehensive income (loss) | (7,477) | (12,211) |
Total shareholders’ equity | 271,408 | 265,325 |
Total liabilities and shareholders’ equity | 2,395,892 | 2,354,507 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $122,803 and $119,363 pledged as collateral) | 5,469 | 5,798 |
Debt securities: | ||
Loans and leases (includes $7,863 and $4,349 measured at fair value) | 40,676 | 43,850 |
Allowance for loan and lease losses | (882) | (912) |
Loans and leases, net of allowance | 39,794 | 42,938 |
Other assets (includes $22,074 and $19,739 measured at fair value) | 387 | 337 |
Total assets | 45,650 | 49,073 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $2,403 and $1,648 measured at fair value) | 1,845 | 742 |
Long-term debt (includes $35,198 and $27,689 measured at fair value) | 7,393 | 10,944 |
All other liabilities (includes $25 and $27 of non-recourse liabilities) | 27 | 30 |
Total liabilities | $ 9,265 | $ 11,716 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 54,257 | $ 56,399 |
Trading account assets, pledged as collateral | 122,803 | 119,363 |
Debt securities: | ||
Held-to-maturity, fair value | 202,484 | 200,435 |
Loans and leases, measured at fair value | 7,863 | 4,349 |
Loans held-for-sale, measured at fair value | 2,388 | 2,942 |
Other assets, measured at fair value | 22,074 | 19,739 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 604 | 492 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 19,866 | 28,875 |
Short-term borrowings, measured at fair value | 2,403 | 1,648 |
Accrued expenses and other liabilities, measured at fair value | 22,811 | 20,075 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 806 | 797 |
Long-term debt, measured at fair value | $ 35,198 | $ 27,689 |
Shareholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock issued (in shares) | 3,939,040 | 3,843,140 |
Preferred stock outstanding (in shares) | 3,939,040 | 3,843,140 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 12,800,000,000 | 12,800,000,000 |
Common stock issued (in shares) | 9,342,601,750 | 9,669,286,370 |
Common stock outstanding (in shares) | 9,342,601,750 | 9,669,286,370 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 7,392 | $ 10,943 |
Consolidated VIEs | Other liabilities | ||
Shareholders’ equity | ||
Non-recourse debt | $ 25 | $ 27 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2017 | $ 267,146 | $ 22,323 | $ 138,089 | $ 113,816 | $ (7,082) |
Beginning Balance (in shares) at Dec. 31, 2017 | 10,287.3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Adoption of accounting standard related to certain tax effects stranded in accumulated other comprehensive income (loss) | 0 | 1,270 | (1,270) | ||
Net income | 13,702 | 13,702 | |||
Net change in debt securities | (4,994) | (4,994) | |||
Net change in debit valuation adjustments | 452 | 452 | |||
Net change in derivatives | (367) | (367) | |||
Employee benefit plan adjustments | 60 | 60 | |||
Net change in foreign currency translation adjustments | (189) | (189) | |||
Dividends declared: | |||||
Common | (2,455) | (2,455) | |||
Preferred | (746) | (746) | |||
Issuance of preferred stock | 3,671 | 3,671 | |||
Redemption of preferred stock | (2,813) | (2,813) | |||
Common stock issued under employee plans, net (in shares) | 43.7 | ||||
Common stock issued under employee plans, net | 547 | $ 556 | (9) | ||
Common stock repurchased (in shares) | (318.3) | ||||
Common stock repurchased | (9,823) | $ (9,823) | |||
Ending Balance at Jun. 30, 2018 | 264,216 | 23,181 | $ 128,822 | 125,546 | (13,333) |
Ending Balance (in shares) at Jun. 30, 2018 | 10,012.7 | ||||
Beginning Balance at Mar. 31, 2018 | 266,224 | 24,672 | $ 133,532 | 120,298 | (12,278) |
Beginning Balance (in shares) at Mar. 31, 2018 | 10,175.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 6,784 | 6,784 | |||
Net change in debt securities | (1,031) | (1,031) | |||
Net change in debit valuation adjustments | 179 | 179 | |||
Net change in derivatives | (92) | (92) | |||
Employee benefit plan adjustments | 30 | 30 | |||
Net change in foreign currency translation adjustments | (141) | (141) | |||
Dividends declared: | |||||
Common | (1,218) | (1,218) | |||
Preferred | (318) | (318) | |||
Issuance of preferred stock | 1,322 | 1,322 | |||
Redemption of preferred stock | (2,813) | (2,813) | |||
Common stock issued under employee plans, net (in shares) | 2.5 | ||||
Common stock issued under employee plans, net | 255 | $ 255 | |||
Common stock repurchased (in shares) | (165.7) | ||||
Common stock repurchased | (4,965) | $ (4,965) | |||
Ending Balance at Jun. 30, 2018 | 264,216 | 23,181 | $ 128,822 | 125,546 | (13,333) |
Ending Balance (in shares) at Jun. 30, 2018 | 10,012.7 | ||||
Beginning Balance at Dec. 31, 2018 | 265,325 | 22,326 | $ 118,896 | 136,314 | (12,211) |
Beginning Balance (in shares) at Dec. 31, 2018 | 9,669.3 | ||||
Dividends declared: | |||||
Preferred | (442) | ||||
Ending Balance at Mar. 31, 2019 | 267,010 | 22,326 | $ 112,838 | 141,888 | (10,042) |
Ending Balance (in shares) at Mar. 31, 2019 | 9,568.4 | ||||
Beginning Balance at Dec. 31, 2018 | 265,325 | 22,326 | $ 118,896 | 136,314 | (12,211) |
Beginning Balance (in shares) at Dec. 31, 2018 | 9,669.3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 14,659 | 14,659 | |||
Net change in debt securities | 4,693 | 4,693 | |||
Net change in debit valuation adjustments | (501) | (501) | |||
Net change in derivatives | 533 | 533 | |||
Employee benefit plan adjustments | 57 | 57 | |||
Net change in foreign currency translation adjustments | (48) | (48) | |||
Dividends declared: | |||||
Common | (2,876) | (2,876) | |||
Preferred | (681) | (681) | |||
Issuance of preferred stock | 2,363 | 2,363 | |||
Common stock issued under employee plans, net (in shares) | 119.1 | ||||
Common stock issued under employee plans, net | 489 | $ 493 | (4) | ||
Common stock repurchased (in shares) | (445.8) | ||||
Common stock repurchased | (12,770) | $ (12,770) | |||
Ending Balance at Jun. 30, 2019 | 271,408 | 24,689 | $ 106,619 | 147,577 | (7,477) |
Ending Balance (in shares) at Jun. 30, 2019 | 9,342.6 | ||||
Beginning Balance at Mar. 31, 2019 | 267,010 | 22,326 | $ 112,838 | 141,888 | (10,042) |
Beginning Balance (in shares) at Mar. 31, 2019 | 9,568.4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 7,348 | 7,348 | |||
Net change in debt securities | 2,384 | 2,384 | |||
Net change in debit valuation adjustments | (138) | (138) | |||
Net change in derivatives | 304 | 304 | |||
Employee benefit plan adjustments | 29 | 29 | |||
Net change in foreign currency translation adjustments | (14) | (14) | |||
Dividends declared: | |||||
Common | (1,420) | (1,420) | |||
Preferred | (239) | (239) | |||
Issuance of preferred stock | 2,363 | 2,363 | |||
Common stock issued under employee plans, net (in shares) | |||||
Common stock issued under employee plans, net | 288 | $ 288 | |||
Common stock repurchased (in shares) | (225.8) | ||||
Common stock repurchased | (6,507) | $ (6,507) | |||
Ending Balance at Jun. 30, 2019 | $ 271,408 | $ 24,689 | $ 106,619 | $ 147,577 | $ (7,477) |
Ending Balance (in shares) at Jun. 30, 2019 | 9,342.6 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net income | $ 14,659 | $ 13,702 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 1,870 | 1,661 |
Gains on sales of debt securities | (115) | (3) |
Depreciation and premises improvements amortization | 797 | 755 |
Amortization of intangibles | 55 | 269 |
Net amortization of premium/discount on debt securities | 810 | 909 |
Deferred income taxes | 1,494 | 1,782 |
Stock-based compensation | 985 | 877 |
Loans held-for-sale: | ||
Originations and purchases | (9,190) | (11,709) |
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | 14,082 | 17,246 |
Net change in: | ||
Trading and derivative instruments | (17,734) | (1,295) |
Other assets | 2,405 | 9,381 |
Accrued expenses and other liabilities | (5,863) | 399 |
Other operating activities, net | 4,121 | (138) |
Net cash provided by operating activities | 8,376 | 33,836 |
Net change in: | ||
Time deposits placed and other short-term investments | (1,198) | 2,941 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 13,054 | (13,739) |
Debt securities carried at fair value: | ||
Proceeds from sales | 43,488 | 1,194 |
Proceeds from paydowns and maturities | 38,186 | 37,774 |
Purchases | (83,704) | (31,762) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 12,921 | 7,820 |
Purchases | (9,463) | (22,110) |
Loans and leases: | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 5,844 | 7,172 |
Purchases | (2,364) | (2,656) |
Other changes in loans and leases, net | (22,655) | (5,755) |
Other investing activities, net | (1,327) | (1,748) |
Net cash used in investing activities | (7,218) | (20,869) |
Net change in: | ||
Deposits | (6,383) | 146 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 7,960 | 996 |
Short-term borrowings | 7,055 | 7,956 |
Long-term debt: | ||
Proceeds from issuance | 32,493 | 42,426 |
Retirement | (33,848) | (37,264) |
Preferred stock: | ||
Proceeds from issuance | 2,363 | 3,671 |
Redemption | 0 | (2,813) |
Common stock repurchased | (12,770) | (9,823) |
Cash dividends paid | (3,622) | (3,245) |
Other financing activities, net | (833) | (533) |
Net cash provided by (used in) financing activities | (7,585) | 1,517 |
Effect of exchange rate changes on cash and cash equivalents | 417 | (719) |
Net increase (decrease) in cash and cash equivalents | (6,010) | 13,765 |
Cash and cash equivalents at January 1 | 177,404 | 157,434 |
Cash and cash equivalents at June 30 | $ 171,394 | $ 171,199 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income. The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could materially differ from those estimates and assumptions. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K. The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission. Certain prior-period amounts have been reclassified to conform to current period presentation. Accounting Standards Issued and Not Yet Adopted Accounting for Financial Instruments -- Credit Losses The Financial Accounting Standards Board issued a new accounting standard that will be effective for the Corporation on January 1, 2020. This standard replaces the existing measurement of the allowance for credit losses that is based on management’s best estimate of probable incurred credit losses inherent in the Corporation’s lending activities with management’s best estimate of lifetime expected credit losses inherent in the Corporation’s relevant financial assets. The lifetime expected credit losses will be determined using macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios. The standard will also expand credit quality disclosures. While the standard changes the measurement of the allowance for credit losses, it does not change the Corporation’s credit risk of its lending portfolios or the ultimate losses in those portfolios. Key implementation efforts have included model development and validation, data acquisition for model estimation and new disclosures, and the establishment of formal policies supporting all aspects of the standard. The Corporation has initiated running a parallel process encompassing the functionality of the models, internal controls over the estimation process and all other governance activities. Upon adoption of the standard on January 1, 2020, the Corporation expects that, based on current expectations of future economic conditions, its allowance for credit losses on loans and leases may increase by up to 20 percent from its allowance for credit losses as of June 30, 2019 , as disclosed herein, with a large portion of that increase driven by the U.S. credit card portfolio. The ultimate impact will depend on the characteristics of the Corporation’s portfolios as well as the macroeconomic conditions and forecasts upon adoption, the ultimate validation of models and methodologies, and other management judgments. New Accounting Standards Lease Accounting On January 1, 2019, the Corporation adopted the new accounting standards that require lessees to recognize operating leases on the balance sheet as right-of-use assets and lease liabilities based on the value of the discounted future lease payments. Lessor accounting is largely unchanged. Expanded disclosures about the nature and terms of lease agreements are required prospectively and are included in Note 9 – Leases . The Corporation elected to retain prior determinations of whether an existing contract contains a lease and how the lease should be classified. The Corporation elected to recognize leases existing on January 1, 2019 through a cumulative-effect adjustment which increased retained earnings by $165 million , with no adjustment to prior periods presented. Upon adoption, the Corporation also recognized right-of-use assets and lease liabilities of $9.7 billion . Adoption of the standards did not have a significant effect on the Corporation’s regulatory capital measures. Lease Accounting Principles Lessor Arrangements The Corporation provides equipment financing to its customers through a variety of lessor arrangements. Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis. Leases generally do not contain non-lease components. Lessee Arrangements Substantially all of the Corporation’s lessee arrangements are operating leases. Under these arrangements, the Corporation records right-of-use assets and lease liabilities at lease commencement. Right-of-use assets are reported in other assets on the Consolidated Balance Sheet, and the related lease liabilities are reported in accrued expenses and other liabilities. All leases are recorded on the Consolidated Balance Sheet except leases with an initial term less than 12 months for which the Corporation made the short-term lease election. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. The Corporation made an accounting policy election not to separate lease and non-lease components of a contract that is or contains a lease for its real estate and equipment leases. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Corporation’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made prior to lease commencement and for any lease incentives. |
Net Interest Income and Noninte
Net Interest Income and Noninterest Income | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Net Interest Income and Noninterest Income | Net Interest Income and Noninterest Income The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2019 and 2018 . For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . For a disaggregation of noninterest income by business segment and All Other , see Note 18 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Net interest income Interest income Loans and leases $ 10,942 $ 10,071 $ 21,827 $ 19,694 Debt securities 3,017 2,856 6,136 5,660 Federal funds sold and securities borrowed or purchased under agreements to resell 1,309 709 2,504 1,331 Trading account assets 1,321 1,198 2,643 2,334 Other interest income 1,635 1,535 3,284 2,949 Total interest income 18,224 16,369 36,394 31,968 Interest expense Deposits 1,965 943 3,760 1,703 Short-term borrowings 1,997 1,462 3,849 2,597 Trading account liabilities 319 348 664 705 Long-term debt 1,754 1,788 3,557 3,366 Total interest expense 6,035 4,541 11,830 8,371 Net interest income $ 12,189 $ 11,828 $ 24,564 $ 23,597 Noninterest income Fees and commissions Card income Interchange fees (1) $ 968 $ 1,011 $ 1,864 $ 1,925 Other card income 478 472 957 960 Total card income 1,446 1,483 2,821 2,885 Service charges Deposit-related fees 1,638 1,680 3,218 3,326 Lending-related fees 265 274 524 549 Total service charges 1,903 1,954 3,742 3,875 Investment and brokerage services Asset management fees 2,554 2,513 4,994 5,077 Brokerage fees 916 945 1,836 2,045 Total investment and brokerage services 3,470 3,458 6,830 7,122 Investment banking fees Underwriting income 792 719 1,458 1,460 Syndication fees 291 400 546 716 Financial advisory services 288 303 631 599 Total investment banking fees 1,371 1,422 2,635 2,775 Total fees and commissions 8,190 8,317 16,028 16,657 Trading account income 2,345 2,151 4,683 4,704 Other income 360 253 813 661 Total noninterest income $ 10,895 $ 10,721 $ 21,524 $ 22,022 (1) Gross interchange fees were $2.5 billion and $2.4 billion for the three months ended June 30, 2019 and 2018 , and are presented net of $1.6 billion and $1.4 billion of expenses for rewards and partner payments. For the six months ended June 30, 2019 and 2018 , gross interchange fees were $4.8 billion and $4.6 billion and are presented net of $3.0 billion and $2.7 billion of expenses for rewards and partner payments. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Derivative Balances Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2019 and December 31, 2018 . Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid. June 30, 2019 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 20,981.8 $ 167.4 $ 9.3 $ 176.7 $ 173.1 $ 0.3 $ 173.4 Futures and forwards 5,928.5 2.2 — 2.2 2.2 — 2.2 Written options 1,753.4 — — — 35.9 — 35.9 Purchased options 1,772.5 40.1 — 40.1 — — — Foreign exchange contracts Swaps 1,791.8 34.6 1.2 35.8 38.1 1.6 39.7 Spot, futures and forwards 5,052.2 34.4 0.2 34.6 36.1 0.5 36.6 Written options 286.7 — — — 4.0 — 4.0 Purchased options 271.3 3.8 — 3.8 — — — Equity contracts Swaps 273.6 5.6 — 5.6 6.3 — 6.3 Futures and forwards 116.8 0.3 — 0.3 0.8 — 0.8 Written options 761.4 — — — 31.2 — 31.2 Purchased options 699.9 37.1 — 37.1 — — — Commodity contracts Swaps 42.1 2.9 — 2.9 4.7 — 4.7 Futures and forwards 57.8 3.2 — 3.2 0.5 — 0.5 Written options 30.3 — — — 1.4 — 1.4 Purchased options 26.9 1.3 — 1.3 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 413.1 4.1 — 4.1 6.7 — 6.7 Total return swaps/options 75.5 0.1 — 0.1 1.2 — 1.2 Written credit derivatives: Credit default swaps 369.3 6.3 — 6.3 3.3 — 3.3 Total return swaps/options 80.5 0.6 — 0.6 0.4 — 0.4 Gross derivative assets/liabilities $ 344.0 $ 10.7 $ 354.7 $ 345.9 $ 2.4 $ 348.3 Less: Legally enforceable master netting agreements (275.9 ) (275.9 ) Less: Cash collateral received/paid (33.9 ) (34.0 ) Total derivative assets/liabilities $ 44.9 $ 38.4 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $2.7 billion and $353.5 billion at June 30, 2019 . December 31, 2018 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 15,977.9 $ 141.0 $ 3.2 $ 144.2 $ 138.9 $ 2.0 $ 140.9 Futures and forwards 3,656.6 4.7 — 4.7 5.0 — 5.0 Written options 1,584.9 — — — 28.6 — 28.6 Purchased options 1,614.0 30.8 — 30.8 — — — Foreign exchange contracts Swaps 1,704.8 38.8 1.4 40.2 42.2 2.3 44.5 Spot, futures and forwards 4,276.0 39.8 0.4 40.2 39.3 0.3 39.6 Written options 256.7 — — — 5.0 — 5.0 Purchased options 240.4 4.6 — 4.6 — — — Equity contracts Swaps 253.6 7.7 — 7.7 8.4 — 8.4 Futures and forwards 100.0 2.1 — 2.1 0.3 — 0.3 Written options 597.1 — — — 27.5 — 27.5 Purchased options 549.4 36.0 — 36.0 — — — Commodity contracts Swaps 43.1 2.7 — 2.7 4.5 — 4.5 Futures and forwards 51.7 3.2 — 3.2 0.5 — 0.5 Written options 27.5 — — — 2.2 — 2.2 Purchased options 23.4 1.7 — 1.7 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 408.1 5.3 — 5.3 4.9 — 4.9 Total return swaps/options 84.5 0.4 — 0.4 1.0 — 1.0 Written credit derivatives: Credit default swaps 371.9 4.4 — 4.4 4.3 — 4.3 Total return swaps/options 87.3 0.6 — 0.6 0.6 — 0.6 Gross derivative assets/liabilities $ 323.8 $ 5.0 $ 328.8 $ 313.2 $ 4.6 $ 317.8 Less: Legally enforceable master netting agreements (252.7 ) (252.7 ) Less: Cash collateral received/paid (32.4 ) (27.2 ) Total derivative assets/liabilities $ 43.7 $ 37.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(185) million and $342.8 billion at December 31, 2018 . Offsetting of Derivatives The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For additional information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2019 December 31, 2018 Interest rate contracts Over-the-counter $ 210.5 $ 203.5 $ 174.2 $ 169.4 Exchange-traded 0.1 — — — Over-the-counter cleared 6.3 5.5 4.8 4.0 Foreign exchange contracts Over-the-counter 71.6 77.8 82.5 86.3 Over-the-counter cleared 1.1 1.0 0.9 0.9 Equity contracts Over-the-counter 21.2 15.2 24.6 14.6 Exchange-traded 15.2 14.1 16.1 15.1 Commodity contracts Over-the-counter 3.7 4.6 3.5 4.5 Exchange-traded 0.7 0.7 1.0 0.9 Over-the-counter cleared 0.1 — — — Credit derivatives Over-the-counter 6.7 7.5 7.7 8.2 Over-the-counter cleared 4.0 3.7 2.5 2.3 Total gross derivative assets/liabilities, before netting Over-the-counter 313.7 308.6 292.5 283.0 Exchange-traded 16.0 14.8 17.1 16.0 Over-the-counter cleared 11.5 10.2 8.2 7.2 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (286.4 ) (287.0 ) (264.4 ) (259.2 ) Exchange-traded (12.7 ) (12.7 ) (13.5 ) (13.5 ) Over-the-counter cleared (10.7 ) (10.2 ) (7.2 ) (7.2 ) Derivative assets/liabilities, after netting 31.4 23.7 32.7 26.3 Other gross derivative assets/liabilities (2) 13.5 14.7 11.0 11.6 Total derivative assets/liabilities 44.9 38.4 43.7 37.9 Less: Financial instruments collateral (3) (15.1 ) (10.8 ) (16.3 ) (8.6 ) Total net derivative assets/liabilities $ 29.8 $ 27.6 $ 27.4 $ 29.3 (1) Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. Transfers of Financial Assets with Risk Retained through Derivatives The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. As of June 30, 2019 and December 31, 2018 , the Corporation had transferred $5.6 billion and $5.8 billion of non-U.S. government-guaranteed mortgage-backed securities (MBS) to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $5.6 billion and $5.8 billion at the transfer dates. At June 30, 2019 and December 31, 2018 , the fair value of the transferred securities was $5.6 billion and $5.5 billion . ALM and Risk Management Derivatives The Corporation’s asset and liability management (ALM) and risk management activities include the use of derivatives to mitigate risk to the Corporation including derivatives designated in qualifying hedge accounting relationships and derivatives used in other risk management activities. For additional information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Derivatives Designated as Accounting Hedges The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S. operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency-denominated debt (net investment hedges). Fair Value Hedges The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2019 and 2018 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 4,132 $ (4,121 ) $ (869 ) $ 821 Interest rate and foreign currency risk on long-term debt (2) 41 (32 ) (1,067 ) 934 Interest rate risk on available-for-sale securities (3) (55 ) 55 (1 ) 1 Total $ 4,118 $ (4,098 ) $ (1,937 ) $ 1,756 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 6,045 $ (6,050 ) $ (3,174 ) $ 3,057 Interest rate and foreign currency risk on long-term debt (2) 98 (80 ) (745 ) 588 Interest rate risk on available-for-sale securities (3) (100 ) 98 (32 ) 31 Total $ 6,043 $ (6,032 ) $ (3,951 ) $ 3,676 (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2019 , the derivative amount includes gains (losses) of $(3) million and $167 million in interest expense, $30 million and $(89) million in other income and $14 million and $20 million in accumulated other comprehensive income (OCI). For the same periods in 2018 , the derivative amount includes gains (losses) of $25 million and $(39) million in interest expense, $(1.0) billion and $(576) million in other income, and $(83) million and $(130) million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and in the Consolidated Balance Sheet. (3) Amounts are recorded in interest income in the Consolidated Statement of Income. The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated. Designated Fair Value Hedged Assets (Liabilities) June 30, 2019 December 31, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt (2) $ (157,894 ) $ (8,657 ) $ (138,682 ) $ (2,117 ) Available-for-sale debt securities (2) 1,650 58 981 (29 ) (1) For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value. (2) At June 30, 2019 and December 31, 2018 , the cumulative fair value adjustments remaining on long-term debt and available-for-sale (AFS) debt securities from discontinued hedging relationships resulted in a decrease in the related liability of $1.5 billion and $1.6 billion and an increase (decrease) in the related asset of $4 million and $(29) million , which are being amortized over the remaining contractual life of the de-designated hedged items. Cash Flow and Net Investment Hedges The following table summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2019 and 2018 . Of the $483 million after-tax net loss ( $635 million pretax) on derivatives in accumulated OCI at June 30, 2019 , $109 million after-tax ( $143 million pretax) is expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily reduce net interest income related to the respective hedged items. For terminated cash flow hedges, the time period over which the majority of the forecasted transactions are hedged is approximately 4 years , with a maximum length of time for certain forecasted transactions of 17 years . Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges Gains (Losses) Recognized in Gains (Losses) in Income Gains (Losses) Recognized in Gains (Losses) in Income (Dollars in millions, amounts pretax) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 364 $ (28 ) $ 618 $ (51 ) Net investment hedges Foreign exchange risk (2) $ (202 ) $ — $ (196 ) $ 1 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (71 ) $ (33 ) $ (499 ) $ (83 ) Price risk on certain restricted stock awards (3) — — 4 27 Total $ (71 ) $ (33 ) $ (495 ) $ (56 ) Net investment hedges Foreign exchange risk (2) $ 923 $ — $ 679 $ (1 ) (1) Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income. (2) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2019 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $77 million . For the same periods in 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $29 million . (3) Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income. Other Risk Management Derivatives Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The gains and losses on these derivatives are recognized in other income. The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2019 and 2018 . These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Interest rate risk on mortgage activities (1) $ 147 $ (26 ) $ 251 $ (161 ) Credit risk on loans (14 ) (2 ) (40 ) (5 ) Interest rate and foreign currency risk on ALM activities (2) (292 ) 702 820 563 (1) Primarily related to hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale. The net gains on IRLCs, which are not included in the table but are considered derivative instruments, were $24 million and $36 million for the three and six months ended June 30, 2019 compared to $14 million and $28 million for the same periods in 2018 . (2) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. Sales and Trading Revenue The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities. It is the Corporation’s policy to include these derivative instruments in its trading activities which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2019 and 2018 . The difference between total trading account income in the following table and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 18 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Trading Account Income Net Interest Income Other (1) Total Trading Account Income Net Interest Income Other (1) Total (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Interest rate risk $ 304 $ 394 $ 63 $ 761 $ 590 $ 809 $ 144 $ 1,543 Foreign exchange risk 323 12 6 341 641 28 10 679 Equity risk 1,010 (264 ) 399 1,145 1,979 (440 ) 794 2,333 Credit risk 306 462 128 896 807 891 262 1,960 Other risk 17 30 21 68 24 48 35 107 Total sales and trading revenue $ 1,960 $ 634 $ 617 $ 3,211 $ 4,041 $ 1,336 $ 1,245 $ 6,622 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate risk $ 255 $ 412 $ 14 $ 681 $ 713 $ 824 $ 86 $ 1,623 Foreign exchange risk 388 (4 ) 3 387 790 (5 ) 7 792 Equity risk 1,066 (170 ) 405 1,301 2,192 (266 ) 862 2,788 Credit risk 283 483 147 913 823 949 295 2,067 Other risk 28 41 20 89 58 88 34 180 Total sales and trading revenue $ 2,020 $ 762 $ 589 $ 3,371 $ 4,576 $ 1,590 $ 1,284 $ 7,450 (1) Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $423 million and $857 million for the three and six months ended June 30, 2019 compared to $420 million and $897 million for the same periods in 2018 . Credit Derivatives The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at June 30, 2019 and December 31, 2018 are summarized in the following table. Credit Derivative Instruments Less than One Year One to Three Years Three to Five Years Over Five Years Total June 30, 2019 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ 20 $ 142 $ 477 $ 639 Non-investment grade 195 488 702 1,244 2,629 Total 195 508 844 1,721 3,268 Total return swaps/options: Investment grade 28 — — — 28 Non-investment grade 363 14 — — 377 Total 391 14 — — 405 Total credit derivatives $ 586 $ 522 $ 844 $ 1,721 $ 3,673 Credit-related notes: Investment grade $ — $ 3 $ — $ 600 $ 603 Non-investment grade 2 1 3 1,545 1,551 Total credit-related notes $ 2 $ 4 $ 3 $ 2,145 $ 2,154 Maximum Payout/Notional Credit default swaps: Investment grade $ 51,315 $ 87,580 $ 105,430 $ 19,732 $ 264,057 Non-investment grade 20,038 31,412 39,832 14,007 105,289 Total 71,353 118,992 145,262 33,739 369,346 Total return swaps/options: Investment grade 56,759 160 62 75 57,056 Non-investment grade 22,344 866 133 64 23,407 Total 79,103 1,026 195 139 80,463 Total credit derivatives $ 150,456 $ 120,018 $ 145,457 $ 33,878 $ 449,809 December 31, 2018 Carrying Value Credit default swaps: Investment grade $ 2 $ 44 $ 436 $ 488 $ 970 Non-investment grade 132 636 914 1,691 3,373 Total 134 680 1,350 2,179 4,343 Total return swaps/options: Investment grade 105 — — — 105 Non-investment grade 472 21 — — 493 Total 577 21 — — 598 Total credit derivatives $ 711 $ 701 $ 1,350 $ 2,179 $ 4,941 Credit-related notes: Investment grade $ — $ — $ 4 $ 532 $ 536 Non-investment grade 1 1 1 1,500 1,503 Total credit-related notes $ 1 $ 1 $ 5 $ 2,032 $ 2,039 Maximum Payout/Notional Credit default swaps: Investment grade $ 53,758 $ 95,699 $ 95,274 $ 20,054 $ 264,785 Non-investment grade 24,297 33,881 34,530 14,426 107,134 Total 78,055 129,580 129,804 34,480 371,919 Total return swaps/options: Investment grade 60,042 822 59 72 60,995 Non-investment grade 24,524 1,649 39 70 26,282 Total 84,566 2,471 98 142 87,277 Total credit derivatives $ 162,621 $ 132,051 $ 129,902 $ 34,622 $ 459,196 The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits so that certain credit risk-related losses occur within acceptable, predefined limits. Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned. Credit-related Contingent Features and Collateral A majority of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At June 30, 2019 and December 31, 2018 , the Corporation held cash and securities collateral of $81.6 billion at both period ends and posted cash and securities collateral of $67.1 billion and $56.5 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements. In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . At June 30, 2019 , the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $1.9 billion , including $1.2 billion for Bank of America, National Association. Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At June 30, 2019 and December 31, 2018 , the liability recorded for these derivative contracts was not significant. The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2019 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. Additional Collateral Required to be Posted Upon Downgrade at June 30, 2019 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 522 $ 454 Bank of America, N.A. and subsidiaries (1) 203 312 (1) Included in Bank of America Corporation collateral requirements in this table. The following table presents the derivative liabilities that would be subject to unilateral termination by counterparties and the amounts of collateral that would have been contractually required at June 30, 2019 if the long-term senior debt ratings for the Corporation or certain subsidiaries had been lower by one incremental notch and by an additional second incremental notch. Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at June 30, 2019 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 21 $ 1,036 Collateral posted 9 586 Valuation Adjustments on Derivatives The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives, which are recorded in trading account income, on a gross and net of hedge basis for the three and six months ended June 30, 2019 and 2018 . For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Valuation Adjustments Gains (Losses) on Derivatives (1) Three Months Ended June 30 2019 2018 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ (64 ) $ (2 ) $ 139 $ 127 Derivative assets/liabilities (FVA) 26 16 28 (18 ) Derivative liabilities (DVA) 8 (7 ) (159 ) (159 ) Six Months Ended June 30 2019 2018 Derivative assets (CVA) $ 2 $ 22 $ 115 $ 145 Derivative assets/liabilities (FVA) 33 39 (9 ) (19 ) Derivative liabilities (DVA) (73 ) (72 ) (43 ) (53 ) (1) At June 30, 2019 and December 31, 2018 , cumulative CVA reduced the derivative assets balance by $598 million and $600 million , cumulative FVA reduced the net derivatives balance by $118 million and $151 million , and cumulative DVA reduced the derivative liabilities balance by $359 million and $432 million , respectively. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at June 30, 2019 and December 31, 2018 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) June 30, 2019 Available-for-sale debt securities Mortgage-backed securities: Agency $ 125,792 $ 576 $ (799 ) $ 125,569 Agency-collateralized mortgage obligations 5,157 80 (27 ) 5,210 Commercial 14,313 228 (16 ) 14,525 Non-agency residential (1) 1,789 242 (9 ) 2,022 Total mortgage-backed securities 147,051 1,126 (851 ) 147,326 U.S. Treasury and agency securities 56,157 908 (246 ) 56,819 Non-U.S. securities 11,178 8 (1 ) 11,185 Other taxable securities, substantially all asset-backed securities 3,622 73 — 3,695 Total taxable securities 218,008 2,115 (1,098 ) 219,025 Tax-exempt securities 16,799 189 (34 ) 16,954 Total available-for-sale debt securities 234,807 2,304 (1,132 ) 235,979 Other debt securities carried at fair value (2) 9,942 195 (22 ) 10,115 Total debt securities carried at fair value 244,749 2,499 (1,154 ) 246,094 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 199,981 3,339 (836 ) 202,484 Total debt securities (3, 4) $ 444,730 $ 5,838 $ (1,990 ) $ 448,578 December 31, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 125,116 $ 138 $ (3,428 ) $ 121,826 Agency-collateralized mortgage obligations 5,621 19 (110 ) 5,530 Commercial 14,469 11 (402 ) 14,078 Non-agency residential (1) 1,792 136 (11 ) 1,917 Total mortgage-backed securities 146,998 304 (3,951 ) 143,351 U.S. Treasury and agency securities 56,239 62 (1,378 ) 54,923 Non-U.S. securities 9,307 5 (6 ) 9,306 Other taxable securities, substantially all asset-backed securities 4,387 29 (6 ) 4,410 Total taxable securities 216,931 400 (5,341 ) 211,990 Tax-exempt securities 17,349 99 (72 ) 17,376 Total available-for-sale debt securities 234,280 499 (5,413 ) 229,366 Other debt securities carried at fair value (2) 8,595 172 (32 ) 8,735 Total debt securities carried at fair value 242,875 671 (5,445 ) 238,101 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 203,652 747 (3,964 ) 200,435 Total debt securities (3, 4) $ 446,527 $ 1,418 $ (9,409 ) $ 438,536 (1) At June 30, 2019 and December 31, 2018 , the underlying collateral type included approximately 67 percent and 68 percent prime, four percent Alt-A for both periods and 29 percent and 28 percent subprime. (2) Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in other income. For detail on the components, see Note 15 – Fair Value Measurements . (3) Includes securities pledged as collateral of $42.0 billion and $40.6 billion at June 30, 2019 and December 31, 2018 . (4) The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $160.1 billion and $51.4 billion , and a fair value of $161.9 billion and $52.1 billion at June 30, 2019 , and an amortized cost of $161.2 billion and $52.2 billion , and a fair value of $158.5 billion and $51.4 billion at December 31, 2018 . At June 30, 2019 , the accumulated net unrealized gain on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $894 million , net of the related income tax expense of $278 million . The Corporation had nonperforming AFS debt securities of $11 million at both June 30, 2019 and December 31, 2018 . At June 30, 2019 , the Corporation held equity securities at an aggregate fair value of $861 million and other equity securities, as valued under the measurement alternative, at cost of $184 million , both of which are included in other assets. At June 30, 2019 , the Corporation also held equity securities at fair value of $1.2 billion included in time deposits placed and other short-term investments. In the three and six months ended June 30, 2019 , the Corporation recorded gross realized gains on sales of AFS debt securities of $110 million and $227 million and gross realized losses of $1 million and $112 million , resulting in net gains of $109 million and $115 million , with $26 million and $28 million of income taxes attributable to the realized net gains on sales of these AFS debt securities. For the same periods in 2018, gross gains and losses were not significant. The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at June 30, 2019 and December 31, 2018 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in millions) June 30, 2019 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 106 $ — $ 75,567 $ (799 ) $ 75,673 $ (799 ) Agency-collateralized mortgage obligations 59 — 1,652 (27 ) 1,711 (27 ) Commercial 859 (4 ) 1,639 (12 ) 2,498 (16 ) Non-agency residential 35 (1 ) 1 — 36 (1 ) Total mortgage-backed securities 1,059 (5 ) 78,859 (838 ) 79,918 (843 ) U.S. Treasury and agency securities 821 (4 ) 22,323 (242 ) 23,144 (246 ) Non-U.S. securities 1,335 (1 ) — — 1,335 (1 ) Other taxable securities, substantially all asset-backed securities 332 — 3 — 335 — Total taxable securities 3,547 (10 ) 101,185 (1,080 ) 104,732 (1,090 ) Tax-exempt securities 50 — 567 (34 ) 617 (34 ) Total temporarily impaired AFS debt securities 3,597 (10 ) 101,752 (1,114 ) 105,349 (1,124 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 176 (5 ) 20 (3 ) 196 (8 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 3,773 $ (15 ) $ 101,772 $ (1,117 ) $ 105,545 $ (1,132 ) December 31, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 14,771 $ (49 ) $ 99,211 $ (3,379 ) $ 113,982 $ (3,428 ) Agency-collateralized mortgage obligations 3 — 4,452 (110 ) 4,455 (110 ) Commercial 1,344 (8 ) 11,991 (394 ) 13,335 (402 ) Non-agency residential 106 (8 ) 49 (3 ) 155 (11 ) Total mortgage-backed securities 16,224 (65 ) 115,703 (3,886 ) 131,927 (3,951 ) U.S. Treasury and agency securities 288 (1 ) 51,374 (1,377 ) 51,662 (1,378 ) Non-U.S. securities 773 (5 ) 21 (1 ) 794 (6 ) Other taxable securities, substantially all asset-backed securities 183 (1 ) 185 (5 ) 368 (6 ) Total taxable securities 17,468 (72 ) 167,283 (5,269 ) 184,751 (5,341 ) Tax-exempt securities 232 (2 ) 2,148 (70 ) 2,380 (72 ) Total temporarily impaired AFS debt securities 17,700 (74 ) 169,431 (5,339 ) 187,131 (5,413 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 131 — 3 — 134 — Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 17,831 $ (74 ) $ 169,434 $ (5,339 ) $ 187,265 $ (5,413 ) (1) Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. The Corporation had $9 million and $11 million of credit-related other-than-temporary impairment (OTTI) losses on AFS debt securities which were recognized in other income for the three and six months ended June 30, 2019 compared to $8 million and $11 million for the same periods in 2018 . The amount of noncredit-related OTTI losses for these AFS debt securities, which is recognized in OCI, was not significant for both periods presented. The cumulative OTTI credit losses that have been recognized in income on AFS debt securities that the Corporation does not intend to sell were $123 million and $264 million at June 30, 2019 and 2018 . For more information on OTTI losses and significant assumptions used for the Corporation’s underlying collateral, see Note 4 – Securities to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Significant assumptions used in estimating the expected cash flows for measuring credit losses on non-agency residential mortgage-backed securities (RMBS) were as follows at June 30, 2019 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 16.1 % 4.8 % 27.9 % Loss severity 15.9 8.0 33.1 Life default rate 12.7 0.9 41.7 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. Annual constant prepayment speed and loss severity rates are projected considering collateral characteristics such as loan-to-value (LTV), creditworthiness of borrowers as measured using Fair Isaac Corporation (FICO) scores, and geographic concentrations. The weighted-average severity by collateral type was 12.6 percent for prime, 11.9 percent for Alt-A and 20.7 percent for subprime at June 30, 2019 . Default rates are projected by considering collateral characteristics including, but not limited to, LTV, FICO and geographic concentration. Weighted-average life default rates by collateral type were 8.6 percent for prime, 11.5 percent for Alt-A and 15.5 percent for subprime at June 30, 2019 . The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2019 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other asset-backed securities (ABS) are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities Due in One Year or Less Due after One Year through Five Years Due after Five Years through Ten Years Due after Ten Years Total (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ — — % $ 130 2.33 % $ 1,814 2.41 % $ 123,848 3.33 % $ 125,792 3.32 % Agency-collateralized mortgage obligations — — — — 28 2.54 5,129 3.17 5,157 3.17 Commercial 9 1.78 2,520 2.38 10,871 2.55 913 3.00 14,313 2.55 Non-agency residential — — — — 13 — 3,215 10.50 3,228 10.46 Total mortgage-backed securities 9 1.78 2,650 2.38 12,726 2.53 133,105 3.50 148,490 3.40 U.S. Treasury and agency securities 924 0.18 32,924 1.60 22,291 2.45 18 2.50 56,157 1.92 Non-U.S. securities 18,940 0.97 620 1.55 13 4.30 108 6.50 19,681 1.02 Other taxable securities, substantially all asset-backed securities 736 3.67 2,243 3.44 393 3.62 250 4.31 3,622 3.57 Total taxable securities 20,609 1.04 38,437 1.76 35,423 2.50 133,481 3.50 227,950 2.83 Tax-exempt securities 1,004 2.53 6,895 2.34 5,958 2.44 2,942 2.55 16,799 2.42 Total amortized cost of debt securities carried at fair value $ 21,613 1.11 $ 45,332 1.85 $ 41,381 2.49 $ 136,423 3.48 $ 244,749 2.80 Amortized cost of HTM debt securities (2) $ 104 4.27 $ 37 3.97 $ 1,137 2.55 $ 198,703 3.24 $ 199,981 3.24 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 130 $ 1,814 $ 123,625 $ 125,569 Agency-collateralized mortgage obligations — — 28 5,182 5,210 Commercial 9 2,549 11,034 933 14,525 Non-agency residential — — 27 3,593 3,620 Total mortgage-backed securities 9 2,679 12,903 133,333 148,924 U.S. Treasury and agency securities 924 32,856 23,020 19 56,819 Non-U.S. securities 18,944 630 14 111 19,699 Other taxable securities, substantially all asset-backed securities 743 2,284 417 254 3,698 Total taxable securities 20,620 38,449 36,354 133,717 229,140 Tax-exempt securities 1,005 6,908 6,074 2,967 16,954 Total debt securities carried at fair value $ 21,625 $ 45,357 $ 42,428 $ 136,684 $ 246,094 Fair value of HTM debt securities (2) $ 104 $ 37 $ 1,148 $ 201,195 $ 202,484 (1) The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (2) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases
Outstanding Loans and Leases | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Outstanding Loans and Leases | Outstanding Loans and Leases The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2019 and December 31, 2018 . 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (2) Total Past or More Total Current or Less Than 30 Days Past Due (3) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) June 30, 2019 Consumer real estate Core portfolio Residential mortgage $ 1,134 $ 226 $ 698 $ 2,058 $ 205,199 $ 207,257 Home equity 154 74 340 568 37,009 37,577 Non-core portfolio Residential mortgage 573 246 1,628 2,447 10,225 12,672 Home equity 85 43 203 331 6,226 6,557 Credit card and other consumer U.S. credit card 535 362 941 1,838 92,151 93,989 Direct/Indirect consumer (4) 278 109 30 417 90,433 90,850 Other consumer — — — — 174 174 Total consumer 2,759 1,060 3,840 7,659 441,417 449,076 Consumer loans accounted for under the fair value option (5) $ 658 658 Total consumer loans and leases 2,759 1,060 3,840 7,659 441,417 658 449,734 Commercial U.S. commercial 444 278 406 1,128 304,567 305,695 Non-U.S. commercial 24 11 — 35 104,138 104,173 Commercial real estate (6) 15 22 15 52 61,607 61,659 Commercial lease financing 29 39 37 105 20,279 20,384 U.S. small business commercial 82 53 97 232 14,718 14,950 Total commercial 594 403 555 1,552 505,309 506,861 Commercial loans accounted for under the fair value option (5) 7,205 7,205 Total commercial loans and leases 594 403 555 1,552 505,309 7,205 514,066 Total loans and leases (7) $ 3,353 $ 1,463 $ 4,395 $ 9,211 $ 946,726 $ 7,863 $ 963,800 Percentage of outstandings 0.35 % 0.15 % 0.46 % 0.96 % 98.23 % 0.81 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $578 million and nonperforming loans of $167 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $214 million and nonperforming loans of $121 million . (2) Consumer real estate includes fully-insured loans of $1.4 billion . (3) Consumer real estate includes $1.3 billion and direct/indirect consumer includes $50 million of nonperforming loans. (4) Total outstandings includes auto and specialty lending loans and leases of $50.3 billion , unsecured consumer lending loans of $344 million , U.S. securities-based lending loans of $36.5 billion , non-U.S. consumer loans of $2.9 billion and other consumer loans of $811 million . (5) Consumer loans accounted for under the fair value option includes residential mortgage loans of $300 million and home equity loans of $358 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.9 billion and non-U.S. commercial loans of $3.3 billion . For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option . (6) Total outstandings includes U.S. commercial real estate loans of $57.0 billion and non-U.S. commercial real estate loans of $4.6 billion . (7) Total outstandings includes loans and leases pledged as collateral of $32.3 billion . The Corporation also pledged $169.5 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (2) Total Past Total Current or Less Than 30 Days Past Due (3) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) December 31, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,188 $ 249 $ 793 $ 2,230 $ 191,465 $ 193,695 Home equity 200 85 387 672 39,338 40,010 Non-core portfolio Residential mortgage 757 309 2,201 3,267 11,595 14,862 Home equity 139 69 339 547 7,729 8,276 Credit card and other consumer U.S. credit card 577 418 994 1,989 96,349 98,338 Direct/Indirect consumer (4) 317 90 40 447 90,719 91,166 Other consumer (5) — — — — 202 202 Total consumer 3,178 1,220 4,754 9,152 437,397 446,549 Consumer loans accounted for under the fair value option (6) $ 682 682 Total consumer loans and leases 3,178 1,220 4,754 9,152 437,397 682 447,231 Commercial U.S. commercial 594 232 573 1,399 297,878 299,277 Non-U.S. commercial 1 49 — 50 98,726 98,776 Commercial real estate (7) 29 16 14 59 60,786 60,845 Commercial lease financing 124 114 37 275 22,259 22,534 U.S. small business commercial 83 54 96 233 14,332 14,565 Total commercial 831 465 720 2,016 493,981 495,997 Commercial loans accounted for under the fair value option (6) 3,667 3,667 Total commercial loans and leases 831 465 720 2,016 493,981 3,667 499,664 Total loans and leases (8) $ 4,009 $ 1,685 $ 5,474 $ 11,168 $ 931,378 $ 4,349 $ 946,895 Percentage of outstandings 0.42 % 0.18 % 0.58 % 1.18 % 98.36 % 0.46 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $637 million and nonperforming loans of $217 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $269 million and nonperforming loans of $146 million . (2) Consumer real estate includes fully-insured loans of $1.9 billion . (3) Consumer real estate includes $1.8 billion and direct/indirect consumer includes $53 million of nonperforming loans. (4) Total outstandings includes auto and specialty lending loans and leases of $50.1 billion , unsecured consumer lending loans of $383 million , U.S. securities-based lending loans of $37.0 billion , non-U.S. consumer loans of $2.9 billion and other consumer loans of $746 million . (5) Substantially all of other consumer is consumer overdrafts. (6) Consumer loans accounted for under the fair value option includes residential mortgage loans of $336 million and home equity loans of $346 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion and non-U.S. commercial loans of $1.1 billion . For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option . (7) Total outstandings includes U.S. commercial real estate loans of $56.6 billion and non-U.S. commercial real estate loans of $4.2 billion . (8) Total outstandings includes loans and leases pledged as collateral of $36.7 billion . The Corporation also pledged $166.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. The Corporation categorizes consumer real estate loans as core and non-core based on loan and customer characteristics such as origination date, product type, LTV, FICO score and delinquency status consistent with its current consumer and mortgage servicing strategy. Generally, loans that were originated after January 1, 2010, qualified under government-sponsored enterprise (GSE) underwriting guidelines, or otherwise met the Corporation’s underwriting guidelines in place in 2015 are characterized as core loans. All other loans are generally characterized as non-core loans and represent runoff portfolios. The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $6.6 billion and $6.1 billion at June 30, 2019 and December 31, 2018 , providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured and therefore the Corporation does not record an allowance for credit losses related to these loans. During the three and six months ended June 30, 2019 , the Corporation sold $891 million and $1.8 billion of consumer real estate loans compared to $1.8 billion and $2.6 billion for the same periods in 2018 . Nonperforming Loans and Leases The Corporation classifies junior-lien home equity loans as nonperforming when the first-lien loan becomes 90 days past due even if the junior-lien loan is performing. At June 30, 2019 and December 31, 2018 , $139 million and $221 million of such junior-lien home equity loans were included in nonperforming loans. The Corporation classifies consumer real estate loans that have been discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower as troubled debt restructurings (TDRs), irrespective of payment history or delinquency status, even if the repayment terms for the loans have not been otherwise modified. The Corporation continues to have a lien on the underlying collateral. At June 30, 2019 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $153 million of which $84 million were current on their contractual payments, while $55 million were 90 days or more past due. Of the contractually current nonperforming loans, 57 percent were discharged in Chapter 7 bankruptcy over 12 months ago, and 47 percent were discharged 24 months or more ago. The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2019 and December 31, 2018 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 989 $ 1,010 $ 196 $ 274 Home equity 727 955 — — Non-core portfolio Residential mortgage (1) 755 883 1,168 1,610 Home equity 476 938 — — Credit card and other consumer U.S. credit card n/a n/a 941 994 Direct/Indirect consumer 80 56 28 38 Total consumer 3,027 3,842 2,333 2,916 Commercial U.S. commercial 820 794 132 197 Non-U.S. commercial 122 80 — — Commercial real estate 112 156 6 4 Commercial lease financing 55 18 15 29 U.S. small business commercial 51 54 87 84 Total commercial 1,160 1,102 240 314 Total loans and leases $ 4,187 $ 4,944 $ 2,573 $ 3,230 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2019 and December 31, 2018 , residential mortgage includes $1.1 billion and $1.4 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA) and therefore are no longer accruing interest, although principal is still insured, and $345 million and $498 million of loans on which interest is still accruing. n/a = not applicable Credit Quality Indicators The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments and their related credit quality indicators, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The following tables present certain credit quality indicators for the Corporation’s Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2019 and December 31, 2018 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage Non-core Residential Mortgage Core Home Equity Non-core Home Equity Core Residential Mortgage Non-core Residential Mortgage Core Home Equity Non-core Home Equity (Dollars in millions) June 30, 2019 December 31, 2018 Refreshed LTV Less than or equal to 90 percent $ 186,743 $ 8,952 $ 36,904 $ 5,241 $ 173,911 $ 10,272 $ 39,246 $ 6,478 Greater than 90 percent but less than or equal to 100 percent 3,069 435 313 526 2,349 533 354 715 Greater than 100 percent 991 431 360 790 817 545 410 1,083 Fully-insured loans (2) 16,454 2,854 16,618 3,512 Total consumer real estate $ 207,257 $ 12,672 $ 37,577 $ 6,557 $ 193,695 $ 14,862 $ 40,010 $ 8,276 Refreshed FICO score Less than 620 $ 2,047 $ 1,560 $ 951 $ 988 $ 2,125 $ 1,974 $ 1,064 $ 1,503 Greater than or equal to 620 and less than 680 4,614 1,395 1,741 1,189 4,538 1,719 2,008 1,720 Greater than or equal to 680 and less than 740 24,810 2,581 6,452 1,791 23,841 3,042 7,008 2,188 Greater than or equal to 740 159,332 4,282 28,433 2,589 146,573 4,615 29,930 2,865 Fully-insured loans (2) 16,454 2,854 16,618 3,512 Total consumer real estate $ 207,257 $ 12,672 $ 37,577 $ 6,557 $ 193,695 $ 14,862 $ 40,010 $ 8,276 (1) Excludes $658 million and $682 million of loans accounted for under the fair value option at June 30, 2019 and December 31, 2018 . (2) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators U.S. Credit Card Direct/Indirect Consumer Other Consumer U.S. Credit Direct/Indirect Other Consumer (Dollars in millions) June 30, 2019 December 31, 2018 Refreshed FICO score Less than 620 $ 4,758 $ 1,494 $ 5,016 $ 1,719 Greater than or equal to 620 and less than 680 11,712 2,785 12,415 3,124 Greater than or equal to 680 and less than 740 34,073 8,523 35,781 8,921 Greater than or equal to 740 43,446 37,813 45,126 36,709 Other internal credit metrics (1, 2) 40,235 $ 174 40,693 $ 202 Total credit card and other consumer $ 93,989 $ 90,850 $ 174 $ 98,338 $ 91,166 $ 202 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $39.4 billion and $39.9 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk at June 30, 2019 and December 31, 2018 . Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) June 30, 2019 Risk ratings Pass rated $ 297,656 $ 103,054 $ 60,816 $ 20,011 $ 240 Reservable criticized 8,039 1,119 843 373 24 Refreshed FICO score Less than 620 279 Greater than or equal to 620 and less than 680 703 Greater than or equal to 680 and less than 740 2,167 Greater than or equal to 740 4,634 Other internal credit metrics (3) 6,903 Total commercial $ 305,695 $ 104,173 $ 61,659 $ 20,384 $ 14,950 December 31, 2018 Risk ratings Pass rated $ 291,918 $ 97,916 $ 59,910 $ 22,168 $ 389 Reservable criticized 7,359 860 935 366 29 Refreshed FICO score Less than 620 264 Greater than or equal to 620 and less than 680 684 Greater than or equal to 680 and less than 740 2,072 Greater than or equal to 740 4,254 Other internal credit metrics (3) 6,873 Total commercial $ 299,277 $ 98,776 $ 60,845 $ 22,534 $ 14,565 (1) Excludes $7.2 billion and $3.7 billion of loans accounted for under the fair value option at June 30, 2019 and December 31, 2018 . (2) At June 30, 2019 and December 31, 2018 , U.S. small business commercial includes $757 million and $731 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (3) Other internal credit metrics may include delinquency status, application scores, geography or other factors. At both June 30, 2019 and December 31, 2018 , 99 percent of the balances where internal credit metrics are used were current or less than 30 days past due. Impaired Loans and Troubled Debt Restructurings A loan is considered impaired when, based on current information, it is probable that the Corporation will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. For additional information, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Consumer Real Estate Impaired consumer real estate loans within the Consumer Real Estate portfolio segment consist entirely of TDRs. Most modifications of consumer real estate loans meet the definition of TDRs when a binding offer is extended to a borrower. For more information on impaired consumer real estate loans, see Note 5 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K. Consumer real estate loans of $758 million that have been discharged in Chapter 7 bankruptcy with no change in repayment terms and not reaffirmed by the borrower were included in TDRs at June 30, 2019 , of which $153 million were classified as nonperforming and $310 million were loans fully insured by the FHA. For more information on loans discharged in Chapter 7 bankruptcy, see Nonperforming Loans and Leases in this Note. At June 30, 2019 and December 31, 2018 , remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were not significant. Consumer real estate foreclosed properties totaled $205 million and $244 million at June 30, 2019 and December 31, 2018 . The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at June 30, 2019 was $2.0 billion . During the three and six months ended June 30, 2019 , the Corporation reclassified $135 million and $299 million of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government- guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows. The following table provides the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 and the average carrying value and interest income recognized for the three and six months ended June 30, 2019 and 2018 for impaired loans in the Corporation’s Consumer Real Estate portfolio segment. Certain impaired consumer real estate loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Consumer Real Estate Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance Residential mortgage $ 4,917 $ 3,884 $ — $ 5,396 $ 4,268 $ — Home equity 2,111 1,146 — 2,948 1,599 — With an allowance recorded Residential mortgage $ 1,637 $ 1,605 $ 83 $ 1,977 $ 1,929 $ 114 Home equity 650 617 93 812 760 144 Total Residential mortgage $ 6,554 $ 5,489 $ 83 $ 7,373 $ 6,197 $ 114 Home equity 2,761 1,763 93 3,760 2,359 144 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance Residential mortgage $ 3,949 $ 40 $ 5,362 $ 50 $ 4,064 $ 85 $ 5,978 $ 115 Home equity 1,468 23 1,944 25 1,523 48 1,953 52 With an allowance recorded Residential mortgage $ 1,678 $ 16 $ 2,482 $ 24 $ 1,766 $ 34 $ 2,597 $ 49 Home equity 676 6 891 6 707 12 889 12 Total Residential mortgage $ 5,627 $ 56 $ 7,844 $ 74 $ 5,830 $ 119 $ 8,575 $ 164 Home equity 2,144 29 2,835 31 2,230 60 2,842 64 (1) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. The table below presents the June 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2019 and 2018 . The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During the Three and Six Months Ended June 30, 2019 and 2018 Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Residential mortgage $ 154 $ 125 4.28 % 4.39 % $ 277 $ 224 4.27 % 4.30 % Home equity 101 71 5.17 5.16 159 113 5.21 4.88 Total $ 255 $ 196 4.63 4.69 $ 436 $ 337 4.61 4.51 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Residential mortgage $ 276 $ 237 4.24 % 3.94 % $ 628 $ 542 4.17 % 3.93 % Home equity 194 152 4.43 4.42 392 297 4.38 4.06 Total $ 470 $ 389 4.32 4.14 $ 1,020 $ 839 4.25 3.98 (1) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. The table below presents the June 30, 2019 and 2018 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2019 and 2018 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Modifications under government programs (1) $ 10 $ 17 $ 18 $ 35 Modifications under proprietary programs (1) 22 92 75 331 Loans discharged in Chapter 7 bankruptcy (2) 30 38 52 94 Trial modifications 134 242 192 379 Total modifications $ 196 $ 389 $ 337 $ 839 (1) Includes other modifications such as term or payment extensions and repayment plans. During the three and six months ended June 30, 2018 , this included $38 million and $196 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of June 30, 2018. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2019 and 2018 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Modifications under government programs $ 6 $ 11 $ 13 $ 24 Modifications under proprietary programs 20 56 49 87 Loans discharged in Chapter 7 bankruptcy (1) 9 16 18 39 Trial modifications (2) 11 22 27 67 Total modifications $ 46 $ 105 $ 107 $ 217 (1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (2) Includes trial modification offers to which the customer did not respond. Credit Card and Other Consumer Impaired loans within the Credit Card and Other Consumer portfolio segment consist entirely of loans that have been modified in TDRs. The Corporation seeks to assist customers that are experiencing financial difficulty by modifying loans while ensuring compliance with federal and local laws and guidelines. Credit card and other consumer loan modifications generally involve reducing the interest rate on the account, placing the customer on a fixed payment plan not exceeding 60 months and canceling the customer’s available line of credit, all of which are considered TDRs. The Corporation makes loan modifications directly with borrowers for debt held only by the Corporation (internal programs). Additionally, the Corporation makes loan modifications for borrowers working with third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs). The Corporation classifies other secured consumer loans that have been discharged in Chapter 7 bankruptcy as TDRs which are written down to collateral value and placed on nonaccrual status no later than the time of discharge. The following table provides the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 and the average carrying value for the three and six months ended June 30, 2019 and 2018 for TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance Direct/Indirect consumer $ 71 $ 33 $ — $ 72 $ 33 $ — With an allowance recorded U.S. credit card $ 580 $ 594 $ 174 $ 522 $ 533 $ 154 Total U.S. credit card $ 580 $ 594 $ 174 $ 522 $ 533 $ 154 Direct/Indirect consumer 71 33 — 72 33 — Average Carrying Value (2) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance Direct/Indirect consumer $ 33 $ 29 $ 33 $ 29 With an allowance recorded U.S. credit card $ 582 $ 480 $ 565 $ 473 Direct/Indirect consumer — 1 — 1 Total U.S. credit card $ 582 $ 480 $ 565 $ 473 Direct/Indirect consumer 33 30 33 30 (1) Includes accrued interest and fees. (2) The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and six months ended June 30, 2019 and 2018 . The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at June 30, 2019 and December 31, 2018 . Credit Card and Other Consumer – TDRs by Program Type U.S. Credit Card Direct/Indirect Consumer Total TDRs by Program Type (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Internal programs $ 302 $ 259 $ — $ — $ 302 $ 259 External programs 291 273 — — 291 273 Other 1 1 33 33 34 34 Total $ 594 $ 533 $ 33 $ 33 $ 627 $ 566 Percent of balances current or less than 30 days past due 85 % 85 % 85 % 81 % 85 % 85 % The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2019 and 2018 . Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2019 and 2018 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. credit card $ 95 $ 102 19.84 % 5.38 % $ 184 $ 195 19.82 % 5.32 % Direct/Indirect consumer 19 11 5.19 5.16 27 15 5.18 5.16 Total $ 114 $ 113 18.45 5.36 $ 211 $ 210 18.80 5.30 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. credit card $ 72 $ 78 19.18 % 5.29 % $ 140 $ 149 19.06 % 5.26 % Direct/Indirect consumer 19 11 4.43 4.43 28 16 4.73 4.56 Total $ 91 $ 89 17.29 5.18 $ 168 $ 165 17.63 5.19 (1) Includes accrued interest and fees. Credit card and other consumer loans are deemed to be in payment default during the quarter in which a borrower misses the second of two consecutive payments. Payment defaults are one of the factors considered when projecting future cash flows in the calculation of the allowance for loan and lease losses for impaired credit card and other consumer loans. Based on historical experience, the Corporation estimates that 14 percent of new U.S. credit card TDRs and 14 percent of new direct/indirect consumer TDRs may be in payment default within 12 Commercial Loans Impaired commercial loans include nonperforming loans and leases and TDRs (both performing and nonperforming). For more information on impaired commercial loans, see Note 5 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K. At June 30, 2019 and December 31, 2018 , remaining commitments to lend additional funds to debtors whose terms have been modified in a commercial loan TDR were $302 million and $297 million . The balance of commercial TDRs in payment default was not significant at June 30, 2019 and December 31, 2018 . The table below provides information on impaired loans in the Commercial loan portfolio segment including the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 , and the average carrying value for the three and six months ended June 30, 2019 and 2018 . Certain impaired commercial loans do not have a related allowance because the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Commercial Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance U.S. commercial $ 630 $ 617 $ — $ 638 $ 616 $ — Non-U.S. commercial 90 90 — 93 93 — Commercial real estate 107 107 — — — — With an allowance recorded U.S. commercial $ 1,287 $ 1,098 $ 106 $ 1,437 $ 1,270 $ 121 Non-U.S. commercial 249 249 30 155 149 30 Commercial real estate 152 75 4 247 162 16 Commercial lease financing 104 88 2 71 71 — U.S. small business commercial (1) 81 73 26 83 72 29 Total U.S. commercial $ 1,917 $ 1,715 $ 106 $ 2,075 $ 1,886 $ 121 Non-U.S. commercial 339 339 30 248 242 30 Commercial real estate 259 182 4 247 162 16 Commercial lease financing 104 88 2 71 71 — U.S. small business commercial (1) 81 73 26 83 72 29 Average Carrying Value (2) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance U.S. commercial $ 684 $ 684 $ 684 $ 678 Non-U.S. commercial 92 61 92 61 Commercial real estate 167 81 140 75 Commercial lease financing — 7 — 6 With an allowance recorded U.S. commercial $ 1,171 $ 1,221 $ 1,214 $ 1,163 Non-U.S. commercial 244 386 220 416 Commercial real estate 77 8 99 22 Commercial lease financing 88 25 83 18 U.S. small business commercial (1) 75 73 74 74 Total U.S. commercial $ 1,855 $ 1,905 $ 1,898 $ 1,841 Non-U.S. commercial 336 447 312 477 Commercial real estate 244 89 239 97 Commercial lease financing 88 32 83 24 U.S. small business commercial (1) 75 73 74 74 (1) Includes U.S. small business commercial renegotiated TDR loans and related allowance. (2) The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and six months ended June 30, 2019 and 2018 . Loans Held-for-sale The Corporation had LHFS of $5.4 billion and $10.4 billion at June 30, 2019 and December 31, 2018 . Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $14.4 billion and $17.3 billion for the six months ended June 30, 2019 and 2018 . Cash used for originations and purchases of LHFS totaled $9.2 billion and $11.7 billion for the six months ended June 30, 2019 and 2018 . |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The table below summarizes the changes in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended June 30, 2019 Allowance for loan and lease losses, April 1 $ 822 $ 3,934 $ 4,821 $ 9,577 Loans and leases charged off (153 ) (1,075 ) (233 ) (1,461 ) Recoveries of loans and leases previously charged off 305 232 37 574 Net charge-offs 152 (843 ) (196 ) (887 ) Provision for loan and lease losses (239 ) 879 213 853 Other (1) (16 ) — — (16 ) Allowance for loan and lease losses, June 30 719 3,970 4,838 9,527 Reserve for unfunded lending commitments, April 1 — — 802 802 Provision for unfunded lending commitments — — 4 4 Reserve for unfunded lending commitments, June 30 — — 806 806 Allowance for credit losses, June 30 $ 719 $ 3,970 $ 5,644 $ 10,333 Three Months Ended June 30, 2018 Allowance for loan and lease losses, April 1 $ 1,530 $ 3,720 $ 5,010 $ 10,260 Loans and leases charged off (137 ) (1,033 ) (208 ) (1,378 ) Recoveries of loans and leases previously charged off 130 210 42 382 Net charge-offs (7 ) (823 ) (166 ) (996 ) Provision for loan and lease losses (121 ) 878 65 822 Other (1) (36 ) (1 ) 1 (36 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, April 1 — — 782 782 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 (Dollars in millions) Six Months Ended June 30, 2019 Allowance for loan and lease losses, January 1 $ 928 $ 3,874 $ 4,799 $ 9,601 Loans and leases charged off (256 ) (2,132 ) (410 ) (2,798 ) Recoveries of loans and leases previously charged off 413 449 58 920 Net charge-offs 157 (1,683 ) (352 ) (1,878 ) Provision for loan and lease losses (309 ) 1,779 391 1,861 Other (1) (57 ) — — (57 ) Allowance for loan and lease losses, June 30 719 3,970 4,838 9,527 Reserve for unfunded lending commitments, January 1 — — 797 797 Provision for unfunded lending commitments — — 9 9 Reserve for unfunded lending commitments, June 30 — — 806 806 Allowance for credit losses, June 30 $ 719 $ 3,970 $ 5,644 $ 10,333 Six Months Ended June 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (311 ) (2,039 ) (324 ) (2,674 ) Recoveries of loans and leases previously charged off 277 413 77 767 Net charge-offs (34 ) (1,626 ) (247 ) (1,907 ) Provision for loan and lease losses (249 ) 1,754 146 1,651 Other (1) (71 ) (17 ) 1 (87 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 10 10 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 (1) Primarily represents write-offs of purchased credit-impaired loans, the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale, and certain other reclassifications. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2019 and December 31, 2018 . Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) June 30, 2019 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 176 $ 174 $ 168 $ 518 Carrying value (2) 7,252 627 2,397 10,276 Allowance as a percentage of carrying value 2.43 % 27.75 % 7.01 % 5.04 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 543 $ 3,796 $ 4,670 $ 9,009 Carrying value (2, 3) 256,811 184,386 504,464 945,661 Allowance as a percentage of carrying value (3) 0.21 % 2.06 % 0.93 % 0.95 % Total Allowance for loan and lease losses $ 719 $ 3,970 $ 4,838 $ 9,527 Carrying value (2, 3) 264,063 185,013 506,861 955,937 Allowance as a percentage of carrying value (3) 0.27 % 2.15 % 0.95 % 1.00 % December 31, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 258 $ 154 $ 196 $ 608 Carrying value (2) 8,556 566 2,433 11,555 Allowance as a percentage of carrying value 3.02 % 27.21 % 8.06 % 5.26 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 670 $ 3,720 $ 4,603 $ 8,993 Carrying value (2, 3) 248,287 189,140 493,564 930,991 Allowance as a percentage of carrying value (3) 0.27 % 1.97 % 0.93 % 0.97 % Total Allowance for loan and lease losses $ 928 $ 3,874 $ 4,799 $ 9,601 Carrying value (2, 3) 256,843 189,706 495,997 942,546 Allowance as a percentage of carrying value (3) 0.36 % 2.04 % 0.97 % 1.02 % (1) Impaired loans include nonperforming commercial loans and leases, as well as all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option. (2) Amounts are presented gross of the allowance for loan and lease losses. (3) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.9 billion and $4.3 billion at June 30, 2019 and December 31, 2018 . |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | Securitizations and Other Variable Interest Entities The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The tables in this Note present the assets, liabilities and maximum loss exposure of consolidated and unconsolidated VIEs at June 30, 2019 and December 31, 2018 in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. For more information on the Corporation’s use of VIEs and related maximum loss exposure, see Note 1 – Summary of Significant Accounting Principles and Note 7 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs, for example to hold collateral. These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases . The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the six months ended June 30, 2019 or the year ended December 31, 2018 that it was not previously contractually required to provide, nor does it intend to do so. The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $355 million and $218 million at June 30, 2019 and December 31, 2018 . First-lien Mortgage Securitizations As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties. Except as described in Note 11 – Commitments and Contingencies , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. The following table summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2019 and 2018 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 2019 2018 Proceeds from loan sales (1) $ 2,206 $ 1,496 $ 3,302 $ 3,151 $ 2,194 $ 1,741 $ 3,181 $ 2,279 Gains on securitizations (2) 8 23 15 41 28 21 45 39 Repurchases from securitization trusts (3) 242 357 486 858 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives RMBS in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are sold shortly after receipt. (2) A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $11 million and $19 million , net of hedges, during the three and six months ended June 30, 2019 compared to $21 million and $45 million for the same periods in 2018 , are not included in the table above. (3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities. The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $210.5 billion and $249.5 billion at June 30, 2019 and 2018 . Servicing fee and ancillary fee income on serviced loans was $144 million and $292 million during the three and six months ended June 30, 2019 compared to $181 million and $378 million for the same periods in 2018 . Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $2.8 billion and $3.3 billion at June 30, 2019 and December 31, 2018 . For more information on MSRs, see Note 15 – Fair Value Measurements . During the three and six months ended June 30, 2019 , the Corporation deconsolidated agency residential mortgage securitization trusts with total assets of $430 million and $1.1 billion . There were no significant deconsolidations during the three and six months ended June 30, 2018 . The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 15,498 $ 16,011 $ 394 $ 448 $ 1,897 $ 1,897 $ 142 $ 217 $ 826 $ 767 On-balance sheet assets Senior securities: Trading account assets $ 736 $ 460 $ 21 $ 30 $ 72 $ 36 $ 21 $ 90 $ 41 $ 97 Debt securities carried at fair value 8,930 9,381 217 246 1,441 1,470 119 125 — — Held-to-maturity securities 5,832 6,170 — — — — — — 609 528 All other assets — — 3 3 37 37 2 2 49 40 Total retained positions $ 15,498 $ 16,011 $ 241 $ 279 $ 1,550 $ 1,543 $ 142 $ 217 $ 699 $ 665 Principal balance outstanding (2) $ 174,853 $ 187,512 $ 8,084 $ 8,954 $ 8,058 $ 8,719 $ 21,676 $ 23,467 $ 42,785 $ 43,593 Consolidated VIEs Maximum loss exposure (1) $ 11,685 $ 13,296 $ 6 $ 7 $ — $ — $ — $ — $ — $ 76 On-balance sheet assets Trading account assets $ 539 $ 1,318 $ 135 $ 150 $ — $ — $ — $ — $ — $ 76 Loans and leases, net 10,977 11,858 — — — — — — — — All other assets 170 143 — — — — — — — — Total assets $ 11,686 $ 13,319 $ 135 $ 150 $ — $ — $ — $ — $ — $ 76 Total liabilities $ 3 $ 26 $ 129 $ 143 $ — $ — $ — $ — $ — $ — (1) Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see Note 11 – Commitments and Contingencies and Note 15 – Fair Value Measurements . (2) Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans. Other Asset-backed Securitizations The following table summarizes select information related to home equity, credit card and other asset-backed VIEs in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 707 $ 908 $ — $ — $ 7,862 $ 7,647 $ 2,960 $ 2,150 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 2,008 $ 1,419 $ — $ 26 Debt securities carried at fair value 24 27 — — 1,261 1,337 — — Held-to-maturity securities — — — — 4,593 4,891 — — Total retained positions $ 24 $ 27 $ — $ — $ 7,862 $ 7,647 $ — $ 26 Total assets of VIEs (5) $ 1,607 $ 1,813 $ — $ — $ 16,999 $ 16,949 $ 3,657 $ 2,829 Consolidated VIEs Maximum loss exposure $ 73 $ 85 $ 19,803 $ 18,800 $ 129 $ 128 $ 2,507 $ 1,540 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 149 $ 366 $ 2,462 $ 1,553 Loans and leases 113 133 27,703 29,906 — — — — Allowance for loan and lease losses (3 ) (5 ) (874 ) (901 ) — — — — All other assets 4 4 119 136 — — 45 1 Total assets $ 114 $ 132 $ 26,948 $ 29,141 $ 149 $ 366 $ 2,507 $ 1,554 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 1,845 $ 742 Long-term debt 47 55 7,122 10,321 20 238 — 12 All other liabilities — — 23 20 — — — — Total liabilities $ 47 $ 55 $ 7,145 $ 10,341 $ 20 $ 238 $ 1,845 $ 754 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For additional information, see Note 11 – Commitments and Contingencies . (2) At June 30, 2019 and December 31, 2018 , loans and leases in the consolidated credit card trust included $12.6 billion and $11.0 billion of seller’s interest. (3) At June 30, 2019 and December 31, 2018 , all other assets in the consolidated credit card trust included certain short-term investments and unbilled accrued interest and fees. (4) The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (5) Total assets of VIEs includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan. Home Equity Loans The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid amortization event. This obligation is included in the maximum loss exposure in the table above. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows. Credit Card Securitizations The Corporation securitizes originated and purchased credit card loans. The Corporation’s continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller’s interest) in the receivables, and holding certain retained interests including subordinate interests in accrued interest and fees on the securitized receivables and cash reserve accounts. During the six months ended June 30, 2018 , there were $2.8 billion of new senior debt securities issued to third-party investors from the credit card securitization trust. None were issued in the six months ended June 30, 2019 . At June 30, 2019 and December 31, 2018 , the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.2 billion and $7.7 billion . These securities serve as a form of credit enhancement to the senior debt securities and have a stated interest rate of zero percent . During the six months ended June 30, 2018 , there were $448 million of these subordinate securities issued. None were issued in the six months ended June 30, 2019 . Resecuritization Trusts The Corporation transfers securities, typically MBS, into resecuritization VIEs at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust. The Corporation resecuritized $4.1 billion and $8.5 billion of securities during the three and six months ended June 30, 2019 compared to $6.8 billion and $13.6 billion for the same periods in 2018 . Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in trading account income prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. Resecuritization proceeds included securities with an initial fair value of $1.5 billion and $2.8 billion during the three and six months ended June 30, 2019 compared to $910 million and $2.2 billion for the same periods in 2018 . Substantially all of the other securities received as resecuritization proceeds were classified as trading securities and were categorized as Level 2 within the fair value hierarchy. Municipal Bond Trusts The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors. The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $3.0 billion and $2.1 billion at June 30, 2019 and December 31, 2018 . The weighted-average remaining life of bonds held in the trusts at June 30, 2019 was 11.4 years . There were no material write-downs or downgrades of assets or issuers during the six months ended June 30, 2019 and 2018 . Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2019 December 31, 2018 Maximum loss exposure $ 4,036 $ 23,722 $ 27,758 $ 4,177 $ 24,498 $ 28,675 On-balance sheet assets Trading account assets $ 2,184 $ 899 $ 3,083 $ 2,335 $ 860 $ 3,195 Debt securities carried at fair value — 80 80 — 84 84 Loans and leases 1,880 3,919 5,799 1,949 3,940 5,889 Allowance for loan and lease losses (2 ) (40 ) (42 ) (2 ) (30 ) (32 ) All other assets 49 18,536 18,585 53 18,885 18,938 Total $ 4,111 $ 23,394 $ 27,505 $ 4,335 $ 23,739 $ 28,074 On-balance sheet liabilities Long-term debt $ 74 $ — $ 74 $ 152 $ — $ 152 All other liabilities 2 4,133 4,135 7 4,231 4,238 Total $ 76 $ 4,133 $ 4,209 $ 159 $ 4,231 $ 4,390 Total assets of VIEs $ 4,111 $ 93,075 $ 97,186 $ 4,335 $ 94,746 $ 99,081 Customer VIEs Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs and asset acquisition VIEs, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $2.1 billion at both June 30, 2019 and December 31, 2018 , including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs. Collateralized Debt Obligation VIEs The Corporation receives fees for structuring CDO VIEs, which hold diversified pools of fixed-income securities, typically corporate debt or ABS, which the CDO VIEs fund by issuing multiple tranches of debt and equity securities. CDOs are generally managed by third-party portfolio managers. The Corporation typically transfers assets to these CDOs, holds securities issued by the CDOs and may be a derivative counterparty to the CDOs. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs totaled $292 million and $421 million at June 30, 2019 and December 31, 2018 . Investment VIEs The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At June 30, 2019 and December 31, 2018 , the Corporation’s consolidated investment VIEs had total assets of $158 million and $270 million . The Corporation also held investments in unconsolidated VIEs with total assets of $36.2 billion and $37.7 billion at June 30, 2019 and December 31, 2018 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $6.6 billion and $7.2 billion at June 30, 2019 and December 31, 2018 comprised primarily of on-balance sheet assets less non-recourse liabilities. Leveraged Lease Trusts The Corporation’s net investment in consolidated leveraged lease trusts totaled $1.8 billion at both June 30, 2019 and December 31, 2018 . The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation. Tax Credit VIEs The Corporation holds investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, wind and solar projects. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the VIE. The Corporation earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure included in the Other VIEs table was $16.8 billion and $17.0 billion at June 30, 2019 and December 31, 2018 . The Corporation’s risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to making its investment. The Corporation’s investments in affordable housing partnerships, which are reported in other assets on the Consolidated Balance Sheet, totaled $8.9 billion , including unfunded commitments to provide capital contributions of $3.8 billion at both June 30, 2019 and December 31, 2018 . The unfunded commitments are expected to be paid over the next five years . The Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $291 million and $571 million and reported pretax losses in other income of $234 million and $482 million for the three and six months ended June 30, 2019 . For the same periods in 2018 , the Corporation recognized tax credits and other tax benefits of $237 million and $485 million and pretax losses in other income of $217 million and $425 million . Tax credits are recognized as part of the Corporation’s annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent . The Corporation may from time to time be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment and All Other at June 30, 2019 and December 31, 2018 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (Dollars in millions) June 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking 23,923 23,923 Global Markets 5,182 5,182 All Other 46 46 Total goodwill $ 68,951 $ 68,951 The Corporation completed its annual goodwill impairment test as of June 30, 2019 for all reporting units that had goodwill. For this goodwill impairment test, the Corporation used qualitative assessments. The Corporation performed this test by assessing qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was less than its respective carrying value. Factors considered in the qualitative assessments include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If based on the results of the qualitative assessment, the Corporation were to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment would be conducted. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . For additional information regarding the nature of and accounting for the Corporation's goodwill impairment testing, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Intangible Assets At June 30, 2019 and December 31, 2018 , the net carrying value of intangible assets was $1.7 billion and $1.8 billion . Both period ends included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, is not being amortized. Amortization of intangibles expense was $29 million and $55 million for the three and six months ended June 30, 2019 compared to $135 million and $269 million for the same periods in 2018 . |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and on lease financing receivables, see Note 5 – Outstanding Loans and Leases . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. At June 30, 2019 , the total net investment in sales-type and direct financing leases was $22.0 billion , comprised of $19.5 billion in lease receivables and $2.5 billion in unguaranteed residuals. In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $5.4 billion . For the three and six months ended June 30, 2019 , total lease income was $413 million and $839 million , consisting of $198 million and $403 million from sales-type and direct financing leases and $215 million and $436 million from operating leases. Lessee Arrangements The Corporation’s lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation’s financing leases are not significant. Right-of-use assets were $9.9 billion and lease liabilities were $10.2 billion at June 30, 2019 . The weighted-average discount rate used to calculate the present value of future minimum lease payments was four percent . Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The weighted-average lease term was 8.2 years at June 30, 2019 . The table below provides the components of lease cost and supplemental information for the three and six months ended June 30, 2019 . Lease Cost and Supplemental Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 520 $ 1,039 Variable lease cost (1) 113 240 Total lease cost (2) $ 633 $ 1,279 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 263 $ 648 Operating cash flows from operating leases (4) 499 1,000 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurement of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. At December 31, 2018 , operating lease commitments under lessee arrangements were $2.4 billion , $2.2 billion , $2.0 billion , $1.7 billion and $1.3 billion for 2019 through 2023, respectively, and $6.2 billion in the aggregate for all years thereafter. These amounts include variable lease payments and commitments under leases that have not yet commenced, both of which are excluded from the lessee maturity analysis presented in the table above. |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and on lease financing receivables, see Note 5 – Outstanding Loans and Leases . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. At June 30, 2019 , the total net investment in sales-type and direct financing leases was $22.0 billion , comprised of $19.5 billion in lease receivables and $2.5 billion in unguaranteed residuals. In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $5.4 billion . For the three and six months ended June 30, 2019 , total lease income was $413 million and $839 million , consisting of $198 million and $403 million from sales-type and direct financing leases and $215 million and $436 million from operating leases. Lessee Arrangements The Corporation’s lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation’s financing leases are not significant. Right-of-use assets were $9.9 billion and lease liabilities were $10.2 billion at June 30, 2019 . The weighted-average discount rate used to calculate the present value of future minimum lease payments was four percent . Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The weighted-average lease term was 8.2 years at June 30, 2019 . The table below provides the components of lease cost and supplemental information for the three and six months ended June 30, 2019 . Lease Cost and Supplemental Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 520 $ 1,039 Variable lease cost (1) 113 240 Total lease cost (2) $ 633 $ 1,279 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 263 $ 648 Operating cash flows from operating leases (4) 499 1,000 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurement of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. At December 31, 2018 , operating lease commitments under lessee arrangements were $2.4 billion , $2.2 billion , $2.0 billion , $1.7 billion and $1.3 billion for 2019 through 2023, respectively, and $6.2 billion in the aggregate for all years thereafter. These amounts include variable lease payments and commitments under leases that have not yet commenced, both of which are excluded from the lessee maturity analysis presented in the table above. |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and on lease financing receivables, see Note 5 – Outstanding Loans and Leases . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. At June 30, 2019 , the total net investment in sales-type and direct financing leases was $22.0 billion , comprised of $19.5 billion in lease receivables and $2.5 billion in unguaranteed residuals. In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $5.4 billion . For the three and six months ended June 30, 2019 , total lease income was $413 million and $839 million , consisting of $198 million and $403 million from sales-type and direct financing leases and $215 million and $436 million from operating leases. Lessee Arrangements The Corporation’s lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation’s financing leases are not significant. Right-of-use assets were $9.9 billion and lease liabilities were $10.2 billion at June 30, 2019 . The weighted-average discount rate used to calculate the present value of future minimum lease payments was four percent . Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The weighted-average lease term was 8.2 years at June 30, 2019 . The table below provides the components of lease cost and supplemental information for the three and six months ended June 30, 2019 . Lease Cost and Supplemental Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 520 $ 1,039 Variable lease cost (1) 113 240 Total lease cost (2) $ 633 $ 1,279 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 263 $ 648 Operating cash flows from operating leases (4) 499 1,000 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurement of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. At December 31, 2018 , operating lease commitments under lessee arrangements were $2.4 billion , $2.2 billion , $2.0 billion , $1.7 billion and $1.3 billion for 2019 through 2023, respectively, and $6.2 billion in the aggregate for all years thereafter. These amounts include variable lease payments and commitments under leases that have not yet commenced, both of which are excluded from the lessee maturity analysis presented in the table above. |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and on lease financing receivables, see Note 5 – Outstanding Loans and Leases . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. At June 30, 2019 , the total net investment in sales-type and direct financing leases was $22.0 billion , comprised of $19.5 billion in lease receivables and $2.5 billion in unguaranteed residuals. In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $5.4 billion . For the three and six months ended June 30, 2019 , total lease income was $413 million and $839 million , consisting of $198 million and $403 million from sales-type and direct financing leases and $215 million and $436 million from operating leases. Lessee Arrangements The Corporation’s lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation’s financing leases are not significant. Right-of-use assets were $9.9 billion and lease liabilities were $10.2 billion at June 30, 2019 . The weighted-average discount rate used to calculate the present value of future minimum lease payments was four percent . Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The weighted-average lease term was 8.2 years at June 30, 2019 . The table below provides the components of lease cost and supplemental information for the three and six months ended June 30, 2019 . Lease Cost and Supplemental Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 520 $ 1,039 Variable lease cost (1) 113 240 Total lease cost (2) $ 633 $ 1,279 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 263 $ 648 Operating cash flows from operating leases (4) 499 1,000 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurement of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. At December 31, 2018 , operating lease commitments under lessee arrangements were $2.4 billion , $2.2 billion , $2.0 billion , $1.7 billion and $1.3 billion for 2019 through 2023, respectively, and $6.2 billion in the aggregate for all years thereafter. These amounts include variable lease payments and commitments under leases that have not yet commenced, both of which are excluded from the lessee maturity analysis presented in the table above. |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash | 6 Months Ended |
Jun. 30, 2019 | |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | |
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash | Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash The table below presents federal funds sold or purchased, securities financing agreements (which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase) and short-term borrowings. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the fair value option, see Note 16 – Fair Value Option . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 281,085 1.87 % $ 251,880 1.13 % $ 277,715 1.82 % $ 250,110 1.07 % Maximum month-end balance during period 263,416 n/a 264,923 n/a 280,562 n/a 264,923 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 204,001 2.50 % $ 194,298 1.85 % $ 202,088 2.47 % $ 194,953 1.63 % Maximum month-end balance during period 203,063 n/a 199,419 n/a 203,063 n/a 199,419 n/a Short-term borrowings Average during period 23,051 2.79 40,542 5.61 19,263 2.86 43,422 4.75 Maximum month-end balance during period 28,600 n/a 44,382 n/a 28,600 n/a 52,480 n/a n/a = not applicable Offsetting of Securities Financing Agreements The Corporation enters into securities financing agreements to accommodate customers (also referred to as “matched-book transactions”), obtain securities to cover short positions, and to finance inventory positions. For more information on securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2019 and December 31, 2018 . Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2019 Securities borrowed or purchased under agreements to resell (3) $ 400,282 $ (152,205 ) $ 248,077 $ (227,203 ) $ 20,874 Securities loaned or sold under agreements to repurchase $ 347,153 $ (152,205 ) $ 194,948 $ (182,904 ) $ 12,044 Other (4) 22,683 — 22,683 (22,683 ) — Total $ 369,836 $ (152,205 ) $ 217,631 $ (205,587 ) $ 12,044 December 31, 2018 Securities borrowed or purchased under agreements to resell (3) $ 366,274 $ (106,865 ) $ 259,409 $ (240,790 ) $ 18,619 Securities loaned or sold under agreements to repurchase $ 293,853 $ (106,865 ) $ 186,988 $ (176,740 ) $ 10,248 Other (4) 19,906 — 19,906 (19,906 ) — Total $ 313,759 $ (106,865 ) $ 206,894 $ (196,646 ) $ 10,248 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $12.9 billion and $11.5 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. For more information on collateral requirements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Remaining Contractual Maturity Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total (Dollars in millions) June 30, 2019 Securities sold under agreements to repurchase $ 156,634 $ 97,077 $ 34,900 $ 35,311 $ 323,922 Securities loaned 18,161 457 1,016 3,597 23,231 Other 22,683 — — — 22,683 Total $ 197,478 $ 97,534 $ 35,916 $ 38,908 $ 369,836 December 31, 2018 Securities sold under agreements to repurchase $ 139,017 $ 81,917 $ 34,204 $ 21,476 $ 276,614 Securities loaned 7,753 4,197 1,783 3,506 17,239 Other 19,906 — — — 19,906 Total $ 166,676 $ 86,114 $ 35,987 $ 24,982 $ 313,759 (1) No agreements have maturities greater than three years . Class of Collateral Pledged Securities Sold Under Agreements to Repurchase Securities Loaned Other Total (Dollars in millions) June 30, 2019 U.S. government and agency securities $ 186,529 $ 31 $ 1 $ 186,561 Corporate securities, trading loans and other 12,390 3,917 231 16,538 Equity securities 14,672 13,250 22,399 50,321 Non-U.S. sovereign debt 106,086 6,033 52 112,171 Mortgage trading loans and ABS 4,245 — — 4,245 Total $ 323,922 $ 23,231 $ 22,683 $ 369,836 December 31, 2018 U.S. government and agency securities $ 164,664 $ — $ — $ 164,664 Corporate securities, trading loans and other 11,400 2,163 287 13,850 Equity securities 14,090 10,869 19,572 44,531 Non-U.S. sovereign debt 81,329 4,207 47 85,583 Mortgage trading loans and ABS 5,131 — — 5,131 Total $ 276,614 $ 17,239 $ 19,906 $ 313,759 Restricted Cash At June 30, 2019 and December 31, 2018 , the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $25.1 billion and $22.6 billion , predominantly related to cash held on deposit with the Federal Reserve Bank and non-U.S. central banks to meet reserve requirements and cash segregated in compliance with securities regulations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.6 billion and $10.7 billion at June 30, 2019 and December 31, 2018 . At June 30, 2019 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $823 million , including deferred revenue of $17 million and a reserve for unfunded lending commitments of $806 million . At December 31, 2018 , the comparable amounts were $813 million , $16 million and $797 million , respectively. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet. Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower’s ability to pay. The table below also includes the notional amount of commitments of $4.6 billion and $3.1 billion at June 30, 2019 and December 31, 2018 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $128 million and $169 million at June 30, 2019 and December 31, 2018 on these commitments, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 16 – Fair Value Option . Credit Extension Commitments Expire in One Expire After One Expire After Three Years Through Five Years Expire After Five Years Total (Dollars in millions) June 30, 2019 Notional amount of credit extension commitments Loan commitments (1) $ 88,218 $ 147,733 $ 161,196 $ 22,984 $ 420,131 Home equity lines of credit 1,791 1,825 4,624 35,281 43,521 Standby letters of credit and financial guarantees (2) 19,827 9,787 3,165 1,444 34,223 Letters of credit (3) 1,553 325 215 36 2,129 Legally binding commitments 111,389 159,670 169,200 59,745 500,004 Credit card lines (4) 379,383 — — — 379,383 Total credit extension commitments $ 490,772 $ 159,670 $ 169,200 $ 59,745 $ 879,387 December 31, 2018 Notional amount of credit extension commitments Loan commitments (1) $ 84,910 $ 142,271 $ 155,298 $ 22,683 $ 405,162 Home equity lines of credit 2,578 2,249 3,530 34,702 43,059 Standby letters of credit and financial guarantees (2) 22,571 9,702 2,457 1,074 35,804 Letters of credit (3) 1,168 84 69 57 1,378 Legally binding commitments 111,227 154,306 161,354 58,516 485,403 Credit card lines (4) 371,658 — — — 371,658 Total credit extension commitments $ 482,885 $ 154,306 $ 161,354 $ 58,516 $ 857,061 (1) At June 30, 2019 and December 31, 2018 , $5.1 billion and $4.3 billion of these loan commitments are held in the form of a security. (2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $26.4 billion and $7.4 billion at June 30, 2019 , and $28.3 billion and $7.1 billion at December 31, 2018 . Amounts in the table include consumer SBLCs of $377 million and $372 million at June 30, 2019 and December 31, 2018 . (3) At June 30, 2019 and December 31, 2018 , included are letters of credit of $695 million and $422 million related to certain liquidity commitments of VIEs. For additional information, see Note 7 – Securitizations and Other Variable Interest Entities . (4) Includes business card unused lines of credit. Other Commitments At June 30, 2019 and December 31, 2018 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $277 million and $329 million , which upon settlement will be included in loans or LHFS, and commitments to purchase commercial loans of $366 million and $463 million , which upon settlement will be included in trading account assets. At June 30, 2019 and December 31, 2018 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas, of $1.0 billion and $1.3 billion , which upon settlement will be included in trading account assets. At June 30, 2019 and December 31, 2018 , the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $95.6 billion and $59.7 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $76.2 billion and $21.2 billion . These commitments expire primarily within the next 18 months . At June 30, 2019 and December 31, 2018 , the Corporation had a commitment to originate or purchase up to $3.2 billion and $3.0 billion on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2022 and can be terminated with 12 months prior notice. Other Guarantees Bank-owned Life Insurance Book Value Protection The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. At June 30, 2019 and December 31, 2018 , the notional amount of these guarantees totaled $7.6 billion and $9.8 billion . At June 30, 2019 and December 31, 2018 , the Corporation’s maximum exposure related to these guarantees totaled $1.1 billion and $1.5 billion , with estimated maturity dates between 2033 and 2039. Merchant Services In accordance with credit and debit card association rules, the Corporation sponsors merchant processing servicers that process credit and debit card transactions on behalf of various merchants. If the merchant processor fails to meet its obligation to reimburse the cardholder for disputed transactions, then the Corporation could be held liable. For the three and six months ended June 30, 2019 , the sponsored entities processed and settled $235.7 billion and $441.3 billion of transactions and recorded losses of $7 million and $11 million . For the same periods in 2018 , the sponsored entities processed and settled $226.1 billion and $426.8 billion of transactions and recorded losses of $9 million and $17 million . At June 30, 2019 and December 31, 2018 , the maximum potential exposure for sponsored transactions totaled $356.6 billion and $348.1 billion . However, the Corporation believes that the maximum potential exposure is not representative of the actual potential loss exposure and does not expect to make material payments in connection with these guarantees. A significant portion of the Corporation's merchant processing activity is performed by a joint venture, formed in 2009, in which the Corporation holds a 49 percent ownership interest. The carrying value of the Corporation’s investment was $2.7 billion and $2.8 billion at June 30, 2019 and December 31, 2018 . The joint venture is accounted for as an equity method investment and reported in All Other . In June 2019, the joint venture partners agreed to extend the Corporation’s right to terminate the joint venture at the end of its current term, which is June 2020, from one year to four months prior to that date. On July 29, 2019, the Corporation gave notice to the joint venture partner of the termination of the joint venture upon the conclusion of its current term. As a result, the Corporation expects to incur a non-cash, pretax impairment charge in the third quarter of 2019 of approximately $1.7 billion to $2.1 billion , which is estimated to reduce the Common equity tier 1 ratio by 9 to 11 basis points. Representations and Warranties Obligations and Corporate Guarantees For more information on representations and warranties obligations and corporate guarantees, and the related reserve and estimated range of possible loss, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The reserve for representations and warranties obligations and corporate guarantees was $2.0 billion at both June 30, 2019 and December 31, 2018 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet and the related provision is included in other income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of probable incurred losses. It is reasonably possible that future representations and warranties losses may occur in excess of the amounts recorded for these exposures. See Litigation and Regulatory Matters below for the Corporation’s combined range of possible loss in excess of the reserve for representations and warranties and the accrued liability for litigation. Other Guarantees The Corporation has entered into additional guarantee agreements and commitments, including sold risk participation swaps, liquidity facilities, lease-end obligation agreements, partial credit guarantees on certain leases, real estate joint venture guarantees, divested business commitments and sold put options that require gross settlement. The maximum potential future payment under these agreements was approximately $7.2 billion and $5.9 billion at June 30, 2019 and December 31, 2018 . The estimated maturity dates of these obligations extend up to 2040 . The Corporation has made no material payments under these guarantees. For more information on maximum potential future payments under VIE-related liquidity commitments, see Note 7 – Securitizations and Other Variable Interest Entities . In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions. Guarantees of Certain Long-term Debt The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a 100 percent owned finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation. Litigation and Regulatory Matters The following disclosure supplements the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K (the prior commitments and contingencies disclosure). In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or any eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, the Corporation establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Excluding expenses of internal and external legal service providers, litigation-related expense of $114 million and $187 million was recognized for the three and six months ended June 30, 2019 compared to $86 million and $202 million for the same periods in 2018 . For a limited number of the matters disclosed in this Note, and in the prior commitments and contingencies disclosure, for which a loss, whether in excess of a related accrued liability or where there is no accrued liability, is reasonably possible in future periods, the Corporation is able to estimate a range of possible loss. With respect to such matters, in cases in which the Corporation possesses sufficient appropriate information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other disclosed matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those disclosed matters where an estimate of the range of possible loss is possible, as well as for representations and warranties exposures, management currently estimates the aggregate range of reasonably possible loss for these exposures is $0 to $1.9 billion in excess of the accrued liability, if any. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Therefore, this estimated range of possible loss represents what the Corporation believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Corporation’s maximum loss exposure. Information is provided below, or in the prior commitments and contingencies disclosure regarding the nature of the litigation contingencies and, where specified, the amount of the claim associated with these loss contingencies. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, including the matters described below, and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial position or liquidity of the Corporation. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Corporation’s results of operations or liquidity for any particular reporting period. Investigations of Precious Metals Trading In connection with the U.S. Commodity Futures Trading Commission's (CFTC) and U.S. Department of Justice's (DOJ) investigations of precious metals market trading practices, on June 25, 2019, Merrill Lynch Commodities, Inc. (MLCI), an indirect wholly-owned subsidiary of the Corporation, entered into a civil settlement with the CFTC and a non-prosecution agreement with the DOJ. Those resolutions resulted in settlement payments totaling $36.5 million and require MLCI and the Corporation to undertake certain remedial measures and other obligations. Mortgage Repurchase Litigation U.S. Bank - SURF/OWNIT Repurchase Litigation |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share July 25, 2019 September 6, 2019 September 27, 2019 $ 0.18 April 24, 2019 June 7, 2019 June 28, 2019 0.15 January 30, 2019 March 1, 2019 March 29, 2019 0.15 (1) In 2019 , and through July 29, 2019 . On June 27, 2019, following the Federal Reserve's non-objection to the Corporation's 2019 Comprehensive Capital Analysis and Review (CCAR) capital plan, the Board of Directors (the Board) authorized the repurchase of approximately $30.9 billion in common stock from July 1, 2019 through June 30, 2020, including approximately $900 million to offset the effect of equity-based compensation plans during the same period. As part of the capital plan, on July 25, 2019, the Board declared a quarterly common stock dividend of $0.18 per share. During the three and six months ended June 30, 2019 , the Corporation repurchased and retired 226 million and 446 million shares of common stock in connection with the 2018 CCAR capital plan and additional repurchase authorizations, which reduced shareholders’ equity by $6.5 billion and $12.8 billion . During the six months ended June 30, 2019 , in connection with employee stock plans, the Corporation issued 83 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 32 million shares of its common stock. At June 30, 2019 , the Corporation had reserved 593 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock. Preferred Stock During the three months ended March 31, 2019 and June 30, 2019 , the Corporation declared $442 million and $239 million of cash dividends on preferred stock, or a total of $681 million for the six months ended June 30, 2019 . On June 20, 2019, the Corporation issued 40,000 shares of 5.125% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ for $1.0 billion . Dividends are paid semi-annually during the fixed-rate period commencing on December 20, 2019, then quarterly during the floating-rate period commencing September 20, 2024. The Series JJ preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. On June 25, 2019, the Corporation issued 55,900 shares of 5.375% Non-Cumulative Preferred Stock, Series KK for $1.4 billion . Dividends are paid quarterly commencing on September 25, 2019. The Series KK preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. There were no redemptions of preferred stock during the three and six months ended June 30, 2019 . For more information on the Corporation's preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2019 and 2018 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2019 2018 2019 2018 Earnings per common share Net income $ 7,348 $ 6,784 $ 14,659 $ 13,702 Preferred stock dividends (239 ) (318 ) (681 ) (746 ) Net income applicable to common shareholders $ 7,109 $ 6,466 $ 13,978 $ 12,956 Average common shares issued and outstanding 9,523.2 10,181.7 9,624.0 10,251.7 Earnings per common share $ 0.75 $ 0.64 $ 1.45 $ 1.26 Diluted earnings per common share Net income applicable to common shareholders $ 7,109 $ 6,466 $ 13,978 $ 12,956 Average common shares issued and outstanding 9,523.2 10,181.7 9,624.0 10,251.7 Dilutive potential common shares (1) 36.4 127.7 48.4 138.2 Total diluted average common shares issued and outstanding 9,559.6 10,309.4 9,672.4 10,389.9 Diluted earnings per common share $ 0.74 $ 0.63 $ 1.45 $ 1.25 (1) Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. For both the three and six months ended June 30, 2019 and 2018 , 62 million average dilutive potential common shares associated with the Series L preferred stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method. For the three and six months ended June 30, 2018 , average options to purchase three million and six million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method. For both the three and six months ended June 30, 2018 , average warrants to purchase 122 million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method. These warrants expired on October 29, 2018. For the three and six months ended June 30, 2018 , average warrants to purchase 140 million and 141 million shares of common stock were included in the diluted EPS calculation under the treasury stock method. Substantially all of these warrants were exercised on or before their expiration date of January 16, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2019 and 2018 . (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2017 $ (1,206 ) $ (1,060 ) $ (831 ) $ (3,192 ) $ (793 ) $ (7,082 ) Accounting change related to certain tax effects (1) (393 ) (220 ) (189 ) (707 ) 239 (1,270 ) Cumulative adjustment for hedge accounting change (2) — — 57 — — 57 Net change (4,994 ) 452 (367 ) 60 (189 ) (5,038 ) Balance, June 30, 2018 $ (6,593 ) $ (828 ) $ (1,330 ) $ (3,839 ) $ (743 ) $ (13,333 ) Balance, December 31, 2018 $ (5,552 ) $ (531 ) $ (1,016 ) $ (4,304 ) $ (808 ) $ (12,211 ) Net change 4,693 (501 ) 533 57 (48 ) 4,734 Balance, June 30, 2019 $ (859 ) $ (1,032 ) $ (483 ) $ (4,247 ) $ (856 ) $ (7,477 ) (1) Effective January 1, 2018, the Corporation adopted the accounting standard on tax effects in accumulated OCI related to the Tax Act. Accordingly, certain tax effects were reclassified from accumulated OCI to retained earnings. (2) Effective January 1, 2018, the Corporation adopted the hedge accounting standard. Accordingly, an insignificant cumulative-effect adjustment was recognized in retained earnings. The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the six months ended June 30, 2019 and 2018 . Pretax Tax effect After- tax Pretax Tax effect After- tax Six Months Ended June 30 (Dollars in millions) 2019 2018 Debt securities: Net increase (decrease) in fair value $ 6,354 $ (1,583 ) $ 4,771 $ (6,700 ) $ 1,702 $ (4,998 ) Net realized (gains) losses reclassified into earnings (1) (104 ) 26 (78 ) 8 (4 ) 4 Net change 6,250 (1,557 ) 4,693 (6,692 ) 1,698 (4,994 ) Debit valuation adjustments: Net increase (decrease) in fair value (663 ) 153 (510 ) 576 (138 ) 438 Net realized losses reclassified into earnings (1) 10 (1 ) 9 18 (4 ) 14 Net change (653 ) 152 (501 ) 594 (142 ) 452 Derivatives: Net increase (decrease) in fair value 637 (143 ) 494 (578 ) 169 (409 ) Reclassifications into earnings: Net interest income 51 (12 ) 39 83 (21 ) 62 Compensation and benefits expense — — — (27 ) 7 (20 ) Net realized losses reclassified into earnings 51 (12 ) 39 56 (14 ) 42 Net change 688 (155 ) 533 (522 ) 155 (367 ) Employee benefit plans: Net actuarial losses and other reclassified into earnings (2) 74 (17 ) 57 78 (18 ) 60 Net change 74 (17 ) 57 78 (18 ) 60 Foreign currency: Net (decrease) in fair value (37 ) (11 ) (48 ) (50 ) (139 ) (189 ) Net change (37 ) (11 ) (48 ) (50 ) (139 ) (189 ) Total other comprehensive income (loss) $ 6,322 $ (1,588 ) $ 4,734 $ (6,592 ) $ 1,554 $ (5,038 ) (1) Reclassifications of pretax debt securities and DVA are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments under applicable accounting standards and conducts a review of its fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current marketplace. During the six months ended June 30, 2019 , there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations. For more information regarding the fair value hierarchy, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The Corporation accounts for certain financial instruments under the fair value option. For additional information, see Note 16 – Fair Value Option . Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at June 30, 2019 and December 31, 2018 , including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2019 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,179 $ — $ — $ — $ 1,179 Federal funds sold and securities borrowed or purchased under agreements to resell — 54,257 — — 54,257 Trading account assets: U.S. Treasury and agency securities (2) 42,612 825 — — 43,437 Corporate securities, trading loans and other — 27,902 1,393 — 29,295 Equity securities 72,274 30,515 296 — 103,085 Non-U.S. sovereign debt 11,279 29,318 481 — 41,078 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 24,769 — — 24,769 Mortgage trading loans, ABS and other MBS — 8,934 1,389 — 10,323 Total trading account assets (3) 126,165 122,263 3,559 — 251,987 Derivative assets 14,574 336,706 3,403 (309,771 ) 44,912 AFS debt securities: U.S. Treasury and agency securities 55,574 1,245 — — 56,819 Mortgage-backed securities: Agency — 125,569 — — 125,569 Agency-collateralized mortgage obligations — 5,210 — — 5,210 Non-agency residential — 1,454 568 — 2,022 Commercial — 14,525 — — 14,525 Non-U.S. securities — 11,183 2 — 11,185 Other taxable securities — 3,692 3 — 3,695 Tax-exempt securities — 16,954 — — 16,954 Total AFS debt securities 55,574 179,832 573 — 235,979 Other debt securities carried at fair value: Non-agency residential MBS — 1,325 273 — 1,598 Non-U.S. securities 2,838 5,676 — — 8,514 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 2,838 7,004 273 — 10,115 Loans and leases — 7,508 355 — 7,863 Loans held-for-sale — 1,902 486 — 2,388 Other assets (4) 17,689 1,834 2,551 — 22,074 Total assets (5) $ 218,019 $ 711,306 $ 11,200 $ (309,771 ) $ 630,754 Liabilities Interest-bearing deposits in U.S. offices $ — $ 604 $ — $ — $ 604 Federal funds purchased and securities loaned or sold under agreements to repurchase — 19,866 — — 19,866 Trading account liabilities: U.S. Treasury and agency securities 14,891 2,072 — — 16,963 Equity securities 32,135 3,604 2 — 35,741 Non-U.S. sovereign debt 13,814 8,100 — — 21,914 Corporate securities and other — 7,519 13 — 7,532 Total trading account liabilities 60,840 21,295 15 — 82,150 Derivative liabilities 13,435 330,362 4,517 (309,934 ) 38,380 Short-term borrowings — 2,403 — — 2,403 Accrued expenses and other liabilities 20,773 2,038 — — 22,811 Long-term debt — 34,296 902 — 35,198 Total liabilities (5) $ 95,048 $ 410,864 $ 5,434 $ (309,934 ) $ 201,412 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $25.2 billion of GSE obligations. (3) Includes securities with a fair value of $16.0 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $1.7 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.47 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.26 percent of total consolidated liabilities. December 31, 2018 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,214 $ — $ — $ — $ 1,214 Federal funds sold and securities borrowed or purchased under agreements to resell — 56,399 — — 56,399 Trading account assets: U.S. Treasury and agency securities (2) 53,131 1,593 — — 54,724 Corporate securities, trading loans and other — 24,630 1,558 — 26,188 Equity securities 53,840 23,163 276 — 77,279 Non-U.S. sovereign debt 5,818 19,210 465 — 25,493 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 19,586 — — 19,586 Mortgage trading loans, ABS and other MBS — 9,443 1,635 — 11,078 Total trading account assets (3) 112,789 97,625 3,934 — 214,348 Derivative assets 9,967 315,413 3,466 (285,121 ) 43,725 AFS debt securities: U.S. Treasury and agency securities 53,663 1,260 — — 54,923 Mortgage-backed securities: Agency — 121,826 — — 121,826 Agency-collateralized mortgage obligations — 5,530 — — 5,530 Non-agency residential — 1,320 597 — 1,917 Commercial — 14,078 — — 14,078 Non-U.S. securities — 9,304 2 — 9,306 Other taxable securities — 4,403 7 — 4,410 Tax-exempt securities — 17,376 — — 17,376 Total AFS debt securities 53,663 175,097 606 — 229,366 Other debt securities carried at fair value: U.S. Treasury and agency securities 1,282 — — — 1,282 Non-agency residential MBS — 1,434 172 — 1,606 Non-U.S. securities 490 5,354 — — 5,844 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 1,772 6,791 172 — 8,735 Loans and leases — 4,011 338 — 4,349 Loans held-for-sale — 2,400 542 — 2,942 Other assets (4) 15,032 1,775 2,932 — 19,739 Total assets (5) $ 194,437 $ 659,511 $ 11,990 $ (285,121 ) $ 580,817 Liabilities Interest-bearing deposits in U.S. offices $ — $ 492 $ — $ — $ 492 Federal funds purchased and securities loaned or sold under agreements to repurchase — 28,875 — — 28,875 Trading account liabilities: U.S. Treasury and agency securities 7,894 761 — — 8,655 Equity securities 33,739 4,070 — — 37,809 Non-U.S. sovereign debt 7,452 9,182 — — 16,634 Corporate securities and other — 5,104 18 — 5,122 Total trading account liabilities 49,085 19,117 18 — 68,220 Derivative liabilities 9,931 303,441 4,401 (279,882 ) 37,891 Short-term borrowings — 1,648 — — 1,648 Accrued expenses and other liabilities 18,096 1,979 — — 20,075 Long-term debt — 26,872 817 — 27,689 Total liabilities (5) $ 77,112 $ 382,424 $ 5,236 $ (279,882 ) $ 184,890 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $20.2 billion of GSE obligations. (3) Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $2.0 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.51 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities. The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2019 and 2018 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. Level 3 – Fair Value Measurements (1) Balance April 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,428 $ 55 $ — $ 140 $ (79 ) $ — $ (146 ) $ 107 $ (112 ) $ 1,393 $ 26 Equity securities 288 20 — 3 (5 ) — — 1 (11 ) 296 20 Non-U.S. sovereign debt 472 19 5 1 — — (11 ) — (5 ) 481 19 Mortgage trading loans, ABS and other MBS 1,510 50 (1 ) 167 (324 ) — (115 ) 178 (76 ) 1,389 4 Total trading account assets 3,698 144 4 311 (408 ) — (272 ) 286 (204 ) 3,559 69 Net derivative assets (4) (1,018 ) (91 ) — 56 (161 ) — (33 ) 17 116 (1,114 ) (94 ) AFS debt securities: Non-agency residential MBS 581 — (3 ) — — — (14 ) 47 (43 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 3 — — — — — — — — 3 — Total AFS debt securities 586 — (3 ) — — — (14 ) 47 (43 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 224 2 — — — — (7 ) 69 (15 ) 273 2 Loans and leases (5) 317 — — — — 53 (15 ) — — 355 — Loans held-for-sale (5,6) 558 26 2 — (50 ) — (50 ) — — 486 16 Other assets (6, 7) 2,749 (80 ) 8 — (10 ) 67 (183 ) — — 2,551 (128 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (21 ) 7 — 1 — — — — — (13 ) — Long-term debt (5) (890 ) (41 ) — — — (10 ) 38 — 1 (902 ) (41 ) Three Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $11 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Level 3 – Fair Value Measurements (1) Balance January 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 58 $ — $ 194 $ (152 ) $ — $ (206 ) $ 246 $ (305 ) $ 1,393 $ 20 Equity securities 276 22 — 21 (6 ) — (3 ) 3 (17 ) 296 (4 ) Non-U.S. sovereign debt 465 27 4 1 — — (11 ) — (5 ) 481 27 Mortgage trading loans, ABS and other MBS 1,635 88 (2 ) 397 (661 ) — (124 ) 267 (211 ) 1,389 20 Total trading account assets 3,934 195 2 613 (819 ) — (344 ) 516 (538 ) 3,559 63 Net derivative assets (4) (935 ) (116 ) — 167 (406 ) — (88 ) 139 125 (1,114 ) (131 ) AFS debt securities: Non-agency residential MBS 597 — 90 — — — (21 ) 206 (304 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 — — — — — (4 ) — — 3 — Total AFS debt securities 606 — 90 — — — (25 ) 206 (304 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 172 49 — — — — (8 ) 107 (47 ) 273 47 Loans and leases (5) 338 4 — — (15 ) 53 (25 ) — — 355 3 Loans held-for-sale (5,6) 542 38 — 10 (71 ) 11 (103 ) 59 — 486 20 Other assets (6, 7) 2,932 (154 ) 16 — (10 ) 108 (341 ) — — 2,551 (253 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (18 ) 7 — 1 (3 ) — — — — (13 ) — Long-term debt (5) (817 ) (87 ) (1 ) — — (13 ) 76 (61 ) 1 (902 ) (82 ) Six Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (8) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (5) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (6,7,8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $112 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) Transfers out of AFS debt securities and into other assets relate to the reclassification of certain securities. The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2019 and December 31, 2018 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2019 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,633 Discounted cash flow, Market comparables Yield 0% to 25% 6% Trading account assets – Mortgage trading loans, ABS and other MBS 431 Prepayment speed 1% to 27% CPR 17% CPR Loans and leases 355 Default rate 0% to 3% CDR 1% CDR Loans held-for-sale 1 Loss severity 0% to 48% 15% AFS debt securities, primarily non-agency residential 573 Price $0 to $151 $99 Other debt securities carried at fair value - Non-agency residential 273 Instruments backed by commercial real estate assets $ 264 Discounted cash flow Yield 0% to 25% 6% Trading account assets – Corporate securities, trading loans and other 198 Price $0 to $100 $66 Trading account assets – Mortgage trading loans, ABS and other MBS 66 Commercial loans, debt securities and other $ 3,053 Discounted cash flow, Market comparables Yield 0% to 13% 6% Trading account assets – Corporate securities, trading loans and other 1,195 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 481 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 892 Loss severity 35% to 40% 38% Loans held-for-sale 485 Price $0 to $149 $67 Other assets, primarily auction rate securities $ 851 Discounted cash flow, Market comparables Price $10 to $100 $95 MSRs $ 1,700 Discounted cash flow Weighted-average life, fixed rate (5) 0 to 14 years 5 years Weighted-average life, variable rate (5) 0 to 9 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9% Option-adjusted spread, variable rate 9% to 15% 12% Structured liabilities Long-term debt $ (902 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Equity correlation 11% to 100% 63% Long-dated equity volatilities 6% to 52% 27% Price $0 to $131 $80 Net derivative assets Credit derivatives $ (14 ) Discounted cash flow, Stochastic recovery correlation model Yield 5% n/a Upfront points 0 to 100 points 68 points Prepayment speed 15% to 100% CPR 38% CPR Default rate 1% to 4% CDR 2% CDR Loss severity 35% n/a Price $0 to $138 $93 Equity derivatives $ (1,010 ) Industry standard derivative pricing (3) Equity correlation 11% to 100% 63% Long-dated equity volatilities 6% to 52% 27% Commodity derivatives $ 1 Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $8/MMBtu $3/MMBtu Correlation 30% to 66% 66% Volatilities 14% to 48% 32% Interest rate derivatives $ (91 ) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 70% 51% Correlation (FX/IR) 0% to 46% 2% Long-dated inflation rates -21% to 35% 5% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,114 ) (1) For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments. (2) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 86 : Trading account assets – Corporate securities, trading loans and other of $1.4 billion , Trading account assets – Non-U.S. sovereign debt of $481 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.4 billion , AFS debt securities of $573 million , Other debt securities carried at fair value - Non-agency residential of $273 million , Other assets, including MSRs, of $2.6 billion , Loans and leases of $355 million and LHFS of $486 million . (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2018 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,536 Discounted cash flow, Market comparables Yield 0% to 25% 8% Trading account assets – Mortgage trading loans, ABS and other MBS 419 Prepayment speed 0% to 21% CPR 12% CPR Loans and leases 338 Default rate 0% to 3% CDR 1% CDR Loans held-for-sale 1 Loss severity 0% to 51% 17% AFS debt securities, primarily non-agency residential 606 Price $0 to $128 $72 Other debt securities carried at fair value - Non-agency residential 172 Instruments backed by commercial real estate assets $ 291 Discounted cash flow Yield 0% to 25% 7% Trading account assets – Corporate securities, trading loans and other 200 Price $0 to $100 $79 Trading account assets – Mortgage trading loans, ABS and other MBS 91 Commercial loans, debt securities and other $ 3,489 Discounted cash flow, Market comparables Yield 1% to 18% 13% Trading account assets – Corporate securities, trading loans and other 1,358 Prepayment speed 10% to 20% 15% Trading account assets – Non-U.S. sovereign debt 465 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,125 Loss severity 35% to 40% 38% Loans held-for-sale 541 Price $0 to $141 $68 Other assets, primarily auction rate securities $ 890 Discounted cash flow, Market comparables Price $10 to $100 $95 MSRs $ 2,042 Discounted cash flow Weighted-average life, fixed rate (5) 0 to 14 years 5 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9% Option-adjusted spread, variable rate 9% to 15% 12% Structured liabilities Long-term debt $ (817 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Equity correlation 11% to 100% 67% Long-dated equity volatilities 4% to 84% 32% Yield 7% to 18% 16% Price $0 to $100 $72 Net derivative assets Credit derivatives $ (565 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 5% 4% Upfront points 0 points to 100 points 70 points Credit correlation 70% n/a Prepayment speed 15% to 20% CPR 15% CPR Default rate 1% to 4% CDR 2% CDR Loss severity 35% n/a Price $0 to $138 $93 Equity derivatives $ (348 ) Industry standard derivative pricing (3) Equity correlation 11% to 100% 67% Long-dated equity volatilities 4% to 84% 32% Commodity derivatives $ 10 Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $12/MMBtu $3/MMBtu Correlation 38% to 87% 71% Volatilities 15% to 132% 38% Interest rate derivatives $ (32 ) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 70% 61% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -20% to 38% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (935 ) (1) For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments. (2) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 87 : Trading account assets – Corporate securities, trading loans and other of $1.6 billion , Trading account assets – Non-U.S. sovereign debt of $465 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.6 billion , AFS debt securities of $606 million , Other debt securities carried at fair value - Non-agency residential of $172 million , Other assets, including MSRs, of 2.9 billion , Loans and leases of $338 million and LHFS of $542 million . (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable Uncertainty of Fair Value Measurements from Unobservable Inputs For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K Nonrecurring Fair Value The Corporation holds certain assets that are measured at fair value, but only in certain situations (e.g., impairment) and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2019 and 2018 . Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 15 $ 28 $ — $ (1 ) Loans and leases (1) — 204 (40 ) (73 ) Foreclosed properties (2, 3) — 21 (9 ) (12 ) Other assets 142 6 (15 ) (29 ) Accrued expenses and other liabilities (2 ) (12 ) (14 ) (14 ) June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Assets Loans held-for-sale $ 179 $ 1 $ — $ (2 ) Loans and leases (1) — 420 (80 ) (156 ) Foreclosed properties (2, 3) 15 77 (25 ) (32 ) Other assets 243 5 (31 ) (35 ) (1) Includes $18 million and $31 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2019 compared to losses of $31 million and $64 million for the same periods in 2018. (2) Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties. (3) Excludes $294 million and $573 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at June 30, 2019 and 2018 . The table below presents information about significant unobservable inputs related to the Corporation’s nonrecurring Level 3 financial assets and liabilities at June 30, 2019 and December 31, 2018 . Loans and leases backed by residential real estate assets represent residential mortgages where the loan has been written down to the fair value of the underlying collateral. Quantitative Information about Nonrecurring Level 3 Fair Value Measurements Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average (1) (Dollars in millions) June 30, 2019 Loans and leases backed by residential real estate assets $ 204 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % December 31, 2018 Loans and leases backed by residential real estate assets $ 474 Market comparables OREO discount 13% to 59% 25 % Costs to sell 8% to 26% 9 % (1) The weighted average is calculated based upon the fair value of the loans. |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2019 and December 31, 2018 , and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018 . Fair Value Option Elections June 30, 2019 December 31, 2018 (Dollars in millions) Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Federal funds sold and securities borrowed or purchased under agreements to resell $ 54,257 $ 54,238 $ 19 $ 56,399 $ 56,376 $ 23 Loans reported as trading account assets (1) 6,122 13,445 (7,323 ) 6,195 13,088 (6,893 ) Trading inventory – other 18,145 n/a n/a 13,778 n/a n/a Consumer and commercial loans 7,863 7,895 (32 ) 4,349 4,399 (50 ) Loans held-for-sale (1) 2,388 3,607 (1,219 ) 2,942 4,749 (1,807 ) Other assets 4 n/a n/a 3 n/a n/a Long-term deposits 604 571 33 492 454 38 Federal funds purchased and securities loaned or sold under agreements to repurchase 19,866 19,868 (2 ) 28,875 28,881 (6 ) Short-term borrowings 2,403 2,403 — 1,648 1,648 — Unfunded loan commitments 128 n/a n/a 169 n/a n/a Long-term debt (2) 35,198 35,054 144 27,689 29,198 (1,509 ) (1) A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding. (2) Includes structured liabilities with a fair value of $34.8 billion and $27.3 billion , and contractual principal outstanding of $34.7 billion and $28.8 billion at June 30, 2019 and December 31, 2018 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 2019 2018 (Dollars in millions) Trading Account Income Other Income Total Trading Account Income Other Income Total Loans reported as trading account assets (1) $ 72 $ — $ 72 $ (32 ) $ — $ (32 ) Trading inventory – other (2) 1,823 — 1,823 1,361 — 1,361 Consumer and commercial loans (1) 16 (1 ) 15 19 (11 ) 8 Long-term debt (3, 4) (205 ) (22 ) (227 ) 535 (15 ) 520 Other (5) (2 ) 15 13 6 14 20 Total $ 1,704 $ (8 ) $ 1,696 $ 1,889 $ (12 ) $ 1,877 Six Months Ended June 30 2019 2018 Loans reported as trading account assets (1) $ 163 $ — $ 163 $ 71 $ — $ 71 Trading inventory – other (2) 4,367 — 4,367 1,956 — 1,956 Consumer and commercial loans (1) 17 17 34 125 (32 ) 93 Long-term debt (3, 4) (1,285 ) (45 ) (1,330 ) 1,354 (56 ) 1,298 Other (5) 9 103 112 14 25 39 Total $ 3,271 $ 75 $ 3,346 $ 3,520 $ (63 ) $ 3,457 (1) Gains (losses) related to borrower-specific credit risk were not significant. (2) The gains in trading account income are primarily offset by losses on trading liabilities that hedge these assets. (3) The net gains (losses) in trading account income relate to the embedded derivatives in structured liabilities and are typically offset by gains (losses) on derivatives and securities that hedge these liabilities. (4) For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . (5) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, LHFS, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt and unfunded lending commitments are accounted for under the fair value option. For additional information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2019 and December 31, 2018 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2019 Financial assets Loans $ 930,320 $ 63,773 $ 898,649 $ 962,422 Loans held-for-sale 5,416 4,562 854 5,416 Financial liabilities Deposits (1) 1,375,093 1,375,140 — 1,375,140 Long-term debt 238,011 242,358 902 243,260 Commercial unfunded lending commitments (2) 938 132 4,796 4,928 December 31, 2018 Financial assets Loans $ 911,520 $ 58,228 $ 859,160 $ 917,388 Loans held-for-sale 10,367 9,592 775 10,367 Financial liabilities Deposits (1) 1,381,476 1,381,239 — 1,381,239 Long-term debt 229,392 230,019 817 230,836 Commercial unfunded lending commitments (2) 966 169 5,558 5,727 (1) Includes demand deposits of $524.4 billion and $531.9 billion with no stated maturities at June 30, 2019 and December 31, 2018 . (2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 11 – Commitments and Contingencies . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Corporation reports its results of operations through the following four business segments: Consumer Banking , Global Wealth & Investment Management , Global Banking and Global Markets , with the remaining operations recorded in All Other . For additional information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2019 and 2018 , and total assets at June 30, 2019 and 2018 for each business segment, as well as All Other, including a reconciliation of the four business segments’ total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. Results of Business Segments and All Other At and for the three months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2019 2018 2019 2018 2019 2018 Net interest income $ 12,338 $ 11,982 $ 7,116 $ 6,593 $ 1,624 $ 1,538 Noninterest income 10,895 10,721 2,601 2,640 3,276 3,204 Total revenue, net of interest expense 23,233 22,703 9,717 9,233 4,900 4,742 Provision for credit losses 857 827 947 944 21 12 Noninterest expense 13,268 13,224 4,407 4,367 3,458 3,427 Income before income taxes 9,108 8,652 4,363 3,922 1,421 1,303 Income tax expense 1,760 1,868 1,069 1,000 348 332 Net income $ 7,348 $ 6,784 $ 3,294 $ 2,922 $ 1,073 $ 971 Period-end total assets $ 2,395,892 $ 2,291,670 $ 786,963 $ 768,188 $ 287,878 $ 270,915 Global Banking Global Markets All Other 2019 2018 2019 2018 2019 2018 Net interest income $ 2,709 $ 2,739 $ 811 $ 968 $ 78 $ 144 Noninterest income 2,266 2,275 3,334 3,283 (582 ) (681 ) Total revenue, net of interest expense 4,975 5,014 4,145 4,251 (504 ) (537 ) Provision for credit losses 125 (23 ) 5 (1 ) (241 ) (105 ) Noninterest expense 2,212 2,185 2,677 2,726 514 519 Income before income taxes 2,638 2,852 1,463 1,526 (777 ) (951 ) Income tax expense 712 741 417 397 (786 ) (602 ) Net income $ 1,926 $ 2,111 $ 1,046 $ 1,129 $ 9 $ (349 ) Period-end total assets $ 440,352 $ 426,448 $ 674,985 $ 637,110 $ 205,714 $ 189,009 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2019 2018 2019 2018 2019 2018 Net interest income $ 24,866 $ 23,901 $ 14,222 $ 13,070 $ 3,308 $ 3,122 Noninterest income 21,524 22,022 5,127 5,144 6,412 6,475 Total revenue, net of interest expense 46,390 45,923 19,349 18,214 9,720 9,597 Provision for credit losses 1,870 1,661 1,921 1,879 26 50 Noninterest expense 26,492 27,066 8,763 8,915 6,886 7,008 Income before income taxes 18,028 17,196 8,665 7,420 2,808 2,539 Income tax expense 3,369 3,494 2,123 1,893 688 647 Net income $ 14,659 $ 13,702 $ 6,542 $ 5,527 $ 2,120 $ 1,892 Period-end total assets $ 2,395,892 $ 2,291,670 $ 786,963 $ 768,188 $ 287,878 $ 270,915 Global Banking Global Markets All Other 2019 2018 2019 2018 2019 2018 Net interest income $ 5,499 $ 5,418 $ 1,764 $ 1,989 $ 73 $ 302 Noninterest income 4,631 4,591 6,562 7,074 (1,208 ) (1,262 ) Total revenue, net of interest expense 10,130 10,009 8,326 9,063 (1,135 ) (960 ) Provision for credit losses 236 (7 ) (18 ) (4 ) (295 ) (257 ) Noninterest expense 4,478 4,477 5,432 5,651 933 1,015 Income before income taxes 5,416 5,539 2,912 3,416 (1,773 ) (1,718 ) Income tax expense 1,462 1,440 830 888 (1,734 ) (1,374 ) Net income $ 3,954 $ 4,099 $ 2,082 $ 2,528 $ (39 ) $ (344 ) Period-end total assets $ 440,352 $ 426,448 $ 674,985 $ 637,110 $ 205,714 $ 189,009 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Segments’ total revenue, net of interest expense $ 23,737 $ 23,240 $ 47,525 $ 46,883 Adjustments (1) : ALM activities 34 (508 ) 47 (482 ) Liquidating businesses, eliminations and other (538 ) (29 ) (1,182 ) (478 ) FTE basis adjustment (149 ) (154 ) (302 ) (304 ) Consolidated revenue, net of interest expense $ 23,084 $ 22,549 $ 46,088 $ 45,619 Segments’ total net income 7,339 7,133 14,698 14,046 Adjustments, net-of-tax (1) : ALM activities 27 (381 ) 46 (352 ) Liquidating businesses, eliminations and other (18 ) 32 (85 ) 8 Consolidated net income $ 7,348 $ 6,784 $ 14,659 $ 13,702 June 30 2019 2018 Segments’ total assets $ 2,190,178 $ 2,102,661 Adjustments (1) : ALM activities, including securities portfolio 677,337 630,299 Elimination of segment asset allocations to match liabilities (543,995 ) (522,183 ) Other 72,372 80,893 Consolidated total assets $ 2,395,892 $ 2,291,670 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. The tables below present noninterest income and the components thereto for the three and six months ended June 30, 2019 and 2018 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income . Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 968 $ 1,011 $ 804 $ 833 $ 11 $ 27 Other card income 478 472 464 459 11 11 Total card income 1,446 1,483 1,268 1,292 22 38 Service charges Deposit-related fees 1,638 1,680 1,045 1,072 15 17 Lending-related fees 265 274 — — — — Total service charges 1,903 1,954 1,045 1,072 15 17 Investment and brokerage services Asset management fees 2,554 2,513 36 37 2,525 2,475 Brokerage fees 916 945 39 43 438 462 Total investment and brokerage services 3,470 3,458 75 80 2,963 2,937 Investment banking fees Underwriting income 792 719 — — 126 72 Syndication fees 291 400 — — — — Financial advisory services 288 303 — — 1 — Total investment banking fees 1,371 1,422 — — 127 72 Total fees and commissions 8,190 8,317 2,388 2,444 3,127 3,064 Trading account income 2,345 2,151 2 2 30 28 Other income 360 253 211 194 119 112 Total noninterest income $ 10,895 $ 10,721 $ 2,601 $ 2,640 $ 3,276 $ 3,204 Global Banking Global Markets All Other (1) Three Months Ended June 30 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 132 $ 128 $ 22 $ 23 $ (1 ) $ — Other card income 2 2 1 — — — Total card income 134 130 23 23 (1 ) — Service charges Deposit-related fees 526 539 45 45 7 7 Lending-related fees 223 229 42 45 — — Total service charges 749 768 87 90 7 7 Investment and brokerage services Asset management fees — — — — (7 ) 1 Brokerage fees 7 18 433 430 (1 ) (8 ) Total investment and brokerage services 7 18 433 430 (8 ) (7 ) Investment banking fees Underwriting income 325 278 398 414 (57 ) (45 ) Syndication fees 138 196 153 203 — 1 Financial advisory services 254 269 33 34 — — Total investment banking fees 717 743 584 651 (57 ) (44 ) Total fees and commissions 1,607 1,659 1,127 1,194 (59 ) (44 ) Trading account income 56 64 1,961 2,020 296 37 Other income 603 552 246 69 (819 ) (674 ) Total noninterest income $ 2,266 $ 2,275 $ 3,334 $ 3,283 $ (582 ) $ (681 ) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 1,864 $ 1,925 $ 1,532 $ 1,591 $ 28 $ 37 Other card income 957 960 933 935 20 21 Total card income 2,821 2,885 2,465 2,526 48 58 Service charges Deposit-related fees 3,218 3,326 2,065 2,116 33 36 Lending-related fees 524 549 — — — — Total service charges 3,742 3,875 2,065 2,116 33 36 Investment and brokerage services Asset management fees 4,994 5,077 71 73 4,939 5,004 Brokerage fees 1,836 2,045 77 89 866 973 Total investment and brokerage services 6,830 7,122 148 162 5,805 5,977 Investment banking fees Underwriting income 1,458 1,460 — — 206 156 Syndication fees 546 716 — — — — Financial advisory services 631 599 — — 1 1 Total investment banking fees 2,635 2,775 — — 207 157 Total fees and commissions 16,028 16,657 4,678 4,804 6,093 6,228 Trading account income 4,683 4,704 4 4 64 56 Other income 813 661 445 336 255 191 Total noninterest income $ 21,524 $ 22,022 $ 5,127 $ 5,144 $ 6,412 $ 6,475 Global Banking Global Markets All Other (1) Six Months Ended June 30 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 261 $ 255 $ 43 $ 42 $ — $ — Other card income 4 3 — — — 1 Total card income 265 258 43 42 — 1 Service charges Deposit-related fees 1,024 1,078 83 85 13 11 Lending-related fees 438 454 86 95 — — Total service charges 1,462 1,532 169 180 13 11 Investment and brokerage services Asset management fees — — — — (16 ) — Brokerage fees 16 44 877 918 — 21 Total investment and brokerage services 16 44 877 918 (16 ) 21 Investment banking fees Underwriting income 605 588 766 846 (119 ) (130 ) Syndication fees 264 354 282 362 — — Financial advisory services 557 545 73 53 — — Total investment banking fees 1,426 1,487 1,121 1,261 (119 ) (130 ) Total fees and commissions 3,169 3,321 2,210 2,401 (122 ) (97 ) Trading account income 106 124 4,043 4,577 466 (57 ) Other income 1,356 1,146 309 96 (1,552 ) (1,108 ) Total noninterest income $ 4,631 $ 4,591 $ 6,562 $ 7,074 $ (1,208 ) $ (1,262 ) (1) All Other includes eliminations of intercompany transactions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income. |
Basis of Presentation | The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could materially differ from those estimates and assumptions. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K. The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission. Certain prior-period amounts have been reclassified to conform to current period presentation. |
Accounting Standards | Accounting Standards Issued and Not Yet Adopted Accounting for Financial Instruments -- Credit Losses The Financial Accounting Standards Board issued a new accounting standard that will be effective for the Corporation on January 1, 2020. This standard replaces the existing measurement of the allowance for credit losses that is based on management’s best estimate of probable incurred credit losses inherent in the Corporation’s lending activities with management’s best estimate of lifetime expected credit losses inherent in the Corporation’s relevant financial assets. The lifetime expected credit losses will be determined using macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios. The standard will also expand credit quality disclosures. While the standard changes the measurement of the allowance for credit losses, it does not change the Corporation’s credit risk of its lending portfolios or the ultimate losses in those portfolios. Key implementation efforts have included model development and validation, data acquisition for model estimation and new disclosures, and the establishment of formal policies supporting all aspects of the standard. The Corporation has initiated running a parallel process encompassing the functionality of the models, internal controls over the estimation process and all other governance activities. Upon adoption of the standard on January 1, 2020, the Corporation expects that, based on current expectations of future economic conditions, its allowance for credit losses on loans and leases may increase by up to 20 percent from its allowance for credit losses as of June 30, 2019 , as disclosed herein, with a large portion of that increase driven by the U.S. credit card portfolio. The ultimate impact will depend on the characteristics of the Corporation’s portfolios as well as the macroeconomic conditions and forecasts upon adoption, the ultimate validation of models and methodologies, and other management judgments. New Accounting Standards Lease Accounting On January 1, 2019, the Corporation adopted the new accounting standards that require lessees to recognize operating leases on the balance sheet as right-of-use assets and lease liabilities based on the value of the discounted future lease payments. Lessor accounting is largely unchanged. Expanded disclosures about the nature and terms of lease agreements are required prospectively and are included in Note 9 – Leases . The Corporation elected to retain prior determinations of whether an existing contract contains a lease and how the lease should be classified. The Corporation elected to recognize leases existing on January 1, 2019 through a cumulative-effect adjustment which increased retained earnings by $165 million , with no adjustment to prior periods presented. Upon adoption, the Corporation also recognized right-of-use assets and lease liabilities of $9.7 billion . Adoption of the standards did not have a significant effect on the Corporation’s regulatory capital measures. |
Lessor Arrangements | The Corporation provides equipment financing to its customers through a variety of lessor arrangements. Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis. Leases generally do not contain non-lease components. |
Lessee Arrangements | Substantially all of the Corporation’s lessee arrangements are operating leases. Under these arrangements, the Corporation records right-of-use assets and lease liabilities at lease commencement. Right-of-use assets are reported in other assets on the Consolidated Balance Sheet, and the related lease liabilities are reported in accrued expenses and other liabilities. All leases are recorded on the Consolidated Balance Sheet except leases with an initial term less than 12 months for which the Corporation made the short-term lease election. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. The Corporation made an accounting policy election not to separate lease and non-lease components of a contract that is or contains a lease for its real estate and equipment leases. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Corporation’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made prior to lease commencement and for any lease incentives. |
Net Interest Income and Nonin_2
Net Interest Income and Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2019 and 2018 . For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . For a disaggregation of noninterest income by business segment and All Other , see Note 18 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Net interest income Interest income Loans and leases $ 10,942 $ 10,071 $ 21,827 $ 19,694 Debt securities 3,017 2,856 6,136 5,660 Federal funds sold and securities borrowed or purchased under agreements to resell 1,309 709 2,504 1,331 Trading account assets 1,321 1,198 2,643 2,334 Other interest income 1,635 1,535 3,284 2,949 Total interest income 18,224 16,369 36,394 31,968 Interest expense Deposits 1,965 943 3,760 1,703 Short-term borrowings 1,997 1,462 3,849 2,597 Trading account liabilities 319 348 664 705 Long-term debt 1,754 1,788 3,557 3,366 Total interest expense 6,035 4,541 11,830 8,371 Net interest income $ 12,189 $ 11,828 $ 24,564 $ 23,597 Noninterest income Fees and commissions Card income Interchange fees (1) $ 968 $ 1,011 $ 1,864 $ 1,925 Other card income 478 472 957 960 Total card income 1,446 1,483 2,821 2,885 Service charges Deposit-related fees 1,638 1,680 3,218 3,326 Lending-related fees 265 274 524 549 Total service charges 1,903 1,954 3,742 3,875 Investment and brokerage services Asset management fees 2,554 2,513 4,994 5,077 Brokerage fees 916 945 1,836 2,045 Total investment and brokerage services 3,470 3,458 6,830 7,122 Investment banking fees Underwriting income 792 719 1,458 1,460 Syndication fees 291 400 546 716 Financial advisory services 288 303 631 599 Total investment banking fees 1,371 1,422 2,635 2,775 Total fees and commissions 8,190 8,317 16,028 16,657 Trading account income 2,345 2,151 4,683 4,704 Other income 360 253 813 661 Total noninterest income $ 10,895 $ 10,721 $ 21,524 $ 22,022 (1) Gross interchange fees were $2.5 billion and $2.4 billion for the three months ended June 30, 2019 and 2018 , and are presented net of $1.6 billion and $1.4 billion of expenses for rewards and partner payments. For the six months ended June 30, 2019 and 2018 , gross interchange fees were $4.8 billion and $4.6 billion and are presented net of $3.0 billion and $2.7 billion of expenses for rewards and partner payments. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2019 and December 31, 2018 . Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid. June 30, 2019 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 20,981.8 $ 167.4 $ 9.3 $ 176.7 $ 173.1 $ 0.3 $ 173.4 Futures and forwards 5,928.5 2.2 — 2.2 2.2 — 2.2 Written options 1,753.4 — — — 35.9 — 35.9 Purchased options 1,772.5 40.1 — 40.1 — — — Foreign exchange contracts Swaps 1,791.8 34.6 1.2 35.8 38.1 1.6 39.7 Spot, futures and forwards 5,052.2 34.4 0.2 34.6 36.1 0.5 36.6 Written options 286.7 — — — 4.0 — 4.0 Purchased options 271.3 3.8 — 3.8 — — — Equity contracts Swaps 273.6 5.6 — 5.6 6.3 — 6.3 Futures and forwards 116.8 0.3 — 0.3 0.8 — 0.8 Written options 761.4 — — — 31.2 — 31.2 Purchased options 699.9 37.1 — 37.1 — — — Commodity contracts Swaps 42.1 2.9 — 2.9 4.7 — 4.7 Futures and forwards 57.8 3.2 — 3.2 0.5 — 0.5 Written options 30.3 — — — 1.4 — 1.4 Purchased options 26.9 1.3 — 1.3 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 413.1 4.1 — 4.1 6.7 — 6.7 Total return swaps/options 75.5 0.1 — 0.1 1.2 — 1.2 Written credit derivatives: Credit default swaps 369.3 6.3 — 6.3 3.3 — 3.3 Total return swaps/options 80.5 0.6 — 0.6 0.4 — 0.4 Gross derivative assets/liabilities $ 344.0 $ 10.7 $ 354.7 $ 345.9 $ 2.4 $ 348.3 Less: Legally enforceable master netting agreements (275.9 ) (275.9 ) Less: Cash collateral received/paid (33.9 ) (34.0 ) Total derivative assets/liabilities $ 44.9 $ 38.4 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $2.7 billion and $353.5 billion at June 30, 2019 . December 31, 2018 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 15,977.9 $ 141.0 $ 3.2 $ 144.2 $ 138.9 $ 2.0 $ 140.9 Futures and forwards 3,656.6 4.7 — 4.7 5.0 — 5.0 Written options 1,584.9 — — — 28.6 — 28.6 Purchased options 1,614.0 30.8 — 30.8 — — — Foreign exchange contracts Swaps 1,704.8 38.8 1.4 40.2 42.2 2.3 44.5 Spot, futures and forwards 4,276.0 39.8 0.4 40.2 39.3 0.3 39.6 Written options 256.7 — — — 5.0 — 5.0 Purchased options 240.4 4.6 — 4.6 — — — Equity contracts Swaps 253.6 7.7 — 7.7 8.4 — 8.4 Futures and forwards 100.0 2.1 — 2.1 0.3 — 0.3 Written options 597.1 — — — 27.5 — 27.5 Purchased options 549.4 36.0 — 36.0 — — — Commodity contracts Swaps 43.1 2.7 — 2.7 4.5 — 4.5 Futures and forwards 51.7 3.2 — 3.2 0.5 — 0.5 Written options 27.5 — — — 2.2 — 2.2 Purchased options 23.4 1.7 — 1.7 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 408.1 5.3 — 5.3 4.9 — 4.9 Total return swaps/options 84.5 0.4 — 0.4 1.0 — 1.0 Written credit derivatives: Credit default swaps 371.9 4.4 — 4.4 4.3 — 4.3 Total return swaps/options 87.3 0.6 — 0.6 0.6 — 0.6 Gross derivative assets/liabilities $ 323.8 $ 5.0 $ 328.8 $ 313.2 $ 4.6 $ 317.8 Less: Legally enforceable master netting agreements (252.7 ) (252.7 ) Less: Cash collateral received/paid (32.4 ) (27.2 ) Total derivative assets/liabilities $ 43.7 $ 37.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(185) million and $342.8 billion at December 31, 2018 . |
Derivative [Line Items] | |
Gains and Losses on Derivatives Designated as Fair Value Hedges | The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2019 and 2018 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 4,132 $ (4,121 ) $ (869 ) $ 821 Interest rate and foreign currency risk on long-term debt (2) 41 (32 ) (1,067 ) 934 Interest rate risk on available-for-sale securities (3) (55 ) 55 (1 ) 1 Total $ 4,118 $ (4,098 ) $ (1,937 ) $ 1,756 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 6,045 $ (6,050 ) $ (3,174 ) $ 3,057 Interest rate and foreign currency risk on long-term debt (2) 98 (80 ) (745 ) 588 Interest rate risk on available-for-sale securities (3) (100 ) 98 (32 ) 31 Total $ 6,043 $ (6,032 ) $ (3,951 ) $ 3,676 (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2019 , the derivative amount includes gains (losses) of $(3) million and $167 million in interest expense, $30 million and $(89) million in other income and $14 million and $20 million in accumulated other comprehensive income (OCI). For the same periods in 2018 , the derivative amount includes gains (losses) of $25 million and $(39) million in interest expense, $(1.0) billion and $(576) million in other income, and $(83) million and $(130) million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and in the Consolidated Balance Sheet. (3) Amounts are recorded in interest income in the Consolidated Statement of Income. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated. Designated Fair Value Hedged Assets (Liabilities) June 30, 2019 December 31, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt (2) $ (157,894 ) $ (8,657 ) $ (138,682 ) $ (2,117 ) Available-for-sale debt securities (2) 1,650 58 981 (29 ) (1) For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value. (2) At June 30, 2019 and December 31, 2018 , the cumulative fair value adjustments remaining on long-term debt and available-for-sale (AFS) debt securities from discontinued hedging relationships resulted in a decrease in the related liability of $1.5 billion and $1.6 billion and an increase (decrease) in the related asset of $4 million and $(29) million , which are being amortized over the remaining contractual life of the de-designated hedged items. |
Cash Flow and Net Investment Hedges | The following table summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2019 and 2018 . Of the $483 million after-tax net loss ( $635 million pretax) on derivatives in accumulated OCI at June 30, 2019 , $109 million after-tax ( $143 million pretax) is expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily reduce net interest income related to the respective hedged items. For terminated cash flow hedges, the time period over which the majority of the forecasted transactions are hedged is approximately 4 years , with a maximum length of time for certain forecasted transactions of 17 years . Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges Gains (Losses) Recognized in Gains (Losses) in Income Gains (Losses) Recognized in Gains (Losses) in Income (Dollars in millions, amounts pretax) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 364 $ (28 ) $ 618 $ (51 ) Net investment hedges Foreign exchange risk (2) $ (202 ) $ — $ (196 ) $ 1 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (71 ) $ (33 ) $ (499 ) $ (83 ) Price risk on certain restricted stock awards (3) — — 4 27 Total $ (71 ) $ (33 ) $ (495 ) $ (56 ) Net investment hedges Foreign exchange risk (2) $ 923 $ — $ 679 $ (1 ) (1) Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income. (2) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2019 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $77 million . For the same periods in 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $29 million . (3) Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income. |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2019 and 2018 . These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Interest rate risk on mortgage activities (1) $ 147 $ (26 ) $ 251 $ (161 ) Credit risk on loans (14 ) (2 ) (40 ) (5 ) Interest rate and foreign currency risk on ALM activities (2) (292 ) 702 820 563 (1) Primarily related to hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale. The net gains on IRLCs, which are not included in the table but are considered derivative instruments, were $24 million and $36 million for the three and six months ended June 30, 2019 compared to $14 million and $28 million for the same periods in 2018 . (2) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. |
Schedule of Derivative Instruments Included in Trading Activities | The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2019 and 2018 . The difference between total trading account income in the following table and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 18 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Trading Account Income Net Interest Income Other (1) Total Trading Account Income Net Interest Income Other (1) Total (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Interest rate risk $ 304 $ 394 $ 63 $ 761 $ 590 $ 809 $ 144 $ 1,543 Foreign exchange risk 323 12 6 341 641 28 10 679 Equity risk 1,010 (264 ) 399 1,145 1,979 (440 ) 794 2,333 Credit risk 306 462 128 896 807 891 262 1,960 Other risk 17 30 21 68 24 48 35 107 Total sales and trading revenue $ 1,960 $ 634 $ 617 $ 3,211 $ 4,041 $ 1,336 $ 1,245 $ 6,622 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate risk $ 255 $ 412 $ 14 $ 681 $ 713 $ 824 $ 86 $ 1,623 Foreign exchange risk 388 (4 ) 3 387 790 (5 ) 7 792 Equity risk 1,066 (170 ) 405 1,301 2,192 (266 ) 862 2,788 Credit risk 283 483 147 913 823 949 295 2,067 Other risk 28 41 20 89 58 88 34 180 Total sales and trading revenue $ 2,020 $ 762 $ 589 $ 3,371 $ 4,576 $ 1,590 $ 1,284 $ 7,450 (1) Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $423 million and $857 million for the three and six months ended June 30, 2019 compared to $420 million and $897 million for the same periods in 2018 . |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at June 30, 2019 and December 31, 2018 are summarized in the following table. Credit Derivative Instruments Less than One Year One to Three Years Three to Five Years Over Five Years Total June 30, 2019 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ 20 $ 142 $ 477 $ 639 Non-investment grade 195 488 702 1,244 2,629 Total 195 508 844 1,721 3,268 Total return swaps/options: Investment grade 28 — — — 28 Non-investment grade 363 14 — — 377 Total 391 14 — — 405 Total credit derivatives $ 586 $ 522 $ 844 $ 1,721 $ 3,673 Credit-related notes: Investment grade $ — $ 3 $ — $ 600 $ 603 Non-investment grade 2 1 3 1,545 1,551 Total credit-related notes $ 2 $ 4 $ 3 $ 2,145 $ 2,154 Maximum Payout/Notional Credit default swaps: Investment grade $ 51,315 $ 87,580 $ 105,430 $ 19,732 $ 264,057 Non-investment grade 20,038 31,412 39,832 14,007 105,289 Total 71,353 118,992 145,262 33,739 369,346 Total return swaps/options: Investment grade 56,759 160 62 75 57,056 Non-investment grade 22,344 866 133 64 23,407 Total 79,103 1,026 195 139 80,463 Total credit derivatives $ 150,456 $ 120,018 $ 145,457 $ 33,878 $ 449,809 December 31, 2018 Carrying Value Credit default swaps: Investment grade $ 2 $ 44 $ 436 $ 488 $ 970 Non-investment grade 132 636 914 1,691 3,373 Total 134 680 1,350 2,179 4,343 Total return swaps/options: Investment grade 105 — — — 105 Non-investment grade 472 21 — — 493 Total 577 21 — — 598 Total credit derivatives $ 711 $ 701 $ 1,350 $ 2,179 $ 4,941 Credit-related notes: Investment grade $ — $ — $ 4 $ 532 $ 536 Non-investment grade 1 1 1 1,500 1,503 Total credit-related notes $ 1 $ 1 $ 5 $ 2,032 $ 2,039 Maximum Payout/Notional Credit default swaps: Investment grade $ 53,758 $ 95,699 $ 95,274 $ 20,054 $ 264,785 Non-investment grade 24,297 33,881 34,530 14,426 107,134 Total 78,055 129,580 129,804 34,480 371,919 Total return swaps/options: Investment grade 60,042 822 59 72 60,995 Non-investment grade 24,524 1,649 39 70 26,282 Total 84,566 2,471 98 142 87,277 Total credit derivatives $ 162,621 $ 132,051 $ 129,902 $ 34,622 $ 459,196 |
Additional Collateral Required to be Posted Upon Downgrade | The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2019 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. Additional Collateral Required to be Posted Upon Downgrade at June 30, 2019 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 522 $ 454 Bank of America, N.A. and subsidiaries (1) 203 312 (1) Included in Bank of America Corporation collateral requirements in this table. |
Derivative Liability Subject to Unilateral Termination Upon Downgrade | The following table presents the derivative liabilities that would be subject to unilateral termination by counterparties and the amounts of collateral that would have been contractually required at June 30, 2019 if the long-term senior debt ratings for the Corporation or certain subsidiaries had been lower by one incremental notch and by an additional second incremental notch. Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at June 30, 2019 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 21 $ 1,036 Collateral posted 9 586 |
Valuation Adjustments on Derivatives | The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives, which are recorded in trading account income, on a gross and net of hedge basis for the three and six months ended June 30, 2019 and 2018 . For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Valuation Adjustments Gains (Losses) on Derivatives (1) Three Months Ended June 30 2019 2018 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ (64 ) $ (2 ) $ 139 $ 127 Derivative assets/liabilities (FVA) 26 16 28 (18 ) Derivative liabilities (DVA) 8 (7 ) (159 ) (159 ) Six Months Ended June 30 2019 2018 Derivative assets (CVA) $ 2 $ 22 $ 115 $ 145 Derivative assets/liabilities (FVA) 33 39 (9 ) (19 ) Derivative liabilities (DVA) (73 ) (72 ) (43 ) (53 ) (1) At June 30, 2019 and December 31, 2018 , cumulative CVA reduced the derivative assets balance by $598 million and $600 million , cumulative FVA reduced the net derivatives balance by $118 million and $151 million , and cumulative DVA reduced the derivative liabilities balance by $359 million and $432 million , respectively. |
Derivative | |
Derivative [Line Items] | |
Offsetting Assets | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2019 December 31, 2018 Interest rate contracts Over-the-counter $ 210.5 $ 203.5 $ 174.2 $ 169.4 Exchange-traded 0.1 — — — Over-the-counter cleared 6.3 5.5 4.8 4.0 Foreign exchange contracts Over-the-counter 71.6 77.8 82.5 86.3 Over-the-counter cleared 1.1 1.0 0.9 0.9 Equity contracts Over-the-counter 21.2 15.2 24.6 14.6 Exchange-traded 15.2 14.1 16.1 15.1 Commodity contracts Over-the-counter 3.7 4.6 3.5 4.5 Exchange-traded 0.7 0.7 1.0 0.9 Over-the-counter cleared 0.1 — — — Credit derivatives Over-the-counter 6.7 7.5 7.7 8.2 Over-the-counter cleared 4.0 3.7 2.5 2.3 Total gross derivative assets/liabilities, before netting Over-the-counter 313.7 308.6 292.5 283.0 Exchange-traded 16.0 14.8 17.1 16.0 Over-the-counter cleared 11.5 10.2 8.2 7.2 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (286.4 ) (287.0 ) (264.4 ) (259.2 ) Exchange-traded (12.7 ) (12.7 ) (13.5 ) (13.5 ) Over-the-counter cleared (10.7 ) (10.2 ) (7.2 ) (7.2 ) Derivative assets/liabilities, after netting 31.4 23.7 32.7 26.3 Other gross derivative assets/liabilities (2) 13.5 14.7 11.0 11.6 Total derivative assets/liabilities 44.9 38.4 43.7 37.9 Less: Financial instruments collateral (3) (15.1 ) (10.8 ) (16.3 ) (8.6 ) Total net derivative assets/liabilities $ 29.8 $ 27.6 $ 27.4 $ 29.3 (1) Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Offsetting Liabilities | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2019 December 31, 2018 Interest rate contracts Over-the-counter $ 210.5 $ 203.5 $ 174.2 $ 169.4 Exchange-traded 0.1 — — — Over-the-counter cleared 6.3 5.5 4.8 4.0 Foreign exchange contracts Over-the-counter 71.6 77.8 82.5 86.3 Over-the-counter cleared 1.1 1.0 0.9 0.9 Equity contracts Over-the-counter 21.2 15.2 24.6 14.6 Exchange-traded 15.2 14.1 16.1 15.1 Commodity contracts Over-the-counter 3.7 4.6 3.5 4.5 Exchange-traded 0.7 0.7 1.0 0.9 Over-the-counter cleared 0.1 — — — Credit derivatives Over-the-counter 6.7 7.5 7.7 8.2 Over-the-counter cleared 4.0 3.7 2.5 2.3 Total gross derivative assets/liabilities, before netting Over-the-counter 313.7 308.6 292.5 283.0 Exchange-traded 16.0 14.8 17.1 16.0 Over-the-counter cleared 11.5 10.2 8.2 7.2 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (286.4 ) (287.0 ) (264.4 ) (259.2 ) Exchange-traded (12.7 ) (12.7 ) (13.5 ) (13.5 ) Over-the-counter cleared (10.7 ) (10.2 ) (7.2 ) (7.2 ) Derivative assets/liabilities, after netting 31.4 23.7 32.7 26.3 Other gross derivative assets/liabilities (2) 13.5 14.7 11.0 11.6 Total derivative assets/liabilities 44.9 38.4 43.7 37.9 Less: Financial instruments collateral (3) (15.1 ) (10.8 ) (16.3 ) (8.6 ) Total net derivative assets/liabilities $ 29.8 $ 27.6 $ 27.4 $ 29.3 (1) Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at June 30, 2019 and December 31, 2018 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) June 30, 2019 Available-for-sale debt securities Mortgage-backed securities: Agency $ 125,792 $ 576 $ (799 ) $ 125,569 Agency-collateralized mortgage obligations 5,157 80 (27 ) 5,210 Commercial 14,313 228 (16 ) 14,525 Non-agency residential (1) 1,789 242 (9 ) 2,022 Total mortgage-backed securities 147,051 1,126 (851 ) 147,326 U.S. Treasury and agency securities 56,157 908 (246 ) 56,819 Non-U.S. securities 11,178 8 (1 ) 11,185 Other taxable securities, substantially all asset-backed securities 3,622 73 — 3,695 Total taxable securities 218,008 2,115 (1,098 ) 219,025 Tax-exempt securities 16,799 189 (34 ) 16,954 Total available-for-sale debt securities 234,807 2,304 (1,132 ) 235,979 Other debt securities carried at fair value (2) 9,942 195 (22 ) 10,115 Total debt securities carried at fair value 244,749 2,499 (1,154 ) 246,094 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 199,981 3,339 (836 ) 202,484 Total debt securities (3, 4) $ 444,730 $ 5,838 $ (1,990 ) $ 448,578 December 31, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 125,116 $ 138 $ (3,428 ) $ 121,826 Agency-collateralized mortgage obligations 5,621 19 (110 ) 5,530 Commercial 14,469 11 (402 ) 14,078 Non-agency residential (1) 1,792 136 (11 ) 1,917 Total mortgage-backed securities 146,998 304 (3,951 ) 143,351 U.S. Treasury and agency securities 56,239 62 (1,378 ) 54,923 Non-U.S. securities 9,307 5 (6 ) 9,306 Other taxable securities, substantially all asset-backed securities 4,387 29 (6 ) 4,410 Total taxable securities 216,931 400 (5,341 ) 211,990 Tax-exempt securities 17,349 99 (72 ) 17,376 Total available-for-sale debt securities 234,280 499 (5,413 ) 229,366 Other debt securities carried at fair value (2) 8,595 172 (32 ) 8,735 Total debt securities carried at fair value 242,875 671 (5,445 ) 238,101 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 203,652 747 (3,964 ) 200,435 Total debt securities (3, 4) $ 446,527 $ 1,418 $ (9,409 ) $ 438,536 (1) At June 30, 2019 and December 31, 2018 , the underlying collateral type included approximately 67 percent and 68 percent prime, four percent Alt-A for both periods and 29 percent and 28 percent subprime. (2) Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in other income. For detail on the components, see Note 15 – Fair Value Measurements . (3) Includes securities pledged as collateral of $42.0 billion and $40.6 billion at June 30, 2019 and December 31, 2018 . (4) The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $160.1 billion and $51.4 billion , and a fair value of $161.9 billion and $52.1 billion at June 30, 2019 , and an amortized cost of $161.2 billion and $52.2 billion , and a fair value of $158.5 billion and $51.4 billion at December 31, 2018 . |
Amortized Cost and Fair Value of Corporations Investment | The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at June 30, 2019 and December 31, 2018 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in millions) June 30, 2019 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 106 $ — $ 75,567 $ (799 ) $ 75,673 $ (799 ) Agency-collateralized mortgage obligations 59 — 1,652 (27 ) 1,711 (27 ) Commercial 859 (4 ) 1,639 (12 ) 2,498 (16 ) Non-agency residential 35 (1 ) 1 — 36 (1 ) Total mortgage-backed securities 1,059 (5 ) 78,859 (838 ) 79,918 (843 ) U.S. Treasury and agency securities 821 (4 ) 22,323 (242 ) 23,144 (246 ) Non-U.S. securities 1,335 (1 ) — — 1,335 (1 ) Other taxable securities, substantially all asset-backed securities 332 — 3 — 335 — Total taxable securities 3,547 (10 ) 101,185 (1,080 ) 104,732 (1,090 ) Tax-exempt securities 50 — 567 (34 ) 617 (34 ) Total temporarily impaired AFS debt securities 3,597 (10 ) 101,752 (1,114 ) 105,349 (1,124 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 176 (5 ) 20 (3 ) 196 (8 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 3,773 $ (15 ) $ 101,772 $ (1,117 ) $ 105,545 $ (1,132 ) December 31, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 14,771 $ (49 ) $ 99,211 $ (3,379 ) $ 113,982 $ (3,428 ) Agency-collateralized mortgage obligations 3 — 4,452 (110 ) 4,455 (110 ) Commercial 1,344 (8 ) 11,991 (394 ) 13,335 (402 ) Non-agency residential 106 (8 ) 49 (3 ) 155 (11 ) Total mortgage-backed securities 16,224 (65 ) 115,703 (3,886 ) 131,927 (3,951 ) U.S. Treasury and agency securities 288 (1 ) 51,374 (1,377 ) 51,662 (1,378 ) Non-U.S. securities 773 (5 ) 21 (1 ) 794 (6 ) Other taxable securities, substantially all asset-backed securities 183 (1 ) 185 (5 ) 368 (6 ) Total taxable securities 17,468 (72 ) 167,283 (5,269 ) 184,751 (5,341 ) Tax-exempt securities 232 (2 ) 2,148 (70 ) 2,380 (72 ) Total temporarily impaired AFS debt securities 17,700 (74 ) 169,431 (5,339 ) 187,131 (5,413 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 131 — 3 — 134 — Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 17,831 $ (74 ) $ 169,434 $ (5,339 ) $ 187,265 $ (5,413 ) (1) Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. |
Significant Assumptions Used in the Valuation of Non-Agency Residential MBS | Significant assumptions used in estimating the expected cash flows for measuring credit losses on non-agency residential mortgage-backed securities (RMBS) were as follows at June 30, 2019 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 16.1 % 4.8 % 27.9 % Loss severity 15.9 8.0 33.1 Life default rate 12.7 0.9 41.7 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. |
Expected Maturity Distribution | The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2019 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other asset-backed securities (ABS) are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities Due in One Year or Less Due after One Year through Five Years Due after Five Years through Ten Years Due after Ten Years Total (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ — — % $ 130 2.33 % $ 1,814 2.41 % $ 123,848 3.33 % $ 125,792 3.32 % Agency-collateralized mortgage obligations — — — — 28 2.54 5,129 3.17 5,157 3.17 Commercial 9 1.78 2,520 2.38 10,871 2.55 913 3.00 14,313 2.55 Non-agency residential — — — — 13 — 3,215 10.50 3,228 10.46 Total mortgage-backed securities 9 1.78 2,650 2.38 12,726 2.53 133,105 3.50 148,490 3.40 U.S. Treasury and agency securities 924 0.18 32,924 1.60 22,291 2.45 18 2.50 56,157 1.92 Non-U.S. securities 18,940 0.97 620 1.55 13 4.30 108 6.50 19,681 1.02 Other taxable securities, substantially all asset-backed securities 736 3.67 2,243 3.44 393 3.62 250 4.31 3,622 3.57 Total taxable securities 20,609 1.04 38,437 1.76 35,423 2.50 133,481 3.50 227,950 2.83 Tax-exempt securities 1,004 2.53 6,895 2.34 5,958 2.44 2,942 2.55 16,799 2.42 Total amortized cost of debt securities carried at fair value $ 21,613 1.11 $ 45,332 1.85 $ 41,381 2.49 $ 136,423 3.48 $ 244,749 2.80 Amortized cost of HTM debt securities (2) $ 104 4.27 $ 37 3.97 $ 1,137 2.55 $ 198,703 3.24 $ 199,981 3.24 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 130 $ 1,814 $ 123,625 $ 125,569 Agency-collateralized mortgage obligations — — 28 5,182 5,210 Commercial 9 2,549 11,034 933 14,525 Non-agency residential — — 27 3,593 3,620 Total mortgage-backed securities 9 2,679 12,903 133,333 148,924 U.S. Treasury and agency securities 924 32,856 23,020 19 56,819 Non-U.S. securities 18,944 630 14 111 19,699 Other taxable securities, substantially all asset-backed securities 743 2,284 417 254 3,698 Total taxable securities 20,620 38,449 36,354 133,717 229,140 Tax-exempt securities 1,005 6,908 6,074 2,967 16,954 Total debt securities carried at fair value $ 21,625 $ 45,357 $ 42,428 $ 136,684 $ 246,094 Fair value of HTM debt securities (2) $ 104 $ 37 $ 1,148 $ 201,195 $ 202,484 (1) The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (2) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Loans and Leases Outstanding | The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2019 and December 31, 2018 . 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (2) Total Past or More Total Current or Less Than 30 Days Past Due (3) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) June 30, 2019 Consumer real estate Core portfolio Residential mortgage $ 1,134 $ 226 $ 698 $ 2,058 $ 205,199 $ 207,257 Home equity 154 74 340 568 37,009 37,577 Non-core portfolio Residential mortgage 573 246 1,628 2,447 10,225 12,672 Home equity 85 43 203 331 6,226 6,557 Credit card and other consumer U.S. credit card 535 362 941 1,838 92,151 93,989 Direct/Indirect consumer (4) 278 109 30 417 90,433 90,850 Other consumer — — — — 174 174 Total consumer 2,759 1,060 3,840 7,659 441,417 449,076 Consumer loans accounted for under the fair value option (5) $ 658 658 Total consumer loans and leases 2,759 1,060 3,840 7,659 441,417 658 449,734 Commercial U.S. commercial 444 278 406 1,128 304,567 305,695 Non-U.S. commercial 24 11 — 35 104,138 104,173 Commercial real estate (6) 15 22 15 52 61,607 61,659 Commercial lease financing 29 39 37 105 20,279 20,384 U.S. small business commercial 82 53 97 232 14,718 14,950 Total commercial 594 403 555 1,552 505,309 506,861 Commercial loans accounted for under the fair value option (5) 7,205 7,205 Total commercial loans and leases 594 403 555 1,552 505,309 7,205 514,066 Total loans and leases (7) $ 3,353 $ 1,463 $ 4,395 $ 9,211 $ 946,726 $ 7,863 $ 963,800 Percentage of outstandings 0.35 % 0.15 % 0.46 % 0.96 % 98.23 % 0.81 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $578 million and nonperforming loans of $167 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $214 million and nonperforming loans of $121 million . (2) Consumer real estate includes fully-insured loans of $1.4 billion . (3) Consumer real estate includes $1.3 billion and direct/indirect consumer includes $50 million of nonperforming loans. (4) Total outstandings includes auto and specialty lending loans and leases of $50.3 billion , unsecured consumer lending loans of $344 million , U.S. securities-based lending loans of $36.5 billion , non-U.S. consumer loans of $2.9 billion and other consumer loans of $811 million . (5) Consumer loans accounted for under the fair value option includes residential mortgage loans of $300 million and home equity loans of $358 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.9 billion and non-U.S. commercial loans of $3.3 billion . For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option . (6) Total outstandings includes U.S. commercial real estate loans of $57.0 billion and non-U.S. commercial real estate loans of $4.6 billion . (7) Total outstandings includes loans and leases pledged as collateral of $32.3 billion . The Corporation also pledged $169.5 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (2) Total Past Total Current or Less Than 30 Days Past Due (3) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) December 31, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,188 $ 249 $ 793 $ 2,230 $ 191,465 $ 193,695 Home equity 200 85 387 672 39,338 40,010 Non-core portfolio Residential mortgage 757 309 2,201 3,267 11,595 14,862 Home equity 139 69 339 547 7,729 8,276 Credit card and other consumer U.S. credit card 577 418 994 1,989 96,349 98,338 Direct/Indirect consumer (4) 317 90 40 447 90,719 91,166 Other consumer (5) — — — — 202 202 Total consumer 3,178 1,220 4,754 9,152 437,397 446,549 Consumer loans accounted for under the fair value option (6) $ 682 682 Total consumer loans and leases 3,178 1,220 4,754 9,152 437,397 682 447,231 Commercial U.S. commercial 594 232 573 1,399 297,878 299,277 Non-U.S. commercial 1 49 — 50 98,726 98,776 Commercial real estate (7) 29 16 14 59 60,786 60,845 Commercial lease financing 124 114 37 275 22,259 22,534 U.S. small business commercial 83 54 96 233 14,332 14,565 Total commercial 831 465 720 2,016 493,981 495,997 Commercial loans accounted for under the fair value option (6) 3,667 3,667 Total commercial loans and leases 831 465 720 2,016 493,981 3,667 499,664 Total loans and leases (8) $ 4,009 $ 1,685 $ 5,474 $ 11,168 $ 931,378 $ 4,349 $ 946,895 Percentage of outstandings 0.42 % 0.18 % 0.58 % 1.18 % 98.36 % 0.46 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $637 million and nonperforming loans of $217 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $269 million and nonperforming loans of $146 million . (2) Consumer real estate includes fully-insured loans of $1.9 billion . (3) Consumer real estate includes $1.8 billion and direct/indirect consumer includes $53 million of nonperforming loans. (4) Total outstandings includes auto and specialty lending loans and leases of $50.1 billion , unsecured consumer lending loans of $383 million , U.S. securities-based lending loans of $37.0 billion , non-U.S. consumer loans of $2.9 billion and other consumer loans of $746 million . (5) Substantially all of other consumer is consumer overdrafts. (6) Consumer loans accounted for under the fair value option includes residential mortgage loans of $336 million and home equity loans of $346 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion and non-U.S. commercial loans of $1.1 billion . For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option . (7) Total outstandings includes U.S. commercial real estate loans of $56.6 billion and non-U.S. commercial real estate loans of $4.2 billion . (8) Total outstandings includes loans and leases pledged as collateral of $36.7 billion . The Corporation also pledged $166.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. |
Schedule of Financing Receivables, Non Accrual Status | The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2019 and December 31, 2018 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 989 $ 1,010 $ 196 $ 274 Home equity 727 955 — — Non-core portfolio Residential mortgage (1) 755 883 1,168 1,610 Home equity 476 938 — — Credit card and other consumer U.S. credit card n/a n/a 941 994 Direct/Indirect consumer 80 56 28 38 Total consumer 3,027 3,842 2,333 2,916 Commercial U.S. commercial 820 794 132 197 Non-U.S. commercial 122 80 — — Commercial real estate 112 156 6 4 Commercial lease financing 55 18 15 29 U.S. small business commercial 51 54 87 84 Total commercial 1,160 1,102 240 314 Total loans and leases $ 4,187 $ 4,944 $ 2,573 $ 3,230 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2019 and December 31, 2018 , residential mortgage includes $1.1 billion and $1.4 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA) and therefore are no longer accruing interest, although principal is still insured, and $345 million and $498 million of loans on which interest is still accruing. n/a = not applicable |
Financing Receivable Credit Quality Indicators | The following tables present certain credit quality indicators for the Corporation’s Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2019 and December 31, 2018 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage Non-core Residential Mortgage Core Home Equity Non-core Home Equity Core Residential Mortgage Non-core Residential Mortgage Core Home Equity Non-core Home Equity (Dollars in millions) June 30, 2019 December 31, 2018 Refreshed LTV Less than or equal to 90 percent $ 186,743 $ 8,952 $ 36,904 $ 5,241 $ 173,911 $ 10,272 $ 39,246 $ 6,478 Greater than 90 percent but less than or equal to 100 percent 3,069 435 313 526 2,349 533 354 715 Greater than 100 percent 991 431 360 790 817 545 410 1,083 Fully-insured loans (2) 16,454 2,854 16,618 3,512 Total consumer real estate $ 207,257 $ 12,672 $ 37,577 $ 6,557 $ 193,695 $ 14,862 $ 40,010 $ 8,276 Refreshed FICO score Less than 620 $ 2,047 $ 1,560 $ 951 $ 988 $ 2,125 $ 1,974 $ 1,064 $ 1,503 Greater than or equal to 620 and less than 680 4,614 1,395 1,741 1,189 4,538 1,719 2,008 1,720 Greater than or equal to 680 and less than 740 24,810 2,581 6,452 1,791 23,841 3,042 7,008 2,188 Greater than or equal to 740 159,332 4,282 28,433 2,589 146,573 4,615 29,930 2,865 Fully-insured loans (2) 16,454 2,854 16,618 3,512 Total consumer real estate $ 207,257 $ 12,672 $ 37,577 $ 6,557 $ 193,695 $ 14,862 $ 40,010 $ 8,276 (1) Excludes $658 million and $682 million of loans accounted for under the fair value option at June 30, 2019 and December 31, 2018 . (2) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators U.S. Credit Card Direct/Indirect Consumer Other Consumer U.S. Credit Direct/Indirect Other Consumer (Dollars in millions) June 30, 2019 December 31, 2018 Refreshed FICO score Less than 620 $ 4,758 $ 1,494 $ 5,016 $ 1,719 Greater than or equal to 620 and less than 680 11,712 2,785 12,415 3,124 Greater than or equal to 680 and less than 740 34,073 8,523 35,781 8,921 Greater than or equal to 740 43,446 37,813 45,126 36,709 Other internal credit metrics (1, 2) 40,235 $ 174 40,693 $ 202 Total credit card and other consumer $ 93,989 $ 90,850 $ 174 $ 98,338 $ 91,166 $ 202 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $39.4 billion and $39.9 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk at June 30, 2019 and December 31, 2018 . Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) June 30, 2019 Risk ratings Pass rated $ 297,656 $ 103,054 $ 60,816 $ 20,011 $ 240 Reservable criticized 8,039 1,119 843 373 24 Refreshed FICO score Less than 620 279 Greater than or equal to 620 and less than 680 703 Greater than or equal to 680 and less than 740 2,167 Greater than or equal to 740 4,634 Other internal credit metrics (3) 6,903 Total commercial $ 305,695 $ 104,173 $ 61,659 $ 20,384 $ 14,950 December 31, 2018 Risk ratings Pass rated $ 291,918 $ 97,916 $ 59,910 $ 22,168 $ 389 Reservable criticized 7,359 860 935 366 29 Refreshed FICO score Less than 620 264 Greater than or equal to 620 and less than 680 684 Greater than or equal to 680 and less than 740 2,072 Greater than or equal to 740 4,254 Other internal credit metrics (3) 6,873 Total commercial $ 299,277 $ 98,776 $ 60,845 $ 22,534 $ 14,565 (1) Excludes $7.2 billion and $3.7 billion of loans accounted for under the fair value option at June 30, 2019 and December 31, 2018 . (2) At June 30, 2019 and December 31, 2018 , U.S. small business commercial includes $757 million and $731 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (3) Other internal credit metrics may include delinquency status, application scores, geography or other factors. At both June 30, 2019 and December 31, 2018 , 99 percent of the balances where internal credit metrics are used were current or less than 30 days past due. |
Commercial Portfolio Segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides information on impaired loans in the Commercial loan portfolio segment including the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 , and the average carrying value for the three and six months ended June 30, 2019 and 2018 . Certain impaired commercial loans do not have a related allowance because the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Commercial Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance U.S. commercial $ 630 $ 617 $ — $ 638 $ 616 $ — Non-U.S. commercial 90 90 — 93 93 — Commercial real estate 107 107 — — — — With an allowance recorded U.S. commercial $ 1,287 $ 1,098 $ 106 $ 1,437 $ 1,270 $ 121 Non-U.S. commercial 249 249 30 155 149 30 Commercial real estate 152 75 4 247 162 16 Commercial lease financing 104 88 2 71 71 — U.S. small business commercial (1) 81 73 26 83 72 29 Total U.S. commercial $ 1,917 $ 1,715 $ 106 $ 2,075 $ 1,886 $ 121 Non-U.S. commercial 339 339 30 248 242 30 Commercial real estate 259 182 4 247 162 16 Commercial lease financing 104 88 2 71 71 — U.S. small business commercial (1) 81 73 26 83 72 29 Average Carrying Value (2) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance U.S. commercial $ 684 $ 684 $ 684 $ 678 Non-U.S. commercial 92 61 92 61 Commercial real estate 167 81 140 75 Commercial lease financing — 7 — 6 With an allowance recorded U.S. commercial $ 1,171 $ 1,221 $ 1,214 $ 1,163 Non-U.S. commercial 244 386 220 416 Commercial real estate 77 8 99 22 Commercial lease financing 88 25 83 18 U.S. small business commercial (1) 75 73 74 74 Total U.S. commercial $ 1,855 $ 1,905 $ 1,898 $ 1,841 Non-U.S. commercial 336 447 312 477 Commercial real estate 244 89 239 97 Commercial lease financing 88 32 83 24 U.S. small business commercial (1) 75 73 74 74 (1) Includes U.S. small business commercial renegotiated TDR loans and related allowance. (2) The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and six months ended June 30, 2019 and 2018 . |
Consumer real estate | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The following table provides the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 and the average carrying value and interest income recognized for the three and six months ended June 30, 2019 and 2018 for impaired loans in the Corporation’s Consumer Real Estate portfolio segment. Certain impaired consumer real estate loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Consumer Real Estate Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance Residential mortgage $ 4,917 $ 3,884 $ — $ 5,396 $ 4,268 $ — Home equity 2,111 1,146 — 2,948 1,599 — With an allowance recorded Residential mortgage $ 1,637 $ 1,605 $ 83 $ 1,977 $ 1,929 $ 114 Home equity 650 617 93 812 760 144 Total Residential mortgage $ 6,554 $ 5,489 $ 83 $ 7,373 $ 6,197 $ 114 Home equity 2,761 1,763 93 3,760 2,359 144 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance Residential mortgage $ 3,949 $ 40 $ 5,362 $ 50 $ 4,064 $ 85 $ 5,978 $ 115 Home equity 1,468 23 1,944 25 1,523 48 1,953 52 With an allowance recorded Residential mortgage $ 1,678 $ 16 $ 2,482 $ 24 $ 1,766 $ 34 $ 2,597 $ 49 Home equity 676 6 891 6 707 12 889 12 Total Residential mortgage $ 5,627 $ 56 $ 7,844 $ 74 $ 5,830 $ 119 $ 8,575 $ 164 Home equity 2,144 29 2,835 31 2,230 60 2,842 64 (1) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below presents the June 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2019 and 2018 . The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During the Three and Six Months Ended June 30, 2019 and 2018 Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Residential mortgage $ 154 $ 125 4.28 % 4.39 % $ 277 $ 224 4.27 % 4.30 % Home equity 101 71 5.17 5.16 159 113 5.21 4.88 Total $ 255 $ 196 4.63 4.69 $ 436 $ 337 4.61 4.51 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Residential mortgage $ 276 $ 237 4.24 % 3.94 % $ 628 $ 542 4.17 % 3.93 % Home equity 194 152 4.43 4.42 392 297 4.38 4.06 Total $ 470 $ 389 4.32 4.14 $ 1,020 $ 839 4.25 3.98 (1) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. The table below presents the June 30, 2019 and 2018 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2019 and 2018 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Modifications under government programs (1) $ 10 $ 17 $ 18 $ 35 Modifications under proprietary programs (1) 22 92 75 331 Loans discharged in Chapter 7 bankruptcy (2) 30 38 52 94 Trial modifications 134 242 192 379 Total modifications $ 196 $ 389 $ 337 $ 839 (1) Includes other modifications such as term or payment extensions and repayment plans. During the three and six months ended June 30, 2018 , this included $38 million and $196 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of June 30, 2018. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2019 and 2018 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Modifications under government programs $ 6 $ 11 $ 13 $ 24 Modifications under proprietary programs 20 56 49 87 Loans discharged in Chapter 7 bankruptcy (1) 9 16 18 39 Trial modifications (2) 11 22 27 67 Total modifications $ 46 $ 105 $ 107 $ 217 (1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (2) Includes trial modification offers to which the customer did not respond. |
Credit card and other consumer | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The following table provides the unpaid principal balance, carrying value and related allowance at June 30, 2019 and December 31, 2018 and the average carrying value for the three and six months ended June 30, 2019 and 2018 for TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance (Dollars in millions) June 30, 2019 December 31, 2018 With no recorded allowance Direct/Indirect consumer $ 71 $ 33 $ — $ 72 $ 33 $ — With an allowance recorded U.S. credit card $ 580 $ 594 $ 174 $ 522 $ 533 $ 154 Total U.S. credit card $ 580 $ 594 $ 174 $ 522 $ 533 $ 154 Direct/Indirect consumer 71 33 — 72 33 — Average Carrying Value (2) Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 With no recorded allowance Direct/Indirect consumer $ 33 $ 29 $ 33 $ 29 With an allowance recorded U.S. credit card $ 582 $ 480 $ 565 $ 473 Direct/Indirect consumer — 1 — 1 Total U.S. credit card $ 582 $ 480 $ 565 $ 473 Direct/Indirect consumer 33 30 33 30 (1) Includes accrued interest and fees. (2) The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and six months ended June 30, 2019 and 2018 . |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2019 and 2018 . Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2019 and 2018 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 U.S. credit card $ 95 $ 102 19.84 % 5.38 % $ 184 $ 195 19.82 % 5.32 % Direct/Indirect consumer 19 11 5.19 5.16 27 15 5.18 5.16 Total $ 114 $ 113 18.45 5.36 $ 211 $ 210 18.80 5.30 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. credit card $ 72 $ 78 19.18 % 5.29 % $ 140 $ 149 19.06 % 5.26 % Direct/Indirect consumer 19 11 4.43 4.43 28 16 4.73 4.56 Total $ 91 $ 89 17.29 5.18 $ 168 $ 165 17.63 5.19 (1) Includes accrued interest and fees. The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at June 30, 2019 and December 31, 2018 . Credit Card and Other Consumer – TDRs by Program Type U.S. Credit Card Direct/Indirect Consumer Total TDRs by Program Type (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Internal programs $ 302 $ 259 $ — $ — $ 302 $ 259 External programs 291 273 — — 291 273 Other 1 1 33 33 34 34 Total $ 594 $ 533 $ 33 $ 33 $ 627 $ 566 Percent of balances current or less than 30 days past due 85 % 85 % 85 % 81 % 85 % 85 % |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Changes in the Allowance for Credit Losses | The table below summarizes the changes in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended June 30, 2019 Allowance for loan and lease losses, April 1 $ 822 $ 3,934 $ 4,821 $ 9,577 Loans and leases charged off (153 ) (1,075 ) (233 ) (1,461 ) Recoveries of loans and leases previously charged off 305 232 37 574 Net charge-offs 152 (843 ) (196 ) (887 ) Provision for loan and lease losses (239 ) 879 213 853 Other (1) (16 ) — — (16 ) Allowance for loan and lease losses, June 30 719 3,970 4,838 9,527 Reserve for unfunded lending commitments, April 1 — — 802 802 Provision for unfunded lending commitments — — 4 4 Reserve for unfunded lending commitments, June 30 — — 806 806 Allowance for credit losses, June 30 $ 719 $ 3,970 $ 5,644 $ 10,333 Three Months Ended June 30, 2018 Allowance for loan and lease losses, April 1 $ 1,530 $ 3,720 $ 5,010 $ 10,260 Loans and leases charged off (137 ) (1,033 ) (208 ) (1,378 ) Recoveries of loans and leases previously charged off 130 210 42 382 Net charge-offs (7 ) (823 ) (166 ) (996 ) Provision for loan and lease losses (121 ) 878 65 822 Other (1) (36 ) (1 ) 1 (36 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, April 1 — — 782 782 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 (Dollars in millions) Six Months Ended June 30, 2019 Allowance for loan and lease losses, January 1 $ 928 $ 3,874 $ 4,799 $ 9,601 Loans and leases charged off (256 ) (2,132 ) (410 ) (2,798 ) Recoveries of loans and leases previously charged off 413 449 58 920 Net charge-offs 157 (1,683 ) (352 ) (1,878 ) Provision for loan and lease losses (309 ) 1,779 391 1,861 Other (1) (57 ) — — (57 ) Allowance for loan and lease losses, June 30 719 3,970 4,838 9,527 Reserve for unfunded lending commitments, January 1 — — 797 797 Provision for unfunded lending commitments — — 9 9 Reserve for unfunded lending commitments, June 30 — — 806 806 Allowance for credit losses, June 30 $ 719 $ 3,970 $ 5,644 $ 10,333 Six Months Ended June 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (311 ) (2,039 ) (324 ) (2,674 ) Recoveries of loans and leases previously charged off 277 413 77 767 Net charge-offs (34 ) (1,626 ) (247 ) (1,907 ) Provision for loan and lease losses (249 ) 1,754 146 1,651 Other (1) (71 ) (17 ) 1 (87 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 10 10 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 (1) Primarily represents write-offs of purchased credit-impaired loans, the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale, and certain other reclassifications. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2019 and December 31, 2018 . Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) June 30, 2019 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 176 $ 174 $ 168 $ 518 Carrying value (2) 7,252 627 2,397 10,276 Allowance as a percentage of carrying value 2.43 % 27.75 % 7.01 % 5.04 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 543 $ 3,796 $ 4,670 $ 9,009 Carrying value (2, 3) 256,811 184,386 504,464 945,661 Allowance as a percentage of carrying value (3) 0.21 % 2.06 % 0.93 % 0.95 % Total Allowance for loan and lease losses $ 719 $ 3,970 $ 4,838 $ 9,527 Carrying value (2, 3) 264,063 185,013 506,861 955,937 Allowance as a percentage of carrying value (3) 0.27 % 2.15 % 0.95 % 1.00 % December 31, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 258 $ 154 $ 196 $ 608 Carrying value (2) 8,556 566 2,433 11,555 Allowance as a percentage of carrying value 3.02 % 27.21 % 8.06 % 5.26 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 670 $ 3,720 $ 4,603 $ 8,993 Carrying value (2, 3) 248,287 189,140 493,564 930,991 Allowance as a percentage of carrying value (3) 0.27 % 1.97 % 0.93 % 0.97 % Total Allowance for loan and lease losses $ 928 $ 3,874 $ 4,799 $ 9,601 Carrying value (2, 3) 256,843 189,706 495,997 942,546 Allowance as a percentage of carrying value (3) 0.36 % 2.04 % 0.97 % 1.02 % (1) Impaired loans include nonperforming commercial loans and leases, as well as all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option. (2) Amounts are presented gross of the allowance for loan and lease losses. (3) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.9 billion and $4.3 billion at June 30, 2019 and December 31, 2018 . |
Securitizations and Other Var_2
Securitizations and Other Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Mortgage Related Securitizations | The following table summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2019 and 2018 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 2019 2018 Proceeds from loan sales (1) $ 2,206 $ 1,496 $ 3,302 $ 3,151 $ 2,194 $ 1,741 $ 3,181 $ 2,279 Gains on securitizations (2) 8 23 15 41 28 21 45 39 Repurchases from securitization trusts (3) 242 357 486 858 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives RMBS in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are sold shortly after receipt. (2) A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $11 million and $19 million , net of hedges, during the three and six months ended June 30, 2019 compared to $21 million and $45 million for the same periods in 2018 , are not included in the table above. (3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities. |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes select information related to home equity, credit card and other asset-backed VIEs in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 707 $ 908 $ — $ — $ 7,862 $ 7,647 $ 2,960 $ 2,150 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 2,008 $ 1,419 $ — $ 26 Debt securities carried at fair value 24 27 — — 1,261 1,337 — — Held-to-maturity securities — — — — 4,593 4,891 — — Total retained positions $ 24 $ 27 $ — $ — $ 7,862 $ 7,647 $ — $ 26 Total assets of VIEs (5) $ 1,607 $ 1,813 $ — $ — $ 16,999 $ 16,949 $ 3,657 $ 2,829 Consolidated VIEs Maximum loss exposure $ 73 $ 85 $ 19,803 $ 18,800 $ 129 $ 128 $ 2,507 $ 1,540 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 149 $ 366 $ 2,462 $ 1,553 Loans and leases 113 133 27,703 29,906 — — — — Allowance for loan and lease losses (3 ) (5 ) (874 ) (901 ) — — — — All other assets 4 4 119 136 — — 45 1 Total assets $ 114 $ 132 $ 26,948 $ 29,141 $ 149 $ 366 $ 2,507 $ 1,554 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 1,845 $ 742 Long-term debt 47 55 7,122 10,321 20 238 — 12 All other liabilities — — 23 20 — — — — Total liabilities $ 47 $ 55 $ 7,145 $ 10,341 $ 20 $ 238 $ 1,845 $ 754 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For additional information, see Note 11 – Commitments and Contingencies . (2) At June 30, 2019 and December 31, 2018 , loans and leases in the consolidated credit card trust included $12.6 billion and $11.0 billion of seller’s interest. (3) At June 30, 2019 and December 31, 2018 , all other assets in the consolidated credit card trust included certain short-term investments and unbilled accrued interest and fees. (4) The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (5) Total assets of VIEs includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan. |
First Lien Mortgages | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 15,498 $ 16,011 $ 394 $ 448 $ 1,897 $ 1,897 $ 142 $ 217 $ 826 $ 767 On-balance sheet assets Senior securities: Trading account assets $ 736 $ 460 $ 21 $ 30 $ 72 $ 36 $ 21 $ 90 $ 41 $ 97 Debt securities carried at fair value 8,930 9,381 217 246 1,441 1,470 119 125 — — Held-to-maturity securities 5,832 6,170 — — — — — — 609 528 All other assets — — 3 3 37 37 2 2 49 40 Total retained positions $ 15,498 $ 16,011 $ 241 $ 279 $ 1,550 $ 1,543 $ 142 $ 217 $ 699 $ 665 Principal balance outstanding (2) $ 174,853 $ 187,512 $ 8,084 $ 8,954 $ 8,058 $ 8,719 $ 21,676 $ 23,467 $ 42,785 $ 43,593 Consolidated VIEs Maximum loss exposure (1) $ 11,685 $ 13,296 $ 6 $ 7 $ — $ — $ — $ — $ — $ 76 On-balance sheet assets Trading account assets $ 539 $ 1,318 $ 135 $ 150 $ — $ — $ — $ — $ — $ 76 Loans and leases, net 10,977 11,858 — — — — — — — — All other assets 170 143 — — — — — — — — Total assets $ 11,686 $ 13,319 $ 135 $ 150 $ — $ — $ — $ — $ — $ 76 Total liabilities $ 3 $ 26 $ 129 $ 143 $ — $ — $ — $ — $ — $ — (1) Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see Note 11 – Commitments and Contingencies and Note 15 – Fair Value Measurements . (2) Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans. |
Other Variable Interest Entities | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2019 and December 31, 2018 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2019 December 31, 2018 Maximum loss exposure $ 4,036 $ 23,722 $ 27,758 $ 4,177 $ 24,498 $ 28,675 On-balance sheet assets Trading account assets $ 2,184 $ 899 $ 3,083 $ 2,335 $ 860 $ 3,195 Debt securities carried at fair value — 80 80 — 84 84 Loans and leases 1,880 3,919 5,799 1,949 3,940 5,889 Allowance for loan and lease losses (2 ) (40 ) (42 ) (2 ) (30 ) (32 ) All other assets 49 18,536 18,585 53 18,885 18,938 Total $ 4,111 $ 23,394 $ 27,505 $ 4,335 $ 23,739 $ 28,074 On-balance sheet liabilities Long-term debt $ 74 $ — $ 74 $ 152 $ — $ 152 All other liabilities 2 4,133 4,135 7 4,231 4,238 Total $ 76 $ 4,133 $ 4,209 $ 159 $ 4,231 $ 4,390 Total assets of VIEs $ 4,111 $ 93,075 $ 97,186 $ 4,335 $ 94,746 $ 99,081 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The table below presents goodwill balances by business segment and All Other at June 30, 2019 and December 31, 2018 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (Dollars in millions) June 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking 23,923 23,923 Global Markets 5,182 5,182 All Other 46 46 Total goodwill $ 68,951 $ 68,951 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | The table below provides the components of lease cost and supplemental information for the three and six months ended June 30, 2019 . Lease Cost and Supplemental Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 520 $ 1,039 Variable lease cost (1) 113 240 Total lease cost (2) $ 633 $ 1,279 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 263 $ 648 Operating cash flows from operating leases (4) 499 1,000 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurement of lease liabilities. |
Lessor, Maturity of Operating Lease Payments to be Received | The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Lessor, Maturity of Lease Receivable of Sales-type and Direct Financing Lease | The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Lessee, Maturity of Operating Lease Liability | The maturities of lessor and lessee arrangements outstanding at June 30, 2019 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Leases Sales-type and Direct Financing Leases (2) Operating Leases (Dollars in millions) June 30, 2019 Remainder of 2019 $ 402 $ 3,172 $ 1,002 2020 725 5,816 1,907 2021 612 4,766 1,686 2022 516 3,100 1,426 2023 411 1,598 1,167 Thereafter 1,217 2,784 4,896 Total undiscounted cash flows $ 3,883 $ 21,236 $ 12,084 Less: Net present value adjustment 1,694 1,845 Total (3) $ 19,542 $ 10,239 (1) Excludes $1.6 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019. (2) Includes $15.8 billion in commercial lease financing receivables and $3.7 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Federal Funds Sold or Purchas_2
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | |
Federal Funds Sold Securities Borrowed or Purchased Under Agreements to Resell and Short Term Borrowings | The table below presents federal funds sold or purchased, securities financing agreements (which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase) and short-term borrowings. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the fair value option, see Note 16 – Fair Value Option . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 281,085 1.87 % $ 251,880 1.13 % $ 277,715 1.82 % $ 250,110 1.07 % Maximum month-end balance during period 263,416 n/a 264,923 n/a 280,562 n/a 264,923 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 204,001 2.50 % $ 194,298 1.85 % $ 202,088 2.47 % $ 194,953 1.63 % Maximum month-end balance during period 203,063 n/a 199,419 n/a 203,063 n/a 199,419 n/a Short-term borrowings Average during period 23,051 2.79 40,542 5.61 19,263 2.86 43,422 4.75 Maximum month-end balance during period 28,600 n/a 44,382 n/a 28,600 n/a 52,480 n/a n/a = not applicable |
Offsetting Assets [Line Items] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. For more information on collateral requirements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Remaining Contractual Maturity Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total (Dollars in millions) June 30, 2019 Securities sold under agreements to repurchase $ 156,634 $ 97,077 $ 34,900 $ 35,311 $ 323,922 Securities loaned 18,161 457 1,016 3,597 23,231 Other 22,683 — — — 22,683 Total $ 197,478 $ 97,534 $ 35,916 $ 38,908 $ 369,836 December 31, 2018 Securities sold under agreements to repurchase $ 139,017 $ 81,917 $ 34,204 $ 21,476 $ 276,614 Securities loaned 7,753 4,197 1,783 3,506 17,239 Other 19,906 — — — 19,906 Total $ 166,676 $ 86,114 $ 35,987 $ 24,982 $ 313,759 (1) No agreements have maturities greater than three years . Class of Collateral Pledged Securities Sold Under Agreements to Repurchase Securities Loaned Other Total (Dollars in millions) June 30, 2019 U.S. government and agency securities $ 186,529 $ 31 $ 1 $ 186,561 Corporate securities, trading loans and other 12,390 3,917 231 16,538 Equity securities 14,672 13,250 22,399 50,321 Non-U.S. sovereign debt 106,086 6,033 52 112,171 Mortgage trading loans and ABS 4,245 — — 4,245 Total $ 323,922 $ 23,231 $ 22,683 $ 369,836 December 31, 2018 U.S. government and agency securities $ 164,664 $ — $ — $ 164,664 Corporate securities, trading loans and other 11,400 2,163 287 13,850 Equity securities 14,090 10,869 19,572 44,531 Non-U.S. sovereign debt 81,329 4,207 47 85,583 Mortgage trading loans and ABS 5,131 — — 5,131 Total $ 276,614 $ 17,239 $ 19,906 $ 313,759 |
Securities Loaned and Financial Assets Sold Under Agreements to Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2019 and December 31, 2018 . Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2019 Securities borrowed or purchased under agreements to resell (3) $ 400,282 $ (152,205 ) $ 248,077 $ (227,203 ) $ 20,874 Securities loaned or sold under agreements to repurchase $ 347,153 $ (152,205 ) $ 194,948 $ (182,904 ) $ 12,044 Other (4) 22,683 — 22,683 (22,683 ) — Total $ 369,836 $ (152,205 ) $ 217,631 $ (205,587 ) $ 12,044 December 31, 2018 Securities borrowed or purchased under agreements to resell (3) $ 366,274 $ (106,865 ) $ 259,409 $ (240,790 ) $ 18,619 Securities loaned or sold under agreements to repurchase $ 293,853 $ (106,865 ) $ 186,988 $ (176,740 ) $ 10,248 Other (4) 19,906 — 19,906 (19,906 ) — Total $ 313,759 $ (106,865 ) $ 206,894 $ (196,646 ) $ 10,248 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $12.9 billion and $11.5 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2019 and December 31, 2018 . Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2019 Securities borrowed or purchased under agreements to resell (3) $ 400,282 $ (152,205 ) $ 248,077 $ (227,203 ) $ 20,874 Securities loaned or sold under agreements to repurchase $ 347,153 $ (152,205 ) $ 194,948 $ (182,904 ) $ 12,044 Other (4) 22,683 — 22,683 (22,683 ) — Total $ 369,836 $ (152,205 ) $ 217,631 $ (205,587 ) $ 12,044 December 31, 2018 Securities borrowed or purchased under agreements to resell (3) $ 366,274 $ (106,865 ) $ 259,409 $ (240,790 ) $ 18,619 Securities loaned or sold under agreements to repurchase $ 293,853 $ (106,865 ) $ 186,988 $ (176,740 ) $ 10,248 Other (4) 19,906 — 19,906 (19,906 ) — Total $ 313,759 $ (106,865 ) $ 206,894 $ (196,646 ) $ 10,248 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $12.9 billion and $11.5 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The table below also includes the notional amount of commitments of $4.6 billion and $3.1 billion at June 30, 2019 and December 31, 2018 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $128 million and $169 million at June 30, 2019 and December 31, 2018 on these commitments, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 16 – Fair Value Option . Credit Extension Commitments Expire in One Expire After One Expire After Three Years Through Five Years Expire After Five Years Total (Dollars in millions) June 30, 2019 Notional amount of credit extension commitments Loan commitments (1) $ 88,218 $ 147,733 $ 161,196 $ 22,984 $ 420,131 Home equity lines of credit 1,791 1,825 4,624 35,281 43,521 Standby letters of credit and financial guarantees (2) 19,827 9,787 3,165 1,444 34,223 Letters of credit (3) 1,553 325 215 36 2,129 Legally binding commitments 111,389 159,670 169,200 59,745 500,004 Credit card lines (4) 379,383 — — — 379,383 Total credit extension commitments $ 490,772 $ 159,670 $ 169,200 $ 59,745 $ 879,387 December 31, 2018 Notional amount of credit extension commitments Loan commitments (1) $ 84,910 $ 142,271 $ 155,298 $ 22,683 $ 405,162 Home equity lines of credit 2,578 2,249 3,530 34,702 43,059 Standby letters of credit and financial guarantees (2) 22,571 9,702 2,457 1,074 35,804 Letters of credit (3) 1,168 84 69 57 1,378 Legally binding commitments 111,227 154,306 161,354 58,516 485,403 Credit card lines (4) 371,658 — — — 371,658 Total credit extension commitments $ 482,885 $ 154,306 $ 161,354 $ 58,516 $ 857,061 (1) At June 30, 2019 and December 31, 2018 , $5.1 billion and $4.3 billion of these loan commitments are held in the form of a security. (2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $26.4 billion and $7.4 billion at June 30, 2019 , and $28.3 billion and $7.1 billion at December 31, 2018 . Amounts in the table include consumer SBLCs of $377 million and $372 million at June 30, 2019 and December 31, 2018 . (3) At June 30, 2019 and December 31, 2018 , included are letters of credit of $695 million and $422 million related to certain liquidity commitments of VIEs. For additional information, see Note 7 – Securitizations and Other Variable Interest Entities . (4) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share July 25, 2019 September 6, 2019 September 27, 2019 $ 0.18 April 24, 2019 June 7, 2019 June 28, 2019 0.15 January 30, 2019 March 1, 2019 March 29, 2019 0.15 (1) In 2019 , and through July 29, 2019 . |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2019 and 2018 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2019 2018 2019 2018 Earnings per common share Net income $ 7,348 $ 6,784 $ 14,659 $ 13,702 Preferred stock dividends (239 ) (318 ) (681 ) (746 ) Net income applicable to common shareholders $ 7,109 $ 6,466 $ 13,978 $ 12,956 Average common shares issued and outstanding 9,523.2 10,181.7 9,624.0 10,251.7 Earnings per common share $ 0.75 $ 0.64 $ 1.45 $ 1.26 Diluted earnings per common share Net income applicable to common shareholders $ 7,109 $ 6,466 $ 13,978 $ 12,956 Average common shares issued and outstanding 9,523.2 10,181.7 9,624.0 10,251.7 Dilutive potential common shares (1) 36.4 127.7 48.4 138.2 Total diluted average common shares issued and outstanding 9,559.6 10,309.4 9,672.4 10,389.9 Diluted earnings per common share $ 0.74 $ 0.63 $ 1.45 $ 1.25 (1) Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2019 and 2018 . (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2017 $ (1,206 ) $ (1,060 ) $ (831 ) $ (3,192 ) $ (793 ) $ (7,082 ) Accounting change related to certain tax effects (1) (393 ) (220 ) (189 ) (707 ) 239 (1,270 ) Cumulative adjustment for hedge accounting change (2) — — 57 — — 57 Net change (4,994 ) 452 (367 ) 60 (189 ) (5,038 ) Balance, June 30, 2018 $ (6,593 ) $ (828 ) $ (1,330 ) $ (3,839 ) $ (743 ) $ (13,333 ) Balance, December 31, 2018 $ (5,552 ) $ (531 ) $ (1,016 ) $ (4,304 ) $ (808 ) $ (12,211 ) Net change 4,693 (501 ) 533 57 (48 ) 4,734 Balance, June 30, 2019 $ (859 ) $ (1,032 ) $ (483 ) $ (4,247 ) $ (856 ) $ (7,477 ) (1) Effective January 1, 2018, the Corporation adopted the accounting standard on tax effects in accumulated OCI related to the Tax Act. Accordingly, certain tax effects were reclassified from accumulated OCI to retained earnings. (2) Effective January 1, 2018, the Corporation adopted the hedge accounting standard. Accordingly, an insignificant cumulative-effect adjustment was recognized in retained earnings. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the six months ended June 30, 2019 and 2018 . Pretax Tax effect After- tax Pretax Tax effect After- tax Six Months Ended June 30 (Dollars in millions) 2019 2018 Debt securities: Net increase (decrease) in fair value $ 6,354 $ (1,583 ) $ 4,771 $ (6,700 ) $ 1,702 $ (4,998 ) Net realized (gains) losses reclassified into earnings (1) (104 ) 26 (78 ) 8 (4 ) 4 Net change 6,250 (1,557 ) 4,693 (6,692 ) 1,698 (4,994 ) Debit valuation adjustments: Net increase (decrease) in fair value (663 ) 153 (510 ) 576 (138 ) 438 Net realized losses reclassified into earnings (1) 10 (1 ) 9 18 (4 ) 14 Net change (653 ) 152 (501 ) 594 (142 ) 452 Derivatives: Net increase (decrease) in fair value 637 (143 ) 494 (578 ) 169 (409 ) Reclassifications into earnings: Net interest income 51 (12 ) 39 83 (21 ) 62 Compensation and benefits expense — — — (27 ) 7 (20 ) Net realized losses reclassified into earnings 51 (12 ) 39 56 (14 ) 42 Net change 688 (155 ) 533 (522 ) 155 (367 ) Employee benefit plans: Net actuarial losses and other reclassified into earnings (2) 74 (17 ) 57 78 (18 ) 60 Net change 74 (17 ) 57 78 (18 ) 60 Foreign currency: Net (decrease) in fair value (37 ) (11 ) (48 ) (50 ) (139 ) (189 ) Net change (37 ) (11 ) (48 ) (50 ) (139 ) (189 ) Total other comprehensive income (loss) $ 6,322 $ (1,588 ) $ 4,734 $ (6,592 ) $ 1,554 $ (5,038 ) (1) Reclassifications of pretax debt securities and DVA are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis at June 30, 2019 and December 31, 2018 , including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2019 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,179 $ — $ — $ — $ 1,179 Federal funds sold and securities borrowed or purchased under agreements to resell — 54,257 — — 54,257 Trading account assets: U.S. Treasury and agency securities (2) 42,612 825 — — 43,437 Corporate securities, trading loans and other — 27,902 1,393 — 29,295 Equity securities 72,274 30,515 296 — 103,085 Non-U.S. sovereign debt 11,279 29,318 481 — 41,078 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 24,769 — — 24,769 Mortgage trading loans, ABS and other MBS — 8,934 1,389 — 10,323 Total trading account assets (3) 126,165 122,263 3,559 — 251,987 Derivative assets 14,574 336,706 3,403 (309,771 ) 44,912 AFS debt securities: U.S. Treasury and agency securities 55,574 1,245 — — 56,819 Mortgage-backed securities: Agency — 125,569 — — 125,569 Agency-collateralized mortgage obligations — 5,210 — — 5,210 Non-agency residential — 1,454 568 — 2,022 Commercial — 14,525 — — 14,525 Non-U.S. securities — 11,183 2 — 11,185 Other taxable securities — 3,692 3 — 3,695 Tax-exempt securities — 16,954 — — 16,954 Total AFS debt securities 55,574 179,832 573 — 235,979 Other debt securities carried at fair value: Non-agency residential MBS — 1,325 273 — 1,598 Non-U.S. securities 2,838 5,676 — — 8,514 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 2,838 7,004 273 — 10,115 Loans and leases — 7,508 355 — 7,863 Loans held-for-sale — 1,902 486 — 2,388 Other assets (4) 17,689 1,834 2,551 — 22,074 Total assets (5) $ 218,019 $ 711,306 $ 11,200 $ (309,771 ) $ 630,754 Liabilities Interest-bearing deposits in U.S. offices $ — $ 604 $ — $ — $ 604 Federal funds purchased and securities loaned or sold under agreements to repurchase — 19,866 — — 19,866 Trading account liabilities: U.S. Treasury and agency securities 14,891 2,072 — — 16,963 Equity securities 32,135 3,604 2 — 35,741 Non-U.S. sovereign debt 13,814 8,100 — — 21,914 Corporate securities and other — 7,519 13 — 7,532 Total trading account liabilities 60,840 21,295 15 — 82,150 Derivative liabilities 13,435 330,362 4,517 (309,934 ) 38,380 Short-term borrowings — 2,403 — — 2,403 Accrued expenses and other liabilities 20,773 2,038 — — 22,811 Long-term debt — 34,296 902 — 35,198 Total liabilities (5) $ 95,048 $ 410,864 $ 5,434 $ (309,934 ) $ 201,412 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $25.2 billion of GSE obligations. (3) Includes securities with a fair value of $16.0 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $1.7 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.47 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.26 percent of total consolidated liabilities. December 31, 2018 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,214 $ — $ — $ — $ 1,214 Federal funds sold and securities borrowed or purchased under agreements to resell — 56,399 — — 56,399 Trading account assets: U.S. Treasury and agency securities (2) 53,131 1,593 — — 54,724 Corporate securities, trading loans and other — 24,630 1,558 — 26,188 Equity securities 53,840 23,163 276 — 77,279 Non-U.S. sovereign debt 5,818 19,210 465 — 25,493 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 19,586 — — 19,586 Mortgage trading loans, ABS and other MBS — 9,443 1,635 — 11,078 Total trading account assets (3) 112,789 97,625 3,934 — 214,348 Derivative assets 9,967 315,413 3,466 (285,121 ) 43,725 AFS debt securities: U.S. Treasury and agency securities 53,663 1,260 — — 54,923 Mortgage-backed securities: Agency — 121,826 — — 121,826 Agency-collateralized mortgage obligations — 5,530 — — 5,530 Non-agency residential — 1,320 597 — 1,917 Commercial — 14,078 — — 14,078 Non-U.S. securities — 9,304 2 — 9,306 Other taxable securities — 4,403 7 — 4,410 Tax-exempt securities — 17,376 — — 17,376 Total AFS debt securities 53,663 175,097 606 — 229,366 Other debt securities carried at fair value: U.S. Treasury and agency securities 1,282 — — — 1,282 Non-agency residential MBS — 1,434 172 — 1,606 Non-U.S. securities 490 5,354 — — 5,844 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 1,772 6,791 172 — 8,735 Loans and leases — 4,011 338 — 4,349 Loans held-for-sale — 2,400 542 — 2,942 Other assets (4) 15,032 1,775 2,932 — 19,739 Total assets (5) $ 194,437 $ 659,511 $ 11,990 $ (285,121 ) $ 580,817 Liabilities Interest-bearing deposits in U.S. offices $ — $ 492 $ — $ — $ 492 Federal funds purchased and securities loaned or sold under agreements to repurchase — 28,875 — — 28,875 Trading account liabilities: U.S. Treasury and agency securities 7,894 761 — — 8,655 Equity securities 33,739 4,070 — — 37,809 Non-U.S. sovereign debt 7,452 9,182 — — 16,634 Corporate securities and other — 5,104 18 — 5,122 Total trading account liabilities 49,085 19,117 18 — 68,220 Derivative liabilities 9,931 303,441 4,401 (279,882 ) 37,891 Short-term borrowings — 1,648 — — 1,648 Accrued expenses and other liabilities 18,096 1,979 — — 20,075 Long-term debt — 26,872 817 — 27,689 Total liabilities (5) $ 77,112 $ 382,424 $ 5,236 $ (279,882 ) $ 184,890 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $20.2 billion of GSE obligations. (3) Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $2.0 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.51 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2019 and 2018 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. Level 3 – Fair Value Measurements (1) Balance April 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,428 $ 55 $ — $ 140 $ (79 ) $ — $ (146 ) $ 107 $ (112 ) $ 1,393 $ 26 Equity securities 288 20 — 3 (5 ) — — 1 (11 ) 296 20 Non-U.S. sovereign debt 472 19 5 1 — — (11 ) — (5 ) 481 19 Mortgage trading loans, ABS and other MBS 1,510 50 (1 ) 167 (324 ) — (115 ) 178 (76 ) 1,389 4 Total trading account assets 3,698 144 4 311 (408 ) — (272 ) 286 (204 ) 3,559 69 Net derivative assets (4) (1,018 ) (91 ) — 56 (161 ) — (33 ) 17 116 (1,114 ) (94 ) AFS debt securities: Non-agency residential MBS 581 — (3 ) — — — (14 ) 47 (43 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 3 — — — — — — — — 3 — Total AFS debt securities 586 — (3 ) — — — (14 ) 47 (43 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 224 2 — — — — (7 ) 69 (15 ) 273 2 Loans and leases (5) 317 — — — — 53 (15 ) — — 355 — Loans held-for-sale (5,6) 558 26 2 — (50 ) — (50 ) — — 486 16 Other assets (6, 7) 2,749 (80 ) 8 — (10 ) 67 (183 ) — — 2,551 (128 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (21 ) 7 — 1 — — — — — (13 ) — Long-term debt (5) (890 ) (41 ) — — — (10 ) 38 — 1 (902 ) (41 ) Three Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $11 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Level 3 – Fair Value Measurements (1) Balance January 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 58 $ — $ 194 $ (152 ) $ — $ (206 ) $ 246 $ (305 ) $ 1,393 $ 20 Equity securities 276 22 — 21 (6 ) — (3 ) 3 (17 ) 296 (4 ) Non-U.S. sovereign debt 465 27 4 1 — — (11 ) — (5 ) 481 27 Mortgage trading loans, ABS and other MBS 1,635 88 (2 ) 397 (661 ) — (124 ) 267 (211 ) 1,389 20 Total trading account assets 3,934 195 2 613 (819 ) — (344 ) 516 (538 ) 3,559 63 Net derivative assets (4) (935 ) (116 ) — 167 (406 ) — (88 ) 139 125 (1,114 ) (131 ) AFS debt securities: Non-agency residential MBS 597 — 90 — — — (21 ) 206 (304 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 — — — — — (4 ) — — 3 — Total AFS debt securities 606 — 90 — — — (25 ) 206 (304 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 172 49 — — — — (8 ) 107 (47 ) 273 47 Loans and leases (5) 338 4 — — (15 ) 53 (25 ) — — 355 3 Loans held-for-sale (5,6) 542 38 — 10 (71 ) 11 (103 ) 59 — 486 20 Other assets (6, 7) 2,932 (154 ) 16 — (10 ) 108 (341 ) — — 2,551 (253 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (18 ) 7 — 1 (3 ) — — — — (13 ) — Long-term debt (5) (817 ) (87 ) (1 ) — — (13 ) 76 (61 ) 1 (902 ) (82 ) Six Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (8) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (5) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (6,7,8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $112 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) Transfers out of AFS debt securities and into other assets relate to the reclassification of certain securities. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2019 and 2018 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. Level 3 – Fair Value Measurements (1) Balance April 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,428 $ 55 $ — $ 140 $ (79 ) $ — $ (146 ) $ 107 $ (112 ) $ 1,393 $ 26 Equity securities 288 20 — 3 (5 ) — — 1 (11 ) 296 20 Non-U.S. sovereign debt 472 19 5 1 — — (11 ) — (5 ) 481 19 Mortgage trading loans, ABS and other MBS 1,510 50 (1 ) 167 (324 ) — (115 ) 178 (76 ) 1,389 4 Total trading account assets 3,698 144 4 311 (408 ) — (272 ) 286 (204 ) 3,559 69 Net derivative assets (4) (1,018 ) (91 ) — 56 (161 ) — (33 ) 17 116 (1,114 ) (94 ) AFS debt securities: Non-agency residential MBS 581 — (3 ) — — — (14 ) 47 (43 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 3 — — — — — — — — 3 — Total AFS debt securities 586 — (3 ) — — — (14 ) 47 (43 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 224 2 — — — — (7 ) 69 (15 ) 273 2 Loans and leases (5) 317 — — — — 53 (15 ) — — 355 — Loans held-for-sale (5,6) 558 26 2 — (50 ) — (50 ) — — 486 16 Other assets (6, 7) 2,749 (80 ) 8 — (10 ) 67 (183 ) — — 2,551 (128 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (21 ) 7 — 1 — — — — — (13 ) — Long-term debt (5) (890 ) (41 ) — — — (10 ) 38 — 1 (902 ) (41 ) Three Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $11 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Level 3 – Fair Value Measurements (1) Balance January 1 Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 58 $ — $ 194 $ (152 ) $ — $ (206 ) $ 246 $ (305 ) $ 1,393 $ 20 Equity securities 276 22 — 21 (6 ) — (3 ) 3 (17 ) 296 (4 ) Non-U.S. sovereign debt 465 27 4 1 — — (11 ) — (5 ) 481 27 Mortgage trading loans, ABS and other MBS 1,635 88 (2 ) 397 (661 ) — (124 ) 267 (211 ) 1,389 20 Total trading account assets 3,934 195 2 613 (819 ) — (344 ) 516 (538 ) 3,559 63 Net derivative assets (4) (935 ) (116 ) — 167 (406 ) — (88 ) 139 125 (1,114 ) (131 ) AFS debt securities: Non-agency residential MBS 597 — 90 — — — (21 ) 206 (304 ) 568 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 — — — — — (4 ) — — 3 — Total AFS debt securities 606 — 90 — — — (25 ) 206 (304 ) 573 — Other debt securities carried at fair value – Non-agency residential MBS 172 49 — — — — (8 ) 107 (47 ) 273 47 Loans and leases (5) 338 4 — — (15 ) 53 (25 ) — — 355 3 Loans held-for-sale (5,6) 542 38 — 10 (71 ) 11 (103 ) 59 — 486 20 Other assets (6, 7) 2,932 (154 ) 16 — (10 ) 108 (341 ) — — 2,551 (253 ) Trading account liabilities – Equity securities — (2 ) — — — — — — — (2 ) (2 ) Trading account liabilities – Corporate securities and other (18 ) 7 — 1 (3 ) — — — — (13 ) — Long-term debt (5) (817 ) (87 ) (1 ) — — (13 ) 76 (61 ) 1 (902 ) (82 ) Six Months Ended June 30, 2018 Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (8) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (5) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (6,7,8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (3) Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $112 million related to financial instruments still held at June 30, 2019 . (4) Net derivative assets include derivative assets of $3.4 billion and $4.5 billion and derivative liabilities of $4.5 billion and $6.1 billion at June 30, 2019 and 2018 . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) Transfers out of AFS debt securities and into other assets relate to the reclassification of certain securities. |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2019 and December 31, 2018 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2019 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,633 Discounted cash flow, Market comparables Yield 0% to 25% 6% Trading account assets – Mortgage trading loans, ABS and other MBS 431 Prepayment speed 1% to 27% CPR 17% CPR Loans and leases 355 Default rate 0% to 3% CDR 1% CDR Loans held-for-sale 1 Loss severity 0% to 48% 15% AFS debt securities, primarily non-agency residential 573 Price $0 to $151 $99 Other debt securities carried at fair value - Non-agency residential 273 Instruments backed by commercial real estate assets $ 264 Discounted cash flow Yield 0% to 25% 6% Trading account assets – Corporate securities, trading loans and other 198 Price $0 to $100 $66 Trading account assets – Mortgage trading loans, ABS and other MBS 66 Commercial loans, debt securities and other $ 3,053 Discounted cash flow, Market comparables Yield 0% to 13% 6% Trading account assets – Corporate securities, trading loans and other 1,195 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 481 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 892 Loss severity 35% to 40% 38% Loans held-for-sale 485 Price $0 to $149 $67 Other assets, primarily auction rate securities $ 851 Discounted cash flow, Market comparables Price $10 to $100 $95 MSRs $ 1,700 Discounted cash flow Weighted-average life, fixed rate (5) 0 to 14 years 5 years Weighted-average life, variable rate (5) 0 to 9 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9% Option-adjusted spread, variable rate 9% to 15% 12% Structured liabilities Long-term debt $ (902 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Equity correlation 11% to 100% 63% Long-dated equity volatilities 6% to 52% 27% Price $0 to $131 $80 Net derivative assets Credit derivatives $ (14 ) Discounted cash flow, Stochastic recovery correlation model Yield 5% n/a Upfront points 0 to 100 points 68 points Prepayment speed 15% to 100% CPR 38% CPR Default rate 1% to 4% CDR 2% CDR Loss severity 35% n/a Price $0 to $138 $93 Equity derivatives $ (1,010 ) Industry standard derivative pricing (3) Equity correlation 11% to 100% 63% Long-dated equity volatilities 6% to 52% 27% Commodity derivatives $ 1 Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $8/MMBtu $3/MMBtu Correlation 30% to 66% 66% Volatilities 14% to 48% 32% Interest rate derivatives $ (91 ) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 70% 51% Correlation (FX/IR) 0% to 46% 2% Long-dated inflation rates -21% to 35% 5% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,114 ) (1) For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments. (2) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 86 : Trading account assets – Corporate securities, trading loans and other of $1.4 billion , Trading account assets – Non-U.S. sovereign debt of $481 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.4 billion , AFS debt securities of $573 million , Other debt securities carried at fair value - Non-agency residential of $273 million , Other assets, including MSRs, of $2.6 billion , Loans and leases of $355 million and LHFS of $486 million . (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2018 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,536 Discounted cash flow, Market comparables Yield 0% to 25% 8% Trading account assets – Mortgage trading loans, ABS and other MBS 419 Prepayment speed 0% to 21% CPR 12% CPR Loans and leases 338 Default rate 0% to 3% CDR 1% CDR Loans held-for-sale 1 Loss severity 0% to 51% 17% AFS debt securities, primarily non-agency residential 606 Price $0 to $128 $72 Other debt securities carried at fair value - Non-agency residential 172 Instruments backed by commercial real estate assets $ 291 Discounted cash flow Yield 0% to 25% 7% Trading account assets – Corporate securities, trading loans and other 200 Price $0 to $100 $79 Trading account assets – Mortgage trading loans, ABS and other MBS 91 Commercial loans, debt securities and other $ 3,489 Discounted cash flow, Market comparables Yield 1% to 18% 13% Trading account assets – Corporate securities, trading loans and other 1,358 Prepayment speed 10% to 20% 15% Trading account assets – Non-U.S. sovereign debt 465 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,125 Loss severity 35% to 40% 38% Loans held-for-sale 541 Price $0 to $141 $68 Other assets, primarily auction rate securities $ 890 Discounted cash flow, Market comparables Price $10 to $100 $95 MSRs $ 2,042 Discounted cash flow Weighted-average life, fixed rate (5) 0 to 14 years 5 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9% Option-adjusted spread, variable rate 9% to 15% 12% Structured liabilities Long-term debt $ (817 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Equity correlation 11% to 100% 67% Long-dated equity volatilities 4% to 84% 32% Yield 7% to 18% 16% Price $0 to $100 $72 Net derivative assets Credit derivatives $ (565 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 5% 4% Upfront points 0 points to 100 points 70 points Credit correlation 70% n/a Prepayment speed 15% to 20% CPR 15% CPR Default rate 1% to 4% CDR 2% CDR Loss severity 35% n/a Price $0 to $138 $93 Equity derivatives $ (348 ) Industry standard derivative pricing (3) Equity correlation 11% to 100% 67% Long-dated equity volatilities 4% to 84% 32% Commodity derivatives $ 10 Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $12/MMBtu $3/MMBtu Correlation 38% to 87% 71% Volatilities 15% to 132% 38% Interest rate derivatives $ (32 ) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 70% 61% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -20% to 38% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (935 ) (1) For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments. (2) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 87 : Trading account assets – Corporate securities, trading loans and other of $1.6 billion , Trading account assets – Non-U.S. sovereign debt of $465 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.6 billion , AFS debt securities of $606 million , Other debt securities carried at fair value - Non-agency residential of $172 million , Other assets, including MSRs, of 2.9 billion , Loans and leases of $338 million and LHFS of $542 million . (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2019 and 2018 . Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 15 $ 28 $ — $ (1 ) Loans and leases (1) — 204 (40 ) (73 ) Foreclosed properties (2, 3) — 21 (9 ) (12 ) Other assets 142 6 (15 ) (29 ) Accrued expenses and other liabilities (2 ) (12 ) (14 ) (14 ) June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Assets Loans held-for-sale $ 179 $ 1 $ — $ (2 ) Loans and leases (1) — 420 (80 ) (156 ) Foreclosed properties (2, 3) 15 77 (25 ) (32 ) Other assets 243 5 (31 ) (35 ) (1) Includes $18 million and $31 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2019 compared to losses of $31 million and $64 million for the same periods in 2018. (2) Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties. (3) Excludes $294 million and $573 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at June 30, 2019 and 2018 . |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The table below presents information about significant unobservable inputs related to the Corporation’s nonrecurring Level 3 financial assets and liabilities at June 30, 2019 and December 31, 2018 . Loans and leases backed by residential real estate assets represent residential mortgages where the loan has been written down to the fair value of the underlying collateral. Quantitative Information about Nonrecurring Level 3 Fair Value Measurements Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average (1) (Dollars in millions) June 30, 2019 Loans and leases backed by residential real estate assets $ 204 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % December 31, 2018 Loans and leases backed by residential real estate assets $ 474 Market comparables OREO discount 13% to 59% 25 % Costs to sell 8% to 26% 9 % (1) |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option Elections | The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2019 and December 31, 2018 , and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018 . Fair Value Option Elections June 30, 2019 December 31, 2018 (Dollars in millions) Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Federal funds sold and securities borrowed or purchased under agreements to resell $ 54,257 $ 54,238 $ 19 $ 56,399 $ 56,376 $ 23 Loans reported as trading account assets (1) 6,122 13,445 (7,323 ) 6,195 13,088 (6,893 ) Trading inventory – other 18,145 n/a n/a 13,778 n/a n/a Consumer and commercial loans 7,863 7,895 (32 ) 4,349 4,399 (50 ) Loans held-for-sale (1) 2,388 3,607 (1,219 ) 2,942 4,749 (1,807 ) Other assets 4 n/a n/a 3 n/a n/a Long-term deposits 604 571 33 492 454 38 Federal funds purchased and securities loaned or sold under agreements to repurchase 19,866 19,868 (2 ) 28,875 28,881 (6 ) Short-term borrowings 2,403 2,403 — 1,648 1,648 — Unfunded loan commitments 128 n/a n/a 169 n/a n/a Long-term debt (2) 35,198 35,054 144 27,689 29,198 (1,509 ) (1) A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding. (2) Includes structured liabilities with a fair value of $34.8 billion and $27.3 billion , and contractual principal outstanding of $34.7 billion and $28.8 billion at June 30, 2019 and December 31, 2018 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 2019 2018 (Dollars in millions) Trading Account Income Other Income Total Trading Account Income Other Income Total Loans reported as trading account assets (1) $ 72 $ — $ 72 $ (32 ) $ — $ (32 ) Trading inventory – other (2) 1,823 — 1,823 1,361 — 1,361 Consumer and commercial loans (1) 16 (1 ) 15 19 (11 ) 8 Long-term debt (3, 4) (205 ) (22 ) (227 ) 535 (15 ) 520 Other (5) (2 ) 15 13 6 14 20 Total $ 1,704 $ (8 ) $ 1,696 $ 1,889 $ (12 ) $ 1,877 Six Months Ended June 30 2019 2018 Loans reported as trading account assets (1) $ 163 $ — $ 163 $ 71 $ — $ 71 Trading inventory – other (2) 4,367 — 4,367 1,956 — 1,956 Consumer and commercial loans (1) 17 17 34 125 (32 ) 93 Long-term debt (3, 4) (1,285 ) (45 ) (1,330 ) 1,354 (56 ) 1,298 Other (5) 9 103 112 14 25 39 Total $ 3,271 $ 75 $ 3,346 $ 3,520 $ (63 ) $ 3,457 (1) Gains (losses) related to borrower-specific credit risk were not significant. (2) The gains in trading account income are primarily offset by losses on trading liabilities that hedge these assets. (3) The net gains (losses) in trading account income relate to the embedded derivatives in structured liabilities and are typically offset by gains (losses) on derivatives and securities that hedge these liabilities. (4) For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K . (5) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, LHFS, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Financial Instruments | The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2019 and December 31, 2018 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2019 Financial assets Loans $ 930,320 $ 63,773 $ 898,649 $ 962,422 Loans held-for-sale 5,416 4,562 854 5,416 Financial liabilities Deposits (1) 1,375,093 1,375,140 — 1,375,140 Long-term debt 238,011 242,358 902 243,260 Commercial unfunded lending commitments (2) 938 132 4,796 4,928 December 31, 2018 Financial assets Loans $ 911,520 $ 58,228 $ 859,160 $ 917,388 Loans held-for-sale 10,367 9,592 775 10,367 Financial liabilities Deposits (1) 1,381,476 1,381,239 — 1,381,239 Long-term debt 229,392 230,019 817 230,836 Commercial unfunded lending commitments (2) 966 169 5,558 5,727 (1) Includes demand deposits of $524.4 billion and $531.9 billion with no stated maturities at June 30, 2019 and December 31, 2018 . (2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 11 – Commitments and Contingencies . |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2019 and 2018 , and total assets at June 30, 2019 and 2018 for each business segment, as well as All Other, including a reconciliation of the four business segments’ total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. Results of Business Segments and All Other At and for the three months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2019 2018 2019 2018 2019 2018 Net interest income $ 12,338 $ 11,982 $ 7,116 $ 6,593 $ 1,624 $ 1,538 Noninterest income 10,895 10,721 2,601 2,640 3,276 3,204 Total revenue, net of interest expense 23,233 22,703 9,717 9,233 4,900 4,742 Provision for credit losses 857 827 947 944 21 12 Noninterest expense 13,268 13,224 4,407 4,367 3,458 3,427 Income before income taxes 9,108 8,652 4,363 3,922 1,421 1,303 Income tax expense 1,760 1,868 1,069 1,000 348 332 Net income $ 7,348 $ 6,784 $ 3,294 $ 2,922 $ 1,073 $ 971 Period-end total assets $ 2,395,892 $ 2,291,670 $ 786,963 $ 768,188 $ 287,878 $ 270,915 Global Banking Global Markets All Other 2019 2018 2019 2018 2019 2018 Net interest income $ 2,709 $ 2,739 $ 811 $ 968 $ 78 $ 144 Noninterest income 2,266 2,275 3,334 3,283 (582 ) (681 ) Total revenue, net of interest expense 4,975 5,014 4,145 4,251 (504 ) (537 ) Provision for credit losses 125 (23 ) 5 (1 ) (241 ) (105 ) Noninterest expense 2,212 2,185 2,677 2,726 514 519 Income before income taxes 2,638 2,852 1,463 1,526 (777 ) (951 ) Income tax expense 712 741 417 397 (786 ) (602 ) Net income $ 1,926 $ 2,111 $ 1,046 $ 1,129 $ 9 $ (349 ) Period-end total assets $ 440,352 $ 426,448 $ 674,985 $ 637,110 $ 205,714 $ 189,009 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2019 2018 2019 2018 2019 2018 Net interest income $ 24,866 $ 23,901 $ 14,222 $ 13,070 $ 3,308 $ 3,122 Noninterest income 21,524 22,022 5,127 5,144 6,412 6,475 Total revenue, net of interest expense 46,390 45,923 19,349 18,214 9,720 9,597 Provision for credit losses 1,870 1,661 1,921 1,879 26 50 Noninterest expense 26,492 27,066 8,763 8,915 6,886 7,008 Income before income taxes 18,028 17,196 8,665 7,420 2,808 2,539 Income tax expense 3,369 3,494 2,123 1,893 688 647 Net income $ 14,659 $ 13,702 $ 6,542 $ 5,527 $ 2,120 $ 1,892 Period-end total assets $ 2,395,892 $ 2,291,670 $ 786,963 $ 768,188 $ 287,878 $ 270,915 Global Banking Global Markets All Other 2019 2018 2019 2018 2019 2018 Net interest income $ 5,499 $ 5,418 $ 1,764 $ 1,989 $ 73 $ 302 Noninterest income 4,631 4,591 6,562 7,074 (1,208 ) (1,262 ) Total revenue, net of interest expense 10,130 10,009 8,326 9,063 (1,135 ) (960 ) Provision for credit losses 236 (7 ) (18 ) (4 ) (295 ) (257 ) Noninterest expense 4,478 4,477 5,432 5,651 933 1,015 Income before income taxes 5,416 5,539 2,912 3,416 (1,773 ) (1,718 ) Income tax expense 1,462 1,440 830 888 (1,734 ) (1,374 ) Net income $ 3,954 $ 4,099 $ 2,082 $ 2,528 $ (39 ) $ (344 ) Period-end total assets $ 440,352 $ 426,448 $ 674,985 $ 637,110 $ 205,714 $ 189,009 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 Segments’ total revenue, net of interest expense $ 23,737 $ 23,240 $ 47,525 $ 46,883 Adjustments (1) : ALM activities 34 (508 ) 47 (482 ) Liquidating businesses, eliminations and other (538 ) (29 ) (1,182 ) (478 ) FTE basis adjustment (149 ) (154 ) (302 ) (304 ) Consolidated revenue, net of interest expense $ 23,084 $ 22,549 $ 46,088 $ 45,619 Segments’ total net income 7,339 7,133 14,698 14,046 Adjustments, net-of-tax (1) : ALM activities 27 (381 ) 46 (352 ) Liquidating businesses, eliminations and other (18 ) 32 (85 ) 8 Consolidated net income $ 7,348 $ 6,784 $ 14,659 $ 13,702 June 30 2019 2018 Segments’ total assets $ 2,190,178 $ 2,102,661 Adjustments (1) : ALM activities, including securities portfolio 677,337 630,299 Elimination of segment asset allocations to match liabilities (543,995 ) (522,183 ) Other 72,372 80,893 Consolidated total assets $ 2,395,892 $ 2,291,670 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. The tables below present noninterest income and the components thereto for the three and six months ended June 30, 2019 and 2018 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income . Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 968 $ 1,011 $ 804 $ 833 $ 11 $ 27 Other card income 478 472 464 459 11 11 Total card income 1,446 1,483 1,268 1,292 22 38 Service charges Deposit-related fees 1,638 1,680 1,045 1,072 15 17 Lending-related fees 265 274 — — — — Total service charges 1,903 1,954 1,045 1,072 15 17 Investment and brokerage services Asset management fees 2,554 2,513 36 37 2,525 2,475 Brokerage fees 916 945 39 43 438 462 Total investment and brokerage services 3,470 3,458 75 80 2,963 2,937 Investment banking fees Underwriting income 792 719 — — 126 72 Syndication fees 291 400 — — — — Financial advisory services 288 303 — — 1 — Total investment banking fees 1,371 1,422 — — 127 72 Total fees and commissions 8,190 8,317 2,388 2,444 3,127 3,064 Trading account income 2,345 2,151 2 2 30 28 Other income 360 253 211 194 119 112 Total noninterest income $ 10,895 $ 10,721 $ 2,601 $ 2,640 $ 3,276 $ 3,204 Global Banking Global Markets All Other (1) Three Months Ended June 30 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 132 $ 128 $ 22 $ 23 $ (1 ) $ — Other card income 2 2 1 — — — Total card income 134 130 23 23 (1 ) — Service charges Deposit-related fees 526 539 45 45 7 7 Lending-related fees 223 229 42 45 — — Total service charges 749 768 87 90 7 7 Investment and brokerage services Asset management fees — — — — (7 ) 1 Brokerage fees 7 18 433 430 (1 ) (8 ) Total investment and brokerage services 7 18 433 430 (8 ) (7 ) Investment banking fees Underwriting income 325 278 398 414 (57 ) (45 ) Syndication fees 138 196 153 203 — 1 Financial advisory services 254 269 33 34 — — Total investment banking fees 717 743 584 651 (57 ) (44 ) Total fees and commissions 1,607 1,659 1,127 1,194 (59 ) (44 ) Trading account income 56 64 1,961 2,020 296 37 Other income 603 552 246 69 (819 ) (674 ) Total noninterest income $ 2,266 $ 2,275 $ 3,334 $ 3,283 $ (582 ) $ (681 ) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 1,864 $ 1,925 $ 1,532 $ 1,591 $ 28 $ 37 Other card income 957 960 933 935 20 21 Total card income 2,821 2,885 2,465 2,526 48 58 Service charges Deposit-related fees 3,218 3,326 2,065 2,116 33 36 Lending-related fees 524 549 — — — — Total service charges 3,742 3,875 2,065 2,116 33 36 Investment and brokerage services Asset management fees 4,994 5,077 71 73 4,939 5,004 Brokerage fees 1,836 2,045 77 89 866 973 Total investment and brokerage services 6,830 7,122 148 162 5,805 5,977 Investment banking fees Underwriting income 1,458 1,460 — — 206 156 Syndication fees 546 716 — — — — Financial advisory services 631 599 — — 1 1 Total investment banking fees 2,635 2,775 — — 207 157 Total fees and commissions 16,028 16,657 4,678 4,804 6,093 6,228 Trading account income 4,683 4,704 4 4 64 56 Other income 813 661 445 336 255 191 Total noninterest income $ 21,524 $ 22,022 $ 5,127 $ 5,144 $ 6,412 $ 6,475 Global Banking Global Markets All Other (1) Six Months Ended June 30 2019 2018 2019 2018 2019 2018 Fees and commissions: Card income Interchange fees $ 261 $ 255 $ 43 $ 42 $ — $ — Other card income 4 3 — — — 1 Total card income 265 258 43 42 — 1 Service charges Deposit-related fees 1,024 1,078 83 85 13 11 Lending-related fees 438 454 86 95 — — Total service charges 1,462 1,532 169 180 13 11 Investment and brokerage services Asset management fees — — — — (16 ) — Brokerage fees 16 44 877 918 — 21 Total investment and brokerage services 16 44 877 918 (16 ) 21 Investment banking fees Underwriting income 605 588 766 846 (119 ) (130 ) Syndication fees 264 354 282 362 — — Financial advisory services 557 545 73 53 — — Total investment banking fees 1,426 1,487 1,121 1,261 (119 ) (130 ) Total fees and commissions 3,169 3,321 2,210 2,401 (122 ) (97 ) Trading account income 106 124 4,043 4,577 466 (57 ) Other income 1,356 1,146 309 96 (1,552 ) (1,108 ) Total noninterest income $ 4,631 $ 4,591 $ 6,562 $ 7,074 $ (1,208 ) $ (1,262 ) (1) All Other includes eliminations of intercompany transactions. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2019 | Jan. 01, 2019 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | $ 165 | $ 25 | ||
Right-of-use asset | $ 9,900 | |||
Lease liability | $ 10,239 | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-use asset | 9,700 | |||
Lease liability | 9,700 | |||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | 165 | $ (32) | ||
Retained Earnings | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | $ 165 | |||
Scenario, Forecast | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans and leases receivable, percentage increase in allowance | 20.00% |
Net Interest Income and Nonin_3
Net Interest Income and Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Loans and leases | $ 10,942 | $ 10,071 | $ 21,827 | $ 19,694 |
Debt securities | 3,017 | 2,856 | 6,136 | 5,660 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,309 | 709 | 2,504 | 1,331 |
Trading account assets | 1,321 | 1,198 | 2,643 | 2,334 |
Other interest income | 1,635 | 1,535 | 3,284 | 2,949 |
Total interest income | 18,224 | 16,369 | 36,394 | 31,968 |
Interest expense | ||||
Deposits | 1,965 | 943 | 3,760 | 1,703 |
Short-term borrowings | 1,997 | 1,462 | 3,849 | 2,597 |
Trading account liabilities | 319 | 348 | 664 | 705 |
Long-term debt | 1,754 | 1,788 | 3,557 | 3,366 |
Total interest expense | 6,035 | 4,541 | 11,830 | 8,371 |
Net interest income | 12,189 | 11,828 | 24,564 | 23,597 |
Noninterest income | ||||
Total fees and commissions | 8,190 | 8,317 | 16,028 | 16,657 |
Trading account income | 2,345 | 2,151 | 4,683 | 4,704 |
Other income | 360 | 253 | 813 | 661 |
Total noninterest income | 10,895 | 10,721 | 21,524 | 22,022 |
Rewards, rebates and compensation expense | 1,600 | 1,400 | 3,000 | 2,700 |
Card income | ||||
Noninterest income | ||||
Card income and service charges | 1,446 | 1,483 | 2,821 | 2,885 |
Interchange fees | ||||
Noninterest income | ||||
Card income and service charges | 968 | 1,011 | 1,864 | 1,925 |
Interchange fees, gross | 2,500 | 2,400 | 4,800 | 4,600 |
Other card income | ||||
Noninterest income | ||||
Card income and service charges | 478 | 472 | 957 | 960 |
Service charges | ||||
Noninterest income | ||||
Card income and service charges | 1,903 | 1,954 | 3,742 | 3,875 |
Deposit-related fees | ||||
Noninterest income | ||||
Card income and service charges | 1,638 | 1,680 | 3,218 | 3,326 |
Lending-related fees | ||||
Noninterest income | ||||
Card income and service charges | 265 | 274 | 524 | 549 |
Investment and brokerage services | ||||
Noninterest income | ||||
Investment and brokerage services | 3,470 | 3,458 | 6,830 | 7,122 |
Asset management fees | ||||
Noninterest income | ||||
Investment and brokerage services | 2,554 | 2,513 | 4,994 | 5,077 |
Brokerage fees | ||||
Noninterest income | ||||
Investment and brokerage services | 916 | 945 | 1,836 | 2,045 |
Total investment banking fees | ||||
Noninterest income | ||||
Investment banking fees | 1,371 | 1,422 | 2,635 | 2,775 |
Underwriting income | ||||
Noninterest income | ||||
Investment banking fees | 792 | 719 | 1,458 | 1,460 |
Syndication fees | ||||
Noninterest income | ||||
Investment banking fees | 291 | 400 | 546 | 716 |
Financial advisory services | ||||
Noninterest income | ||||
Investment banking fees | $ 288 | $ 303 | $ 631 | $ 599 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Gross Derivative Assets | ||
Gross Derivative Assets | $ 354,700 | $ 328,800 |
Less: Legally enforceable master netting agreements | (275,900) | (252,700) |
Less: Cash collateral received/paid | (33,900) | (32,400) |
Derivative assets | 44,912 | 43,725 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 348,300 | 317,800 |
Less: Legally enforceable master netting agreements | (275,900) | (252,700) |
Less: Cash collateral received/paid | (34,000) | (27,200) |
Derivative liabilities | 38,380 | 37,891 |
Interest Rate Swap | ||
Maximum Payout/Notional | ||
Contract/Notional | 20,981,800 | 15,977,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 176,700 | 144,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 173,400 | 140,900 |
Interest Rate Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 5,928,500 | 3,656,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,200 | 4,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,200 | 5,000 |
Interest Rate Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,753,400 | 1,584,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 35,900 | 28,600 |
Interest Rate Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,772,500 | 1,614,000 |
Gross Derivative Assets | ||
Gross Derivative Assets | 40,100 | 30,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,791,800 | 1,704,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 35,800 | 40,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 39,700 | 44,500 |
Foreign Exchange Spot, Futures, and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 5,052,200 | 4,276,000 |
Gross Derivative Assets | ||
Gross Derivative Assets | 34,600 | 40,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 36,600 | 39,600 |
Foreign Exchange Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 286,700 | 256,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,000 | 5,000 |
Foreign Exchange Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 271,300 | 240,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,800 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 273,600 | 253,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 5,600 | 7,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,300 | 8,400 |
Equity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 116,800 | 100,000 |
Gross Derivative Assets | ||
Gross Derivative Assets | 300 | 2,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 800 | 300 |
Equity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 761,400 | 597,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 31,200 | 27,500 |
Equity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 699,900 | 549,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 37,100 | 36,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 42,100 | 43,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,900 | 2,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,700 | 4,500 |
Commodity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 57,800 | 51,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,200 | 3,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 500 |
Commodity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 30,300 | 27,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 2,200 |
Commodity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 26,900 | 23,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,300 | 1,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Credit Default Swap | Purchased credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 413,100 | 408,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,100 | 5,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,700 | 4,900 |
Credit Default Swap | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 369,346 | 371,919 |
Gross Derivative Assets | ||
Gross Derivative Assets | 6,300 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 3,268 | 4,343 |
Total return swaps/options | Purchased credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 75,500 | 84,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 100 | 400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,200 | 1,000 |
Total return swaps/options | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 80,463 | 87,277 |
Gross Derivative Assets | ||
Gross Derivative Assets | 600 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 405 | 598 |
Credit derivatives | Purchased credit derivatives | ||
Gross Derivative Liabilities | ||
Fair value asset (liability), with identical underlying referenced names and terms | 2,700 | (185) |
Notional amount, with identical underlying referenced names and terms | 353,500 | 342,800 |
Credit derivatives | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 449,809 | 459,196 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 3,673 | 4,941 |
Trading and Other Risk Management Derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 344,000 | 323,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 345,900 | 313,200 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 167,400 | 141,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 173,100 | 138,900 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,200 | 4,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,200 | 5,000 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 35,900 | 28,600 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 40,100 | 30,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 34,600 | 38,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 38,100 | 42,200 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 34,400 | 39,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 36,100 | 39,300 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,000 | 5,000 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,800 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 5,600 | 7,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,300 | 8,400 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 300 | 2,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 800 | 300 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 31,200 | 27,500 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 37,100 | 36,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,900 | 2,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,700 | 4,500 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,200 | 3,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 500 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 2,200 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,300 | 1,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,100 | 5,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,700 | 4,900 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 6,300 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 3,300 | 4,300 |
Trading and Other Risk Management Derivatives | Total return swaps/options | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 100 | 400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,200 | 1,000 |
Trading and Other Risk Management Derivatives | Total return swaps/options | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 600 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 400 | 600 |
Qualifying Accounting Hedges | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 10,700 | 5,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,400 | 4,600 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 9,300 | 3,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 300 | 2,000 |
Qualifying Accounting Hedges | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,200 | 1,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,600 | 2,300 |
Qualifying Accounting Hedges | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 200 | 400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 300 |
Qualifying Accounting Hedges | Foreign Exchange Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 31,400 | $ 32,700 |
Other gross derivative assets | 13,500 | 11,000 |
Derivative assets | 44,912 | 43,725 |
Less: Financial instruments collateral | (15,100) | (16,300) |
Total net derivative assets | 29,800 | 27,400 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 313,700 | 292,500 |
Less: Legally enforceable master netting agreements and cash collateral received | (286,400) | (264,400) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 16,000 | 17,100 |
Less: Legally enforceable master netting agreements and cash collateral received | (12,700) | (13,500) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 11,500 | 8,200 |
Less: Legally enforceable master netting agreements and cash collateral received | (10,700) | (7,200) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 210,500 | 174,200 |
Interest rate contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 0 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 6,300 | 4,800 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 71,600 | 82,500 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,100 | 900 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 21,200 | 24,600 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 15,200 | 16,100 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 3,700 | 3,500 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 700 | 1,000 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 0 |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 6,700 | 7,700 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 4,000 | $ 2,500 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 23,700 | $ 26,300 |
Other gross derivative liabilities | 14,700 | 11,600 |
Derivative liabilities | 38,380 | 37,891 |
Less: Financial instruments collateral | (10,800) | (8,600) |
Total net derivative liabilities | 27,600 | 29,300 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 308,600 | 283,000 |
Less: Legally enforceable master netting agreements and cash collateral paid | (287,000) | (259,200) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 14,800 | 16,000 |
Less: Legally enforceable master netting agreements and cash collateral paid | (12,700) | (13,500) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10,200 | 7,200 |
Less: Legally enforceable master netting agreements and cash collateral paid | (10,200) | (7,200) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 203,500 | 169,400 |
Interest rate contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 0 | 0 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 5,500 | 4,000 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 77,800 | 86,300 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,000 | 900 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 15,200 | 14,600 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 14,100 | 15,100 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 4,600 | 4,500 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 700 | 900 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 0 | 0 |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 7,500 | 8,200 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 3,700 | $ 2,300 |
Derivatives - Gains and Losses
Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ 4,118 | $ (1,937) | $ 6,043 | $ (3,951) |
Hedged Item | (4,098) | 1,756 | (6,032) | 3,676 |
Interest rate risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 4,132 | (869) | 6,045 | (3,174) |
Hedged Item | (4,121) | 821 | (6,050) | 3,057 |
Interest rate and foreign currency risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 41 | (1,067) | 98 | (745) |
Hedged Item | (32) | 934 | (80) | 588 |
Interest rate and foreign currency risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (3) | 25 | 167 | (39) |
Interest rate and foreign currency risk on long-term debt | Other income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 30 | (1,000) | (89) | (576) |
Interest rate risk on AFS securities | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (55) | (1) | (100) | (32) |
Hedged Item | 55 | 1 | 98 | 31 |
Accumulated Other Comprehensive Income (Loss) | Interest rate and foreign currency risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ 14 | $ (83) | $ 20 | $ (130) |
Derivatives - Designated Fair V
Derivatives - Designated Fair Value Hedged Assets (Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Hedged liability, long-term debt, carrying value | $ (157,894) | $ (138,682) |
Hedged liability, long-term debt, cumulative fair value adjustments | (8,657) | (2,117) |
Hedged asset, available-for-sale debt securities, carrying value | 1,650 | 981 |
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments | $ 58 | $ (29) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||||||
Shareholders’ equity | $ 271,408 | $ 267,010 | $ 265,325 | $ 264,216 | $ 266,224 | $ 267,146 |
Net losses in AOCI expected to be reclassified, after tax | 109 | |||||
Net losses in AOCI expected to be reclassified | $ 143 | |||||
Terminated cash flow hedges, forecasted transaction hedging period | 4 years | |||||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 17 years | |||||
Interest rate risk on long-term debt | ||||||
Derivative [Line Items] | ||||||
Long-term debt from discontinued hedging relationships cumulative increase (decrease) | $ (1,500) | (1,600) | ||||
Interest rate risk on AFS securities | ||||||
Derivative [Line Items] | ||||||
Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) | 4 | (29) | ||||
Credit derivatives | ||||||
Derivative [Line Items] | ||||||
Cash and securities held as collateral | 81,600 | 81,600 | ||||
Cash and securities collateral posted | 67,100 | 56,500 | ||||
Collateral not yet posted | 1,900 | |||||
Aggregate fair value of derivative liability | 0 | 0 | ||||
Credit derivatives | Bank of America, N.A. | ||||||
Derivative [Line Items] | ||||||
Collateral not yet posted | 1,200 | |||||
Foreign Mortgage-backed Securities and Foreign Securities | ||||||
Derivative [Line Items] | ||||||
Transfer of mortgage-backed securities to third-party trust | 5,600 | 5,800 | ||||
Gross cash proceeds from transfer of securities | 5,600 | 5,800 | ||||
Fair value of derecognized assets | 5,600 | $ 5,500 | ||||
Derivatives | ||||||
Derivative [Line Items] | ||||||
Shareholders’ equity | (483) | |||||
Pretax loss | $ 635 |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ (71) | $ (495) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (33) | (56) | ||
Interest rate risk on variable-rate assets | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ 364 | (71) | $ 618 | (499) |
Gains (Losses) in Income Reclassified from Accumulated OCI | (28) | (33) | (51) | (83) |
Price risk on restricted stock awards | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 0 | 4 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 0 | 27 | ||
Foreign exchange risk | Net investment hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (202) | 923 | (196) | 679 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 0 | 0 | 1 | (1) |
Amounts excluded from effectiveness testing and recognized in other income | $ 24 | $ 24 | $ 77 | $ 29 |
Derivatives - Other Risk Manage
Derivatives - Other Risk Management Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest rate lock commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 24 | $ 14 | $ 36 | $ 28 |
Other income | Interest rate risk on mortgage activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | 147 | (26) | 251 | (161) |
Other income | Credit risk on loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (14) | (2) | (40) | (5) |
Other income | Interest rate and foreign currency risk on ALM activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ (292) | $ 702 | $ 820 | $ 563 |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 2,345 | $ 2,151 | $ 4,683 | $ 4,704 |
Brokerage commissions and asset management fee revenue | Global Markets | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 423 | 420 | 857 | 897 |
Trading Derivatives and Securities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 3,211 | 3,371 | 6,622 | 7,450 |
Trading Derivatives and Securities | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,960 | 2,020 | 4,041 | 4,576 |
Trading Derivatives and Securities | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 634 | 762 | 1,336 | 1,590 |
Trading Derivatives and Securities | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 617 | 589 | 1,245 | 1,284 |
Trading Derivatives and Securities | Interest rate risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 761 | 681 | 1,543 | 1,623 |
Trading Derivatives and Securities | Interest rate risk | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 304 | 255 | 590 | 713 |
Trading Derivatives and Securities | Interest rate risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 394 | 412 | 809 | 824 |
Trading Derivatives and Securities | Interest rate risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 63 | 14 | 144 | 86 |
Trading Derivatives and Securities | Foreign exchange risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 341 | 387 | 679 | 792 |
Trading Derivatives and Securities | Foreign exchange risk | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 323 | 388 | 641 | 790 |
Trading Derivatives and Securities | Foreign exchange risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 12 | (4) | 28 | (5) |
Trading Derivatives and Securities | Foreign exchange risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 6 | 3 | 10 | 7 |
Trading Derivatives and Securities | Equity risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,145 | 1,301 | 2,333 | 2,788 |
Trading Derivatives and Securities | Equity risk | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,010 | 1,066 | 1,979 | 2,192 |
Trading Derivatives and Securities | Equity risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (264) | (170) | (440) | (266) |
Trading Derivatives and Securities | Equity risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 399 | 405 | 794 | 862 |
Trading Derivatives and Securities | Credit risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 896 | 913 | 1,960 | 2,067 |
Trading Derivatives and Securities | Credit risk | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 306 | 283 | 807 | 823 |
Trading Derivatives and Securities | Credit risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 462 | 483 | 891 | 949 |
Trading Derivatives and Securities | Credit risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 128 | 147 | 262 | 295 |
Trading Derivatives and Securities | Other risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 68 | 89 | 107 | 180 |
Trading Derivatives and Securities | Other risk | Trading Account Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 17 | 28 | 24 | 58 |
Trading Derivatives and Securities | Other risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 30 | 41 | 48 | 88 |
Trading Derivatives and Securities | Other risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 21 | $ 20 | $ 35 | $ 34 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Value of Credit Derivatives | ||
Total | $ 348,300 | $ 317,800 |
Carrying Value of Credit-related Notes | ||
Less than One Year | 2 | 1 |
One to Three Years | 4 | 1 |
Three to Five Years | 3 | 5 |
Over Five Years | 2,145 | 2,032 |
Total | 2,154 | 2,039 |
Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 195 | 134 |
One to Three Years | 508 | 680 |
Three to Five Years | 844 | 1,350 |
Over Five Years | 1,721 | 2,179 |
Total | 3,268 | 4,343 |
Maximum Payout/Notional | ||
Less than One Year | 71,353 | 78,055 |
One to Three Years | 118,992 | 129,580 |
Three to Five Years | 145,262 | 129,804 |
Over Five Years | 33,739 | 34,480 |
Total | 369,346 | 371,919 |
Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 391 | 577 |
One to Three Years | 14 | 21 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 405 | 598 |
Maximum Payout/Notional | ||
Less than One Year | 79,103 | 84,566 |
One to Three Years | 1,026 | 2,471 |
Three to Five Years | 195 | 98 |
Over Five Years | 139 | 142 |
Total | 80,463 | 87,277 |
Credit derivatives | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 586 | 711 |
One to Three Years | 522 | 701 |
Three to Five Years | 844 | 1,350 |
Over Five Years | 1,721 | 2,179 |
Total | 3,673 | 4,941 |
Maximum Payout/Notional | ||
Less than One Year | 150,456 | 162,621 |
One to Three Years | 120,018 | 132,051 |
Three to Five Years | 145,457 | 129,902 |
Over Five Years | 33,878 | 34,622 |
Total | 449,809 | 459,196 |
Investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 0 | 0 |
One to Three Years | 3 | 0 |
Three to Five Years | 0 | 4 |
Over Five Years | 600 | 532 |
Total | 603 | 536 |
Investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 0 | 2 |
One to Three Years | 20 | 44 |
Three to Five Years | 142 | 436 |
Over Five Years | 477 | 488 |
Total | 639 | 970 |
Maximum Payout/Notional | ||
Less than One Year | 51,315 | 53,758 |
One to Three Years | 87,580 | 95,699 |
Three to Five Years | 105,430 | 95,274 |
Over Five Years | 19,732 | 20,054 |
Total | 264,057 | 264,785 |
Investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 28 | 105 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 28 | 105 |
Maximum Payout/Notional | ||
Less than One Year | 56,759 | 60,042 |
One to Three Years | 160 | 822 |
Three to Five Years | 62 | 59 |
Over Five Years | 75 | 72 |
Total | 57,056 | 60,995 |
Non-investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 2 | 1 |
One to Three Years | 1 | 1 |
Three to Five Years | 3 | 1 |
Over Five Years | 1,545 | 1,500 |
Total | 1,551 | 1,503 |
Non-investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 195 | 132 |
One to Three Years | 488 | 636 |
Three to Five Years | 702 | 914 |
Over Five Years | 1,244 | 1,691 |
Total | 2,629 | 3,373 |
Maximum Payout/Notional | ||
Less than One Year | 20,038 | 24,297 |
One to Three Years | 31,412 | 33,881 |
Three to Five Years | 39,832 | 34,530 |
Over Five Years | 14,007 | 14,426 |
Total | 105,289 | 107,134 |
Non-investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 363 | 472 |
One to Three Years | 14 | 21 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 377 | 493 |
Maximum Payout/Notional | ||
Less than One Year | 22,344 | 24,524 |
One to Three Years | 866 | 1,649 |
Three to Five Years | 133 | 39 |
Over Five Years | 64 | 70 |
Total | $ 23,407 | $ 26,282 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Jun. 30, 2019USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 522 |
Additional collateral required to be posted upon downgrade, second incremental notch | 454 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 21 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 1,036 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 9 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 586 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 203 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 312 |
Derivatives - Valuation Adjustm
Derivatives - Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Gross | |||||
Derivative assets (CVA) | $ (64) | $ 139 | $ 2 | $ 115 | |
Derivative assets/liabilities (FVA) | 26 | 28 | 33 | (9) | |
Derivative liabilities (DVA) | 8 | (159) | (73) | (43) | |
Net | |||||
Derivative assets (CVA) | (2) | 127 | 22 | 145 | |
Derivative assets/liabilities (FVA) | 16 | (18) | 39 | (19) | |
Derivative liabilities (DVA) | (7) | $ (159) | (72) | $ (53) | |
Cumulative credit valuation adjustment | 598 | 598 | $ 600 | ||
Cumulative funding valuation adjustment | 118 | 118 | 151 | ||
Cumulative debit valuation adjustment | $ 359 | $ 359 | $ 432 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Available-for-sale Debt Securities: | ||
Amortized Cost | $ 234,807 | $ 234,280 |
Gross Unrealized Gains | 2,304 | 499 |
Gross Unrealized Losses | (1,132) | (5,413) |
Fair Value | 235,979 | 229,366 |
Other Debt Securities, Carried at Fair Value: | ||
Amortized Cost | 9,942 | 8,595 |
Gross Unrealized Gains | 195 | 172 |
Gross Unrealized Losses | (22) | (32) |
Fair Value | 10,115 | 8,735 |
Debt securities carried at fair value: | ||
Amortized Cost | 244,749 | 242,875 |
Gross Unrealized Gains | 2,499 | 671 |
Gross Unrealized Losses | (1,154) | (5,445) |
Debt securities carried at fair value | 246,094 | 238,101 |
Held-to-maturity Securities: | ||
Amortized Cost | 199,981 | 203,652 |
Gross Unrealized Gains | 3,339 | 747 |
Gross Unrealized Losses | (836) | (3,964) |
Held-to-maturity, fair value | 202,484 | 200,435 |
Debt securities: | ||
Amortized Cost | 444,730 | 446,527 |
Gross Unrealized Gains | 5,838 | 1,418 |
Gross Unrealized Losses | (1,990) | (9,409) |
Fair Value | 448,578 | 438,536 |
Securities, pledged as collateral | 42,000 | 40,600 |
FNMA | ||
Debt securities carried at fair value: | ||
Amortized Cost | 160,100 | 161,200 |
Debt securities carried at fair value | 161,900 | 158,500 |
FHLMC | ||
Debt securities carried at fair value: | ||
Amortized Cost | 51,400 | 52,200 |
Debt securities carried at fair value | 52,100 | 51,400 |
Mortgage-backed securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 147,051 | 146,998 |
Gross Unrealized Gains | 1,126 | 304 |
Gross Unrealized Losses | (851) | (3,951) |
Fair Value | 147,326 | 143,351 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 148,924 | |
Agency | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 125,792 | 125,116 |
Gross Unrealized Gains | 576 | 138 |
Gross Unrealized Losses | (799) | (3,428) |
Fair Value | 125,569 | 121,826 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 125,569 | |
Agency-collateralized mortgage obligations | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 5,157 | 5,621 |
Gross Unrealized Gains | 80 | 19 |
Gross Unrealized Losses | (27) | (110) |
Fair Value | 5,210 | 5,530 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 5,210 | |
Commercial | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 14,313 | 14,469 |
Gross Unrealized Gains | 228 | 11 |
Gross Unrealized Losses | (16) | (402) |
Fair Value | 14,525 | 14,078 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 14,525 | |
Non-agency residential | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 1,789 | 1,792 |
Gross Unrealized Gains | 242 | 136 |
Gross Unrealized Losses | (9) | (11) |
Fair Value | 2,022 | $ 1,917 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | $ 3,620 | |
Non-agency residential | Prime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 67.00% | 68.00% |
Non-agency residential | Alt-A | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 4.00% | 4.00% |
Non-agency residential | Subprime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 29.00% | 28.00% |
U.S. Treasury and agency securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | $ 56,157 | $ 56,239 |
Gross Unrealized Gains | 908 | 62 |
Gross Unrealized Losses | (246) | (1,378) |
Fair Value | 56,819 | 54,923 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 56,819 | |
Non-U.S. securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 11,178 | 9,307 |
Gross Unrealized Gains | 8 | 5 |
Gross Unrealized Losses | (1) | (6) |
Fair Value | 11,185 | 9,306 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 19,699 | |
Other taxable securities, substantially all asset-backed securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 3,622 | 4,387 |
Gross Unrealized Gains | 73 | 29 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 3,695 | 4,410 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 3,698 | |
Total taxable securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 218,008 | 216,931 |
Gross Unrealized Gains | 2,115 | 400 |
Gross Unrealized Losses | (1,098) | (5,341) |
Fair Value | 219,025 | 211,990 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 229,140 | |
Tax-exempt securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 16,799 | 17,349 |
Gross Unrealized Gains | 189 | 99 |
Gross Unrealized Losses | (34) | (72) |
Fair Value | 16,954 | $ 17,376 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | $ 16,954 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Fair Value | $ 235,979 | $ 235,979 | $ 229,366 | ||
Debt securities, available-for-sale, realized gain | 110 | $ 0 | 227 | $ 0 | |
Debt securities, available-for-sale, realized loss | 1 | $ 0 | 112 | $ 0 | |
Debt securities, available-for-sale, net realized gain (loss) | 109 | 115 | |||
Debt securities, available-for-sale, income tax expense in realized gain (loss) | 26 | 28 | |||
Other assets | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Equity securities, fair value | 861 | 861 | |||
Equity securities, cost | 184 | 184 | |||
Time Deposits Placed and Other Short-term Investments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Time deposits placed and other short-term investments | 1,200 | 1,200 | |||
Nonperforming Financing Receivable | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair Value | 11 | 11 | $ 11 | ||
Debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Accumulated net unrealized loss on AFS debt securities | 894 | 894 | |||
Accumulated other comprehensive income tax expense (benefit) | $ 278 | $ 278 |
Securities - Temporarily Impair
Securities - Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value | |||||
Less than Twelve Months | $ 3,773 | $ 3,773 | $ 17,831 | ||
Twelve Months or Longer | 101,772 | 101,772 | 169,434 | ||
Total | 105,545 | 105,545 | 187,265 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (15) | (15) | (74) | ||
Twelve Months or Longer | (1,117) | (1,117) | (5,339) | ||
Total | (1,132) | (1,132) | (5,413) | ||
Credit-related OTTI losses | 9 | $ 8 | 11 | $ 11 | |
Other than temporary impairment losses recorded on debt securities | 0 | $ 0 | |||
Cumulative credit losses on debt securities held | 123 | 123 | 264 | ||
Temporarily impaired AFS debt securities | |||||
Fair Value | |||||
Less than Twelve Months | 3,597 | 3,597 | 17,700 | ||
Twelve Months or Longer | 101,752 | 101,752 | 169,431 | ||
Total | 105,349 | 105,349 | 187,131 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (10) | (10) | (74) | ||
Twelve Months or Longer | (1,114) | (1,114) | (5,339) | ||
Total | (1,124) | (1,124) | (5,413) | ||
Temporarily impaired AFS debt securities | Mortgage-backed securities | |||||
Fair Value | |||||
Less than Twelve Months | 1,059 | 1,059 | 16,224 | ||
Twelve Months or Longer | 78,859 | 78,859 | 115,703 | ||
Total | 79,918 | 79,918 | 131,927 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (5) | (5) | (65) | ||
Twelve Months or Longer | (838) | (838) | (3,886) | ||
Total | (843) | (843) | (3,951) | ||
Temporarily impaired AFS debt securities | Agency | |||||
Fair Value | |||||
Less than Twelve Months | 106 | 106 | 14,771 | ||
Twelve Months or Longer | 75,567 | 75,567 | 99,211 | ||
Total | 75,673 | 75,673 | 113,982 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | (49) | ||
Twelve Months or Longer | (799) | (799) | (3,379) | ||
Total | (799) | (799) | (3,428) | ||
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | |||||
Fair Value | |||||
Less than Twelve Months | 59 | 59 | 3 | ||
Twelve Months or Longer | 1,652 | 1,652 | 4,452 | ||
Total | 1,711 | 1,711 | 4,455 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | 0 | ||
Twelve Months or Longer | (27) | (27) | (110) | ||
Total | (27) | (27) | (110) | ||
Temporarily impaired AFS debt securities | Commercial | |||||
Fair Value | |||||
Less than Twelve Months | 859 | 859 | 1,344 | ||
Twelve Months or Longer | 1,639 | 1,639 | 11,991 | ||
Total | 2,498 | 2,498 | 13,335 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (4) | (4) | (8) | ||
Twelve Months or Longer | (12) | (12) | (394) | ||
Total | (16) | (16) | (402) | ||
Temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 35 | 35 | 106 | ||
Twelve Months or Longer | 1 | 1 | 49 | ||
Total | 36 | 36 | 155 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1) | (1) | (8) | ||
Twelve Months or Longer | 0 | 0 | (3) | ||
Total | (1) | (1) | (11) | ||
Temporarily impaired AFS debt securities | U.S. Treasury and agency securities | |||||
Fair Value | |||||
Less than Twelve Months | 821 | 821 | 288 | ||
Twelve Months or Longer | 22,323 | 22,323 | 51,374 | ||
Total | 23,144 | 23,144 | 51,662 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (4) | (4) | (1) | ||
Twelve Months or Longer | (242) | (242) | (1,377) | ||
Total | (246) | (246) | (1,378) | ||
Temporarily impaired AFS debt securities | Non-U.S. securities | |||||
Fair Value | |||||
Less than Twelve Months | 1,335 | 1,335 | 773 | ||
Twelve Months or Longer | 0 | 0 | 21 | ||
Total | 1,335 | 1,335 | 794 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1) | (1) | (5) | ||
Twelve Months or Longer | 0 | 0 | (1) | ||
Total | (1) | (1) | (6) | ||
Temporarily impaired AFS debt securities | Other taxable securities, substantially all asset-backed securities | |||||
Fair Value | |||||
Less than Twelve Months | 332 | 332 | 183 | ||
Twelve Months or Longer | 3 | 3 | 185 | ||
Total | 335 | 335 | 368 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | (1) | ||
Twelve Months or Longer | 0 | 0 | (5) | ||
Total | 0 | 0 | (6) | ||
Temporarily impaired AFS debt securities | Total taxable securities | |||||
Fair Value | |||||
Less than Twelve Months | 3,547 | 3,547 | 17,468 | ||
Twelve Months or Longer | 101,185 | 101,185 | 167,283 | ||
Total | 104,732 | 104,732 | 184,751 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (10) | (10) | (72) | ||
Twelve Months or Longer | (1,080) | (1,080) | (5,269) | ||
Total | (1,090) | (1,090) | (5,341) | ||
Temporarily impaired AFS debt securities | Tax-exempt securities | |||||
Fair Value | |||||
Less than Twelve Months | 50 | 50 | 232 | ||
Twelve Months or Longer | 567 | 567 | 2,148 | ||
Total | 617 | 617 | 2,380 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | (2) | ||
Twelve Months or Longer | (34) | (34) | (70) | ||
Total | (34) | (34) | (72) | ||
Other-than-temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 176 | 176 | 131 | ||
Twelve Months or Longer | 20 | 20 | 3 | ||
Total | 196 | 196 | 134 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (5) | (5) | 0 | ||
Twelve Months or Longer | (3) | (3) | 0 | ||
Total | $ (8) | $ (8) | $ 0 |
Securities - Significant Assump
Securities - Significant Assumptions (Details) - Non-agency residential | Jun. 30, 2019 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 16.10% |
Loss severity | 15.90% |
Life default rate | 12.70% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 12.60% |
Life default rate | 8.60% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 11.90% |
Life default rate | 11.50% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 20.70% |
Life default rate | 15.50% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 4.80% |
Loss severity | 8.00% |
Life default rate | 0.90% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 27.90% |
Loss severity | 33.10% |
Life default rate | 41.70% |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Due in One Year or Less, Amount | $ 104 | |
Due in One Year or Less, Yield | 4.27% | |
Due after One Year through Five Years, Amount | $ 37 | |
Due after One Year through Five Years, Yield | 3.97% | |
Due after Five Years through Ten Years, Amount | $ 1,137 | |
Due after Five Years though Ten Years, Yield | 2.55% | |
Due after Ten Years, Amount | $ 198,703 | |
Due after Ten Years, Yield | 3.24% | |
Amortized Cost | $ 199,981 | $ 203,652 |
Total, Yield | 3.24% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities carried at fair value | $ 246,094 | 238,101 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in One Year or Less, Amount | 104 | |
Due after One Year through Five Years, Amount | 37 | |
Due after Five Years though Ten Years, Amount | 1,148 | |
Due after Ten Years, Amount | 201,195 | |
Debt Securities, Held-to-maturity, Fair Value | 202,484 | $ 200,435 |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 9 | |
Due in One Year or Less, Yield | 1.78% | |
Due after One Year through Five Years, Amount | $ 2,650 | |
Due after One Year through Five Years, Yield | 2.38% | |
Due after Five Years though Ten Years, Amount | $ 12,726 | |
Due after Five Years though Ten Years, Yield | 2.53% | |
Due after Ten Years, Amount | $ 133,105 | |
Due after Ten Years, Yield | 3.50% | |
Total, Amount | $ 148,490 | |
Total, Yield | 3.40% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 9 | |
Due after One Year through Five Years, Amount | 2,679 | |
Due after Five Years though Ten Years, Amount | 12,903 | |
Due after Ten Years, Amount | 133,333 | |
Debt securities carried at fair value | 148,924 | |
Agency | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 130 | |
Due after One Year through Five Years, Yield | 2.33% | |
Due after Five Years though Ten Years, Amount | $ 1,814 | |
Due after Five Years though Ten Years, Yield | 2.41% | |
Due after Ten Years, Amount | $ 123,848 | |
Due after Ten Years, Yield | 3.33% | |
Total, Amount | $ 125,792 | |
Total, Yield | 3.32% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due after One Year through Five Years, Amount | 130 | |
Due after Five Years though Ten Years, Amount | 1,814 | |
Due after Ten Years, Amount | 123,625 | |
Debt securities carried at fair value | 125,569 | |
Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 0 | |
Due after One Year through Five Years, Yield | 0.00% | |
Due after Five Years though Ten Years, Amount | $ 28 | |
Due after Five Years though Ten Years, Yield | 2.54% | |
Due after Ten Years, Amount | $ 5,129 | |
Due after Ten Years, Yield | 3.17% | |
Total, Amount | $ 5,157 | |
Total, Yield | 3.17% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due after One Year through Five Years, Amount | 0 | |
Due after Five Years though Ten Years, Amount | 28 | |
Due after Ten Years, Amount | 5,182 | |
Debt securities carried at fair value | 5,210 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 9 | |
Due in One Year or Less, Yield | 1.78% | |
Due after One Year through Five Years, Amount | $ 2,520 | |
Due after One Year through Five Years, Yield | 2.38% | |
Due after Five Years though Ten Years, Amount | $ 10,871 | |
Due after Five Years though Ten Years, Yield | 2.55% | |
Due after Ten Years, Amount | $ 913 | |
Due after Ten Years, Yield | 3.00% | |
Total, Amount | $ 14,313 | |
Total, Yield | 2.55% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 9 | |
Due after One Year through Five Years, Amount | 2,549 | |
Due after Five Years though Ten Years, Amount | 11,034 | |
Due after Ten Years, Amount | 933 | |
Debt securities carried at fair value | 14,525 | |
Non-agency residential | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 0 | |
Due after One Year through Five Years, Yield | 0.00% | |
Due after Five Years though Ten Years, Amount | $ 13 | |
Due after Five Years though Ten Years, Yield | 0.00% | |
Due after Ten Years, Amount | $ 3,215 | |
Due after Ten Years, Yield | 10.50% | |
Total, Amount | $ 3,228 | |
Total, Yield | 10.46% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due after One Year through Five Years, Amount | 0 | |
Due after Five Years though Ten Years, Amount | 27 | |
Due after Ten Years, Amount | 3,593 | |
Debt securities carried at fair value | 3,620 | |
U.S. Treasury and agency securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 924 | |
Due in One Year or Less, Yield | 0.18% | |
Due after One Year through Five Years, Amount | $ 32,924 | |
Due after One Year through Five Years, Yield | 1.60% | |
Due after Five Years though Ten Years, Amount | $ 22,291 | |
Due after Five Years though Ten Years, Yield | 2.45% | |
Due after Ten Years, Amount | $ 18 | |
Due after Ten Years, Yield | 2.50% | |
Total, Amount | $ 56,157 | |
Total, Yield | 1.92% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 924 | |
Due after One Year through Five Years, Amount | 32,856 | |
Due after Five Years though Ten Years, Amount | 23,020 | |
Due after Ten Years, Amount | 19 | |
Debt securities carried at fair value | 56,819 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,940 | |
Due in One Year or Less, Yield | 0.97% | |
Due after One Year through Five Years, Amount | $ 620 | |
Due after One Year through Five Years, Yield | 1.55% | |
Due after Five Years though Ten Years, Amount | $ 13 | |
Due after Five Years though Ten Years, Yield | 4.30% | |
Due after Ten Years, Amount | $ 108 | |
Due after Ten Years, Yield | 6.50% | |
Total, Amount | $ 19,681 | |
Total, Yield | 1.02% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,944 | |
Due after One Year through Five Years, Amount | 630 | |
Due after Five Years though Ten Years, Amount | 14 | |
Due after Ten Years, Amount | 111 | |
Debt securities carried at fair value | 19,699 | |
Other taxable securities, substantially all asset-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 736 | |
Due in One Year or Less, Yield | 3.67% | |
Due after One Year through Five Years, Amount | $ 2,243 | |
Due after One Year through Five Years, Yield | 3.44% | |
Due after Five Years though Ten Years, Amount | $ 393 | |
Due after Five Years though Ten Years, Yield | 3.62% | |
Due after Ten Years, Amount | $ 250 | |
Due after Ten Years, Yield | 4.31% | |
Total, Amount | $ 3,622 | |
Total, Yield | 3.57% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 743 | |
Due after One Year through Five Years, Amount | 2,284 | |
Due after Five Years though Ten Years, Amount | 417 | |
Due after Ten Years, Amount | 254 | |
Debt securities carried at fair value | 3,698 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 20,609 | |
Due in One Year or Less, Yield | 1.04% | |
Due after One Year through Five Years, Amount | $ 38,437 | |
Due after One Year through Five Years, Yield | 1.76% | |
Due after Five Years though Ten Years, Amount | $ 35,423 | |
Due after Five Years though Ten Years, Yield | 2.50% | |
Due after Ten Years, Amount | $ 133,481 | |
Due after Ten Years, Yield | 3.50% | |
Total, Amount | $ 227,950 | |
Total, Yield | 2.83% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 20,620 | |
Due after One Year through Five Years, Amount | 38,449 | |
Due after Five Years though Ten Years, Amount | 36,354 | |
Due after Ten Years, Amount | 133,717 | |
Debt securities carried at fair value | 229,140 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 1,004 | |
Due in One Year or Less, Yield | 2.53% | |
Due after One Year through Five Years, Amount | $ 6,895 | |
Due after One Year through Five Years, Yield | 2.34% | |
Due after Five Years though Ten Years, Amount | $ 5,958 | |
Due after Five Years though Ten Years, Yield | 2.44% | |
Due after Ten Years, Amount | $ 2,942 | |
Due after Ten Years, Yield | 2.55% | |
Total, Amount | $ 16,799 | |
Total, Yield | 2.42% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 1,005 | |
Due after One Year through Five Years, Amount | 6,908 | |
Due after Five Years though Ten Years, Amount | 6,074 | |
Due after Ten Years, Amount | 2,967 | |
Debt securities carried at fair value | 16,954 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,613 | |
Due in One Year or Less, Yield | 1.11% | |
Due after One Year through Five Years, Amount | $ 45,332 | |
Due after One Year through Five Years, Yield | 1.85% | |
Due after Five Years though Ten Years, Amount | $ 41,381 | |
Due after Five Years though Ten Years, Yield | 2.49% | |
Due after Ten Years, Amount | $ 136,423 | |
Due after Ten Years, Yield | 3.48% | |
Total, Amount | $ 244,749 | |
Total, Yield | 2.80% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,625 | |
Due after One Year through Five Years, Amount | 45,357 | |
Due after Five Years though Ten Years, Amount | 42,428 | |
Due after Ten Years, Amount | 136,684 | |
Debt securities carried at fair value | $ 246,094 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 963,800 | $ 963,800 | $ 946,895 | ||
Percentage of outstandings, total outstanding | 100.00% | 100.00% | 100.00% | ||
Loans and leases, measured at fair value | $ 7,863 | $ 7,863 | $ 4,349 | ||
Loans and leases, pledged as collateral | 32,300 | 32,300 | 36,700 | ||
Loans pledged to secure borrowings | 169,500 | 169,500 | 166,100 | ||
Proceeds from sales of loans | 5,844 | $ 7,172 | |||
Direct/Indirect Consumer | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans | 50 | 50 | 53 | ||
Residential Mortgage | Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Long-term credit protection agreements, amount covered | 6,600 | 6,600 | 6,100 | ||
Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 7,863 | $ 7,863 | $ 4,349 | ||
Percentage of outstandings, total outstanding | 0.81% | 0.81% | 0.46% | ||
Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 449,734 | $ 449,734 | $ 447,231 | ||
Consumer Portfolio Segment | Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases, measured at fair value | 300 | 300 | 336 | ||
Consumer Portfolio Segment | Home equity lines of credit | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases, measured at fair value | 358 | 358 | 346 | ||
Consumer Portfolio Segment | Carrying Value | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 449,076 | 449,076 | 446,549 | ||
Consumer Portfolio Segment | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 658 | 658 | 682 | ||
Consumer real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Proceeds from sales of loans | 891 | $ 1,800 | 1,800 | $ 2,600 | |
Consumer real estate | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans | 1,300 | 1,300 | 1,800 | ||
Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 207,257 | 207,257 | 193,695 | ||
Consumer real estate | Core Portfolio Residential Mortgage | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 16,454 | 16,454 | 16,618 | ||
Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 37,577 | 37,577 | 40,010 | ||
Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 12,672 | 12,672 | 14,862 | ||
Consumer real estate | Non-core Residential Mortgage | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,854 | 2,854 | 3,512 | ||
Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 6,557 | 6,557 | 8,276 | ||
Consumer real estate | Carrying Value | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 207,257 | 207,257 | 193,695 | ||
Consumer real estate | Carrying Value | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 37,577 | 37,577 | 40,010 | ||
Consumer real estate | Carrying Value | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 12,672 | 12,672 | 14,862 | ||
Consumer real estate | Carrying Value | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 6,557 | 6,557 | 8,276 | ||
Consumer real estate | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 658 | 658 | 682 | ||
Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 93,989 | 93,989 | 98,338 | ||
Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 90,850 | 90,850 | 91,166 | ||
Credit card and other consumer | Direct/Indirect Consumer | Dealer Financial Services Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 50,300 | 50,300 | 50,100 | ||
Credit card and other consumer | Direct/Indirect Consumer | Unsecured Consumer Lending Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 344 | 344 | 383 | ||
Credit card and other consumer | Direct/Indirect Consumer | Securities Based Lending Loans | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 36,500 | 36,500 | 37,000 | ||
Credit card and other consumer | Direct/Indirect Consumer | Securities Based Lending Loans | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,900 | 2,900 | 2,900 | ||
Credit card and other consumer | Direct/Indirect Consumer | Other Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 811 | 811 | 746 | ||
Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 174 | 174 | 202 | ||
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 93,989 | 93,989 | 98,338 | ||
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 90,850 | 90,850 | 91,166 | ||
Credit card and other consumer | Carrying Value | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 174 | 174 | 202 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 514,066 | 514,066 | 499,664 | ||
Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 305,695 | 305,695 | 299,277 | ||
Loans and leases, measured at fair value | 3,900 | 3,900 | 2,500 | ||
Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 104,173 | 104,173 | 98,776 | ||
Loans and leases, measured at fair value | 3,300 | 3,300 | 1,100 | ||
Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 61,659 | 61,659 | 60,845 | ||
Commercial Portfolio Segment | Commercial Real Estate | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 57,000 | 57,000 | 56,600 | ||
Commercial Portfolio Segment | Commercial Real Estate | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 4,600 | 4,600 | 4,200 | ||
Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 20,384 | 20,384 | 22,534 | ||
Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 14,950 | 14,950 | 14,565 | ||
Commercial Portfolio Segment | Carrying Value | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 506,861 | 506,861 | 495,997 | ||
Commercial Portfolio Segment | Carrying Value | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 305,695 | 305,695 | 299,277 | ||
Commercial Portfolio Segment | Carrying Value | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 104,173 | 104,173 | 98,776 | ||
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 61,659 | 61,659 | 60,845 | ||
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 20,384 | 20,384 | 22,534 | ||
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 14,950 | 14,950 | 14,565 | ||
Commercial Portfolio Segment | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 7,205 | 7,205 | 3,667 | ||
30 to 59 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 3,353 | $ 3,353 | $ 4,009 | ||
Percentage of outstandings | 0.35% | 0.35% | 0.42% | ||
30 to 59 Days Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 2,759 | $ 2,759 | $ 3,178 | ||
30 to 59 Days Past Due | Consumer real estate | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 578 | 578 | 637 | ||
30 to 59 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 167 | 167 | 217 | ||
30 to 59 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,134 | 1,134 | 1,188 | ||
30 to 59 Days Past Due | Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 154 | 154 | 200 | ||
30 to 59 Days Past Due | Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 573 | 573 | 757 | ||
30 to 59 Days Past Due | Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 85 | 85 | 139 | ||
30 to 59 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 535 | 535 | 577 | ||
30 to 59 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 278 | 278 | 317 | ||
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 0 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 594 | 594 | 831 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 444 | 444 | 594 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 24 | 24 | 1 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 15 | 15 | 29 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 29 | 29 | 124 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 82 | 82 | 83 | ||
60 to 89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 1,463 | $ 1,463 | $ 1,685 | ||
Percentage of outstandings | 0.15% | 0.15% | 0.18% | ||
60 to 89 Days Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 1,060 | $ 1,060 | $ 1,220 | ||
60 to 89 Days Past Due | Consumer real estate | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 214 | 214 | 269 | ||
60 to 89 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 121 | 121 | 146 | ||
60 to 89 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 226 | 226 | 249 | ||
60 to 89 Days Past Due | Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 74 | 74 | 85 | ||
60 to 89 Days Past Due | Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 246 | 246 | 309 | ||
60 to 89 Days Past Due | Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 43 | 43 | 69 | ||
60 to 89 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 362 | 362 | 418 | ||
60 to 89 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 109 | 109 | 90 | ||
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 0 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 403 | 403 | 465 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 278 | 278 | 232 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 11 | 11 | 49 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 22 | 22 | 16 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 39 | 39 | 114 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 53 | 53 | 54 | ||
90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 4,395 | $ 4,395 | $ 5,474 | ||
Percentage of outstandings | 0.46% | 0.46% | 0.58% | ||
90 Days or More Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 3,840 | $ 3,840 | $ 4,754 | ||
90 Days or More Past Due | Consumer real estate | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 1,400 | 1,400 | 1,900 | ||
90 Days or More Past Due | Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 698 | 698 | 793 | ||
90 Days or More Past Due | Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 340 | 340 | 387 | ||
90 Days or More Past Due | Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,628 | 1,628 | 2,201 | ||
90 Days or More Past Due | Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 203 | 203 | 339 | ||
90 Days or More Past Due | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 941 | 941 | 994 | ||
90 Days or More Past Due | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 30 | 30 | 40 | ||
90 Days or More Past Due | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 0 | ||
90 Days or More Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 555 | 555 | 720 | ||
90 Days or More Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 406 | 406 | 573 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 0 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 15 | 15 | 14 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 37 | 37 | 37 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 97 | 97 | 96 | ||
Total Past Due 30 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 9,211 | $ 9,211 | $ 11,168 | ||
Percentage of outstandings | 0.96% | 0.96% | 1.18% | ||
Total Past Due 30 Days or More | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 7,659 | $ 7,659 | $ 9,152 | ||
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,058 | 2,058 | 2,230 | ||
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 568 | 568 | 672 | ||
Total Past Due 30 Days or More | Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,447 | 2,447 | 3,267 | ||
Total Past Due 30 Days or More | Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 331 | 331 | 547 | ||
Total Past Due 30 Days or More | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,838 | 1,838 | 1,989 | ||
Total Past Due 30 Days or More | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 417 | 417 | 447 | ||
Total Past Due 30 Days or More | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 0 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,552 | 1,552 | 2,016 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,128 | 1,128 | 1,399 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 35 | 35 | 50 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 52 | 52 | 59 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 105 | 105 | 275 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 232 | 232 | 233 | ||
Total Current or Less Than 30 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 946,726 | $ 946,726 | $ 931,378 | ||
Percentage of outstandings, total outstanding | 98.23% | 98.23% | 98.36% | ||
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 441,417 | $ 441,417 | $ 437,397 | ||
Total Current or Less Than 30 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 205,199 | 205,199 | 191,465 | ||
Total Current or Less Than 30 Days Past Due | Consumer real estate | Core Portfolio Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 37,009 | 37,009 | 39,338 | ||
Total Current or Less Than 30 Days Past Due | Consumer real estate | Non-core Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 10,225 | 10,225 | 11,595 | ||
Total Current or Less Than 30 Days Past Due | Consumer real estate | Non-core Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 6,226 | 6,226 | 7,729 | ||
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 92,151 | 92,151 | 96,349 | ||
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 90,433 | 90,433 | 90,719 | ||
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 174 | 174 | 202 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 505,309 | 505,309 | 493,981 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 304,567 | 304,567 | 297,878 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 104,138 | 104,138 | 98,726 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 61,607 | 61,607 | 60,786 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 20,279 | 20,279 | 22,259 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 14,718 | $ 14,718 | $ 14,332 |
Outstanding Loans and Leases _2
Outstanding Loans and Leases - Nonperforming, Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Loans and leases | $ 963,800 | $ 946,895 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 4,395 | 5,474 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 449,734 | 447,231 |
Consumer Portfolio Segment | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 3,840 | 4,754 |
Consumer real estate | Junior Lien Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Consumer real estate | Chapter Seven Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 758 | |
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 139 | $ 221 |
Nonperforming Financing Receivable | Chapter Seven Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Non-performing troubled debt with no change in repayment terms at time of discharge, current with contractual payments | $ 84 | |
Nonperforming loans discharged more than twelve months prior (greater than) | 57.00% | |
Nonperforming loans discharged more than twenty four months prior (greater than) | 47.00% | |
Nonperforming Financing Receivable | Chapter Seven Bankruptcy | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | $ 55 | |
Nonperforming Financing Receivable | Consumer real estate | Chapter Seven Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 153 |
Outstanding Loans and Leases _3
Outstanding Loans and Leases - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 4,187 | $ 4,944 |
Accruing past due 90 days or more | $ 2,573 | $ 3,230 |
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing past due 90 days or more | $ 345 | $ 498 |
Residential Mortgage | Federal Housing Administration | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,100 | 1,400 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 3,027 | 3,842 |
Accruing past due 90 days or more | 2,333 | 2,916 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 989 | 1,010 |
Accruing past due 90 days or more | 196 | 274 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 727 | 955 |
Accruing past due 90 days or more | 0 | 0 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 755 | 883 |
Accruing past due 90 days or more | 1,168 | 1,610 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 476 | 938 |
Accruing past due 90 days or more | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing past due 90 days or more | 941 | 994 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 80 | 56 |
Accruing past due 90 days or more | 28 | 38 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,160 | 1,102 |
Accruing past due 90 days or more | 240 | 314 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 820 | 794 |
Accruing past due 90 days or more | 132 | 197 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 122 | 80 |
Accruing past due 90 days or more | 0 | 0 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 112 | 156 |
Accruing past due 90 days or more | 6 | 4 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 55 | 18 |
Accruing past due 90 days or more | 15 | 29 |
Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 51 | 54 |
Accruing past due 90 days or more | $ 87 | $ 84 |
Outstanding Loans and Leases _4
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 963,800 | $ 946,895 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,863 | 4,349 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 658 | 682 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 207,257 | 193,695 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,672 | 14,862 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 37,577 | 40,010 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,557 | 8,276 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,047 | 2,125 |
Consumer real estate | Less than 620 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,560 | 1,974 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 951 | 1,064 |
Consumer real estate | Less than 620 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 988 | 1,503 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,614 | 4,538 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,395 | 1,719 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,741 | 2,008 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,189 | 1,720 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 24,810 | 23,841 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,581 | 3,042 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,452 | 7,008 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,791 | 2,188 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 159,332 | 146,573 |
Consumer real estate | Greater than or equal to 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,282 | 4,615 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 28,433 | 29,930 |
Consumer real estate | Greater than or equal to 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,589 | 2,865 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 186,743 | 173,911 |
Consumer real estate | Less than or equal to 90 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,952 | 10,272 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 36,904 | 39,246 |
Consumer real estate | Less than or equal to 90 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,241 | 6,478 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,069 | 2,349 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 435 | 533 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 313 | 354 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 526 | 715 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 991 | 817 |
Consumer real estate | Greater than 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 431 | 545 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 360 | 410 |
Consumer real estate | Greater than 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 790 | 1,083 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 16,454 | 16,618 |
Consumer real estate | Fully Insured Loans | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 2,854 | $ 3,512 |
Outstanding Loans and Leases _5
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 963,800 | $ 946,895 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 93,989 | 98,338 |
Credit card and other consumer | Credit Card Receivable | United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,758 | 5,016 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 11,712 | 12,415 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,073 | 35,781 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 43,446 | 45,126 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 90,850 | 91,166 |
Securities based lending overcollateralized | 39,400 | 39,900 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,494 | 1,719 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,785 | 3,124 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,523 | 8,921 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 37,813 | 36,709 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 40,235 | 40,693 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 174 | 202 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 174 | $ 202 |
Outstanding Loans and Leases _6
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 963,800 | $ 946,895 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,863 | 4,349 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 514,066 | 499,664 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,205 | 3,667 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 61,659 | 60,845 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 20,384 | 22,534 |
Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 14,950 | 14,565 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 60,816 | 59,910 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 20,011 | 22,168 |
Commercial Portfolio Segment | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 240 | 389 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 843 | 935 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 373 | 366 |
Commercial Portfolio Segment | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 24 | 29 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 305,695 | 299,277 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,000 | 56,600 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 297,656 | 291,918 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 8,039 | $ 7,359 |
Commercial Portfolio Segment | United States | Internal Credit Metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage outstanding, current or less than 30 days past due | 99.00% | 99.00% |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 104,173 | $ 98,776 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,600 | 4,200 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 103,054 | 97,916 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,119 | 860 |
Less than 620 | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 279 | 264 |
Greater than or equal to 620 and less than 680 | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 703 | 684 |
Greater than or equal to 680 and less than 740 | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,167 | 2,072 |
Greater than or equal to 740 | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,634 | 4,254 |
Other internal credit metrics | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,903 | 6,873 |
Business Card and Small Business Loan | Commercial Portfolio Segment | United States | Refreshed FICO or Internal Credit Metric | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 757 | $ 731 |
Outstanding Loans and Leases _7
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 963,800 | $ 963,800 | $ 946,895 | ||
Consumer real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Real estate acquired through foreclosure | 205 | 205 | 244 | ||
Loans with formal foreclosure proceeding in process | 2,000 | 2,000 | |||
Reclassified consumer real estate loans | 135 | 299 | |||
Consumer real estate | Residential Mortgage | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 4,917 | 4,917 | 5,396 | ||
With an allowance recorded | 1,637 | 1,637 | 1,977 | ||
Total | 6,554 | 6,554 | 7,373 | ||
Carrying Value | |||||
With no recorded allowance | 3,884 | 3,884 | 4,268 | ||
With an allowance recorded | 1,605 | 1,605 | 1,929 | ||
Total | 5,489 | 5,489 | 6,197 | ||
Related Allowance | 83 | 83 | 114 | ||
Average Carrying Value | |||||
With no recorded allowance | 3,949 | $ 5,362 | 4,064 | $ 5,978 | |
With an allowance recorded | 1,678 | 2,482 | 1,766 | 2,597 | |
Total | 5,627 | 7,844 | 5,830 | 8,575 | |
Interest Income Recognized | |||||
With no recorded allowance | 40 | 50 | 85 | 115 | |
With an allowance recorded | 16 | 24 | 34 | 49 | |
Total | 56 | 74 | 119 | 164 | |
Consumer real estate | Home equity lines of credit | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 2,111 | 2,111 | 2,948 | ||
With an allowance recorded | 650 | 650 | 812 | ||
Total | 2,761 | 2,761 | 3,760 | ||
Carrying Value | |||||
With no recorded allowance | 1,146 | 1,146 | 1,599 | ||
With an allowance recorded | 617 | 617 | 760 | ||
Total | 1,763 | 1,763 | 2,359 | ||
Related Allowance | 93 | 93 | $ 144 | ||
Average Carrying Value | |||||
With no recorded allowance | 1,468 | 1,944 | 1,523 | 1,953 | |
With an allowance recorded | 676 | 891 | 707 | 889 | |
Total | 2,144 | 2,835 | 2,230 | 2,842 | |
Interest Income Recognized | |||||
With no recorded allowance | 23 | 25 | 48 | 52 | |
With an allowance recorded | 6 | 6 | 12 | 12 | |
Total | 29 | $ 31 | 60 | $ 64 | |
Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 758 | 758 | |||
Consumer real estate | Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 153 | 153 | |||
Consumer real estate | Chapter Seven Bankruptcy | Fully Insured Loans | Federal Housing Administration | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 310 | $ 310 |
Outstanding Loans and Leases _8
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 255 | $ 470 | $ 436 | $ 1,020 |
Carrying Value | $ 196 | $ 389 | $ 337 | $ 839 |
Pre-Modification Interest Rate | 4.63% | 4.32% | 4.61% | 4.25% |
Post-Modification Interest Rate | 4.69% | 4.14% | 4.51% | 3.98% |
Residential Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 154 | $ 276 | $ 277 | $ 628 |
Carrying Value | $ 125 | $ 237 | $ 224 | $ 542 |
Pre-Modification Interest Rate | 4.28% | 4.24% | 4.27% | 4.17% |
Post-Modification Interest Rate | 4.39% | 3.94% | 4.30% | 3.93% |
Home Equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 101 | $ 194 | $ 159 | $ 392 |
Carrying Value | $ 71 | $ 152 | $ 113 | $ 297 |
Pre-Modification Interest Rate | 5.17% | 4.43% | 5.21% | 4.38% |
Post-Modification Interest Rate | 5.16% | 4.42% | 4.88% | 4.06% |
Outstanding Loans and Leases _9
Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 196 | $ 389 | $ 337 | $ 839 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 10 | 17 | 18 | 35 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 22 | 92 | 75 | 331 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 30 | 38 | 52 | 94 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 134 | 242 | $ 192 | 379 |
Hurricane-Related Modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 38 | $ 196 |
Outstanding Loans and Leases_10
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) - Consumer real estate $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)payment | Jun. 30, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Number of missing payments causing default | payment | 3 | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 46 | $ 105 | $ 107 | $ 217 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 6 | 11 | 13 | 24 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 20 | 56 | 49 | 87 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 9 | 16 | 18 | 39 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 11 | $ 22 | $ 27 | $ 67 |
Outstanding Loans and Leases_11
Outstanding Loans and Leases - Credit Card and Other Consumer - Impaired Loans (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Fixed payment plan period for loans modified | 60 months | ||||
Direct/Indirect Consumer | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | $ 71 | $ 71 | $ 72 | ||
Total | 71 | 71 | 72 | ||
Carrying Value | |||||
With no recorded allowance | 33 | 33 | 33 | ||
Total | 33 | 33 | 33 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Carrying Value | |||||
With no recorded allowance | 33 | $ 29 | 33 | $ 29 | |
With an allowance recorded | 0 | 1 | 0 | 1 | |
Total | 33 | 30 | 33 | 30 | |
United States | Credit Card Receivable | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 580 | 580 | 522 | ||
Total | 580 | 580 | 522 | ||
Carrying Value | |||||
With an allowance recorded | 594 | 594 | 533 | ||
Total | 594 | 594 | 533 | ||
Related Allowance | 174 | 174 | $ 154 | ||
Average Carrying Value | |||||
With an allowance recorded | 582 | 480 | 565 | 473 | |
Total | $ 582 | $ 480 | $ 565 | $ 473 |
Outstanding Loans and Leases_12
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 627 | $ 566 |
Percent of balances current or less than 30 days past due | 85.00% | 85.00% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 302 | $ 259 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 291 | 273 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 34 | 34 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 594 | $ 533 |
Percent of balances current or less than 30 days past due | 85.00% | 85.00% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 302 | $ 259 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 291 | 273 |
Credit Card Receivable | Other | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 1 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 33 | $ 33 |
Percent of balances current or less than 30 days past due | 85.00% | 81.00% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 0 | $ 0 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 0 | 0 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 33 | $ 33 |
Outstanding Loans and Leases_13
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 114 | $ 91 | $ 211 | $ 168 |
Carrying Value | $ 113 | $ 89 | $ 210 | $ 165 |
Pre-Modification Interest Rate | 18.45% | 17.29% | 18.80% | 17.63% |
Post-Modification Interest Rate | 5.36% | 5.18% | 5.30% | 5.19% |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 19 | $ 19 | $ 27 | $ 28 |
Carrying Value | $ 11 | $ 11 | $ 15 | $ 16 |
Pre-Modification Interest Rate | 5.19% | 4.43% | 5.18% | 4.73% |
Post-Modification Interest Rate | 5.16% | 4.43% | 5.16% | 4.56% |
United States | Credit Card Receivable | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 95 | $ 72 | $ 184 | $ 140 |
Carrying Value | $ 102 | $ 78 | $ 195 | $ 149 |
Pre-Modification Interest Rate | 19.84% | 19.18% | 19.82% | 19.06% |
Post-Modification Interest Rate | 5.38% | 5.29% | 5.32% | 5.26% |
Outstanding Loans and Leases_14
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) - Credit card and other consumer | 6 Months Ended |
Jun. 30, 2019payment | |
Financing Receivable, Modifications [Line Items] | |
Number of consecutive missed payments | 2 |
Period for payment default after modification | 12 months |
Credit Card Receivable | United States | |
Financing Receivable, Modifications [Line Items] | |
Percent expected to be in payment default within 12 months after modification | 14.00% |
Direct/Indirect Consumer | |
Financing Receivable, Modifications [Line Items] | |
Percent expected to be in payment default within 12 months after modification | 14.00% |
Outstanding Loans and Leases_15
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Lending commitments | $ 302 | $ 302 | $ 297 | ||
Commercial Real Estate | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 107 | 107 | 0 | ||
With an allowance recorded | 152 | 152 | 247 | ||
Total | 259 | 259 | 247 | ||
Carrying Value | |||||
With no recorded allowance | 107 | 107 | 0 | ||
With an allowance recorded | 75 | 75 | 162 | ||
Total | 182 | 182 | 162 | ||
Related Allowance | 4 | 4 | 16 | ||
Average Carrying Value | |||||
With no recorded allowance | 167 | $ 81 | 140 | $ 75 | |
With an allowance recorded | 77 | 8 | 99 | 22 | |
Total | 244 | 89 | 239 | 97 | |
Commercial lease financing | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 104 | 104 | 71 | ||
Total | 104 | 104 | 71 | ||
Carrying Value | |||||
With an allowance recorded | 88 | 88 | 71 | ||
Total | 88 | 88 | 71 | ||
Related Allowance | 2 | 2 | 0 | ||
Average Carrying Value | |||||
With no recorded allowance | 0 | 7 | 0 | 6 | |
With an allowance recorded | 88 | 25 | 83 | 18 | |
Total | 88 | 32 | 83 | 24 | |
Small Business Commercial | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 81 | 81 | 83 | ||
Total | 81 | 81 | 83 | ||
Carrying Value | |||||
With an allowance recorded | 73 | 73 | 72 | ||
Total | 73 | 73 | 72 | ||
Related Allowance | 26 | 26 | 29 | ||
Average Carrying Value | |||||
With an allowance recorded | 75 | 73 | 74 | 74 | |
Total | 75 | 73 | 74 | 74 | |
United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 630 | 630 | 638 | ||
With an allowance recorded | 1,287 | 1,287 | 1,437 | ||
Total | 1,917 | 1,917 | 2,075 | ||
Carrying Value | |||||
With no recorded allowance | 617 | 617 | 616 | ||
With an allowance recorded | 1,098 | 1,098 | 1,270 | ||
Total | 1,715 | 1,715 | 1,886 | ||
Related Allowance | 106 | 106 | 121 | ||
Average Carrying Value | |||||
With no recorded allowance | 684 | 684 | 684 | 678 | |
With an allowance recorded | 1,171 | 1,221 | 1,214 | 1,163 | |
Total | 1,855 | 1,905 | 1,898 | 1,841 | |
Non United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 90 | 90 | 93 | ||
With an allowance recorded | 249 | 249 | 155 | ||
Total | 339 | 339 | 248 | ||
Carrying Value | |||||
With no recorded allowance | 90 | 90 | 93 | ||
With an allowance recorded | 249 | 249 | 149 | ||
Total | 339 | 339 | 242 | ||
Related Allowance | 30 | 30 | $ 30 | ||
Average Carrying Value | |||||
With no recorded allowance | 92 | 61 | 92 | 61 | |
With an allowance recorded | 244 | 386 | 220 | 416 | |
Total | $ 336 | $ 447 | $ 312 | $ 477 |
Outstanding Loans and Leases_16
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Loans held-for-sale | $ 5,416 | $ 10,367 | |
Proceeds from sales and paydowns of loans originally classified as LHFS | 14,400 | $ 17,300 | |
Originations and purchases | $ 9,190 | $ 11,709 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | $ 9,577 | $ 10,260 | $ 9,601 | $ 10,393 |
Loans and leases charged off | (1,461) | (1,378) | (2,798) | (2,674) |
Recoveries of loans and leases previously charged off | 574 | 382 | 920 | 767 |
Net charge-offs | (887) | (996) | (1,878) | (1,907) |
Provision (benefit) for loan and lease losses | 853 | 822 | 1,861 | 1,651 |
Other | (16) | (36) | (57) | (87) |
Allowance for loan and lease losses, end of the period | 9,527 | 10,050 | 9,527 | 10,050 |
Provision for unfunded lending commitments | 857 | 827 | 1,870 | 1,661 |
Reserve for unfunded lending commitments, end of the period | 10,333 | 10,837 | 10,333 | 10,837 |
Allowance for credit losses | 10,333 | 10,837 | 10,333 | 10,837 |
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 802 | 782 | 797 | 777 |
Provision for unfunded lending commitments | 4 | 5 | 9 | 10 |
Reserve for unfunded lending commitments, end of the period | 806 | 787 | 806 | 787 |
Allowance for credit losses | 802 | 782 | 806 | 777 |
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 822 | 1,530 | 928 | 1,720 |
Loans and leases charged off | (153) | (137) | (256) | (311) |
Recoveries of loans and leases previously charged off | 305 | 130 | 413 | 277 |
Net charge-offs | 152 | (7) | 157 | (34) |
Provision (benefit) for loan and lease losses | (239) | (121) | (309) | (249) |
Other | (16) | (36) | (57) | (71) |
Allowance for loan and lease losses, end of the period | 719 | 1,366 | 719 | 1,366 |
Reserve for unfunded lending commitments, end of the period | 719 | 1,366 | 719 | 1,366 |
Allowance for credit losses | 719 | 1,366 | 719 | 1,366 |
Consumer Real Estate | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | 0 |
Reserve for unfunded lending commitments, end of the period | 0 | 0 | 0 | 0 |
Allowance for credit losses | 0 | 0 | 0 | 0 |
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 3,934 | 3,720 | 3,874 | 3,663 |
Loans and leases charged off | (1,075) | (1,033) | (2,132) | (2,039) |
Recoveries of loans and leases previously charged off | 232 | 210 | 449 | 413 |
Net charge-offs | (843) | (823) | (1,683) | (1,626) |
Provision (benefit) for loan and lease losses | 879 | 878 | 1,779 | 1,754 |
Other | 0 | (1) | 0 | (17) |
Allowance for loan and lease losses, end of the period | 3,970 | 3,774 | 3,970 | 3,774 |
Reserve for unfunded lending commitments, end of the period | 3,970 | 3,774 | 3,970 | 3,774 |
Allowance for credit losses | 3,970 | 3,774 | 3,970 | 3,774 |
Credit card and other consumer | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | 0 |
Reserve for unfunded lending commitments, end of the period | 0 | 0 | 0 | 0 |
Allowance for credit losses | 0 | 0 | 0 | 0 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 4,821 | 5,010 | 4,799 | 5,010 |
Loans and leases charged off | (233) | (208) | (410) | (324) |
Recoveries of loans and leases previously charged off | 37 | 42 | 58 | 77 |
Net charge-offs | (196) | (166) | (352) | (247) |
Provision (benefit) for loan and lease losses | 213 | 65 | 391 | 146 |
Other | 0 | 1 | 0 | 1 |
Allowance for loan and lease losses, end of the period | 4,838 | 4,910 | 4,838 | 4,910 |
Reserve for unfunded lending commitments, end of the period | 5,644 | 5,697 | 5,644 | 5,697 |
Allowance for credit losses | 5,644 | 5,697 | 5,644 | 5,697 |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 802 | 782 | 797 | 777 |
Provision for unfunded lending commitments | 4 | 5 | 9 | 10 |
Reserve for unfunded lending commitments, end of the period | 806 | 787 | 806 | 787 |
Allowance for credit losses | $ 802 | $ 782 | $ 797 | $ 787 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 518 | $ 608 | ||||
Carrying value | $ 10,276 | $ 11,555 | ||||
Allowance as a percentage of carrying value | 5.04% | 5.26% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 9,009 | $ 8,993 | ||||
Carrying value | $ 945,661 | $ 930,991 | ||||
Allowance as a percentage of carrying value | 0.95% | 0.97% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 9,527 | $ 9,577 | $ 9,601 | $ 10,050 | $ 10,260 | $ 10,393 |
Carrying value | $ 955,937 | $ 942,546 | ||||
Allowance as a percentage of carrying value | 1.00% | 1.02% | ||||
Loans and leases | $ 963,800 | $ 946,895 | ||||
Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | 7,863 | 4,349 | ||||
Consumer real estate | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 176 | 258 | ||||
Carrying value | $ 7,252 | $ 8,556 | ||||
Allowance as a percentage of carrying value | 2.43% | 3.02% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 543 | $ 670 | ||||
Carrying value | $ 256,811 | $ 248,287 | ||||
Allowance as a percentage of carrying value | 0.21% | 0.27% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 719 | 822 | $ 928 | 1,366 | 1,530 | 1,720 |
Carrying value | $ 264,063 | $ 256,843 | ||||
Allowance as a percentage of carrying value | 0.27% | 0.36% | ||||
Consumer real estate | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 658 | $ 682 | ||||
Credit card and other consumer | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 174 | 154 | ||||
Carrying value | $ 627 | $ 566 | ||||
Allowance as a percentage of carrying value | 27.75% | 27.21% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 3,796 | $ 3,720 | ||||
Carrying value | $ 184,386 | $ 189,140 | ||||
Allowance as a percentage of carrying value | 2.06% | 1.97% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 3,970 | 3,934 | $ 3,874 | 3,774 | 3,720 | 3,663 |
Carrying value | $ 185,013 | $ 189,706 | ||||
Allowance as a percentage of carrying value | 2.15% | 2.04% | ||||
Commercial | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 168 | $ 196 | ||||
Carrying value | $ 2,397 | $ 2,433 | ||||
Allowance as a percentage of carrying value | 7.01% | 8.06% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 4,670 | $ 4,603 | ||||
Carrying value | $ 504,464 | $ 493,564 | ||||
Allowance as a percentage of carrying value | 0.93% | 0.93% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 4,838 | $ 4,821 | $ 4,799 | $ 4,910 | $ 5,010 | $ 5,010 |
Carrying value | $ 506,861 | $ 495,997 | ||||
Allowance as a percentage of carrying value | 0.95% | 0.97% | ||||
Loans and leases | $ 514,066 | $ 499,664 | ||||
Commercial | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 7,205 | $ 3,667 |
Securitizations and Other Var_3
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Residential Mortgage - Agency | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Proceeds from loan sales | $ 2,206,000,000 | $ 1,496,000,000 | $ 3,302,000,000 | $ 3,151,000,000 | |
Gains on securitizations | 8,000,000 | 23,000,000 | 15,000,000 | 41,000,000 | |
Repurchases from securitization trusts | 242,000,000 | 357,000,000 | 486,000,000 | 858,000,000 | |
Gain (loss) on loans securitized | 11,000,000 | 21,000,000 | 19,000,000 | 45,000,000 | |
Deconsolidation of securitizations | 430,000,000 | 0 | 1,100,000,000 | 0 | |
Commercial Mortgage | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Proceeds from loan sales | 2,194,000,000 | 1,741,000,000 | 3,181,000,000 | 2,279,000,000 | |
Gains on securitizations | 28,000,000 | 21,000,000 | 45,000,000 | 39,000,000 | |
Repurchases from securitization trusts | 0 | 0 | 0 | ||
First Lien Mortgages | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Mortgage loans serviced for investors | 210,500,000,000 | 249,500,000,000 | 210,500,000,000 | 249,500,000,000 | |
Servicing fees | 144,000,000 | $ 181,000,000 | 292,000,000 | $ 378,000,000 | |
Transfers continuing involvement servicing fee advances | $ 2,800,000,000 | $ 2,800,000,000 | $ 3,300,000,000 |
Securitizations and Other Var_4
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
On-balance sheet assets | |||
Trading account assets | $ 251,987 | $ 214,348 | |
Debt securities carried at fair value | 246,094 | 238,101 | |
Held-to-maturity securities | 199,981 | 203,652 | |
Loans and leases | 963,800 | 946,895 | |
All other assets | 132,360 | 116,320 | |
Total assets | 2,395,892 | 2,354,507 | $ 2,291,670 |
Total liabilities | 2,124,484 | 2,089,182 | |
Commercial Mortgage | |||
On-balance sheet assets | |||
Debt securities carried at fair value | 14,525 | ||
Unconsolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 15,498 | 16,011 | |
On-balance sheet assets | |||
All other assets | 0 | 0 | |
Total assets | 15,498 | 16,011 | |
Principal balance outstanding | 174,853 | 187,512 | |
Unconsolidated VIEs | Agency | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 736 | 460 | |
Debt securities carried at fair value | 8,930 | 9,381 | |
Held-to-maturity securities | 5,832 | 6,170 | |
Unconsolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 394 | 448 | |
On-balance sheet assets | |||
All other assets | 3 | 3 | |
Total assets | 241 | 279 | |
Principal balance outstanding | 8,084 | 8,954 | |
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 21 | 30 | |
Debt securities carried at fair value | 217 | 246 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,897 | 1,897 | |
On-balance sheet assets | |||
All other assets | 37 | 37 | |
Total assets | 1,550 | 1,543 | |
Principal balance outstanding | 8,058 | 8,719 | |
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 72 | 36 | |
Debt securities carried at fair value | 1,441 | 1,470 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 142 | 217 | |
On-balance sheet assets | |||
All other assets | 2 | 2 | |
Total assets | 142 | 217 | |
Principal balance outstanding | 21,676 | 23,467 | |
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 21 | 90 | |
Debt securities carried at fair value | 119 | 125 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 826 | 767 | |
On-balance sheet assets | |||
All other assets | 49 | 40 | |
Total assets | 699 | 665 | |
Principal balance outstanding | 42,785 | 43,593 | |
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 41 | 97 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | 609 | 528 | |
Consolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 5,469 | 5,798 | |
Loans and leases | 40,676 | 43,850 | |
All other assets | 387 | 337 | |
Total assets | 45,650 | 49,073 | |
Total liabilities | 9,265 | 11,716 | |
Consolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 11,685 | 13,296 | |
On-balance sheet assets | |||
Trading account assets | 539 | 1,318 | |
Loans and leases | 10,977 | 11,858 | |
All other assets | 170 | 143 | |
Total assets | 11,686 | 13,319 | |
Total liabilities | 3 | 26 | |
Consolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 6 | 7 | |
On-balance sheet assets | |||
Trading account assets | 135 | 150 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 135 | 150 | |
Total liabilities | 129 | 143 | |
Consolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Consolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Consolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 76 | |
On-balance sheet assets | |||
Trading account assets | 0 | 76 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 76 | |
Total liabilities | $ 0 | $ 0 |
Securitizations and Other Var_5
Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
On-balance sheet assets | ||||||
Trading account assets | $ 251,987 | $ 214,348 | ||||
Debt securities carried at fair value | 246,094 | 238,101 | ||||
Held-to-maturity securities | 199,981 | 203,652 | ||||
Loans and leases | 963,800 | 946,895 | ||||
Allowance for loan and lease losses | (9,527) | $ (9,577) | (9,601) | $ (10,050) | $ (10,260) | $ (10,393) |
All other assets | 132,360 | 116,320 | ||||
Total assets | 2,395,892 | 2,354,507 | $ 2,291,670 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 238,011 | 229,392 | ||||
Total liabilities | 2,124,484 | 2,089,182 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 5,469 | 5,798 | ||||
Loans and leases | 40,676 | 43,850 | ||||
Allowance for loan and lease losses | (882) | (912) | ||||
All other assets | 387 | 337 | ||||
Total assets | 45,650 | 49,073 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 7,393 | 10,944 | ||||
All other liabilities | 27 | 30 | ||||
Total liabilities | 9,265 | 11,716 | ||||
Home Equity Loan | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 707 | 908 | ||||
On-balance sheet assets | ||||||
Total assets | 24 | 27 | ||||
Unconsolidated total assets of VIEs | 1,607 | 1,813 | ||||
Home Equity Loan | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 73 | 85 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 113 | 133 | ||||
Allowance for loan and lease losses | (3) | (5) | ||||
All other assets | 4 | 4 | ||||
Total assets | 114 | 132 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 47 | 55 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 47 | 55 | ||||
Home Equity Loan | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 24 | 27 | ||||
Held-to-maturity securities | 0 | 0 | ||||
Credit Card | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 0 | 0 | ||||
On-balance sheet assets | ||||||
Total assets | 0 | 0 | ||||
Unconsolidated total assets of VIEs | 0 | 0 | ||||
Credit Card | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 19,803 | 18,800 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 27,703 | 29,906 | ||||
Allowance for loan and lease losses | (874) | (901) | ||||
All other assets | 119 | 136 | ||||
Total assets | 26,948 | 29,141 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 7,122 | 10,321 | ||||
All other liabilities | 23 | 20 | ||||
Total liabilities | 7,145 | 10,341 | ||||
Residual interests | 12,600 | 11,000 | ||||
Credit Card | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Held-to-maturity securities | 0 | 0 | ||||
Resecuritization Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 7,862 | 7,647 | ||||
On-balance sheet assets | ||||||
Total assets | 7,862 | 7,647 | ||||
Unconsolidated total assets of VIEs | 16,999 | 16,949 | ||||
Resecuritization Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 129 | 128 | ||||
On-balance sheet assets | ||||||
Trading account assets | 149 | 366 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 0 | 0 | ||||
Total assets | 149 | 366 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 20 | 238 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 20 | 238 | ||||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 2,008 | 1,419 | ||||
Debt securities carried at fair value | 1,261 | 1,337 | ||||
Held-to-maturity securities | 4,593 | 4,891 | ||||
Municipal Bond Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 2,960 | 2,150 | ||||
On-balance sheet assets | ||||||
Total assets | 0 | 26 | ||||
Unconsolidated total assets of VIEs | 3,657 | 2,829 | ||||
Municipal Bond Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 2,507 | 1,540 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,462 | 1,553 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 45 | 1 | ||||
Total assets | 2,507 | 1,554 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 1,845 | 742 | ||||
Long-term debt | 0 | 12 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 1,845 | 754 | ||||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 26 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Held-to-maturity securities | $ 0 | $ 0 |
Securitizations and Other Var_6
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations, Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 355,000,000 | $ 355,000,000 | $ 218,000,000 | ||
Credit Card Receivable | |||||
Variable Interest Entity [Line Items] | |||||
Principal balance outstanding | $ 7,200,000,000 | $ 7,200,000,000 | 7,700,000,000 | ||
Transferred financial assets, stated interest rate | 0.00% | 0.00% | |||
Credit Card Receivable | Senior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount issued | $ 0 | $ 2,800,000,000 | |||
Credit Card Receivable | Junior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount issued | 0 | 448,000,000 | |||
Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | $ 4,100,000,000 | $ 6,800,000,000 | 8,500,000,000 | 13,600,000,000 | |
Resecuritization Trusts | Debt securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 1,500,000,000 | $ 910,000,000 | 2,800,000,000 | $ 2,200,000,000 | |
Municipal Bond Trusts | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 3,000,000,000 | $ 3,000,000,000 | $ 2,100,000,000 | ||
Weighted average remaining life of bonds held in the trusts in years | 11 years 4 months 24 days |
Securitizations and Other Var_7
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
On-balance sheet assets | ||||||
Trading account assets | $ 251,987 | $ 214,348 | ||||
Debt securities carried at fair value | 246,094 | 238,101 | ||||
Loans and leases | 963,800 | 946,895 | ||||
Allowance for loan and lease losses | (9,527) | $ (9,577) | (9,601) | $ (10,050) | $ (10,260) | $ (10,393) |
All other assets | 132,360 | 116,320 | ||||
Total assets | 2,395,892 | 2,354,507 | $ 2,291,670 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 238,011 | 229,392 | ||||
Total liabilities | 2,124,484 | 2,089,182 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 5,469 | 5,798 | ||||
Loans and leases | 40,676 | 43,850 | ||||
Allowance for loan and lease losses | (882) | (912) | ||||
All other assets | 387 | 337 | ||||
Total assets | 45,650 | 49,073 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 7,393 | 10,944 | ||||
All other liabilities | 27 | 30 | ||||
Total liabilities | 9,265 | 11,716 | ||||
Other Variable Interest Entities | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 27,758 | 28,675 | ||||
On-balance sheet assets | ||||||
Trading account assets | 3,083 | 3,195 | ||||
Debt securities carried at fair value | 80 | 84 | ||||
Loans and leases | 5,799 | 5,889 | ||||
Allowance for loan and lease losses | (42) | (32) | ||||
All other assets | 18,585 | 18,938 | ||||
Total assets | 27,505 | 28,074 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 74 | 152 | ||||
All other liabilities | 4,135 | 4,238 | ||||
Total liabilities | 4,209 | 4,390 | ||||
Consolidated total assets of VIEs | 4,111 | 4,335 | ||||
Unconsolidated total assets of VIEs | 93,075 | 94,746 | ||||
Total assets of VIEs | 97,186 | 99,081 | ||||
Other Variable Interest Entities | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 4,036 | 4,177 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,184 | 2,335 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 1,880 | 1,949 | ||||
Allowance for loan and lease losses | (2) | (2) | ||||
All other assets | 49 | 53 | ||||
Total assets | 4,111 | 4,335 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 74 | 152 | ||||
All other liabilities | 2 | 7 | ||||
Total liabilities | 76 | 159 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 23,722 | 24,498 | ||||
On-balance sheet assets | ||||||
Trading account assets | 899 | 860 | ||||
Debt securities carried at fair value | 80 | 84 | ||||
Loans and leases | 3,919 | 3,940 | ||||
Allowance for loan and lease losses | (40) | (30) | ||||
All other assets | 18,536 | 18,885 | ||||
Total assets | 23,394 | 23,739 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 4,133 | 4,231 | ||||
Total liabilities | $ 4,133 | $ 4,231 |
Securitizations and Other Var_8
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 2,395,892 | $ 2,291,670 | $ 2,395,892 | $ 2,291,670 | $ 2,354,507 |
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 45,650 | 45,650 | 49,073 | ||
Customer Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 2,100 | 2,100 | 2,100 | ||
Collateralized Debt Obligations | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 292 | 292 | 421 | ||
Investment Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 6,600 | 6,600 | 7,200 | ||
Investment Vehicles | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 158 | 158 | 270 | ||
Investment Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 36,200 | 36,200 | 37,700 | ||
Leveraged Lease Trusts | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,800 | 1,800 | 1,800 | ||
Tax Credit Vehicles | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Unfunded commitments | 3,800 | $ 3,800 | 3,800 | ||
Unfunded commitment payment period | 5 years | ||||
Tax credits and other benefits | 291 | 237 | $ 571 | 485 | |
Expected tax benefits recognized, as a percentage | 25.00% | ||||
Tax Credit Vehicles | Other income | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Pretax losses | 234 | $ 217 | $ 482 | $ 425 | |
Tax Credit Vehicles | Other assets | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Investments in affordable housing project investments | 8,900 | 8,900 | 8,900 | ||
Tax Credit Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | $ 16,800 | $ 16,800 | $ 17,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Total goodwill | $ 68,951 | $ 68,951 |
Operating Segments | Consumer Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 30,123 | 30,123 |
Operating Segments | Global Wealth & Investment Management | ||
Goodwill [Line Items] | ||
Total goodwill | 9,677 | 9,677 |
Operating Segments | Global Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 23,923 | 23,923 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | 5,182 | 5,182 |
All Other | ||
Goodwill [Line Items] | ||
Total goodwill | $ 46 | $ 46 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, net | $ 1,700 | $ 1,700 | $ 1,800 | ||
Amortization of intangibles | 29 | $ 135 | 55 | $ 269 | |
Trade Names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net (excluding goodwill) | $ 1,600 | $ 1,600 | $ 1,600 |
Leases - Lessor Arrangements (D
Leases - Lessor Arrangements (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Net investment in sales-type and direct financing leases | $ 22,000 | $ 22,000 |
Net investment in sales-type and direct financing leases, lease receivables | 19,542 | 19,542 |
Net investment in sales-type and direct financing leases, unguaranteed residuals | 2,500 | 2,500 |
Unguaranteed residual asset with third-party residual value insurance | 5,400 | 5,400 |
Lease income | 413 | 839 |
Sales-type and direct financing leases, income | 198 | 403 |
Operating lease, income | $ 215 | $ 436 |
Leases - Lessee Arrangements (D
Leases - Lessee Arrangements (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Right-of-use asset | $ 9,900 |
Lease liability | $ 10,239 |
Weighted average discount rate, percent | 4.00% |
Weighted average remaining lease term | 8 years 2 months 12 days |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 520 | $ 1,039 |
Variable lease cost | 113 | 240 |
Total lease cost | 633 | 1,279 |
ROU assets obtained in exchange for new operating lease liabilities | 263 | 648 |
Operating cash flows from operating leases | $ 499 | $ 1,000 |
Leases - Maturity of Lessor and
Leases - Maturity of Lessor and Lessee Arrangements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating Leases | |
Remainder of 2019 | $ 402 |
2020 | 725 |
2021 | 612 |
2022 | 516 |
2023 | 411 |
Thereafter | 1,217 |
Total undiscounted cash flows | 3,883 |
Lessor, Lease, Description [Line Items] | |
Lessee arrangements that have not yet commenced | 1,600 |
Sales-type and Direct Financing Leases | |
Remainder of 2019 | 3,172 |
2020 | 5,816 |
2021 | 4,766 |
2022 | 3,100 |
2023 | 1,598 |
Thereafter | 2,784 |
Total undiscounted cash flows | 21,236 |
Less: Net present value adjustment | 1,694 |
Total | 19,542 |
Operating Leases | |
Remainder of 2019 | 1,002 |
2020 | 1,907 |
2021 | 1,686 |
2022 | 1,426 |
2023 | 1,167 |
Thereafter | 4,896 |
Total undiscounted cash flows | 12,084 |
Less: Net present value adjustment | 1,845 |
Total | 10,239 |
Commercial Portfolio Segment | |
Sales-type and Direct Financing Leases | |
Total | 15,800 |
Consumer Portfolio Segment | |
Sales-type and Direct Financing Leases | |
Total | $ 3,700 |
Leases - Maturity Analysis Narr
Leases - Maturity Analysis Narrative (Details) $ in Billions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 2.4 |
2020 | 2.2 |
2021 | 2 |
2022 | 1.7 |
2023 | 1.3 |
2024 and thereafter | $ 6.2 |
Federal Funds Sold or Purchas_3
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Amount | ||||
Average during period | $ 204,001 | $ 194,298 | $ 202,088 | $ 194,953 |
Maximum month-end balance during period | $ 203,063 | $ 199,419 | $ 203,063 | $ 199,419 |
Rate | ||||
Average during period | 2.50% | 1.85% | 2.47% | 1.63% |
Short-term borrowings | ||||
Amount | ||||
Average during period | $ 23,051 | $ 40,542 | $ 19,263 | $ 43,422 |
Maximum month-end balance during period | $ 28,600 | $ 44,382 | $ 28,600 | $ 52,480 |
Rate | ||||
Average during period | 2.79% | 5.61% | 2.86% | 4.75% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Amount | ||||
Average during period | $ 281,085 | $ 251,880 | $ 277,715 | $ 250,110 |
Maximum month-end balance during period | $ 263,416 | $ 264,923 | $ 280,562 | $ 264,923 |
Rate | ||||
Average during period | 1.87% | 1.13% | 1.82% | 1.07% |
Federal Funds Sold or Purchas_4
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Securities Financing Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 400,282 | $ 366,274 |
Amounts Offset | (152,205) | (106,865) |
Net Balance Sheet Amount | 248,077 | 259,409 |
Financial Instruments | (227,203) | (240,790) |
Net Assets | 20,874 | 18,619 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 347,153 | 293,853 |
Amounts Offset | (152,205) | (106,865) |
Net Balance Sheet Amount | 194,948 | 186,988 |
Financial Instruments | (182,904) | (176,740) |
Net Liabilities | 12,044 | 10,248 |
Other: | ||
Gross Liabilities | 22,683 | 19,906 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 22,683 | 19,906 |
Financial Instruments | (22,683) | (19,906) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 369,836 | 313,759 |
Amounts Offset | (152,205) | (106,865) |
Net Balance Sheet Amount | 217,631 | 206,894 |
Financial Instruments | (205,587) | (196,646) |
Net Liabilities | 12,044 | 10,248 |
Loans and leases repurchase activity | $ 12,900 | $ 11,500 |
Federal Funds Sold or Purchas_5
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 323,922 | $ 276,614 |
Securities loaned | 23,231 | 17,239 |
Other | 22,683 | 19,906 |
Total | $ 369,836 | $ 313,759 |
Maximum agreement maturity period (less than) | 3 years | 3 years |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 156,634 | $ 139,017 |
Securities loaned | 18,161 | 7,753 |
Other | 22,683 | 19,906 |
Total | 197,478 | 166,676 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 97,077 | 81,917 |
Securities loaned | 457 | 4,197 |
Other | 0 | 0 |
Total | 97,534 | 86,114 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 34,900 | 34,204 |
Securities loaned | 1,016 | 1,783 |
Other | 0 | 0 |
Total | 35,916 | 35,987 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 35,311 | 21,476 |
Securities loaned | 3,597 | 3,506 |
Other | 0 | 0 |
Total | $ 38,908 | $ 24,982 |
Federal Funds Sold or Purchas_6
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Class of Collateral Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | $ 323,922 | $ 276,614 |
Securities Loaned | 23,231 | 17,239 |
Other | 22,683 | 19,906 |
Total | 369,836 | 313,759 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 186,529 | 164,664 |
Securities Loaned | 31 | 0 |
Other | 1 | 0 |
Total | 186,561 | 164,664 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 12,390 | 11,400 |
Securities Loaned | 3,917 | 2,163 |
Other | 231 | 287 |
Total | 16,538 | 13,850 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 14,672 | 14,090 |
Securities Loaned | 13,250 | 10,869 |
Other | 22,399 | 19,572 |
Total | 50,321 | 44,531 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 106,086 | 81,329 |
Securities Loaned | 6,033 | 4,207 |
Other | 52 | 47 |
Total | 112,171 | 85,583 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 4,245 | 5,131 |
Securities Loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 4,245 | $ 5,131 |
Federal Funds Sold or Purchas_7
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | ||
Restricted cash | $ 25.1 | $ 22.6 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legally binding unfunded commitments syndicated | $ 10,600 | $ 10,700 |
Carrying amount credit extension commitments syndicated | 823 | 813 |
Deferred revenue | 17 | 16 |
Other liabilities reserve for unfunded lending commitments | 806 | 797 |
Notional amount of credit extension commitments under fair value option | 4,600 | 3,100 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair Value, Option, Fair Value Carrying Amount, Liabilities | $ 128 | $ 169 |
Commitments and Contingencies_2
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 490,772 | $ 482,885 |
Expire After One Year Through Three Years | 159,670 | 154,306 |
Expire After Three Years Through Five Years | 169,200 | 161,354 |
Expire After Five Years | 59,745 | 58,516 |
Total | 879,387 | 857,061 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 111,389 | 111,227 |
Expire After One Year Through Three Years | 159,670 | 154,306 |
Expire After Three Years Through Five Years | 169,200 | 161,354 |
Expire After Five Years | 59,745 | 58,516 |
Total | 500,004 | 485,403 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 88,218 | 84,910 |
Expire After One Year Through Three Years | 147,733 | 142,271 |
Expire After Three Years Through Five Years | 161,196 | 155,298 |
Expire After Five Years | 22,984 | 22,683 |
Total | 420,131 | 405,162 |
Unfunded loan commitment, held as a security | ||
Other Commitments [Line Items] | ||
Total | 5,100 | 4,300 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,791 | 2,578 |
Expire After One Year Through Three Years | 1,825 | 2,249 |
Expire After Three Years Through Five Years | 4,624 | 3,530 |
Expire After Five Years | 35,281 | 34,702 |
Total | 43,521 | 43,059 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 19,827 | 22,571 |
Expire After One Year Through Three Years | 9,787 | 9,702 |
Expire After Three Years Through Five Years | 3,165 | 2,457 |
Expire After Five Years | 1,444 | 1,074 |
Total | 34,223 | 35,804 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 377 | 372 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 26,400 | 28,300 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 7,400 | 7,100 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,553 | 1,168 |
Expire After One Year Through Three Years | 325 | 84 |
Expire After Three Years Through Five Years | 215 | 69 |
Expire After Five Years | 36 | 57 |
Total | 2,129 | 1,378 |
Letters of credit | Consolidated VIEs | ||
Other Commitments [Line Items] | ||
Total | 695 | 422 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 379,383 | 371,658 |
Expire After One Year Through Three Years | 0 | 0 |
Expire After Three Years Through Five Years | 0 | 0 |
Expire After Five Years | 0 | 0 |
Total | $ 379,383 | $ 371,658 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 1,000 | $ 1,300 |
Forward-Dated Securities Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitment, period | 18 months | |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 95,600 | 59,700 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 76,200 | 21,200 |
Auto Loans and Leases | ||
Loss Contingencies [Line Items] | ||
Other commitment, due in next twelve months | $ 3,200 | 3,000 |
Other commitment, termination prior notice period | 12 months | |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 277 | 329 |
Commercial Portfolio Segment | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 366 | $ 463 |
Commitments and Contingencies_4
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | May 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2009 | |
Merchant Servicing Joint Venture | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.00% | ||||||||
Carrying value of investment | $ 2,700 | $ 2,700 | $ 2,700 | $ 2,800 | |||||
Right to terminate investment, period before end of term | 4 months | 1 year | |||||||
Merchant Processing Servicers, Sponsored Entities | |||||||||
Loss Contingencies [Line Items] | |||||||||
Transactions processed and settled by sponsored entities | 235,700 | $ 226,100 | 441,300 | $ 426,800 | |||||
Losses as result of cardholder disputed transactions | 7 | $ 9 | 11 | $ 17 | |||||
Life Insurance Book Value Protection | |||||||||
Loss Contingencies [Line Items] | |||||||||
Notional amount of derivatives | $ 7,600 | 7,600 | 7,600 | 9,800 | |||||
Maximum potential exposure | 1,100 | 1,100 | 1,100 | 1,500 | |||||
Merchant Services | Merchant Processing Servicers, Sponsored Entities | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum potential exposure | 356,600 | 356,600 | 356,600 | 348,100 | |||||
Other Guarantee | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum potential exposure | $ 7,200 | $ 7,200 | $ 7,200 | $ 5,900 | |||||
Scenario, Forecast | Minimum | Merchant Servicing Joint Venture | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity method investment, pre-tax impairment charge | $ 1,700 | ||||||||
Decrease in common equity tier 1 | 0.09% | ||||||||
Scenario, Forecast | Maximum | Merchant Servicing Joint Venture | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity method investment, pre-tax impairment charge | $ 2,100 | ||||||||
Decrease in common equity tier 1 | 0.11% |
Commitments and Contingencies_5
Commitments and Contingencies - Representations and Warranties Obligations and Corporate Guarantees (Details) - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Representations and Warranties Obligations and Corporate Guarantees | ||
Loss Contingencies [Line Items] | ||
Reserve for representations and warranties and corporate guarantees | $ 2 | $ 2 |
Commitments and Contingencies_6
Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($) | Jun. 25, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Loss Contingencies [Line Items] | |||||
Litigation settlement expense | $ 114,000,000 | $ 86,000,000 | $ 187,000,000 | $ 202,000,000 | |
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Estimated range of possible loss | 0 | 0 | |||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Estimated range of possible loss | $ 1,900,000,000 | $ 1,900,000,000 | |||
Precious Metals Trading | |||||
Loss Contingencies [Line Items] | |||||
Settlement payment | $ 36,500,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Jul. 25, 2019 | Apr. 24, 2019 | Jan. 30, 2019 |
Class of Stock [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | |
Subsequent Event | |||
Class of Stock [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.18 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Jul. 25, 2019 | Apr. 24, 2019 | Jan. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 27, 2019 |
Common Stock | ||||||||
Dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | ||||||
Common stock repurchased | $ 6,507,000,000 | $ 4,965,000,000 | $ 12,770,000,000 | $ 9,823,000,000 | ||||
Common Stock and Additional Paid-in Capital | ||||||||
Common Stock | ||||||||
Common stock repurchased (in shares) | 225.8 | 165.7 | 445.8 | 318.3 | ||||
Common stock repurchased | $ 6,507,000,000 | $ 4,965,000,000 | $ 12,770,000,000 | $ 9,823,000,000 | ||||
Stock issued (in shares) | 2.5 | 119.1 | 43.7 | |||||
Common Stock | ||||||||
Common Stock | ||||||||
Stock issued (in shares) | 83 | |||||||
Shares paid for tax withholding for share based compensation (in shares) | 32 | |||||||
Share-based compensation, number of shares authorized (in shares) | 593 | 593 | ||||||
2019 Comprehensive Capital Analysis and Review | ||||||||
Common Stock | ||||||||
Authorized amount | $ 30,900,000,000 | |||||||
2019 Comprehensive Capital Analysis and Review, Equity Based Compensation Plan Effect Offset [Member] | ||||||||
Common Stock | ||||||||
Authorized amount | $ 900,000,000 | |||||||
2018 Comprehensive CCAR | Common Stock and Additional Paid-in Capital | ||||||||
Common Stock | ||||||||
Common stock repurchased (in shares) | 226 | 446 | ||||||
Subsequent Event | ||||||||
Common Stock | ||||||||
Dividends per share (in dollars per share) | $ 0.18 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Narrative (Details) - USD ($) | Jun. 25, 2019 | Jun. 20, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||||
Preferred stock dividends | $ 239,000,000 | $ 442,000,000 | $ 318,000,000 | $ 681,000,000 | $ 746,000,000 | |||
Preferred stock issued (in shares) | 3,939,040 | 3,939,040 | 3,843,140 | |||||
Issuance of preferred stock | $ 2,363,000,000 | $ 1,322,000,000 | $ 2,363,000,000 | $ 3,671,000,000 | ||||
Series JJ Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate | 5.125% | |||||||
Preferred stock issued (in shares) | 40,000 | |||||||
Issuance of preferred stock | $ 1,000,000,000 | |||||||
Liquidation preference | $ 25,000 | |||||||
Series KK Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate | 5.375% | |||||||
Preferred stock issued (in shares) | 55,900 | |||||||
Issuance of preferred stock | $ 1,400,000,000 | |||||||
Liquidation preference | $ 25,000 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings per common share | ||||
Net income | $ 7,348 | $ 6,784 | $ 14,659 | $ 13,702 |
Preferred stock dividends | (239) | (318) | (681) | (746) |
Net income applicable to common shareholders | $ 7,109 | $ 6,466 | $ 13,978 | $ 12,956 |
Average common shares issued and outstanding (in shares) | 9,523.2 | 10,181.7 | 9,624 | 10,251.7 |
Earnings per common share (in dollars per share) | $ 0.75 | $ 0.64 | $ 1.45 | $ 1.26 |
Diluted earnings per common share | ||||
Net income applicable to common shareholders | $ 7,109 | $ 6,466 | $ 13,978 | $ 12,956 |
Average common shares issued and outstanding (in shares) | 9,523.2 | 10,181.7 | 9,624 | 10,251.7 |
Dilutive potential common shares (in shares) | 36.4 | 127.7 | 48.4 | 138.2 |
Total diluted average common shares issued and outstanding (in shares) | 9,559.6 | 10,309.4 | 9,672.4 | 10,389.9 |
Diluted earnings per common share (in dollars per share) | $ 0.74 | $ 0.63 | $ 1.45 | $ 1.25 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 3,000,000 | 6,000,000 | ||
Series L Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 62 | 62 | 62 | 62 |
Common Stock | Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 122 | 122 | ||
Dilutive Securities | ||||
Incremental common shares attributable to dilutive effect of call options and warrants (in shares) | 140 | 141 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | $ 267,010 | $ 266,224 | $ 265,325 | $ 267,146 | ||
Accounting change related to certain tax effects | 0 | |||||
Cumulative effect of new accounting principle | $ 165 | $ 25 | ||||
Net change | 2,565 | (1,055) | 4,734 | (5,038) | ||
Ending Balance | 271,408 | 264,216 | 271,408 | 264,216 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (10,042) | (12,278) | (12,211) | (7,082) | ||
Accounting change related to certain tax effects | (1,270) | |||||
Cumulative effect of new accounting principle | 57 | |||||
Net change | 4,734 | (5,038) | ||||
Ending Balance | (7,477) | (13,333) | (7,477) | (13,333) | ||
Debt Securities | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (5,552) | (1,206) | ||||
Accounting change related to certain tax effects | (393) | |||||
Cumulative effect of new accounting principle | 0 | |||||
Net change | 4,693 | (4,994) | ||||
Ending Balance | (859) | (6,593) | (859) | (6,593) | ||
Debit Valuation Adjustments | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (531) | (1,060) | ||||
Accounting change related to certain tax effects | (220) | |||||
Cumulative effect of new accounting principle | 0 | |||||
Net change | (501) | 452 | ||||
Ending Balance | (1,032) | (828) | (1,032) | (828) | ||
Derivatives | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (1,016) | (831) | ||||
Accounting change related to certain tax effects | (189) | |||||
Cumulative effect of new accounting principle | 57 | |||||
Net change | 533 | (367) | ||||
Ending Balance | (483) | (1,330) | (483) | (1,330) | ||
Employee Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (4,304) | (3,192) | ||||
Accounting change related to certain tax effects | (707) | |||||
Cumulative effect of new accounting principle | 0 | |||||
Net change | 57 | 60 | ||||
Ending Balance | (4,247) | (3,839) | (4,247) | (3,839) | ||
Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balance | (808) | (793) | ||||
Accounting change related to certain tax effects | 239 | |||||
Cumulative effect of new accounting principle | $ 0 | |||||
Net change | (48) | (189) | ||||
Ending Balance | $ (856) | $ (743) | $ (856) | $ (743) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
After- tax | ||||
Comprehensive income | $ 9,913 | $ 5,729 | $ 19,393 | $ 8,664 |
Total other comprehensive income (loss) | ||||
Pretax | ||||
Net change | 6,322 | (6,592) | ||
Tax effect | ||||
Net change | (1,588) | 1,554 | ||
After- tax | ||||
Comprehensive income | 4,734 | (5,038) | ||
Debt Securities | ||||
Pretax | ||||
Net increase (decrease) in fair value | 6,354 | (6,700) | ||
Net realized (gains) losses reclassified into earnings | (104) | 8 | ||
Net change | 6,250 | (6,692) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (1,583) | 1,702 | ||
Net realized (gains) losses reclassified into earnings | 26 | (4) | ||
Net change | (1,557) | 1,698 | ||
After- tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | 4,771 | (4,998) | ||
Net realized (gains) losses reclassified into earnings | (78) | 4 | ||
Comprehensive income | 4,693 | (4,994) | ||
Debit Valuation Adjustments | ||||
Pretax | ||||
Net increase (decrease) in fair value | (663) | 576 | ||
Net realized (gains) losses reclassified into earnings | 10 | 18 | ||
Net change | (653) | 594 | ||
Tax effect | ||||
Net increase (decrease) in fair value | 153 | (138) | ||
Net realized (gains) losses reclassified into earnings | (1) | (4) | ||
Net change | 152 | (142) | ||
After- tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (510) | 438 | ||
Net realized (gains) losses reclassified into earnings | 9 | 14 | ||
Comprehensive income | (501) | 452 | ||
Derivatives | ||||
Pretax | ||||
Net increase (decrease) in fair value | 637 | (578) | ||
Net realized (gains) losses reclassified into earnings | 51 | 56 | ||
Net change | 688 | (522) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (143) | 169 | ||
Net realized (gains) losses reclassified into earnings | (12) | (14) | ||
Net change | (155) | 155 | ||
After- tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | 494 | (409) | ||
Net realized (gains) losses reclassified into earnings | 39 | 42 | ||
Comprehensive income | 533 | (367) | ||
Derivatives | Net interest income | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | 51 | 83 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (12) | (21) | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | 39 | 62 | ||
Derivatives | Compensation and benefits expense | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | 0 | (27) | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | 0 | 7 | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | 0 | (20) | ||
Employee Benefit Plans | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | 74 | 78 | ||
Net change | 74 | 78 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (17) | (18) | ||
Net change | (17) | (18) | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | 57 | 60 | ||
Comprehensive income | 57 | 60 | ||
Foreign Currency | ||||
Pretax | ||||
Net increase (decrease) in fair value | (37) | (50) | ||
Net change | (37) | (50) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (11) | (139) | ||
Net change | (11) | (139) | ||
After- tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (48) | (189) | ||
Comprehensive income | $ (48) | $ (189) |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 54,257 | $ 56,399 | |
Trading account assets | 251,987 | 214,348 | |
Derivative assets, gross | 354,700 | 328,800 | |
Derivative assets | 44,912 | 43,725 | |
Total available-for-sale debt securities | 235,979 | 229,366 | |
Other debt securities carried at fair value | 10,115 | 8,735 | |
Loans and leases | 7,863 | 4,349 | |
Loans held-for-sale | 2,388 | 2,942 | |
Other assets | 22,074 | 19,739 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 604 | 492 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 19,866 | 28,875 | |
Derivative liabilities, gross | 348,300 | 317,800 | |
Derivative liabilities | 38,380 | 37,891 | |
Short-term borrowings | 2,403 | 1,648 | |
Long-term debt | 35,198 | 27,689 | |
U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 56,819 | 54,923 | |
Agency | |||
Assets | |||
Total available-for-sale debt securities | 125,569 | 121,826 | |
Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,210 | 5,530 | |
Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 2,022 | 1,917 | |
Commercial | |||
Assets | |||
Total available-for-sale debt securities | 14,525 | 14,078 | |
Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,695 | 4,410 | |
Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 16,954 | 17,376 | |
Recurring | |||
Assets | |||
Time deposits placed and other short-term investments | 1,179 | 1,214 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 54,257 | 56,399 | |
Trading account assets | 251,987 | 214,348 | |
Netting adjustments | (309,771) | (285,121) | |
Derivative assets | 44,912 | 43,725 | |
Total available-for-sale debt securities | 235,979 | 229,366 | |
Other debt securities carried at fair value | 10,115 | 8,735 | |
Loans and leases | 7,863 | 4,349 | |
Loans held-for-sale | 2,388 | 2,942 | |
Other assets | 22,074 | 19,739 | |
Total assets | 630,754 | 580,817 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 604 | 492 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 19,866 | 28,875 | |
Total trading account liabilities | 82,150 | 68,220 | |
Netting adjustment | (309,934) | (279,882) | |
Derivative liabilities | 38,380 | 37,891 | |
Short-term borrowings | 2,403 | 1,648 | |
Accrued expenses and other liabilities | 22,811 | 20,075 | |
Long-term debt | 35,198 | 27,689 | |
Total liabilities | 201,412 | 184,890 | |
Mortgage servicing rights | $ 1,700 | $ 2,000 | |
Level 3 recurring assets, as a percent of total assets | 0.47% | 0.51% | |
Level 3 recurring liabilities, as a percent of total liabilities | 0.26% | 0.25% | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | $ 43,437 | $ 54,724 | |
Liabilities | |||
Total trading account liabilities | 16,963 | 8,655 | |
Recurring | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 29,295 | 26,188 | |
Liabilities | |||
Total trading account liabilities | 7,532 | 5,122 | |
Recurring | Equity securities | |||
Assets | |||
Trading account assets | 103,085 | 77,279 | |
Liabilities | |||
Total trading account liabilities | 35,741 | 37,809 | |
Recurring | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 41,078 | 25,493 | |
Liabilities | |||
Total trading account liabilities | 21,914 | 16,634 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 24,769 | 19,586 | |
Recurring | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 10,323 | 11,078 | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 56,819 | 54,923 | |
Other debt securities carried at fair value | 1,282 | ||
Recurring | Agency | |||
Assets | |||
Total available-for-sale debt securities | 125,569 | 121,826 | |
Recurring | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,210 | 5,530 | |
Recurring | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 2,022 | 1,917 | |
Other debt securities carried at fair value | 1,598 | 1,606 | |
Recurring | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 14,525 | 14,078 | |
Recurring | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 11,185 | 9,306 | |
Other debt securities carried at fair value | 8,514 | 5,844 | |
Recurring | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,695 | 4,410 | |
Other debt securities carried at fair value | 3 | 3 | |
Recurring | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 16,954 | 17,376 | |
Recurring | US Government-sponsored enterprises debt securities | |||
Assets | |||
Trading account assets | 25,200 | 20,200 | |
Recurring | Securities gegregated for compliance or deposited with clearing organizations | |||
Assets | |||
Trading account assets | 16,000 | 16,600 | |
Recurring | Level 1 | |||
Assets | |||
Time deposits placed and other short-term investments | 1,179 | 1,214 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 126,165 | 112,789 | |
Derivative assets, gross | 14,574 | 9,967 | |
Total available-for-sale debt securities | 55,574 | 53,663 | |
Other debt securities carried at fair value | 2,838 | 1,772 | |
Loans and leases | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets | 17,689 | 15,032 | |
Total assets | 218,019 | 194,437 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 0 | 0 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 0 | 0 | |
Total trading account liabilities | 60,840 | 49,085 | |
Derivative liabilities, gross | 13,435 | 9,931 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 20,773 | 18,096 | |
Long-term debt | 0 | 0 | |
Total liabilities | 95,048 | 77,112 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 42,612 | 53,131 | |
Liabilities | |||
Total trading account liabilities | 14,891 | 7,894 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 1 | Equity securities | |||
Assets | |||
Trading account assets | 72,274 | 53,840 | |
Liabilities | |||
Total trading account liabilities | 32,135 | 33,739 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 11,279 | 5,818 | |
Liabilities | |||
Total trading account liabilities | 13,814 | 7,452 | |
Recurring | Level 1 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 55,574 | 53,663 | |
Other debt securities carried at fair value | 1,282 | ||
Recurring | Level 1 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 1 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 2,838 | 490 | |
Recurring | Level 1 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 1 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 2 | |||
Assets | |||
Time deposits placed and other short-term investments | 0 | 0 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 54,257 | 56,399 | |
Trading account assets | 122,263 | 97,625 | |
Derivative assets, gross | 336,706 | 315,413 | |
Total available-for-sale debt securities | 179,832 | 175,097 | |
Other debt securities carried at fair value | 7,004 | 6,791 | |
Loans and leases | 7,508 | 4,011 | |
Loans held-for-sale | 1,902 | 2,400 | |
Other assets | 1,834 | 1,775 | |
Total assets | 711,306 | 659,511 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 604 | 492 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 19,866 | 28,875 | |
Total trading account liabilities | 21,295 | 19,117 | |
Derivative liabilities, gross | 330,362 | 303,441 | |
Short-term borrowings | 2,403 | 1,648 | |
Accrued expenses and other liabilities | 2,038 | 1,979 | |
Long-term debt | 34,296 | 26,872 | |
Total liabilities | 410,864 | 382,424 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 825 | 1,593 | |
Liabilities | |||
Total trading account liabilities | 2,072 | 761 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 27,902 | 24,630 | |
Liabilities | |||
Total trading account liabilities | 7,519 | 5,104 | |
Recurring | Level 2 | Equity securities | |||
Assets | |||
Trading account assets | 30,515 | 23,163 | |
Liabilities | |||
Total trading account liabilities | 3,604 | 4,070 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 29,318 | 19,210 | |
Liabilities | |||
Total trading account liabilities | 8,100 | 9,182 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 24,769 | 19,586 | |
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 8,934 | 9,443 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 1,245 | 1,260 | |
Other debt securities carried at fair value | 0 | ||
Recurring | Level 2 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 125,569 | 121,826 | |
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,210 | 5,530 | |
Recurring | Level 2 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 1,454 | 1,320 | |
Other debt securities carried at fair value | 1,325 | 1,434 | |
Recurring | Level 2 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 14,525 | 14,078 | |
Recurring | Level 2 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 11,183 | 9,304 | |
Other debt securities carried at fair value | 5,676 | 5,354 | |
Recurring | Level 2 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,692 | 4,403 | |
Other debt securities carried at fair value | 3 | 3 | |
Recurring | Level 2 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 16,954 | 17,376 | |
Recurring | Level 3 | |||
Assets | |||
Time deposits placed and other short-term investments | 0 | 0 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 3,559 | 3,934 | |
Derivative assets, gross | 3,403 | 3,466 | $ 4,500 |
Total available-for-sale debt securities | 573 | 606 | |
Other debt securities carried at fair value | 273 | 172 | |
Loans and leases | 355 | 338 | |
Loans held-for-sale | 486 | 542 | |
Other assets | 2,551 | 2,932 | |
Total assets | 11,200 | 11,990 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 0 | 0 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 0 | 0 | |
Total trading account liabilities | 15 | 18 | |
Derivative liabilities, gross | 4,517 | 4,401 | $ 6,100 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 0 | |
Long-term debt | 902 | 817 | |
Total liabilities | 5,434 | 5,236 | |
Mortgage servicing rights | 1,700 | 2,042 | |
Recurring | Level 3 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 1,393 | 1,558 | |
Liabilities | |||
Total trading account liabilities | 13 | 18 | |
Recurring | Level 3 | Equity securities | |||
Assets | |||
Trading account assets | 296 | 276 | |
Liabilities | |||
Total trading account liabilities | 2 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 481 | 465 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 1,389 | 1,635 | |
Recurring | Level 3 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | ||
Recurring | Level 3 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 568 | 597 | |
Other debt securities carried at fair value | 273 | 172 | |
Recurring | Level 3 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 2 | 2 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3 | 7 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | $ 0 | $ 0 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (Losses) in OCI | $ 11 | $ 112 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | (1,018) | $ (1,138) | (935) | $ (1,714) | |
Total Realized/Unrealized Gains/(Losses) in Net Income | (91) | (239) | (116) | 256 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 56 | 195 | 167 | 348 | |
Sales | (161) | (591) | (406) | (853) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (33) | 175 | (88) | 377 | |
Gross Transfers into Level 3 | 17 | (4) | 139 | 67 | |
Gross Transfers out of Level 3 | 116 | 14 | 125 | (69) | |
Balance, ending | (1,114) | (1,588) | (1,114) | (1,588) | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | (94) | (251) | (131) | 325 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative assets, gross | 354,700 | 354,700 | $ 328,800 | ||
Derivative liabilities, gross | 348,300 | 348,300 | 317,800 | ||
Trading account liabilities – Equity securities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 0 | |||
Total Realized/Unrealized Gains/(Losses) in Net Income | (2) | (2) | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 0 | 0 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | (2) | (2) | |||
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | (2) | (2) | |||
Trading account liabilities – Corporate securities and other | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (21) | (26) | (18) | (24) | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 7 | 1 | 7 | 2 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 1 | 0 | 1 | 0 | |
Sales | 0 | (9) | (3) | (11) | |
Issuances | 0 | (1) | 0 | (2) | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | (13) | (35) | (13) | (35) | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 1 | 0 | 1 | |
Accrued expenses and other liabilities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (8) | (8) | |||
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 0 | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 8 | 8 | |||
Gross Transfers into Level 3 | 0 | 0 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | 0 | 0 | |||
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | |||
Long-term debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (890) | (1,351) | (817) | (1,863) | |
Total Realized/Unrealized Gains/(Losses) in Net Income | (41) | 63 | (87) | 86 | |
Gains (Losses) in OCI | 0 | 2 | (1) | 3 | |
Purchases | 0 | 4 | 0 | 9 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (10) | (53) | (13) | (120) | |
Settlements | 38 | 151 | 76 | 323 | |
Gross Transfers into Level 3 | 0 | (114) | (61) | (147) | |
Gross Transfers out of Level 3 | 1 | 73 | 1 | 484 | |
Balance, ending | (902) | (1,225) | (902) | (1,225) | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | (41) | 66 | (82) | 51 | |
Level 3 | Recurring | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative assets, gross | 3,403 | 4,500 | 3,403 | 4,500 | 3,466 |
Derivative liabilities, gross | 4,517 | 6,100 | 4,517 | 6,100 | $ 4,401 |
Corporate securities, trading loans and other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,428 | 1,716 | 1,558 | 1,864 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 55 | (37) | 58 | (28) | |
Gains (Losses) in OCI | 0 | (1) | 0 | (1) | |
Purchases | 140 | 81 | 194 | 274 | |
Sales | (79) | (75) | (152) | (211) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (146) | (74) | (206) | (213) | |
Gross Transfers into Level 3 | 107 | 145 | 246 | 248 | |
Gross Transfers out of Level 3 | (112) | (117) | (305) | (295) | |
Balance, ending | 1,393 | 1,638 | 1,393 | 1,638 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 26 | (67) | 20 | (76) | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 288 | 212 | 276 | 235 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 20 | 1 | 22 | 9 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 3 | 2 | 21 | 8 | |
Sales | (5) | (4) | (6) | (11) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (4) | (3) | (4) | |
Gross Transfers into Level 3 | 1 | 29 | 3 | 30 | |
Gross Transfers out of Level 3 | (11) | (8) | (17) | (39) | |
Balance, ending | 296 | 228 | 296 | 228 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 20 | (3) | (4) | 9 | |
Non-U.S. sovereign debt | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 472 | 401 | 465 | 556 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 19 | 13 | 27 | 29 | |
Gains (Losses) in OCI | 5 | (44) | 4 | (42) | |
Purchases | 1 | 7 | 1 | 7 | |
Sales | 0 | 0 | 0 | (50) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (11) | 0 | (11) | (8) | |
Gross Transfers into Level 3 | 0 | 8 | 0 | 8 | |
Gross Transfers out of Level 3 | (5) | (17) | (5) | (132) | |
Balance, ending | 481 | 368 | 481 | 368 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 19 | 13 | 27 | 28 | |
Mortgage trading loans, ABS and other MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,510 | 1,372 | 1,635 | 1,498 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 50 | 42 | 88 | 141 | |
Gains (Losses) in OCI | (1) | 0 | (2) | 3 | |
Purchases | 167 | 192 | 397 | 317 | |
Sales | (324) | (256) | (661) | (576) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (115) | (38) | (124) | (107) | |
Gross Transfers into Level 3 | 178 | 256 | 267 | 350 | |
Gross Transfers out of Level 3 | (76) | (45) | (211) | (103) | |
Balance, ending | 1,389 | 1,523 | 1,389 | 1,523 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 4 | 32 | 20 | 81 | |
Trading account assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,698 | 3,701 | 3,934 | 4,153 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 144 | 19 | 195 | 151 | |
Gains (Losses) in OCI | 4 | (45) | 2 | (40) | |
Purchases | 311 | 282 | 613 | 606 | |
Sales | (408) | (335) | (819) | (848) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (272) | (116) | (344) | (332) | |
Gross Transfers into Level 3 | 286 | 438 | 516 | 636 | |
Gross Transfers out of Level 3 | (204) | (187) | (538) | (569) | |
Balance, ending | 3,559 | 3,757 | 3,559 | 3,757 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 69 | (25) | 63 | 42 | |
Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 581 | 0 | 597 | 0 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 8 | 0 | 8 | |
Gains (Losses) in OCI | (3) | (14) | 90 | (14) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (14) | 0 | (21) | 0 | |
Gross Transfers into Level 3 | 47 | 459 | 206 | 459 | |
Gross Transfers out of Level 3 | (43) | 0 | (304) | 0 | |
Balance, ending | 568 | 453 | 568 | 453 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Non-U.S. securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 2 | 23 | 2 | 25 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 0 | 0 | 0 | |
Gains (Losses) in OCI | 0 | (1) | 0 | (1) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (10) | 0 | (10) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (12) | 0 | (14) | |
Gross Transfers into Level 3 | 0 | 3 | 0 | 3 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 2 | 3 | 2 | 3 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Other taxable securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3 | 43 | 7 | 509 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 1 | 0 | 2 | |
Gains (Losses) in OCI | 0 | (2) | 0 | (2) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (3) | (4) | (10) | |
Gross Transfers into Level 3 | 0 | 60 | 0 | 60 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | (460) | |
Balance, ending | 3 | 99 | 3 | 99 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Tax-exempt securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 469 | |||
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 0 | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 1 | 1 | |||
Gross Transfers out of Level 3 | 0 | (469) | |||
Balance, ending | 1 | 1 | |||
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | |||
Available-for-sale Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 586 | 66 | 606 | 1,003 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | 9 | 0 | 10 | |
Gains (Losses) in OCI | (3) | (17) | 90 | (17) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (10) | 0 | (10) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (14) | (15) | (25) | (24) | |
Gross Transfers into Level 3 | 47 | 523 | 206 | 523 | |
Gross Transfers out of Level 3 | (43) | 0 | (304) | (929) | |
Balance, ending | 573 | 556 | 573 | 556 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Other debt securities carried at fair value – Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 224 | 0 | 172 | 0 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 2 | (4) | 49 | (4) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (7) | 0 | (7) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (7) | 0 | (8) | 0 | |
Gross Transfers into Level 3 | 69 | 298 | 107 | 298 | |
Gross Transfers out of Level 3 | (15) | 0 | (47) | 0 | |
Balance, ending | 273 | 287 | 273 | 287 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 2 | 5 | 47 | 5 | |
Loans and leases | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 317 | 526 | 338 | 571 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 0 | (4) | 4 | (20) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | (5) | (15) | (9) | |
Issuances | 53 | 0 | 53 | 0 | |
Settlements | (15) | (24) | (25) | (49) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 355 | 493 | 355 | 493 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 0 | (4) | 3 | (19) | |
Loans held-for-sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 558 | 685 | 542 | 690 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | 26 | (12) | 38 | 12 | |
Gains (Losses) in OCI | 2 | (27) | 0 | (27) | |
Purchases | 0 | 0 | 10 | 12 | |
Sales | (50) | 0 | (71) | 0 | |
Issuances | 0 | 0 | 11 | 0 | |
Settlements | (50) | (37) | (103) | (78) | |
Gross Transfers into Level 3 | 0 | 0 | 59 | 0 | |
Gross Transfers out of Level 3 | 0 | (32) | 0 | (32) | |
Balance, ending | 486 | 577 | 486 | 577 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | 16 | (16) | 20 | 5 | |
Other assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 2,749 | 3,295 | 2,932 | 2,425 | |
Total Realized/Unrealized Gains/(Losses) in Net Income | (80) | 76 | (154) | 268 | |
Gains (Losses) in OCI | 8 | 0 | 16 | 0 | |
Purchases | 0 | 2 | 0 | 2 | |
Sales | (10) | (8) | (10) | (46) | |
Issuances | 67 | 23 | 108 | 52 | |
Settlements | (183) | (169) | (341) | (411) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 929 | |
Gross Transfers out of Level 3 | 0 | (35) | 0 | (35) | |
Balance, ending | 2,551 | 3,184 | 2,551 | 3,184 | |
Change in Unrealized Gains/(Losses) In Net Income Related to Financial Instruments Still Held | $ (128) | $ 8 | $ (253) | $ 145 |
Fair Value Measurements - Rec_2
Fair Value Measurements - Recurring Fair Value Inputs (Details) | Jun. 30, 2019USD ($)$ / securityyear$ / MMBTU | Dec. 31, 2018USD ($)$ / securityyear |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 22,074,000,000 | $ 19,739,000,000 |
Long-term debt | (35,198,000,000) | (27,689,000,000) |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | 22,074,000,000 | 19,739,000,000 |
MSRs | 1,700,000,000 | 2,000,000,000 |
Long-term debt | (35,198,000,000) | (27,689,000,000) |
Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 1,633,000,000 | 1,536,000,000 |
Instruments backed by commercial real estate assets | 264,000,000 | 291,000,000 |
Commercial loans, debt securities and other | 3,053,000,000 | 3,489,000,000 |
Other assets, primarily auction rate securities | 2,551,000,000 | 2,932,000,000 |
MSRs | 1,700,000,000 | 2,042,000,000 |
Long-term debt | (902,000,000) | (817,000,000) |
Net derivative asset (liability) | $ (1,114,000,000) | $ (935,000,000) |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | 0 |
Commercial loans, debt securities and other | 0 | 0.01 |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0 | 0 |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.07 | |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.25 | 0.25 |
Commercial loans, debt securities and other | 0.13 | 0.18 |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0.25 | 0.25 |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.18 | |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.06 | 0.08 |
Commercial loans, debt securities and other | 0.06 | 0.13 |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0.06 | 0.07 |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.16 | |
Recurring | Level 3 | Prepayment speed | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.01 | 0 |
Commercial loans, debt securities and other | 0.10 | 0.10 |
Recurring | Level 3 | Prepayment speed | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.27 | 0.21 |
Commercial loans, debt securities and other | 0.20 | 0.20 |
Recurring | Level 3 | Prepayment speed | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.17 | 0.12 |
Commercial loans, debt securities and other | 0.14 | 0.15 |
Recurring | Level 3 | Default rate | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | 0 |
Commercial loans, debt securities and other | 0.03 | 0.03 |
Recurring | Level 3 | Default rate | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.03 | 0.03 |
Commercial loans, debt securities and other | 0.04 | 0.04 |
Recurring | Level 3 | Default rate | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.01 | 0.01 |
Commercial loans, debt securities and other | 0.04 | 0.04 |
Recurring | Level 3 | Loss severity | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | 0 |
Commercial loans, debt securities and other | 0.35 | 0.35 |
Recurring | Level 3 | Loss severity | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.48 | 0.51 |
Commercial loans, debt securities and other | 0.40 | 0.40 |
Recurring | Level 3 | Loss severity | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.15 | 0.17 |
Commercial loans, debt securities and other | 0.38 | 0.38 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 0 | 0 |
Commercial loans, debt securities and other | $ / security | 0 | 0 |
Other assets, primarily auction rate securities | $ / security | 10 | 10 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 0 | 0 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 0 | 0 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 151 | 128 |
Commercial loans, debt securities and other | $ / security | 149 | 141 |
Other assets, primarily auction rate securities | $ / security | 100 | 100 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 100 | 100 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 131 | 100 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 99 | 72 |
Commercial loans, debt securities and other | $ / security | 67 | 68 |
Other assets, primarily auction rate securities | $ / security | 95 | 95 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 66 | 79 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 80 | 72 |
Recurring | Level 3 | Weighted-average life, fixed rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 0 | 0 |
Recurring | Level 3 | Weighted-average life, fixed rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 14 | 14 |
Recurring | Level 3 | Weighted-average life, fixed rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 5 | 5 |
Recurring | Level 3 | Weighted-average life, variable rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 0 | 0 |
Recurring | Level 3 | Weighted-average life, variable rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 9 | 10 |
Recurring | Level 3 | Weighted-average life, variable rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | year | 3 | 3 |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.07 | 0.07 |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.14 | 0.14 |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.09 | 0.09 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.09 | 0.09 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.15 | 0.15 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.12 | 0.12 |
Recurring | Level 3 | Equity correlation | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.11 | 0.11 |
Recurring | Level 3 | Equity correlation | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 1 | 1 |
Recurring | Level 3 | Equity correlation | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.63 | 0.67 |
Recurring | Level 3 | Long-dated equity volatilities | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.06 | 0.04 |
Recurring | Level 3 | Long-dated equity volatilities | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.52 | 0.84 |
Recurring | Level 3 | Long-dated equity volatilities | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.27 | 0.32 |
Recurring | Level 3 | Credit derivatives | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (14,000,000) | $ (565,000,000) |
Recurring | Level 3 | Credit derivatives | Yield | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.05 | |
Recurring | Level 3 | Credit derivatives | Yield | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0 | |
Recurring | Level 3 | Credit derivatives | Yield | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.05 | |
Recurring | Level 3 | Credit derivatives | Yield | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.04 | |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.15 | 0.15 |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 1 | 0.20 |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.38 | 0.15 |
Recurring | Level 3 | Credit derivatives | Default rate | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.01 | 0.01 |
Recurring | Level 3 | Credit derivatives | Default rate | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.04 | 0.04 |
Recurring | Level 3 | Credit derivatives | Default rate | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.02 | 0.02 |
Recurring | Level 3 | Credit derivatives | Loss severity | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.35 | 0.35 |
Recurring | Level 3 | Credit derivatives | Price | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | $ / security | 0 | 0 |
Recurring | Level 3 | Credit derivatives | Price | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | $ / security | 138 | 138 |
Recurring | Level 3 | Credit derivatives | Price | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | $ / security | 93 | 93 |
Recurring | Level 3 | Credit derivatives | Upfront points | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0 | 0 |
Recurring | Level 3 | Credit derivatives | Upfront points | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.0100 | 0.0100 |
Recurring | Level 3 | Credit derivatives | Upfront points | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.0068 | 0.0070 |
Recurring | Level 3 | Credit derivatives | Credit correlation | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.70 | |
Recurring | Level 3 | Equity contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (1,010,000,000) | $ (348,000,000) |
Recurring | Level 3 | Equity contracts | Equity correlation | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.11 | 0.11 |
Recurring | Level 3 | Equity contracts | Equity correlation | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 1 | 1 |
Recurring | Level 3 | Equity contracts | Equity correlation | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.63 | 0.67 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.06 | 0.04 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.52 | 0.84 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.27 | 0.32 |
Recurring | Level 3 | Commodity contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ 1,000,000 | $ 10,000,000 |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 1 | 1 |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 8 | 12 |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 3 | 3 |
Recurring | Level 3 | Commodity contracts | Correlation | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.30 | 0.38 |
Recurring | Level 3 | Commodity contracts | Correlation | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.66 | 0.87 |
Recurring | Level 3 | Commodity contracts | Correlation | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.66 | 0.71 |
Recurring | Level 3 | Commodity contracts | Volatilities | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.14 | 0.15 |
Recurring | Level 3 | Commodity contracts | Volatilities | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.48 | 1.32 |
Recurring | Level 3 | Commodity contracts | Volatilities | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.32 | 0.38 |
Recurring | Level 3 | Interest rate contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (91,000,000) | $ (32,000,000) |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.15 | 0.15 |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.70 | 0.70 |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.51 | 0.61 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.46 | 0.46 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.02 | 0.01 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | (0.21) | (0.20) |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.35 | 0.38 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.05 | 0.02 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.01 | 0.01 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets | 0.01 | 0.01 |
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | $ 431,000,000 | $ 419,000,000 |
Instruments backed by commercial real estate assets | 66,000,000 | 91,000,000 |
Commercial loans, debt securities and other | 892,000,000 | 1,125,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 1,400,000,000 | 1,600,000,000 |
Recurring | Level 3 | Loans and leases | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 355,000,000 | 338,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 355,000,000 | 338,000,000 |
Recurring | Level 3 | Loans held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 1,000,000 | 1,000,000 |
Commercial loans, debt securities and other | 485,000,000 | 541,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 486,000,000 | 542,000,000 |
Recurring | Level 3 | Other assets, primarily auction rate securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | 851,000,000 | 890,000,000 |
Recurring | Level 3 | Available-for-sale debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 573,000,000 | 606,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 573,000,000 | 606,000,000 |
Recurring | Level 3 | Other debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 273,000,000 | 172,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 273,000,000 | 172,000,000 |
Recurring | Level 3 | Corporate securities, trading loans and other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by commercial real estate assets | 198,000,000 | 200,000,000 |
Commercial loans, debt securities and other | 1,195,000,000 | 1,358,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 1,400,000,000 | 1,600,000,000 |
Recurring | Level 3 | Non-U.S. sovereign debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Commercial loans, debt securities and other | 481,000,000 | 465,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 481,000,000 | 465,000,000 |
Recurring | Level 3 | Other Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 2,600,000,000 | $ 2,900,000,000 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | $ 2,388 | $ 2,388 | $ 2,942 | ||
Loans and leases | 7,863 | 7,863 | 4,349 | ||
Other assets | 22,074 | 22,074 | $ 19,739 | ||
Nonrecurring | |||||
Gains (Losses) | |||||
Loans held-for-sale | 0 | $ 0 | (1) | $ (2) | |
Loans and leases | (40) | (80) | (73) | (156) | |
Foreclosed properties | (9) | (25) | (12) | (32) | |
Other assets | (15) | (31) | (29) | (35) | |
Accrued expenses and other liabilities | (14) | (14) | |||
Loss on loans and leases written down to zero | 18 | 31 | 31 | 64 | |
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Foreclosed properties | 294 | 573 | 294 | 573 | |
Nonrecurring | Level 2 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 15 | 179 | 15 | 179 | |
Loans and leases | 0 | 0 | 0 | 0 | |
Foreclosed properties | 0 | 15 | 0 | 15 | |
Other assets | 142 | 243 | 142 | 243 | |
Accrued expenses and other liabilities | (2) | (2) | |||
Nonrecurring | Level 3 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 28 | 1 | 28 | 1 | |
Loans and leases | 204 | 420 | 204 | 420 | |
Foreclosed properties | 21 | 77 | 21 | 77 | |
Other assets | 6 | $ 5 | 6 | $ 5 | |
Accrued expenses and other liabilities | $ (12) | $ (12) |
Fair Value Measurements - Non_2
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Loans and leases - Nonrecurring - Level 3 $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 204 | $ 474 |
Measurement Input, Discount Rate | Market Comparables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.13 | 0.13 |
Measurement Input, Discount Rate | Market Comparables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.59 | 0.59 |
Measurement Input, Discount Rate | Market Comparables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.24 | 0.25 |
Measurement Input, Cost to Sell | Market Comparables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.08 | 0.08 |
Measurement Input, Cost to Sell | Market Comparables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.26 | 0.26 |
Measurement Input, Cost to Sell | Market Comparables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Inputs | 0.09 | 0.09 |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Assets | $ 54,257 | $ 56,399 |
Contractual Principal Outstanding | ||
Assets | 54,238 | 56,376 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | 19 | 23 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Assets | 6,122 | 6,195 |
Contractual Principal Outstanding | ||
Assets | 13,445 | 13,088 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (7,323) | (6,893) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Assets | 18,145 | 13,778 |
Consumer and commercial loans | ||
Fair Value Carrying Amount | ||
Assets | 7,863 | 4,349 |
Contractual Principal Outstanding | ||
Assets | 7,895 | 4,399 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (32) | (50) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Assets | 2,388 | 2,942 |
Contractual Principal Outstanding | ||
Assets | 3,607 | 4,749 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (1,219) | (1,807) |
Other assets | ||
Fair Value Carrying Amount | ||
Assets | 4 | 3 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Liabilities | 604 | 492 |
Contractual Principal Outstanding | ||
Liabilities | 571 | 454 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 33 | 38 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Liabilities | 19,866 | 28,875 |
Contractual Principal Outstanding | ||
Liabilities | 19,868 | 28,881 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (2) | (6) |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Liabilities | 2,403 | 1,648 |
Contractual Principal Outstanding | ||
Liabilities | 2,403 | 1,648 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 0 | 0 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Liabilities | 128 | 169 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Liabilities | 35,198 | 27,689 |
Contractual Principal Outstanding | ||
Liabilities | 35,054 | 29,198 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 144 | (1,509) |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Liabilities | 34,800 | 27,300 |
Contractual Principal Outstanding | ||
Liabilities | $ 34,700 | $ 28,800 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Relating to Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 1,696 | $ 1,877 | $ 3,346 | $ 3,457 |
Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 72 | (32) | 163 | 71 |
Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,823 | 1,361 | 4,367 | 1,956 |
Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 15 | 8 | 34 | 93 |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (227) | 520 | (1,330) | 1,298 |
Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 13 | 20 | 112 | 39 |
Trading Account Income | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,704 | 1,889 | 3,271 | 3,520 |
Trading Account Income | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 72 | (32) | 163 | 71 |
Trading Account Income | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,823 | 1,361 | 4,367 | 1,956 |
Trading Account Income | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 16 | 19 | 17 | 125 |
Trading Account Income | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (205) | 535 | (1,285) | 1,354 |
Trading Account Income | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (2) | 6 | 9 | 14 |
Other Income | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (8) | (12) | 75 | (63) |
Other Income | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (1) | (11) | 17 | (32) |
Other Income | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (22) | (15) | (45) | (56) |
Other Income | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 15 | $ 14 | $ 103 | $ 25 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Loans held-for-sale | $ 2,388 | $ 2,942 |
Financial liabilities | ||
Long-term debt | 35,198 | 27,689 |
Demand deposits | 524,400 | 531,900 |
Carrying Value | ||
Financial assets | ||
Loans | 930,320 | 911,520 |
Loans held-for-sale | 5,416 | 10,367 |
Financial liabilities | ||
Deposits | 1,375,093 | 1,381,476 |
Long-term debt | 238,011 | 229,392 |
Commercial unfunded lending commitments | 938 | 966 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 962,422 | 917,388 |
Loans held-for-sale | 5,416 | 10,367 |
Financial liabilities | ||
Deposits | 1,375,140 | 1,381,239 |
Long-term debt | 243,260 | 230,836 |
Commercial unfunded lending commitments | 4,928 | 5,727 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 63,773 | 58,228 |
Loans held-for-sale | 4,562 | 9,592 |
Financial liabilities | ||
Deposits | 1,375,140 | 1,381,239 |
Long-term debt | 242,358 | 230,019 |
Commercial unfunded lending commitments | 132 | 169 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 898,649 | 859,160 |
Loans held-for-sale | 854 | 775 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | 902 | 817 |
Commercial unfunded lending commitments | $ 4,796 | $ 5,558 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019business_segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Information _2
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 12,338 | $ 11,982 | $ 24,866 | $ 23,901 | |
Noninterest income | 10,895 | 10,721 | 21,524 | 22,022 | |
Total revenue, net of interest expense | 23,233 | 22,703 | 46,390 | 45,923 | |
Provision for credit losses | 857 | 827 | 1,870 | 1,661 | |
Noninterest expense | 13,268 | 13,224 | 26,492 | 27,066 | |
Income before income taxes | 9,108 | 8,652 | 18,028 | 17,196 | |
Income tax expense | 1,760 | 1,868 | 3,369 | 3,494 | |
Net income | 7,348 | 6,784 | 14,659 | 13,702 | |
Year-end total assets | 2,395,892 | 2,291,670 | 2,395,892 | 2,291,670 | $ 2,354,507 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense | 23,737 | 23,240 | 47,525 | 46,883 | |
Net income | 7,339 | 7,133 | 14,698 | 14,046 | |
Year-end total assets | 2,190,178 | 2,102,661 | 2,190,178 | 2,102,661 | |
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 7,116 | 6,593 | 14,222 | 13,070 | |
Noninterest income | 2,601 | 2,640 | 5,127 | 5,144 | |
Total revenue, net of interest expense | 9,717 | 9,233 | 19,349 | 18,214 | |
Provision for credit losses | 947 | 944 | 1,921 | 1,879 | |
Noninterest expense | 4,407 | 4,367 | 8,763 | 8,915 | |
Income before income taxes | 4,363 | 3,922 | 8,665 | 7,420 | |
Income tax expense | 1,069 | 1,000 | 2,123 | 1,893 | |
Net income | 3,294 | 2,922 | 6,542 | 5,527 | |
Year-end total assets | 786,963 | 768,188 | 786,963 | 768,188 | |
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,624 | 1,538 | 3,308 | 3,122 | |
Noninterest income | 3,276 | 3,204 | 6,412 | 6,475 | |
Total revenue, net of interest expense | 4,900 | 4,742 | 9,720 | 9,597 | |
Provision for credit losses | 21 | 12 | 26 | 50 | |
Noninterest expense | 3,458 | 3,427 | 6,886 | 7,008 | |
Income before income taxes | 1,421 | 1,303 | 2,808 | 2,539 | |
Income tax expense | 348 | 332 | 688 | 647 | |
Net income | 1,073 | 971 | 2,120 | 1,892 | |
Year-end total assets | 287,878 | 270,915 | 287,878 | 270,915 | |
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 2,709 | 2,739 | 5,499 | 5,418 | |
Noninterest income | 2,266 | 2,275 | 4,631 | 4,591 | |
Total revenue, net of interest expense | 4,975 | 5,014 | 10,130 | 10,009 | |
Provision for credit losses | 125 | (23) | 236 | (7) | |
Noninterest expense | 2,212 | 2,185 | 4,478 | 4,477 | |
Income before income taxes | 2,638 | 2,852 | 5,416 | 5,539 | |
Income tax expense | 712 | 741 | 1,462 | 1,440 | |
Net income | 1,926 | 2,111 | 3,954 | 4,099 | |
Year-end total assets | 440,352 | 426,448 | 440,352 | 426,448 | |
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 811 | 968 | 1,764 | 1,989 | |
Noninterest income | 3,334 | 3,283 | 6,562 | 7,074 | |
Total revenue, net of interest expense | 4,145 | 4,251 | 8,326 | 9,063 | |
Provision for credit losses | 5 | (1) | (18) | (4) | |
Noninterest expense | 2,677 | 2,726 | 5,432 | 5,651 | |
Income before income taxes | 1,463 | 1,526 | 2,912 | 3,416 | |
Income tax expense | 417 | 397 | 830 | 888 | |
Net income | 1,046 | 1,129 | 2,082 | 2,528 | |
Year-end total assets | 674,985 | 637,110 | 674,985 | 637,110 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 78 | 144 | 73 | 302 | |
Noninterest income | (582) | (681) | (1,208) | (1,262) | |
Total revenue, net of interest expense | (504) | (537) | (1,135) | (960) | |
Provision for credit losses | (241) | (105) | (295) | (257) | |
Noninterest expense | 514 | 519 | 933 | 1,015 | |
Income before income taxes | (777) | (951) | (1,773) | (1,718) | |
Income tax expense | (786) | (602) | (1,734) | (1,374) | |
Net income | 9 | (349) | (39) | (344) | |
Year-end total assets | $ 205,714 | $ 189,009 | $ 205,714 | $ 189,009 |
Business Segment Information _3
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | $ 23,233 | $ 22,703 | $ 46,390 | $ 45,923 |
Total revenue, net of interest expense | 23,084 | 22,549 | 46,088 | 45,619 |
Net income | 7,348 | 6,784 | 14,659 | 13,702 |
Operating Segments | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | 23,737 | 23,240 | 47,525 | 46,883 |
Net income | 7,339 | 7,133 | 14,698 | 14,046 |
ALM activities | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | 34 | (508) | 47 | (482) |
Net income | 27 | (381) | 46 | (352) |
Liquidating businesses, eliminations and other | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (538) | (29) | (1,182) | (478) |
Net income | (18) | 32 | (85) | 8 |
FTE basis adjustment | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | $ (149) | $ (154) | $ (302) | $ (304) |
Business Segment Information _4
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Segments’ total assets | |||
Total assets | $ 2,395,892 | $ 2,354,507 | $ 2,291,670 |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,190,178 | 2,102,661 | |
ALM activities | |||
Segments’ total assets | |||
Total assets | 677,337 | 630,299 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | (543,995) | (522,183) | |
Other | |||
Segments’ total assets | |||
Total assets | $ 72,372 | $ 80,893 |
Business Segment Information _5
Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | $ 8,190 | $ 8,317 | $ 16,028 | $ 16,657 |
Trading account income | 2,345 | 2,151 | 4,683 | 4,704 |
Other income | 360 | 253 | 813 | 661 |
Total noninterest income | 10,895 | 10,721 | 21,524 | 22,022 |
Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,446 | 1,483 | 2,821 | 2,885 |
Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 968 | 1,011 | 1,864 | 1,925 |
Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 478 | 472 | 957 | 960 |
Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,903 | 1,954 | 3,742 | 3,875 |
Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,638 | 1,680 | 3,218 | 3,326 |
Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 265 | 274 | 524 | 549 |
Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 3,470 | 3,458 | 6,830 | 7,122 |
Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,554 | 2,513 | 4,994 | 5,077 |
Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 916 | 945 | 1,836 | 2,045 |
Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 1,371 | 1,422 | 2,635 | 2,775 |
Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 792 | 719 | 1,458 | 1,460 |
Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 291 | 400 | 546 | 716 |
Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 288 | 303 | 631 | 599 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 2,388 | 2,444 | 4,678 | 4,804 |
Trading account income | 2 | 2 | 4 | 4 |
Other income | 211 | 194 | 445 | 336 |
Total noninterest income | 2,601 | 2,640 | 5,127 | 5,144 |
Operating Segments | Consumer Banking | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,268 | 1,292 | 2,465 | 2,526 |
Operating Segments | Consumer Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 804 | 833 | 1,532 | 1,591 |
Operating Segments | Consumer Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 464 | 459 | 933 | 935 |
Operating Segments | Consumer Banking | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,045 | 1,072 | 2,065 | 2,116 |
Operating Segments | Consumer Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,045 | 1,072 | 2,065 | 2,116 |
Operating Segments | Consumer Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 75 | 80 | 148 | 162 |
Operating Segments | Consumer Banking | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 36 | 37 | 71 | 73 |
Operating Segments | Consumer Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 39 | 43 | 77 | 89 |
Operating Segments | Consumer Banking | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 3,127 | 3,064 | 6,093 | 6,228 |
Trading account income | 30 | 28 | 64 | 56 |
Other income | 119 | 112 | 255 | 191 |
Total noninterest income | 3,276 | 3,204 | 6,412 | 6,475 |
Operating Segments | Global Wealth & Investment Management | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 22 | 38 | 48 | 58 |
Operating Segments | Global Wealth & Investment Management | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 11 | 27 | 28 | 37 |
Operating Segments | Global Wealth & Investment Management | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 11 | 11 | 20 | 21 |
Operating Segments | Global Wealth & Investment Management | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 15 | 17 | 33 | 36 |
Operating Segments | Global Wealth & Investment Management | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 15 | 17 | 33 | 36 |
Operating Segments | Global Wealth & Investment Management | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,963 | 2,937 | 5,805 | 5,977 |
Operating Segments | Global Wealth & Investment Management | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,525 | 2,475 | 4,939 | 5,004 |
Operating Segments | Global Wealth & Investment Management | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 438 | 462 | 866 | 973 |
Operating Segments | Global Wealth & Investment Management | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 127 | 72 | 207 | 157 |
Operating Segments | Global Wealth & Investment Management | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 126 | 72 | 206 | 156 |
Operating Segments | Global Wealth & Investment Management | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 1 | 0 | 1 | 1 |
Operating Segments | Global Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 1,607 | 1,659 | 3,169 | 3,321 |
Trading account income | 56 | 64 | 106 | 124 |
Other income | 603 | 552 | 1,356 | 1,146 |
Total noninterest income | 2,266 | 2,275 | 4,631 | 4,591 |
Operating Segments | Global Banking | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 134 | 130 | 265 | 258 |
Operating Segments | Global Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 132 | 128 | 261 | 255 |
Operating Segments | Global Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 2 | 2 | 4 | 3 |
Operating Segments | Global Banking | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 749 | 768 | 1,462 | 1,532 |
Operating Segments | Global Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 526 | 539 | 1,024 | 1,078 |
Operating Segments | Global Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 223 | 229 | 438 | 454 |
Operating Segments | Global Banking | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 7 | 18 | 16 | 44 |
Operating Segments | Global Banking | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 0 | 0 | 0 | 0 |
Operating Segments | Global Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 7 | 18 | 16 | 44 |
Operating Segments | Global Banking | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 717 | 743 | 1,426 | 1,487 |
Operating Segments | Global Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 325 | 278 | 605 | 588 |
Operating Segments | Global Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 138 | 196 | 264 | 354 |
Operating Segments | Global Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 254 | 269 | 557 | 545 |
Operating Segments | Global Markets | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 1,127 | 1,194 | 2,210 | 2,401 |
Trading account income | 1,961 | 2,020 | 4,043 | 4,577 |
Other income | 246 | 69 | 309 | 96 |
Total noninterest income | 3,334 | 3,283 | 6,562 | 7,074 |
Operating Segments | Global Markets | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 23 | 23 | 43 | 42 |
Operating Segments | Global Markets | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 22 | 23 | 43 | 42 |
Operating Segments | Global Markets | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1 | 0 | 0 | 0 |
Operating Segments | Global Markets | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 87 | 90 | 169 | 180 |
Operating Segments | Global Markets | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 45 | 45 | 83 | 85 |
Operating Segments | Global Markets | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 42 | 45 | 86 | 95 |
Operating Segments | Global Markets | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 433 | 430 | 877 | 918 |
Operating Segments | Global Markets | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 0 | 0 | 0 | 0 |
Operating Segments | Global Markets | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 433 | 430 | 877 | 918 |
Operating Segments | Global Markets | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 584 | 651 | 1,121 | 1,261 |
Operating Segments | Global Markets | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 398 | 414 | 766 | 846 |
Operating Segments | Global Markets | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 153 | 203 | 282 | 362 |
Operating Segments | Global Markets | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 33 | 34 | 73 | 53 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | (59) | (44) | (122) | (97) |
Trading account income | 296 | 37 | 466 | (57) |
Other income | (819) | (674) | (1,552) | (1,108) |
Total noninterest income | (582) | (681) | (1,208) | (1,262) |
All Other | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | (1) | 0 | 0 | 1 |
All Other | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | (1) | 0 | 0 | 0 |
All Other | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 1 |
All Other | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 7 | 7 | 13 | 11 |
All Other | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 7 | 7 | 13 | 11 |
All Other | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
All Other | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (8) | (7) | (16) | 21 |
All Other | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (7) | 1 | (16) | 0 |
All Other | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (1) | (8) | 0 | 21 |
All Other | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | (57) | (44) | (119) | (130) |
All Other | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | (57) | (45) | (119) | (130) |
All Other | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 1 | 0 | 0 |
All Other | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | $ 0 | $ 0 | $ 0 | $ 0 |