Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 17, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-09718 | |
Entity Registrant Name | PNC Financial Services Group, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1435979 | |
Entity Address, Address Line One | The Tower at PNC Plaza | |
Entity Address, Address Line Two | 300 Fifth Avenue | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15222-2401 | |
City Area Code | 888 | |
Local Phone Number | 762-2265 | |
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 | 438,170,412 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000713676 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, par value $5.00 | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $5.00 | |
Trading Symbol | PNC | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | |
Trading Symbol | PNC P | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q | |
Trading Symbol | PNC Q | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income | ||||
Loans | $ 2,678 | $ 2,452 | $ 7,952 | $ 7,025 |
Investment securities | 617 | 584 | 1,866 | 1,653 |
Other | 208 | 187 | 610 | 545 |
Total interest income | 3,503 | 3,223 | 10,428 | 9,223 |
Interest Expense | ||||
Deposits | 531 | 336 | 1,518 | 810 |
Borrowed funds | 468 | 421 | 1,433 | 1,173 |
Total interest expense | 999 | 757 | 2,951 | 1,983 |
Net interest income | 2,504 | 2,466 | 7,477 | 7,240 |
Noninterest Income | ||||
Total noninterest income | 1,989 | 1,891 | 5,741 | 5,552 |
Other | 342 | 301 | 1,017 | 880 |
Total revenue | 4,493 | 4,357 | 13,218 | 12,792 |
Provision for credit losses | 183 | 88 | 552 | 260 |
Noninterest Expense | ||||
Personnel | 1,400 | 1,413 | 4,179 | 4,123 |
Occupancy | 206 | 195 | 633 | 616 |
Equipment | 291 | 264 | 862 | 818 |
Marketing | 76 | 71 | 224 | 201 |
Other | 650 | 665 | 1,914 | 1,961 |
Total noninterest expense | 2,623 | 2,608 | 7,812 | 7,719 |
Income before income taxes and noncontrolling interests | 1,687 | 1,661 | 4,854 | 4,813 |
Income taxes | 295 | 261 | 817 | 818 |
Net income | 1,392 | 1,400 | 4,037 | 3,995 |
Less: Net income attributable to noncontrolling interests | 13 | 11 | 35 | 31 |
Preferred stock dividends | 63 | 63 | 181 | 181 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 3 |
Net income attributable to common shareholders | $ 1,315 | $ 1,325 | $ 3,818 | $ 3,780 |
Earnings Per Common Share | ||||
Basic (in dollars per share) | $ 2.95 | $ 2.84 | $ 8.45 | $ 8.03 |
Diluted (in dollars per share) | $ 2.94 | $ 2.82 | $ 8.42 | $ 7.96 |
Average Common Shares Outstanding | ||||
Basic (in shares) | 444 | 465 | 450 | 469 |
Diluted (in shares) | 445 | 467 | 451 | 472 |
Asset management [Member] | ||||
Noninterest Income | ||||
Total noninterest income | $ 464 | $ 486 | $ 1,346 | $ 1,397 |
Consumer services [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 402 | 377 | 1,165 | 1,115 |
Corporate services [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 469 | 465 | 1,415 | 1,381 |
Residential mortgage [Member] | ||||
Noninterest Income | ||||
Total noninterest income | 134 | 76 | 281 | 257 |
Service charges on deposits [Member] | ||||
Noninterest Income | ||||
Total noninterest income | $ 178 | $ 186 | $ 517 | $ 522 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,392 | $ 1,400 | $ 4,037 | $ 3,995 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income: | ||||
Net unrealized gains (losses) on non-OTTI securities | 196 | (324) | 1,529 | (1,125) |
Net unrealized gains (losses) on OTTI securities | 18 | (1) | 27 | 16 |
Net unrealized gains (losses) on cash flow hedge derivatives | 79 | (71) | 433 | (377) |
Pension and other postretirement benefit plan adjustments | 2 | 1 | 63 | 70 |
Other | (19) | (17) | (15) | (25) |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 276 | (412) | 2,037 | (1,441) |
Income tax benefit (expense) related to items of other comprehensive income | (70) | 92 | (475) | 323 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 206 | (320) | 1,562 | (1,118) |
Comprehensive income | 1,598 | 1,080 | 5,599 | 2,877 |
Less: Comprehensive income attributable to noncontrolling interests | 13 | 11 | 35 | 31 |
Comprehensive income attributable to PNC | $ 1,585 | $ 1,069 | $ 5,564 | $ 2,846 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 5,671 | $ 5,608 | |
Interest-earning deposits with banks | 19,036 | 10,893 | |
Loans held for sale | [1] | 1,872 | 994 |
Investment securities – available for sale | 69,057 | 63,389 | |
Investment securities – held to maturity | 18,826 | 19,312 | |
Loans | [1] | 237,377 | 226,245 |
Allowance for loan and lease losses | (2,738) | (2,629) | |
Net loans | 234,639 | 223,616 | |
Equity investments | [2] | 13,325 | 12,894 |
Mortgage servicing rights | 1,483 | 1,983 | |
Goodwill | 9,233 | 9,218 | |
Other | [1] | 35,774 | 34,408 |
Total assets | 408,916 | 382,315 | |
Deposits | |||
Noninterest-bearing | 74,077 | 73,960 | |
Interest-bearing | 211,506 | 193,879 | |
Total deposits | 285,583 | 267,839 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 21,901 | 21,501 | |
Bank notes and senior debt | 27,148 | 25,018 | |
Subordinated debt | 5,473 | 5,895 | |
Other | [3] | 6,832 | 5,005 |
Total borrowed funds | 61,354 | 57,419 | |
Allowance for unfunded loan commitments and letters of credit | 304 | 285 | |
Accrued expenses and other liabilities | 12,220 | 9,002 | |
Total liabilities | 359,461 | 334,545 | |
Equity | |||
Common stock ($5 par value, Authorized 800 shares, issued 542 shares) | 2,711 | 2,711 | |
Capital surplus | 16,297 | 16,277 | |
Retained earnings | 41,413 | 38,919 | |
Accumulated other comprehensive income (loss) | 837 | (725) | |
Common stock held in treasury at cost: 103 and 85 shares | (11,838) | (9,454) | |
Total shareholders’ equity | 49,420 | 47,728 | |
Noncontrolling interests | 35 | 42 | |
Total equity | 49,455 | 47,770 | |
Total liabilities and equity | $ 408,916 | $ 382,315 | |
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . | ||
[2] | Amounts include our equity interest in BlackRock. | ||
[3] | Our consolidated liabilities at both September 30, 2019 and December 31, 2018 included Other borrowed funds of $.1 billion for which we have elected the fair value option. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Common stock, par value (in dollars per share) | $ 5 | $ 5 | |
Common stock, authorized (shares) | 800,000,000 | 800,000,000 | |
Common stock, issued (shares) | 542,000,000 | 542,000,000 | |
Common stock held in treasury at cost (shares) | 103,000,000 | 85,000,000 | |
Preferred stock (less than) | [1] | $ 0.5 | $ 0.5 |
Portion at Fair Value, Fair Value Disclosure | |||
Loans held for sale, fair value | 1,500 | 900 | |
Loans, fair value | 800 | 800 | |
Other assets, fair value | 100 | 200 | |
Other borrowed funds, fair value | $ 100 | $ 100 | |
[1] | Par value less than $.5 million at each date. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Operating Activities | ||
Net income | $ 4,037 | $ 3,995 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Provision for credit losses | 552 | 260 |
Depreciation and amortization | 904 | 839 |
Deferred income taxes | 83 | (116) |
Changes in fair value of mortgage servicing rights | 715 | (57) |
Undistributed earnings of BlackRock | (356) | (421) |
Net change in | ||
Trading securities and other short-term investments | 741 | 293 |
Loans held for sale | (882) | 910 |
Other assets | (2,086) | (2,194) |
Accrued expenses and other liabilities | 831 | 2,195 |
Other | (291) | (1) |
Net cash provided (used) by operating activities | 4,248 | 5,703 |
Sales | ||
Securities available for sale | 5,201 | 5,422 |
Loans | 1,237 | 1,180 |
Repayments/maturities | ||
Securities available for sale | 7,962 | 6,941 |
Securities held to maturity | 2,193 | 1,917 |
Purchases | ||
Securities available for sale | (17,179) | (17,635) |
Securities held to maturity | (1,739) | (3,072) |
Loans | (898) | (430) |
Net change in | ||
Federal funds sold and resale agreements | 3,192 | 313 |
Interest-earning deposits with banks | (8,143) | 8,795 |
Loans | (11,978) | (4,120) |
Other | (573) | (965) |
Net cash provided (used) by investing activities | (20,725) | (1,654) |
Net change in | ||
Noninterest-bearing deposits | 180 | (5,114) |
Interest-bearing deposits | 17,627 | 4,959 |
Federal funds purchased and repurchase agreements | 1,934 | 1,037 |
Federal Home Loan Bank borrowings | 1,400 | |
Commercial paper | (100) | |
Other borrowed funds | (77) | (109) |
Sales/issuances | ||
Federal Home Loan Bank borrowings | 12,000 | 6,500 |
Bank notes and senior debt | 6,930 | 3,238 |
Subordinated debt | 1,243 | |
Other borrowed funds | 929 | 400 |
Common and treasury stock | 73 | 61 |
Repayments/maturities | ||
Federal Home Loan Bank borrowings | (13,000) | (7,501) |
Bank notes and senior debt | (5,600) | (4,175) |
Subordinated debt | (700) | (575) |
Other borrowed funds | (963) | (429) |
Acquisition of treasury stock | (2,626) | (2,145) |
Preferred stock cash dividends paid | (181) | (181) |
Common stock cash dividends paid | (1,386) | (1,159) |
Net cash provided (used) by financing activities | 16,540 | (4,050) |
Net Increase (Decrease) In Cash And Due From Banks | 63 | (1) |
Cash and due from banks at beginning of period | 5,608 | 5,249 |
Cash and due from banks at end of period | 5,671 | 5,248 |
Supplemental Disclosures | ||
Interest paid | 2,915 | 1,881 |
Income taxes paid | 321 | 324 |
Income taxes refunded | 7 | 463 |
Leased assets obtained in exchange for new operating lease liabilities | 238 | |
Right-of-use assets recognized at adoption of ASU 2016-02 | 2,004 | |
Non-cash Investing and Financing Items | ||
Transfer from loans to loans held for sale, net | 771 | 359 |
Transfer from loans to foreclosed assets | 131 | 145 |
Transfer from trading securities to investment securities | $ 228 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. CCOUNTING P OLICIES Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2018 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2018 Form 10-K for a detailed description of significant accounting policies. There have been no significant changes to our accounting policies as disclosed in our 2018 Form 10-K, except for the adoption of the new leasing standard included in this Note 1 in the first quarter of 2019. These interim consolidated financial statements serve to update our 2018 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements and allowances for loan and lease losses and unfunded loan commitments and letters of credit. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Leases We provide financing for various types of equipment, including aircraft, energy and power systems, and vehicles through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased equipment, less unearned income. We recognize income over the term of the lease using the constant effective yield method. Direct financing lease residual values are reviewed for impairment in accordance with the Allowance for Loan and Lease (ALLL) processes. Gains or losses on the sale of leased assets are included in Other noninterest income while impairment on the net investment of leases is included in Provision for credit losses. We also enter into various lease arrangements, primarily involving real estate, and other equipment, as the lessee. For those classified as operating leases, we recognize a lease liability, representing the present value of the minimum lease payments, and a corresponding right of use (ROU) asset. On the consolidated balance sheet, the ROU asset and lease liability are included in Other assets and Other liabilities, respectively. When we adopted the Accounting Standards Update (ASU) 2016-02 - Leases as of January 1, 2019, we recognized lease liabilities and right-of-use assets of $2.1 billion and $2.0 billion , respectively. In addition, we recognized a one-time pretax adjustment of $83 million to retained earnings, related primarily to deferred gains on previous sale-leaseback transactions. See Note 16 Leases for additional information related to leases within the scope of ASC 842. |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | L OAN S ALE AND S ERVICING A CTIVITIES AND V ARIABLE I NTEREST E NTITIES Loan Sale and Servicing Activities As more fully described in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2018 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization special purpose entities (SPEs). We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 6 Fair Value and Note 7 Goodwill and Mortgage Servicing Rights for information on our servicing rights, including the carrying value of servicing assets. The following table provides cash flows associated with our loan sale and servicing activities: Table 33 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended September 30, 2019 Sales of loans (b) $ 1,296 $ 1,122 Repurchases of previously transferred loans (c) $ 81 Servicing fees (d) $ 90 $ 34 Servicing advances recovered/(funded), net $ 5 $ 45 Cash flows on mortgage-backed securities held (e) $ 1,394 $ 14 Cash Flows - Three months ended September 30, 2018 Sales of loans (b) $ 1,242 $ 953 Repurchases of previously transferred loans (c) $ 90 Servicing fees (d) $ 88 $ 34 Servicing advances recovered/(funded), net $ 2 $ 19 Cash flows on mortgage-backed securities held (e) $ 574 $ 51 Cash Flows - Nine months ended September 30, 2019 Sales of loans (b) $ 2,902 $ 2,212 Repurchases of previously transferred loans (c) $ 235 $ 4 Servicing fees (d) $ 264 $ 97 Servicing advances recovered/(funded), net $ 33 $ 61 Cash flows on mortgage-backed securities held (e) $ 2,653 $ 43 Cash Flows - Nine months ended September 30, 2018 Sales of loans (b) $ 3,486 $ 2,613 Repurchases of previously transferred loans (c) $ 286 Servicing fees (d) $ 269 $ 100 Servicing advances recovered/(funded), net $ 45 $ 24 Cash flows on mortgage-backed securities held (e) $ 1,445 $ 100 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. (e) Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $17.7 billion, $ 13.3 billion, and $ 13.0 billion in residential mortgage-backed securities and $.6 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at September 30, 2019 , December 31, 2018 , and September 30, 2018 , respectively. Table 34 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan's fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at September 30, 2019 . Table 34 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) September 30, 2019 Total principal balance $ 50,786 $ 50,723 Delinquent loans (b) $ 529 $ 64 December 31, 2018 Total principal balance $ 54,028 $ 47,969 Delinquent loans (b) $ 622 $ 234 Three months ended September 30, 2019 Net charge-offs (c) $ 8 $ 52 Three months ended September 30, 2018 Net charge-offs (c) $ 9 $ 117 Nine months ended September 30, 2019 Net charge-offs (c) $ 32 $ 348 Nine months ended September 30, 2018 Net charge-offs (c) $ 34 $ 169 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. Variable Interest Entities (VIEs) As discussed in Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in our 2018 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs. The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 35 where we have determined that our continuing involvement is not significant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 35 . These loans are included as part of the asset quality disclosures that we make in Note 3 Asset Quality . Table 35 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities September 30, 2019 Mortgage-backed securitizations (b) $ 19,084 $ 19,084 (c) Tax credit investments and other 3,077 3,048 (d) $ 1,111 (e) Total $ 22,161 $ 22,132 $ 1,111 December 31, 2018 Mortgage-backed securitizations (b) $ 14,266 $ 14,266 (c) Tax credit investments and other 2,949 2,911 (d) $ 806 (e) Total $ 17,215 $ 17,177 $ 806 (a) Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credits investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. We make certain equity investments in various tax credit limited partnerships or limited liability companies (LLCs). The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. During the nine months ended September 30, 2019 , we recognized $ 152 million of amortization, $ 165 million of tax credits and $ 35 million of other tax benefits associated with qualified investments in low income housing tax credits within Income taxes. The amounts for the third quarter of 2019 were $ 52 million, $ 54 million and $ 11 million, respectively. |
Asset Quality
Asset Quality | 9 Months Ended |
Sep. 30, 2019 | |
Asset Quality [Abstract] | |
Asset Quality | A SSET Q UALITY We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates may be a key indicator, among other considerations, of credit risk within the loan portfolios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Nonperforming assets include nonperforming loans and leases, other real estate owned (OREO) and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans as these loans are accounted for at fair value. However, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. Purchased impaired loans are excluded from nonperforming loans as we are currently accreting interest income over the expected life of the loans. See Note 1 Accounting Policies in our 2018 The following tables present the delinquency status of our loans and our nonperforming assets at September 30, 2019 and December 31, 2018 , respectively. Table 36 : Analysis of Loan Portfolio (a) Accruing Dollars in millions Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due (b) Nonperforming Loans Fair Value Option Nonaccrual Loans (c) Purchased Impaired Loans Total Loans (d) September 30, 2019 Commercial Lending Commercial $ 123,328 $ 82 $ 49 $ 64 $ 195 $ 491 $ 124,014 Commercial real estate 28,803 3 3 6 75 28,884 Equipment lease financing 7,270 6 4 10 10 7,290 Total commercial lending 159,401 91 56 64 211 576 160,188 Consumer Lending Home equity 23,631 53 24 77 685 $ 578 24,971 Residential real estate 18,867 129 77 302 508 (b) 325 $ 166 1,216 21,082 Automobile 15,684 145 36 11 192 128 16,004 Credit card 6,660 56 33 57 146 9 6,815 Education 3,280 56 35 90 181 (b) 3,461 Other consumer 4,818 17 8 8 33 5 4,856 Total consumer lending 72,940 456 213 468 1,137 1,152 166 1,794 77,189 Total $ 232,341 $ 547 $ 269 $ 532 $ 1,348 $ 1,728 $ 166 $ 1,794 $ 237,377 Percentage of total loans 97.88 % .23 % .11 % .22 % .56 % .73 % .07 % .76 % 100.00 % December 31, 2018 Commercial Lending Commercial $ 116,300 $ 82 $ 54 $ 52 $ 188 $ 346 $ 116,834 Commercial real estate 28,056 6 3 9 75 28,140 Equipment lease financing 7,229 56 12 68 11 7,308 Total commercial lending 151,585 144 69 52 265 432 152,282 Consumer Lending Home equity 24,556 66 25 91 797 $ 679 26,123 Residential real estate 16,216 135 73 363 571 (b) 350 $ 182 1,338 18,657 Automobile 14,165 113 29 12 154 100 14,419 Credit card 6,222 46 29 53 128 7 6,357 Education 3,571 69 41 141 251 (b) 3,822 Other consumer 4,552 12 5 8 25 8 4,585 Total consumer lending 69,282 441 202 577 1,220 1,262 182 2,017 73,963 Total $ 220,867 $ 585 $ 271 $ 629 $ 1,485 $ 1,694 $ 182 $ 2,017 $ 226,245 Percentage of total loans 97.62 % .26 % .12 % .28 % .66 % .75 % .08 % .89 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment does not include any associated valuation allowance. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate mortgages totaling $ .4 billion and $ .5 billion at September 30, 2019 and December 31, 2018 , respectively, and Education loans totaling $ .2 billion at both September 30, 2019 and December 31, 2018 . (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $1.2 billion at both September 30, 2019 December 31, 2018 . At September 30, 2019 , we pledged $ 16.2 billion of commercial loans to the Federal Reserve Bank and $ 66.7 billion of residential real estate and other loans to the Federal Home Loan Bank as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2018 were $17.3 billion and $63.2 billion , respectively. Amounts pledged reflect the unpaid principal balances. Table 37 : Nonperforming Assets Dollars in millions September 30 December 31 Nonperforming loans Total commercial lending $ 576 $ 432 Total consumer lending (a) 1,152 1,262 Total nonperforming loans 1,728 1,694 OREO and foreclosed assets 119 114 Total nonperforming assets $ 1,847 $ 1,808 Nonperforming loans to total loans .73 % .75 % Nonperforming assets to total loans, OREO and foreclosed assets .78 % .80 % Nonperforming assets to total assets .45 % .47 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. Nonperforming loans also include certain loans whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. In accordance with applicable accounting guidance, these loans are considered troubled debt restructurings (TDRs). See Note 1 Accounting Policies in our 2018 Form 10-K and the TDR section of this Note 3 for additional information on TDRs. Total nonperforming loans in Table 37 include TDRs of $.9 billion at both September 30, 2019 and December 31, 2018 . TDRs that are performing, including consumer credit card TDR loans, totaled $.9 billion and $1.0 billion at September 30, 2019 and December 31, 2018 , respectively, and are excluded from nonperforming loans. Additional Asset Quality Indicators We have two portfolio segments – Commercial Lending and Consumer Lending. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes and the manner in which we monitor and assess credit risk. The Commercial Lending segment is composed of the commercial, commercial real estate and equipment lease financing loan classes. The Consumer Lending segment is composed of the home equity, residential real estate, automobile, credit card, education and other consumer loan classes. Commercial Lending Loan Classes The following table presents asset quality indicators for the Commercial Lending loan classes. See Note 3 Asset Quality in our 2018 Form 10-K for additional information related to our Commercial Lending loan classes, including discussion around the asset quality indicators that we use to monitor and manage the credit risk associated with each loan class. Table 38 : Commercial Lending Asset Quality Indicators (a) In millions Pass Rated Criticized Total Loans September 30, 2019 Commercial $ 118,316 $ 5,698 $ 124,014 Commercial real estate 28,050 834 28,884 Equipment lease financing 7,065 225 7,290 Total commercial lending $ 153,431 $ 6,757 $ 160,188 December 31, 2018 Commercial $ 111,276 $ 5,558 $ 116,834 Commercial real estate 27,682 458 28,140 Equipment lease financing 7,180 128 7,308 Total commercial lending $ 146,138 $ 6,144 $ 152,282 (a) Loans are classified as Pass Rated and Criticized based on the Regulatory classification definitions. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of September 30, 2019 and December 31, 2018. We use probability of default and loss given default to rate loans in the commercial lending portfolio. Consumer Lending Loan Classes See Note 3 Asset Quality in our 2018 Form 10-K for additional information related to our Consumer Lending loan classes, including discussion around the asset quality indicators that we use to monitor and manage the credit risk associated with each loan class. Home Equity and Residential Real Estate Loan Classes Table 39 : Asset Quality Indicators for Home Equity and Residential Real Estate Loans September 30, 2019 December 31, 2018 Home equity Residential real estate Home equity Residential real estate In millions Current estimated LTV ratios Greater than or equal to 125% $ 382 $ 123 $ 461 $ 116 Greater than or equal to 100% to less than 125% 911 228 1,020 255 Greater than or equal to 90% to less than 100% 1,096 340 1,174 335 Less than 90% 21,821 18,384 22,644 15,922 No LTV ratio available 183 218 145 6 Government insured or guaranteed loans 573 685 Purchased impaired loans 578 1,216 679 1,338 Total loans $ 24,971 $ 21,082 $ 26,123 $ 18,657 Updated FICO Scores Greater than 660 $ 22,066 $ 18,455 $ 22,996 $ 15,956 Less than or equal to 660 2,045 547 2,210 585 No FICO score available 282 291 238 93 Government insured or guaranteed loans 573 685 Purchased impaired loans 578 1,216 679 1,338 Total loans $ 24,971 $ 21,082 $ 26,123 $ 18,657 Automobile, Credit Card, Education and Other Consumer Loan Classes The following table presents asset quality indicators for the automobile, credit card, education and other consumer loan classes. Table 40 : Asset Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loans Dollars in millions Automobile Credit Card Education Other Consumer September 30, 2019 FICO score greater than 719 $ 8,444 $ 3,989 $ 1,184 $ 1,452 650 to 719 4,845 1,955 185 755 620 to 649 1,152 325 22 122 Less than 620 1,240 376 22 107 No FICO score available or required (a) 323 170 42 27 Total loans using FICO credit metric 16,004 6,815 1,455 2,463 Consumer loans using other internal credit metrics 2,006 2,393 Total loans $ 16,004 $ 6,815 $ 3,461 $ 4,856 Weighted-average updated FICO score (b) 724 731 775 731 December 31, 2018 FICO score greater than 719 $ 7,740 $ 3,809 $ 1,240 $ 1,280 650 to 719 4,365 1,759 194 641 620 to 649 1,007 280 26 106 Less than 620 1,027 332 24 105 No FICO score available or required (a) 280 177 57 25 Total loans using FICO credit metric 14,419 6,357 1,541 2,157 Consumer loans using other internal credit metrics 2,281 2,428 Total loans $ 14,419 $ 6,357 $ 3,822 $ 4,585 Weighted-average updated FICO score (b) 726 733 774 732 (a) Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. (b) Weighted-average updated FICO score excludes accounts with no FICO score available or required. Troubled Debt Restructurings (TDRs) Table 41 quantifies the number of loans that were classified as TDRs, as well as the change in the loans’ recorded investment as a result of becoming a TDR during the three and nine months ended September 30, 2019 and September 30, 2018 . Additionally, the table provides information about the types of TDR concessions. See Note 3 Asset Quality in our 2018 Form 10-K for additional discussion of TDRs. Table 41 : Financial Impact and TDRs by Concession Type (a) Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the three months ended September 30, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 21 $ 97 $ 72 $ 72 Total consumer lending 3,656 45 $ 24 19 43 Total TDRs 3,677 $ 142 $ 24 $ 91 $ 115 During the three months ended September 30, 2018 Total commercial lending 18 $ 115 $ 2 $ 24 $ 81 $ 107 Total consumer lending 3,147 45 19 23 42 Total TDRs 3,165 $ 160 $ 2 $ 43 $ 104 $ 149 Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the nine months ended September 30, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 58 $ 233 $ 1 $ 208 $ 209 Total consumer lending 11,009 131 72 51 123 Total TDRs 11,067 $ 364 $ 73 $ 259 $ 332 During the nine months ended September 30, 2018 Total commercial lending 65 $ 145 $ 2 $ 26 $ 105 $ 133 Total consumer lending 9,015 129 1 66 52 119 Total TDRs 9,080 $ 274 $ 3 $ 92 $ 157 $ 252 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the end of the quarter in which the TDR occurs, and excludes immaterial amounts of accrued interest receivable. After a loan is determined to be a TDR, we continue to track its performance under its most recent restructured terms. We consider a TDR to have subsequently defaulted when it becomes 60 days past due after the most recent date the loan was restructured. The recorded investment of loans that were both (i) classified as TDRs or were subsequently modified during each 12-month period preceding January 1, 2019 and January 1, 2018, respectively, and (ii) subsequently defaulted during three and nine months ended September 30, 2019 totaled $42 million and $68 million , respectively. The comparable amounts for the three and nine months ended September 30, 2018 totaled $19 million and $44 million , respectively. Impaired Loans Impaired loans include commercial and consumer nonperforming loans and TDRs, regardless of nonperforming status. TDRs that were previously recorded at amortized cost and are now classified and accounted for as held for sale are also included. Excluded from impaired loans are nonperforming leases, loans accounted for as held for sale other than the TDRs described in the preceding sentence, loans accounted for under the fair value option, smaller balance homogeneous type loans and purchased impaired loans. We did not recognize any interest income on impaired loans that have not returned to performing status, while they were impaired during the nine months ended September 30, 2019 and September 30, 2018 . Table 42 provides further detail on impaired loans individually evaluated for impairment and the associated ALLL. Certain commercial and consumer impaired loans do not have a related ALLL as the valuation of these impaired loans exceeded the recorded investment. Table 42 : Impaired Loans In millions Unpaid Principal Balance Recorded Investment Associated Allowance Average Recorded Investment (a) September 30, 2019 Impaired loans with an associated allowance Total commercial lending $ 491 $ 375 $ 81 $ 367 Total consumer lending 734 697 95 775 Total impaired loans with an associated allowance 1,225 1,072 176 1,142 Impaired loans without an associated allowance Total commercial lending 360 310 297 Total consumer lending 1,045 646 620 Total impaired loans without an associated allowance 1,405 956 917 Total impaired loans $ 2,630 $ 2,028 $ 176 $ 2,059 December 31, 2018 Impaired loans with an associated allowance Total commercial lending $ 440 $ 315 $ 73 $ 349 Total consumer lending 863 817 136 904 Total impaired loans with an associated allowance 1,303 1,132 209 1,253 Impaired loans without an associated allowance Total commercial lending 413 326 294 Total consumer lending 1,042 625 645 Total impaired loans without an associated allowance 1,455 951 939 Total impaired loans $ 2,758 $ 2,083 $ 209 $ 2,192 (a) Average recorded investment is for the nine months ended September 30, 2019 and the year ended December 31, 2018 , respectively. |
Allowances for Loan and Lease L
Allowances for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2019 | |
Allowance For Loan And Lease Losses [Abstract] | |
Allowance for Loan and Lease Losses | A LLOWANCE FOR L OAN AND L EASE L OSSES We maintain the ALLL at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date. We have two portfolio segments – Commercial Lending and Consumer Lending, and develop and document the ALLL under separate methodologies for each of these portfolio segments. See Note 1 Accounting Policies in our 2018 Form 10-K for a description of the accounting policies for the ALLL. A rollforward of the ALLL and associated loan data follows: Table 43 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data 2019 2018 At or for the nine months ended September 30 Dollars in millions Commercial Lending Consumer Lending Total Commercial Lending Consumer Lending Total Allowance for Loan and Lease Losses January 1 $ 1,663 $ 966 $ 2,629 $ 1,582 $ 1,029 $ 2,611 Charge-offs (138 ) (545 ) (683 ) (92 ) (472 ) (564 ) Recoveries 59 191 250 74 177 251 Net (charge-offs) (79 ) (354 ) (433 ) (18 ) (295 ) (313 ) Provision for credit losses 247 305 552 48 212 260 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit (20 ) 1 (19 ) 7 2 9 Other 9 9 (1 ) 18 17 September 30 $ 1,811 $ 927 $ 2,738 $ 1,618 $ 966 $ 2,584 TDRs individually evaluated for impairment $ 34 $ 95 $ 129 $ 28 $ 145 $ 173 Other loans individually evaluated for impairment 47 47 37 37 Loans collectively evaluated for impairment 1,730 554 2,284 1,553 547 2,100 Purchased impaired loans 278 278 274 274 September 30 $ 1,811 $ 927 $ 2,738 $ 1,618 $ 966 $ 2,584 Loan Portfolio TDRs individually evaluated for impairment $ 420 $ 1,343 $ 1,763 $ 389 $ 1,497 $ 1,886 Other loans individually evaluated for impairment 265 265 206 206 Loans collectively evaluated for impairment 159,503 73,298 232,801 148,853 69,253 218,106 Fair value option loans (a) 754 754 753 753 Purchased impaired loans 1,794 1,794 2,102 2,102 September 30 $ 160,188 $ 77,189 $ 237,377 $ 149,448 $ 73,605 $ 223,053 Portfolio segment ALLL as a percentage of total ALLL 66 % 34 % 100 % 63 % 37 % 100 % Ratio of ALLL to total loans 1.13 % 1.20 % 1.15 % 1.08 % 1.31 % 1.16 % (a) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | I NVESTMENT S ECURITIES Table 44 : Investment Securities Summary September 30, 2019 December 31, 2018 In millions Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 17,597 $ 420 $ (12 ) $ 18,005 $ 18,104 $ 133 $ (137 ) $ 18,100 Residential mortgage-backed Agency 34,130 506 (56 ) 34,580 29,413 104 (524 ) 28,993 Non-agency 1,626 308 (3 ) 1,931 1,924 300 (13 ) 2,211 Commercial mortgage-backed Agency 2,909 54 (24 ) 2,939 2,630 13 (66 ) 2,577 Non-agency 3,209 41 (4 ) 3,246 2,689 5 (37 ) 2,657 Asset-backed 5,256 89 (6 ) 5,339 4,933 59 (20 ) 4,972 Other 2,892 126 (1 ) 3,017 3,821 96 (38 ) 3,879 Total securities available for sale $ 67,619 $ 1,544 $ (106 ) $ 69,057 $ 63,514 $ 710 $ (835 ) $ 63,389 Securities Held to Maturity U.S. Treasury and government agencies $ 772 $ 75 $ 847 $ 758 $ 28 $ (23 ) $ 763 Residential mortgage-backed Agency 15,527 257 $ (34 ) 15,750 15,740 32 (358 ) 15,414 Non-agency 140 7 147 152 2 154 Commercial mortgage-backed Agency 89 3 92 143 1 (1 ) 143 Non-agency 449 6 455 488 1 (1 ) 488 Asset-backed 54 1 55 182 1 183 Other 1,795 85 (16 ) 1,864 1,849 53 (28 ) 1,874 Total securities held to maturity $ 18,826 $ 434 $ (50 ) $ 19,210 $ 19,312 $ 118 $ (411 ) $ 19,019 The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the securities available for sale portfolio are included in Shareholders’ equity as accumulated other comprehensive income (AOCI), unless credit-related. Securities held to maturity are carried at amortized cost. Investment securities at September 30, 2019 included $280 million of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. At September 30, 2019 , AOCI included pretax gains of $28 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The gains will be accreted into interest income as an adjustment of yield on the securities. Table 45 presents gross unrealized losses and fair value of debt securities at September 30, 2019 and December 31, 2018 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and twelve months or more based on the point in time that the fair value declined below the amortized cost basis. The table includes debt securities where a portion of other than temporary impairment (OTTI) has been recognized in AOCI. Table 45 : Gross Unrealized Loss and Fair Value of Securities Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total In millions Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value September 30, 2019 Securities Available for Sale U.S. Treasury and government agencies $ (11 ) $ 2,300 $ (1 ) $ 248 $ (12 ) $ 2,548 Residential mortgage-backed Agency (5 ) 1,329 (51 ) 5,471 (56 ) 6,800 Non-agency (3 ) 242 (3 ) 242 Commercial mortgage-backed Agency (24 ) 1,121 (24 ) 1,121 Non-agency (1 ) 413 (3 ) 217 (4 ) 630 Asset-backed (2 ) 464 (4 ) 794 (6 ) 1,258 Other (1 ) 503 (1 ) 503 Total securities available for sale $ (19 ) $ 4,506 $ (87 ) $ 8,596 $ (106 ) $ 13,102 Securities Held to Maturity Residential mortgage-backed - Agency $ (34 ) $ 3,709 $ (34 ) $ 3,709 Other $ (1 ) $ 27 (15 ) 119 (16 ) 146 Total securities held to maturity $ (1 ) $ 27 $ (49 ) $ 3,828 $ (50 ) $ 3,855 December 31, 2018 Securities Available for Sale U.S. Treasury and government agencies $ (21 ) $ 4,125 $ (116 ) $ 5,423 $ (137 ) $ 9,548 Residential mortgage-backed Agency (57 ) 4,823 (467 ) 13,830 (524 ) 18,653 Non-agency (1 ) 74 (12 ) 310 (13 ) 384 Commercial mortgage-backed Agency (1 ) 65 (65 ) 1,516 (66 ) 1,581 Non-agency (23 ) 1,809 (14 ) 498 (37 ) 2,307 Asset-backed (11 ) 2,149 (9 ) 1,032 (20 ) 3,181 Other (12 ) 868 (26 ) 1,293 (38 ) 2,161 Total securities available for sale $ (126 ) $ 13,913 $ (709 ) $ 23,902 $ (835 ) $ 37,815 Securities Held to Maturity U.S. Treasury and government agencies $ (23 ) $ 446 $ (23 ) $ 446 Residential mortgage-backed - Agency $ (58 ) $ 4,191 (300 ) 7,921 (358 ) 12,112 Commercial mortgage-backed Agency (1 ) 88 (1 ) 88 Non-agency (1 ) 152 (1 ) 152 Other (2 ) 75 (26 ) 123 (28 ) 198 Total securities held to maturity $ (62 ) $ 4,506 $ (349 ) $ 8,490 $ (411 ) $ 12,996 Evaluating Investment Securities for OTTI For the securities in Table 45 , as of September 30, 2019 we do not intend to sell and believe we will not be required to sell the securities prior to recovery of the amortized cost basis. On at least a quarterly basis, we review all debt securities that are in an unrealized loss position for OTTI, as discussed in Note 1 Accounting Policies of our 2018 Form 10-K. For those securities on our Consolidated Balance Sheet at September 30, 2019 , where during our quarterly security-level impairment assessments we determined losses represented OTTI, we have recorded cumulative credit losses of $1.1 billion in earnings and accordingly have reduced the amortized cost of our securities. The majority of these cumulative impairment charges related to non-agency residential mortgage-backed and asset-backed securities rated BB or lower. During the first nine months of 2019 and 2018 , the OTTI credit losses recognized in noninterest income and the OTTI noncredit losses recognized in AOCI on securities were not significant. Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table. Table 46 : Gains (Losses) on Sales of Securities Available for Sale Nine months ended September 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2019 $ 57 $ (21 ) $ 36 $ 8 2018 $ 43 $ (48 ) $ (5 ) $ (1 ) The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2019 . Table 47 : Contractual Maturity of Securities September 30, 2019 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Securities Available for Sale U.S. Treasury and government agencies $ 2,456 $ 11,133 $ 3,111 $ 897 $ 17,597 Residential mortgage-backed Agency 61 1,149 32,920 34,130 Non-agency 1,626 1,626 Commercial mortgage-backed Agency 17 610 292 1,990 2,909 Non-agency 331 2,878 3,209 Asset-backed 34 2,350 1,652 1,220 5,256 Other 286 1,421 436 749 2,892 Total securities available for sale at amortized cost $ 2,793 $ 15,575 $ 6,971 $ 42,280 $ 67,619 Fair value $ 2,811 $ 15,754 $ 7,163 $ 43,329 $ 69,057 Weighted-average yield, GAAP basis 2.64 % 2.27 % 2.84 % 3.30 % 2.98 % Securities Held to Maturity U.S. Treasury and government agencies $ 198 $ 297 $ 277 $ 772 Residential mortgage-backed Agency 59 500 14,968 15,527 Non-agency 140 140 Commercial mortgage-backed Agency 40 49 89 Non-agency 449 449 Asset-backed 6 20 28 54 Other $ 37 732 664 362 1,795 Total securities held to maturity at amortized cost $ 37 $ 1,035 $ 1,481 $ 16,273 $ 18,826 Fair value $ 37 $ 1,070 $ 1,573 $ 16,530 $ 19,210 Weighted-average yield, GAAP basis 3.92 % 3.56 % 3.56 % 3.33 % 3.36 % Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At September 30, 2019 , there were no securities of a single issuer, other than the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corp (FHLMC), that exceeded 10% of Total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $40.4 billion and $6.4 billion and fair value of $41.0 billion and $6.5 billion The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 48 : Fair Value of Securities Pledged and Accepted as Collateral In millions September 30 December 31 Pledged to others $ 12,666 $ 7,597 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 3,980 $ 6,905 Permitted amount repledged to others $ 702 $ 923 (a) Includes $3.3 billion and $6.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged at September 30, 2019 and December 31, 2018, respectively. The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value | F AIR V ALUE Fair Value Measurement We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date, determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 6 Fair Value in our 2018 Form 10-K. Assets and Liabilities Measured at Fair Value on a Recurring Basis For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 6 Fair Value in our 2018 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option. Table 49 : Fair Value Measurements – Recurring Basis Summary September 30, 2019 December 31, 2018 In millions Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets Residential mortgage loans held for sale $ 781 $ 4 $ 785 $ 493 $ 2 $ 495 Commercial mortgage loans held for sale 678 72 750 309 87 396 Securities available for sale U.S. Treasury and government agencies $ 17,725 280 18,005 $ 17,753 347 18,100 Residential mortgage-backed Agency 34,580 34,580 28,993 28,993 Non-agency 78 1,853 1,931 83 2,128 2,211 Commercial mortgage-backed Agency 2,939 2,939 2,577 2,577 Non-agency 3,246 3,246 2,657 2,657 Asset-backed 5,087 252 5,339 4,698 274 4,972 Other 2,940 77 3,017 3,795 84 3,879 Total securities available for sale 17,725 49,150 2,182 69,057 17,753 43,150 2,486 63,389 Loans 425 329 754 510 272 782 Equity investments (a) 590 1,390 2,177 751 1,255 2,209 Residential mortgage servicing rights 888 888 1,257 1,257 Commercial mortgage servicing rights 595 595 726 726 Trading securities (b) 854 2,243 3,097 2,137 1,777 2 3,916 Financial derivatives (b) (c) 2 4,546 90 4,638 3 2,053 25 2,081 Other assets 323 129 452 291 157 45 493 Total assets $ 19,494 $ 57,952 $ 5,550 $ 83,193 $ 20,935 $ 48,449 $ 6,157 $ 75,744 Liabilities Other borrowed funds $ 723 $ 91 $ 6 $ 820 $ 868 $ 132 $ 7 $ 1,007 Financial derivatives (c) (d) 3 2,123 206 2,332 1 2,021 268 2,290 Other liabilities 105 105 58 58 Total liabilities $ 726 $ 2,214 $ 317 $ 3,257 $ 869 $ 2,153 $ 333 $ 3,355 (a) Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at September 30, 2019 and December 31, 2018 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 9 Financial Derivatives for additional information related to derivative offsetting. (d) Included in Other liabilities on the Consolidated Balance Sheet. Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2019 and 2018 follow: Table 50 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended September 30, 2019 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value June 30, 2019 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 3 $ (1 ) $ 8 $ (8 ) $ 4 Commercial mortgage 73 (1 ) 72 Securities available for sale Residential mortgage- 1,976 $ 23 $ (3 ) (143 ) 1,853 Asset-backed 261 2 1 (12 ) 252 Other 80 1 (3 ) 5 (6 ) 77 Total securities 2,317 26 (6 ) 6 (161 ) 2,182 Loans 259 5 93 $ (7 ) $ 1 (14 ) 2 (10 ) 329 $ 4 Equity investments 1,323 48 65 (46 ) 1,390 50 Residential mortgage 997 (100 ) 22 9 (40 ) 888 (97 ) Commercial mortgage 630 (38 ) 25 13 (35 ) 595 (38 ) Trading securities Financial derivatives 86 17 6 (19 ) 90 16 Other assets Total assets $ 5,687 $ (42 ) $ (6 ) $ 220 $ (53 ) $ 23 $ (271 ) $ 10 $ (18 ) $ 5,550 $ (65 ) Liabilities Other borrowed funds $ 5 $ 13 $ (12 ) $ 6 Financial derivatives 221 $ 8 $ 4 (27 ) 206 $ 13 Other liabilities 78 14 $ 16 13 (16 ) 105 8 Total liabilities $ 304 $ 22 $ 16 $ 4 $ 26 $ (55 ) $ 317 $ 21 Net gains (losses) $ (64 ) (c) $ (86 ) (d) Three Months Ended September 30, 2018 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2018 Level 3 Instruments Only Fair Value June 30, 2018 Included in Earnings Included in Other comprehensive income Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Sept. 30, 2018 Assets Residential mortgage loans $ 4 $ 2 $ (1 ) $ 5 $ (7 ) $ 3 Commercial mortgage 91 $ 1 $ (3 ) 89 Securities available for sale Residential mortgage- 2,405 18 $ (1 ) (154 ) 2,268 Asset-backed 308 2 (3 ) (14 ) 293 Other 91 1 2 (5 ) 89 Total securities 2,804 20 (3 ) 2 (168 ) (5 ) 2,650 Loans 282 4 25 (18 ) (1 ) 8 (19 ) 281 Equity investments 1,167 81 52 (258 ) 1,042 $ 18 Residential mortgage 1,297 41 66 $ 12 (46 ) 1,370 41 Commercial mortgage 748 23 16 16 (37 ) 766 23 Trading securities 2 2 Financial derivatives 16 9 (17 ) 8 11 Other assets 63 (3 ) (2 ) 58 (3 ) Total assets $ 6,474 $ 176 $ (3 ) $ 163 $ (277 ) $ 28 $ (274 ) $ 13 $ (31 ) $ 6,269 $ 90 Liabilities Other borrowed funds $ 7 $ 18 $ (16 ) $ 9 Financial derivatives 384 $ 26 $ 5 (73 ) 342 $ 32 Other liabilities 47 4 58 (54 ) 55 Total liabilities $ 438 $ 30 $ 5 $ 76 $ (143 ) $ 406 $ 32 Net gains (losses) $ 146 (c) $ 58 (d) (continued on following page) Nine Months Ended September 30, 2019 Total realized / unrealized Unrealized gains / losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 (a) (b) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 5 $ (1 ) $ (1 ) $ 12 $ (13 ) $ 4 Commercial mortgage 87 $ 2 (17 ) 72 $ 2 Securities available for sale Residential mortgage- 2,128 59 $ 18 (352 ) 1,853 Asset-backed 274 4 6 1 (33 ) 252 Other 84 1 (4 ) 8 (3 ) (9 ) 77 Total securities 2,486 64 20 9 (3 ) (394 ) 2,182 Loans 272 10 126 (18 ) (39 ) 5 (27 ) 329 6 Equity investments 1,255 104 260 (229 ) 1,390 53 Residential mortgage 1,257 (362 ) 87 $ 23 (117 ) 888 (353 ) Commercial mortgage 726 (126 ) 76 29 (110 ) 595 (126 ) Trading securities 2 (2 ) Financial derivatives 25 104 6 (45 ) 90 100 Other assets 45 (45 ) Total assets $ 6,157 $ (204 ) $ 20 $ 569 $ (251 ) $ 52 $ (770 ) $ 17 $ (40 ) $ 5,550 $ (318 ) Liabilities Other borrowed funds $ 7 $ 39 $ (40 ) $ 6 Financial derivatives 268 $ 58 $ 5 (125 ) 206 $ 65 Other liabilities 58 34 $ 16 2 66 (71 ) 105 20 Total liabilities $ 333 $ 92 $ 16 $ 7 $ 105 $ (236 ) $ 317 $ 85 Net gains (losses) $ (296 ) (c) $ (403 ) (d) Nine Months Ended September 30, 2018 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2018 (a) (b) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2018 Assets Residential mortgage loans $ 3 $ 4 $ (2 ) $ 10 $ (12 ) $ 3 Commercial mortgage 107 $ (18 ) 89 Securities available for sale Residential mortgage- 2,661 $ 38 $ 7 (438 ) 2,268 Asset-backed 332 2 1 (42 ) 293 Other 87 5 8 6 (12 ) (5 ) 89 Total securities 3,080 45 16 6 (492 ) (5 ) 2,650 Loans 298 9 80 (27 ) (44 ) 8 (43 ) 281 $ 1 Equity investments 1,036 169 213 (376 ) 1,042 77 Residential mortgage 1,164 188 113 $ 35 (130 ) 1,370 180 Commercial mortgage 668 104 60 39 (105 ) 766 104 Trading securities 2 2 Financial derivatives 10 33 2 (37 ) 8 37 Other assets 107 (5 ) (44 ) 58 (5 ) Total assets $ 6,475 $ 543 $ 16 $ 478 $ (405 ) $ 74 $ (870 ) $ 18 $ (60 ) $ 6,269 $ 394 Liabilities Other borrowed funds $ 11 $ 50 $ (52 ) $ 9 Financial derivatives 487 $ 3 $ 10 (158 ) 342 $ 5 Other liabilities 33 9 $ 12 92 (91 ) 55 8 Total liabilities $ 531 $ 12 $ 12 $ 10 $ 142 $ (301 ) $ 406 $ 13 Net gains (losses) $ 531 (c) $ 381 (d) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (c) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (d) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels. Our policy is to recognize transfers in and transfers out as of the end of the reporting period. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 51 : Fair Value Measurements – Recurring Quantitative Information September 30, 2019 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 72 Discounted cash flow Spread over the benchmark curve (a) 530bps - 2,535bps (1,603bps) Residential mortgage-backed 1,853 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (10.2%) Constant default rate 0.0% - 13.4% (4.6%) Loss severity 25.0% - 95.7% (52.3%) Spread over the benchmark curve (a) 194bps weighted-average Asset-backed securities 252 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 21.0% (7.5%) Constant default rate 1.0% - 7.2% (3.6%) Loss severity 20.0% - 100.0% (59.7%) Spread over the benchmark curve (a) 214bps weighted-average Loans 209 Consensus pricing (b) Cumulative default rate 3.6% - 100.0% (75.9%) Loss severity 0.0% - 100.0% (15.1%) Discount rate 5.0% - 8.0% (5.2%) 74 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.9% weighted-average 46 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (63.0%) Equity investments 1,390 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.7x) Residential mortgage servicing rights 888 Discounted cash flow Constant prepayment rate 0.0% - 56.9% (17.4%) Spread over the benchmark curve (a) 173bps - 1,445bps (773bps) Commercial mortgage servicing rights 595 Discounted cash flow Constant prepayment rate 3.5% - 21.8% (4.6%) Discount rate 5.2% - 8.1% (7.9%) Financial derivatives - Swaps related to (186 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q4 2020 Insignificant Level 3 assets, net of 40 Total Level 3 assets, net of liabilities (d) $ 5,233 December 31, 2018 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 87 Discounted cash flow Spread over the benchmark curve (a) 535bps - 1,900bps (1,217bps) Residential mortgage-backed 2,128 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 33.0% (11.8%) Constant default rate 0.0% - 18.8% (5.1%) Loss severity 10.0% - 100.0% (50.8%) Spread over the benchmark curve (a) 216bps weighted-average Asset-backed securities 274 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 19.0% (8.5%) Constant default rate 1.0% - 18.5% (4.0%) Loss severity 15.0% - 100.0% (63.8%) Spread over the benchmark curve (a) 198bps weighted-average Loans 129 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (81.8%) Loss severity 0.0% - 100.0% (17.2%) Discount rate 5.5% - 8.3% (5.8%) 90 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 5.8% weighted-average 53 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.3%) Equity investments 1,255 Multiple of adjusted earnings Multiple of earnings 4.5x - 16.0x (8.4x) Residential mortgage servicing rights 1,257 Discounted cash flow Constant prepayment rate 0.0% - 54.5% (8.7%) Spread over the benchmark curve (a) 492bps - 1,455bps (806bps) Commercial mortgage servicing rights 726 Discounted cash flow Constant prepayment rate 4.6% - 14.7% (5.7%) Discount rate 6.9% - 8.5% (8.4%) Financial derivatives - Swaps related to (210 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 163.0% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q4 2020 Insignificant Level 3 assets, net of 35 Total Level 3 assets, net of liabilities (d) $ 5,824 (a) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (b) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (d) Consisted of total Level 3 assets of $ 5.5 billion and total Level 3 liabilities of $.3 billion as of September 30, 2019 and $6.1 billion and $.3 billion as of December 31, 2018 , respectively. Financial Assets Accounted for at Fair Value on a Nonrecurring Basis We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 52 . For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 6 Fair Value in our 2018 Form 10-K. Table 52 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended Gains (Losses) In millions September 30 December 31 September 30 September 30 September 30 September 30 Assets Nonaccrual loans $ 166 $ 128 $ (22 ) $ (11 ) $ (55 ) $ (14 ) OREO and foreclosed assets 46 59 (2 ) (2 ) (6 ) (2 ) Long-lived assets 3 11 (1 ) (1 ) — (1 ) Total assets $ 215 $ 198 $ (25 ) $ (14 ) $ (61 ) $ (17 ) (a) All Level 3 for the periods presented. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. Financial Instruments Accounted for under Fair Value Option We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 6 Fair Value in our 2018 Form 10-K. Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 53 : Fair Value Option – Fair Value and Principal Balances September 30, 2019 December 31, 2018 In millions Fair Value Aggregate Unpaid Principal Balance Difference Fair Value Aggregate Unpaid Principal Balance Difference Assets Residential mortgage loans held for sale Performing loans $ 780 $ 759 $ 21 $ 489 $ 472 $ 17 Accruing loans 90 days or more past due 1 1 2 2 Nonaccrual loans 4 4 4 4 Total $ 785 $ 764 $ 21 $ 495 $ 478 $ 17 Commercial mortgage loans held for sale (a) Performing loans $ 749 $ 751 $ (2 ) $ 396 $ 411 $ (15 ) Nonaccrual loans 1 2 (1 ) Total $ 750 $ 753 $ (3 ) $ 396 $ 411 $ (15 ) Residential mortgage loans Performing loans $ 318 $ 333 $ (15 ) $ 279 $ 298 $ (19 ) Accruing loans 90 days or more past due 270 281 (11 ) 321 329 (8 ) Nonaccrual loans 166 266 (100 ) 182 292 (110 ) Total $ 754 $ 880 $ (126 ) $ 782 $ 919 $ (137 ) Other assets $ 128 $ 121 $ 7 $ 156 $ 176 $ (20 ) Liabilities Other borrowed funds $ 54 $ 55 $ (1 ) $ 64 $ 65 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at September 30, 2019 or December 31, 2018 . The changes in fair value for items for which we elected the fair value option are as follows: Table 54 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Nine months ended September 30 September 30 September 30 September 30 In millions 2019 2018 2019 2018 Assets Residential mortgage loans held for sale $ 29 $ 13 $ 63 $ 25 Commercial mortgage loans held for sale $ 25 $ 16 $ 48 $ 41 Residential mortgage loans $ 7 $ 7 $ 16 $ 17 Other assets $ 3 $ (1 ) $ 24 $ (11 ) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of September 30, 2019 and December 31, 2018 . For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 55 , see Note 6 Fair Value in our 2018 Form 10-K. Table 55 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 September 30, 2019 Assets Cash and due from banks $ 5,671 $ 5,671 $ 5,671 Interest-earning deposits with banks 19,036 19,036 $ 19,036 Securities held to maturity 18,826 19,210 847 18,201 $ 162 Net loans (excludes leases) 226,595 229,838 229,838 Other assets 8,143 8,143 8,142 1 Total assets $ 278,271 $ 281,898 $ 6,518 $ 45,379 $ 230,001 Liabilities Time deposits $ 21,935 $ 21,790 $ 21,790 Borrowed funds 60,534 60,904 59,141 $ 1,763 Unfunded loan commitments and letters of credit 304 304 304 Other liabilities 440 440 440 Total liabilities $ 83,213 $ 83,438 $ 81,371 $ 2,067 December 31, 2018 Assets Cash and due from banks $ 5,608 $ 5,608 $ 5,608 Interest-earning deposits with banks 10,893 10,893 $ 10,893 Securities held to maturity 19,312 19,019 763 18,112 $ 144 Net loans (excludes leases) 215,525 216,492 216,492 Other assets 11,065 11,065 11,060 5 Total assets $ 262,403 $ 263,077 $ 6,371 $ 40,065 $ 216,641 Liabilities Time deposits $ 18,507 $ 18,246 $ 18,246 Borrowed funds 56,412 56,657 54,872 $ 1,785 Unfunded loan commitments and letters of credit 285 285 285 Other liabilities 393 393 393 Total liabilities $ 75,597 $ 75,581 $ 73,511 $ 2,070 The aggregate fair values in Table 55 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following: • financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 49 ); • investments accounted for under the equity method; • equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01; • real and personal property; • lease financing; • loan customer relationships; • deposit customer intangibles; • mortgage servicing rights (MSRs); • retail branch networks; • fee-based businesses, such as asset management and brokerage; • trademarks and brand names; • trade receivables and payables due in one year or less; and • deposit liabilities with no defined or contractual maturities under ASU 2016-01. |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | G OODWILL AND M ORTGAGE S ERVICING R IGHTS Goodwill See Note 7 Goodwill and Mortgage Servicing Rights in our 2018 Form 10-K for more information regarding our goodwill. Mortgage Servicing Rights We recognize the right to service mortgage loans for others when we recognize it as an intangible asset and the servicing income we receive is more than adequate compensation. MSRs totaled $ 1.5 billion and $ 2.0 billion at September 30, 2019 and December 31, 2018 , respectively, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value. MSRs are subject to declines in value from actual or expected prepayment of the underlying loans and defaults as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of MSRs with securities and derivative instruments which are expected to increase (or decrease) in value when the value of MSRs decreases (or increases). See the Sensitivity Analysis section of this Note 7, as well as Note 6 Fair Value in our 2018 Form 10-K for more detail on our fair value measurement of MSRs. Refer to Note 7 Goodwill and Mortgage Servicing Rights in our 2018 Form 10-K for more information on our accounting and measurement of MSRs. Changes in the commercial and residential MSRs follow: Table 56 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2019 2018 2019 2018 January 1 $ 726 $ 668 $ 1,257 $ 1,164 Additions: From loans sold with servicing retained 29 39 23 35 Purchases 76 60 87 113 Changes in fair value due to: Time and payoffs (a) (110 ) (105 ) (117 ) (130 ) Other (b) (126 ) 104 (362 ) 188 September 30 $ 595 $ 766 $ 888 $ 1,370 Related unpaid principal balance at September 30 $ 203,808 $ 174,664 $ 122,886 $ 127,099 Servicing advances at September 30 $ 159 $ 193 $ 123 $ 156 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. Sensitivity Analysis The fair value of commercial and residential MSRs and significant inputs to the valuation models as of September 30, 2019 are shown in Tables 57 and 58 . The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate. A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 57 and 58 . These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another ( e.g. , changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities. The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 57 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 595 $ 726 Weighted-average life (years) 4.0 4.1 Weighted-average constant prepayment rate 4.60 % 5.65 % Decline in fair value from 10% adverse change $ 8 $ 10 Decline in fair value from 20% adverse change $ 16 $ 19 Effective discount rate 7.88 % 8.39 % Decline in fair value from 10% adverse change $ 15 $ 19 Decline in fair value from 20% adverse change $ 30 $ 39 Table 58 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 888 $ 1,257 Weighted-average life (years) 4.3 6.9 Weighted-average constant prepayment rate 17.44 % 8.69 % Decline in fair value from 10% adverse change $ 46 $ 41 Decline in fair value from 20% adverse change $ 87 $ 79 Weighted-average option adjusted spread 773 bps 806 bps Decline in fair value from 10% adverse change $ 22 $ 37 Decline in fair value from 20% adverse change $ 43 $ 73 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees were $.2 billion for both three months ended September 30, 2019 and 2018 and $.4 billion for the nine months ended September 30, 2019 and 2018. We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Noninterest income on our Consolidated Income Statement in Corporate services and Residential mortgage, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | E MPLOYEE B ENEFIT P LANS Pension and Postretirement Plans As described in Note 11 Employee Benefit Plans in our 2018 Form 10-K, we have a noncontributory, qualified defined benefit pension plan covering eligible employees. Benefits are determined using a cash balance formula where earnings credits are a percentage of eligible compensation and are subject to a minimum annual amount. Any pension contributions to the plan are based on an actuarially determined amount necessary to fund total benefits payable to plan participants. We also maintain nonqualified supplemental retirement plans for certain employees and provide certain health care and life insurance benefits for qualifying retired employees (postretirement benefits) through various plans. We reserve the right to terminate or make changes to these plans at any time. The components of our net periodic benefit cost for the three and nine months ended September 30, 2019 and 2018 , respectively, were as follows: Table 59 : Components of Net Periodic Benefit Cost (a) Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Three months ended September 30 2019 2018 2019 2018 2019 2018 Net periodic cost consists of: Service cost $ 29 $ 29 $ 1 $ 1 $ 1 $ 1 Interest cost 46 43 3 2 3 3 Expected return on plan assets (72 ) (76 ) (1 ) (1 ) Amortization of prior service credit 1 Amortization of actuarial losses 1 1 Net periodic cost/(benefit) $ 4 $ (4 ) $ 5 $ 4 $ 3 $ 3 Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Nine months ended September 30 2019 2018 2019 2018 2019 2018 Net periodic cost consists of: Service cost $ 86 $ 87 $ 2 $ 2 $ 3 $ 3 Interest cost 139 128 8 7 10 9 Expected return on plan assets (215 ) (229 ) (4 ) (4 ) Amortization of prior service credit 3 1 Amortization of actuarial losses 3 3 3 Net periodic cost/(benefit) $ 16 $ (13 ) $ 13 $ 12 $ 9 $ 8 (a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement. |
Financial Derivatives
Financial Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | F INANCIAL D ERIVATIVES We use a variety of financial derivatives as part of our overall asset and liability risk management process to help manage exposure to market (primarily interest rate) and credit risk inherent in our business activities. We also enter into derivatives with customers to facilitate their risk management activities. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract. For more information regarding derivatives see Note 1 Accounting Policies and Note 13 Financial Derivatives in our 2018 Form 10-K. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us. Table 60 : Total Gross Derivatives September 30, 2019 December 31, 2018 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for hedging under GAAP Interest rate contracts (c): Fair value hedges $ 31,474 $ 30,919 $ 7 Cash flow hedges 23,427 $ 8 $ 4 17,337 1 Foreign exchange contracts: Net investment hedges 1,097 40 1,012 $ 10 Total derivatives designated for hedging under GAAP $ 55,998 $ 48 $ 4 $ 49,268 $ 8 $ 10 Derivatives not used for hedging under GAAP Derivatives used for mortgage banking activities (d): Interest rate contracts: Swaps $ 50,776 $ 9 $ 3 $ 43,084 $ 3 Futures (e) 3,697 10,658 Mortgage-backed commitments 12,046 97 85 5,771 $ 47 39 Other 6,867 54 40 6,509 10 3 Subtotal 73,386 160 128 66,022 57 45 Derivatives used for customer-related activities: Interest rate contracts: Swaps 243,626 3,553 1,329 218,496 1,352 1,432 Futures (e) 704 914 Mortgage-backed commitments 5,615 6 6 2,246 7 10 Other 22,062 167 43 20,109 77 33 Subtotal 272,007 3,726 1,378 241,765 1,436 1,475 Commodity contracts: Swaps 4,619 242 239 4,813 244 238 Other 4,080 139 138 1,418 67 67 Subtotal 8,699 381 377 6,231 311 305 Foreign exchange contracts and other 25,491 270 253 23,253 194 192 Subtotal 306,197 4,377 2,008 271,249 1,941 1,972 Derivatives used for other risk management activities: Foreign exchange contracts and other 11,372 53 192 7,908 75 263 Total derivatives not designated for hedging under GAAP $ 390,955 $ 4,590 $ 2,328 $ 345,179 $ 2,073 $ 2,280 Total gross derivatives $ 446,953 $ 4,638 $ 2,332 $ 394,447 $ 2,081 $ 2,290 Less: Impact of legally enforceable master netting agreements 890 890 688 688 Less: Cash collateral received/paid 914 770 341 539 Total derivatives $ 2,834 $ 672 $ 1,052 $ 1,063 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Represents primarily swaps. (d) Includes both residential and commercial mortgage banking activities. (e) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting, Counterparty Credit Risk and Contingent Features section of this Note 9 . Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives. Derivatives Designated As Hedging Instruments under GAAP Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges under GAAP. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows are considered cash flow hedges, and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives to be recognized in the same period and in the same income statement line item as the earnings impact of the hedged items. Fair Value Hedges We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate debt caused by fluctuations in market interest rates. We also enter into pay-fixed, receive-variable interest rate swaps and zero-coupon swaps to hedge changes in the fair value of fixed rate and zero-coupon investment securities caused by fluctuations in market interest rates. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item. Cash Flow Hedges We enter into receive-fixed, pay-variable interest rate swaps to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or received related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. For these cash flow hedges, gains and losses on the interest rate swaps and forward contracts are recorded in AOCI and are then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line as the hedged cash flows. In the 12 months that follow September 30, 2019 , we expect to reclassify net derivative gains of $165 million pretax, or $130 million after-tax, from AOCI to interest income for both cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September 30, 2019 . As of September 30, 2019 , the maximum length of time over which forecasted transactions are hedged is ten years. Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table. Table 61 : Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 2,678 $ 617 $ 468 $ 342 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 76 $ (271 ) Derivatives $ (73 ) $ 235 Amounts related to interest settlements on derivatives $ 4 $ 16 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 2 $ 3 For the three months ended September 30, 2018 Total amounts on the Consolidated Income Statement $ 2,452 $ 584 $ 421 $ 301 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (31 ) $ 107 Derivatives $ 30 $ (137 ) Amounts related to interest settlements on derivatives $ 2 $ 24 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 6 $ 2 $ 1 For the nine months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 7,952 $ 1,866 $ 1,433 $ 1,017 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 250 $ (1,068 ) Derivatives $ (241 ) $ 948 Amounts related to interest settlements on derivatives $ 14 $ 36 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (18 ) $ 5 $ 18 For the nine months ended September 30, 2018 Total amounts on the Consolidated Income Statement $ 7,025 $ 1,653 $ 1,173 $ 880 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (145 ) $ 577 Derivatives $ 149 $ (632 ) Amounts related to interest settlements on derivatives $ 57 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 43 $ 9 $ 8 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships. (d) Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table. Table 62 : Hedged Items - Fair Value Hedges September 30, 2019 December 31, 2018 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - available for sale (b) $ 6,787 $ 132 $ 6,216 $ (103 ) Borrowed funds $ 26,873 $ 807 $ 27,121 $ (260 ) (a) Includes $(.3) billion and $(.5) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for September 30, 2019 and December 31, 2018 , respectively. (b) Carrying value shown represents amortized cost. Net Investment Hedges We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for all periods presented. Gains on net investment hedge derivatives recognized in OCI were $36 million and $50 million for the three and nine months ended September 30, 2019 , respectively, compared with $17 million and $47 million for the three and nine months ended September 30, 2018 , respectively. Derivatives Not Designated As Hedging Instruments under GAAP We also enter into derivatives that are not designated as accounting hedges under GAAP. For additional information on derivatives not designated as hedging instruments under GAAP, see Note 13 Financial Derivatives in our 2018 Form 10-K. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table. Table 63 : Gains (Losses) on Derivatives Not Designated for Hedging under GAAP Three months ended Nine months ended In millions 2019 2018 2019 2018 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 184 $ (34 ) $ 530 $ (166 ) Derivatives used for customer-related activities: Interest rate contracts 45 15 84 96 Foreign exchange contracts and other (b) 11 22 64 79 Gains (losses) from customer-related activities (c) 56 37 148 175 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) 103 (19 ) 39 111 Total gains (losses) from derivatives not designated as hedging instruments $ 343 $ (16 ) $ 717 $ 120 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Includes an insignificant amount of gains (losses) on commodity contracts for all periods presented. (c) Included in Other noninterest income on our Consolidated Income Statement. Offsetting, Counterparty Credit Risk and Contingent Features We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting, counterparty credit risk and contingent features, see Note 13 Financial Derivatives in our 2018 Form 10-K. Table 64 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of September 30, 2019 and December 31, 2018 . The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values. Table 64 Table 64 : Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Consolidated Balance Sheet Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Fair Value Offset Amount Cash Collateral Net Fair Value Net Amounts September 30, 2019 Derivative assets Interest rate contracts: Over-the-counter cleared $ 24 $ 24 $ 24 Over-the-counter 3,870 $ 399 $ 848 2,623 $ 297 2,326 Commodity contracts 381 244 58 79 79 Foreign exchange and other contracts 363 247 8 108 1 107 Total derivative assets $ 4,638 $ 890 $ 914 $ 2,834 (a) $ 298 $ 2,536 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 26 $ 26 $ 26 Over-the-counter 1,484 $ 648 $ 722 114 114 Commodity contracts 377 163 2 212 212 Foreign exchange and other contracts 445 79 46 320 320 Total derivative liabilities $ 2,332 $ 890 $ 770 $ 672 (b) $ 672 December 31, 2018 Derivative assets Interest rate contracts: Over-the-counter cleared $ 29 $ 29 $ 29 Over-the-counter 1,472 $ 450 $ 117 905 $ 25 880 Commodity contracts 311 76 210 25 25 Foreign exchange and other contracts 269 162 14 93 93 Total derivative assets $ 2,081 $ 688 $ 341 $ 1,052 (a) $ 25 $ 1,027 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 24 $ 24 $ 24 Over-the-counter 1,496 $ 557 $ 489 450 $ 11 439 Commodity contracts 305 56 17 232 232 Foreign exchange and other contracts 465 75 33 357 357 Total derivative liabilities $ 2,290 $ 688 $ 539 $ 1,063 (b) $ 11 $ 1,052 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties and by using internal credit analysis, limits and monitoring procedures. At September 30, 2019 , we held cash, U.S. government securities and mortgage-backed securities totaling $1.4 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $1.4 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral held or pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities held from counterparties are not recognized on our balance sheet. Likewise securities we have pledged to counterparties remain on our balance sheet. Certain derivative agreements contain various credit-risk related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position on September 30, 2019 was $2.0 billion for which we had posted collateral of $1.4 billion in the normal course of business. The maximum additional amount of collateral we would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2019 would be $.6 billion . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | E ARNINGS P ER S HARE Table 65 : Basic and Diluted Earnings Per Common Share Three months ended Nine months ended In millions, except per share data 2019 2018 2019 2018 Basic Net income $ 1,392 $ 1,400 $ 4,037 $ 3,995 Less: Net income attributable to noncontrolling interests 13 11 35 31 Preferred stock dividends 63 63 181 181 Preferred stock discount accretion and redemptions 1 1 3 3 Net income attributable to common shareholders 1,315 1,325 3,818 3,780 Less: Dividends and undistributed earnings allocated to participating securities 6 6 15 16 Net income attributable to basic common shareholders $ 1,309 $ 1,319 $ 3,803 $ 3,764 Basic weighted-average common shares outstanding 444 465 450 469 Basic earnings per common share (a) $ 2.95 $ 2.84 $ 8.45 $ 8.03 Diluted Net income attributable to basic common shareholders $ 1,309 $ 1,319 $ 3,803 $ 3,764 Less: Impact of BlackRock earnings per share dilution 2 2 7 7 Net income attributable to diluted common shareholders $ 1,307 $ 1,317 $ 3,796 $ 3,757 Basic weighted-average common shares outstanding 444 465 450 469 Dilutive potential common shares 1 2 1 3 Diluted weighted-average common shares outstanding 445 467 451 472 Diluted earnings per common share (a) $ 2.94 $ 2.82 $ 8.42 $ 7.96 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income [Abstract] | |
Total Equity and Other Comprehensive Income Disclosure | T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Activity in total equity for the three and nine months ended September 30, 2019 and 2018 follows. Table 66 : Rollforward of Total Equity Shareholders’ Equity in millions Shares Outstanding Common Stock Common Stock Capital Surplus - Preferred Stock Capital Surplus - Common Stock and Other Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- controlling Interests Total Equity Three months ended Balance at June 30, 2018 (a) 465 $ 2,710 $ 3,987 $ 12,263 $ 37,201 $ (940 ) $ (8,317 ) $ 71 $ 46,975 Net income 1,389 11 1,400 Other comprehensive income (loss), net of tax (320 ) (320 ) Cash dividends declared - Common (446 ) (446 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity 1 1 Treasury stock activity (3 ) (5 ) (454 ) (459 ) Other (6 ) 58 (38 ) 14 Balance at September 30, 2018 (a) 462 $ 2,710 $ 3,982 $ 12,317 $ 38,080 $ (1,260 ) $ (8,771 ) $ 44 $ 47,102 Balance at June 30, 2019 (a) 447 $ 2,711 $ 3,991 $ 12,257 $ 40,616 $ 631 $ (10,866 ) $ 41 $ 49,381 Net income 1,379 13 1,392 Other comprehensive income, net of tax 206 206 Cash dividends declared - Common (518 ) (518 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Treasury stock activity (8 ) (5 ) (972 ) (977 ) Other 53 (19 ) 34 Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 Nine months ended Balance at December 31, 2017 (a) 473 $ 2,710 $ 3,985 $ 12,389 $ 35,481 $ (148 ) $ (6,904 ) $ 72 $ 47,585 Cumulative effect of ASU adoptions (b) (22 ) 6 (16 ) Balance at January 1, 2018 (a) 473 $ 2,710 $ 3,985 $ 12,389 $ 35,459 $ (142 ) $ (6,904 ) $ 72 $ 47,569 Net income 3,964 31 3,995 Other comprehensive income (loss), net of tax (1,118 ) (1,118 ) Cash dividends declared - Common (1,159 ) (1,159 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (11 ) (31 ) (1,867 ) (1,898 ) Other (6 ) (51 ) (59 ) (116 ) Balance at September 30, 2018 (a) 462 $ 2,710 $ 3,982 $ 12,317 $ 38,080 $ (1,260 ) $ (8,771 ) $ 44 $ 47,102 Balance at December 31, 2018 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,919 $ (725 ) $ (9,454 ) $ 42 $ 47,770 Cumulative effect of ASU 2016-02 adoption (c) 62 62 Balance at January 1, 2019 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,981 $ (725 ) $ (9,454 ) $ 42 $ 47,832 Net income 4,002 35 4,037 Other comprehensive income, net of tax 1,562 1,562 Cash dividends declared - Common (1,386 ) (1,386 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (18 ) 4 (2,384 ) (2,380 ) Other 3 (42 ) (39 ) Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 (a) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2014-09, ASU 2016-01, ASU 2017-12 and ASU 2018-02. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on the adoption of these ASUs. (c) Represents the impact of the adoption of ASU 2016-02 related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in the first quarter Form 10-Q for additional detail. Other Comprehensive Income Details of other comprehensive income (loss) are as follows: Table 67 : Other Comprehensive Income (Loss) Three months ended Nine months ended In millions 2019 2018 2019 2018 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ 203 $ (323 ) $ 1,556 $ (1,129 ) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 3 9 9 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 4 (2 ) 18 (13 ) Net increase (decrease), pre-tax 196 (324 ) 1,529 (1,125 ) Effect of income taxes (45 ) 73 (351 ) 259 Net increase (decrease), after-tax 151 (251 ) 1,178 (866 ) Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 18 (1 ) 27 16 Net increase (decrease), pre-tax 18 (1 ) 27 16 Effect of income taxes (4 ) 1 (6 ) (4 ) Net increase (decrease), after-tax 14 — 21 12 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 84 (62 ) 438 (317 ) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 2 6 (18 ) 43 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 2 5 9 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 18 8 Net increase (decrease), pre-tax 79 (71 ) 433 (377 ) Effect of income taxes (18 ) 17 (99 ) 87 Net increase (decrease), after-tax 61 (54 ) 334 (290 ) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 54 66 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 1 6 3 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 3 1 Net increase (decrease), pre-tax 2 1 63 70 Effect of income taxes (14 ) (16 ) Net increase (decrease), after-tax 2 1 49 54 Other PNC’s portion of BlackRock’s OCI (23 ) (22 ) (29 ) (37 ) Net investment hedge derivatives 36 17 50 47 Foreign currency translation adjustments and other (32 ) (12 ) (36 ) (35 ) Net increase (decrease), pre-tax (19 ) (17 ) (15 ) (25 ) Effect of income taxes (3 ) 1 (5 ) (3 ) Net increase (decrease), after-tax (22 ) (16 ) (20 ) (28 ) Total other comprehensive income (loss), pre-tax 276 (412 ) 2,037 (1,441 ) Total other comprehensive income (loss), tax effect (70 ) 92 (475 ) 323 Total other comprehensive income (loss), after-tax $ 206 $ (320 ) $ 1,562 $ (1,118 ) Table 68 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at June 30, 2018 $ (494 ) $ 227 $ (52 ) $ (489 ) $ (132 ) $ (940 ) Net activity (251 ) (54 ) 1 (16 ) (320 ) Balance at September 30, 2018 $ (745 ) $ 227 $ (106 ) $ (488 ) $ (148 ) $ (1,260 ) Balance at June 30, 2019 $ 743 $ 211 $ 320 $ (483 ) $ (160 ) $ 631 Net activity 151 14 61 2 (22 ) 206 Balance at September 30, 2019 $ 894 $ 225 $ 381 $ (481 ) $ (182 ) $ 837 Balance at December 31, 2017 $ 62 $ 215 $ 151 $ (446 ) $ (130 ) $ (148 ) Cumulative effect of adopting ASU 2018-02 (a) 59 33 (96 ) 10 6 Balance at January 1, 2018 121 215 184 (542 ) (120 ) (142 ) Net activity (866 ) 12 (290 ) 54 (28 ) (1,118 ) Balance at September 30, 2018 $ (745 ) $ 227 $ (106 ) $ (488 ) $ (148 ) $ (1,260 ) Balance at December 31, 2018 $ (284 ) $ 204 $ 47 $ (530 ) $ (162 ) $ (725 ) Net activity 1,178 21 334 49 (20 ) 1,562 Balance at September 30, 2019 $ 894 $ 225 $ 381 $ (481 ) $ (182 ) $ 837 (a) Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on this adoption. The following table provides the dividends per share for PNC's common and preferred stock. Table 69 : Dividends Per Share (a) Three months ended September 30 Nine months ended September 30 2019 2018 2019 2018 Common Stock $ 1.15 $ .95 $ 3.05 $ 2.45 Preferred Stock Series B $ .45 $ .45 $ 1.35 $ 1.35 Series O $ 3,375 $ 3,375 $ 6,750 $ 6,750 Series P $ 1,531 $ 1,531 $ 4,594 $ 4,594 Series Q $ 1,343 $ 1,343 $ 4,031 $ 4,031 Series R $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 (a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock On October 3, 2019 , we declared a quarterly common stock cash dividend of $1.15 per share payable on November 5, 2019 . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2019 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | L EGAL P ROCEEDINGS We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of possible losses or ranges of possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in Note 19 Legal Proceedings in Part II, Item 8 of our 2018 Form 10-K and in Note 12 Legal Proceedings in Part I, Item 1 of our first and second quarter 2019 Form 10-Q (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of September 30, 2019 , we estimate that it is reasonably possible that we could incur losses in excess of related accrual liabilities, if any, in an aggregate amount less than $100 million . The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount. As a result of the types of factors described in Note 19 in our 2018 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the matters disclosed, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.” We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual. Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we record the amount of related insurance recoveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses. Other Regulatory and Governmental Inquiries We are the subject of investigations, audits and other forms of regulatory and governmental inquiry covering a broad range of issues in our consumer, mortgage, brokerage, securities and other financial services businesses, as well as other aspects of our operations. In some cases, these inquiries are part of reviews of specified activities at multiple industry participants; in others, they are directed at PNC individually. These inquiries, including those described in Prior Disclosure, may lead to administrative, civil or criminal proceedings, and possibly result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. These inquiries may result in significant reputational harm or other adverse collateral consequences even if direct resulting remedies are not material to us. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries, including those described in Prior Disclosure. Other In addition to the proceedings or other matters described in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial position. However, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Guarantees [Abstract] | |
Commitments | C OMMITMENTS In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with significant other commitments as of September 30, 2019 and December 31, 2018 , respectively. 70 : Commitments to Extend Credit and Other Commitments In millions September 30 December 31 Commitments to extend credit Total commercial lending $ 129,787 $ 120,165 Home equity lines of credit 16,881 16,944 Credit card 29,886 27,100 Other 6,527 5,069 Total commitments to extend credit 183,081 169,278 Net outstanding standby letters of credit (a) 9,763 8,655 Reinsurance agreements (b) 1,431 1,549 Standby bond purchase agreements (c) 1,302 1,000 Other commitments (d) 2,291 1,130 Total commitments to extend credit and other commitments $ 197,868 $ 181,612 (a) Net outstanding standby letters of credit include $4.1 billion and $3.7 billion at September 30, 2019 and December 31, 2018 , respectively, which support remarketing programs. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts provided by our wholly-owned captive insurance subsidiary. These amounts reflect estimates based on availability of financial information from insurance carriers. As of September 30, 2019 , the aggregate maximum exposure amount comprised $1.3 billion for accidental death and dismemberment contracts, and $.1 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2018 were $ 1.3 billion and $.2 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion related to investments in qualified affordable housing projects at both September 30, 2019 and December 31, 2018 . Commitments to Extend Credit Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee, and generally contain termination clauses in the event the customer’s credit quality deteriorates. Net Outstanding Standby Letters of Credit We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 98% of our net outstanding standby letters of credit were rated as Pass as of September 30, 2019 , with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk. If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on September 30, 2019 had terms ranging from less than one year to six years. As of September 30, 2019 , assets of $1.0 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $.2 billion at September 30, 2019 and is included in Other liabilities on our Consolidated Balance Sheet. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | S EGMENT R EPORTING We have four reportable business segments: • Retail Banking • Corporate & Institutional Banking • Asset Management Group • BlackRock Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period. Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in the business segment tables. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, gains or losses related to BlackRock transactions, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP), including the presentation of net income attributable to noncontrolling interests as the segments’ results exclude their portion of net income attributable to noncontrolling interests. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes. Net interest income in business segment results reflects our internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors. A portion of capital is intended to cover unexpected losses and is assigned to our business segments using our risk-based economic capital model, including consideration of the goodwill at those business segments, as well as the diversification of risk among the business segments, ultimately reflecting our portfolio risk adjusted capital allocation. We have allocated the allowances for loan and lease losses and for unfunded loan commitments and letters of credit based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated. Business Segment Results Table 71 : Results of Businesses Three months ended September 30 Retail Banking Corporate & Asset BlackRock Other Consolidated (a) 2019 Income Statement Net interest income $ 1,393 $ 911 $ 70 $ 130 $ 2,504 Noninterest income 744 654 216 $ 251 124 1,989 Total revenue 2,137 1,565 286 251 254 4,493 Provision for credit losses (benefit) 147 48 (1 ) (11 ) 183 Depreciation and amortization 60 51 11 125 247 Other noninterest expense 1,476 652 217 31 2,376 Income before income taxes and noncontrolling interests 454 814 59 251 109 1,687 Income taxes (benefit) 107 169 13 40 (34 ) 295 Net income $ 347 $ 645 $ 46 $ 211 $ 143 $ 1,392 Average Assets (b) $ 93,222 $ 168,193 $ 7,331 $ 8,321 $ 129,642 $ 406,709 2018 Income Statement Net interest income $ 1,305 $ 903 $ 71 $ 187 $ 2,466 Noninterest income 622 592 228 $ 265 184 1,891 Total revenue 1,927 1,495 299 265 371 4,357 Provision for credit losses (benefit) 113 (13 ) 2 (14 ) 88 Depreciation and amortization 52 47 13 112 224 Other noninterest expense 1,462 651 212 59 2,384 Income before income taxes and noncontrolling interests 300 810 72 265 214 1,661 Income taxes (benefit) 73 168 17 49 (46 ) 261 Net income $ 227 $ 642 $ 55 $ 216 $ 260 $ 1,400 Average Assets (b) $ 89,963 $ 153,897 $ 7,397 $ 7,964 $ 118,656 $ 377,877 Nine months ended September 30 Retail Corporate & Asset BlackRock Other Consolidated (a) 2019 Income Statement Net interest income $ 4,118 $ 2,685 $ 208 $ 466 $ 7,477 Noninterest income 1,996 1,891 719 $ 708 427 5,741 Total revenue 6,114 4,576 927 708 893 13,218 Provision for credit losses (benefit) 356 219 (2 ) (21 ) 552 Depreciation and amortization 170 151 51 366 738 Other noninterest expense 4,361 1,936 656 121 7,074 Income before income taxes and noncontrolling interests 1,227 2,270 222 708 427 4,854 Income taxes (benefit) 291 471 51 111 (107 ) 817 Net income $ 936 $ 1,799 $ 171 $ 597 $ 534 $ 4,037 Average Assets (b) $ 92,282 $ 163,126 $ 7,247 $ 8,321 $ 125,623 $ 396,599 2018 Income Statement Net interest income $ 3,800 $ 2,641 $ 217 $ 582 $ 7,240 Noninterest income 1,935 1,774 676 $ 732 435 5,552 Total revenue 5,735 4,415 893 732 1,017 12,792 Provision for credit losses (benefit) 254 43 2 (39 ) 260 Depreciation and amortization 144 140 38 372 694 Other noninterest expense 4,347 1,879 643 156 7,025 Income before income taxes and noncontrolling interests 990 2,353 210 732 528 4,813 Income taxes (benefit) 239 496 50 124 (91 ) 818 Net income $ 751 $ 1,857 $ 160 $ 608 $ 619 $ 3,995 Average Assets (b) $ 89,259 $ 153,149 $ 7,455 $ 7,964 $ 118,772 $ 376,599 (a) There were no material intersegment revenues for the three and nine months ended September 30, 2019 and 2018 . (b) Period-end balances for BlackRock. Business Segment Products and Services Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located in markets across the Mid-Atlantic, Midwest and Southeast. In 2018, Retail Banking launched its national retail digital strategy designed to grow customers with digitally-led banking and an ultra-thin branch network in markets outside of our existing retail branch network. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to government agency and/or third-party standards, and either sold, servicing retained, or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts. Corporate & Institutional Banking provides lending, treasury management and capital markets-related products and services to mid-sized and large corporations, and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides payables, receivables, deposit and account services, liquidity and investments, and online and mobile banking products and services to our clients. Capital markets-related products and services include foreign exchange, derivatives, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally. Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of three distinct operating units: • Wealth Management provides products and services to individuals and their families including investment and retirement planning, customized investment management, private banking, and trust management and administration for individuals and their families. • Our Hawthorn unit provides multi-generational family planning including estate, financial, tax planning, fiduciary, investment management and consulting, private banking, personal administrative services, asset custody and customized performance reporting to ultra high net worth clients. • Institutional asset management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and fiduciary retirement advisory services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits. BlackRock, in which we hold an equity investment, is a leading publicly-traded investment management firm providing a broad range of investment and technology services to institutional and retail clients worldwide. Using a diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes, BlackRock tailors investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers technology services, including an investment and risk management technology platform, as well as advisory services and solutions to a broad base of institutional and wealth management clients. Our equity investment in BlackRock provides us with an additional source of noninterest income and increases our overall revenue diversification. At September 30, 2019 , our economic interest in BlackRock was 22% . We received cash dividends from BlackRock of $344 million and $310 million during the first nine months of 2019 and 2018 , respectively. BlackRock is a publicly-traded company, and additional information regarding its business is available in its filings with the Securities and Exchange Commission (SEC). |
Fee-Based Revenue from Contract
Fee-Based Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Fee-Based Revenue from Contracts with Customers | F EE - BASED R EVENUE FROM C ONTRACTS WITH C USTOMERS As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2018 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606). Fee-based revenue within the scope of Topic 606 is recognized within three of our reportable business segments, Retail Banking, Corporate & Institutional Banking and Asset Management Group. Income recognized from our investment in BlackRock, also a reportable segment, is outside of the scope of the standard. Topic 606 also excludes interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets. The following tables present noninterest income within the scope of Topic 606 disaggregated by segment. A description of the fee-based revenue and how it is recognized for each segment’s principal services and products follows each table. Retail Banking Table 72 : Retail Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Product Deposit account fees $ 166 $ 162 $ 468 $ 451 Debit card fees 139 130 399 374 Brokerage fees 92 86 267 260 Merchant services 55 54 159 156 Net credit card fees (a) 50 45 149 139 Other 65 71 193 214 Total in-scope noninterest income by product $ 567 $ 548 $ 1,635 $ 1,594 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 567 $ 548 $ 1,635 $ 1,594 Total out-of-scope noninterest income (b) 177 74 361 341 Total Retail Banking noninterest income $ 744 $ 622 $ 1,996 $ 1,935 (a) Net credit card fees consists of interchange fees of $ 128 million and $115 million and credit card reward costs of $ 78 million and $70 million for the three months ended September 30, 2019 and 2018 , respectively. Net credit card fees consists of interchange fees of $ 366 million and $332 million and credit card reward costs of $ 217 million and $193 million for the nine months ended September 30, 2019 and 2018 , respectively. (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Deposit Account Fees Retail Banking provides demand deposit, money market and savings account products for consumer and small business customers. Services include online and branch banking, overdraft and wire transfer services, imaging services and cash alternative services such as money orders and cashier's checks. We recognize fee income at the time these services are performed for the customer. Debit Card and Net Credit Card Fees As an issuing bank, Retail Banking earns interchange fee revenue from debit and credit card transactions. By offering card products, we maintain and administer card-related services, such as credit card reward programs, account data and statement information, card activation, card renewals, and card suspension and blockage. Interchange fees are earned when cardholders make purchases and are presented net of credit card reward costs. Brokerage Fees Retail Banking earns fee revenue by providing its customers a wide range of investment options through its brokerage services including mutual funds, annuities, stocks, bonds, long-term care and insurance products, and managed accounts. We earn fee revenue for transaction-based brokerage services, such as the execution of market trades, once the transaction has been completed as of the trade date. In other cases, such as investment management services, we earn fee revenue over the term of the customer contract. Merchant Services Retail Banking earns fee revenue for debit and credit card processing services. We provide these services to merchant businesses including point-of-sale payment acceptance capabilities and customized payment processing built around the merchant’s specific requirements. We earn fee revenue as the merchant's customers make purchases. Other Corporate & Institutional Banking Table 73 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Product Treasury management fees $ 210 $ 196 $ 621 $ 578 Capital markets fees 131 147 407 397 Commercial mortgage banking activities 26 23 75 65 Other 17 16 53 51 Total in-scope noninterest income by product $ 384 $ 382 $ 1,156 $ 1,091 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 384 $ 382 $ 1,156 $ 1,091 Total out-of-scope noninterest income (a) 270 210 735 683 Total Corporate & Institutional Banking noninterest income $ 654 $ 592 $ 1,891 $ 1,774 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Treasury Management Fees Corporate & Institutional Banking provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Treasury management fees are recognized over time as we perform these services. Capital Markets Fees Capital markets fees include securities underwriting fees, merger and acquisition advisory fees and other advisory related fees. We recognize these fees when the related transaction closes. Commercial Mortgage Banking Activities Commercial mortgage banking activities include servicing responsibilities where we do not own the servicing rights. Servicing responsibilities typically consist of collecting and remitting monthly borrower principal and interest payments, maintaining escrow deposits, performing loss mitigation and foreclosure activities, and, in certain instances, funding of servicing advances. We recognize servicing fees over time as we perform these activities. Other Other noninterest income within Corporate & Institutional Banking primarily comprised fees from collateral management and asset management services. We earn these fees over time as we perform these services. Asset Management Group Table 74 : Asset Management Group Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Customer Type Personal $ 155 $ 156 $ 459 $ 462 Institutional 58 70 187 206 Total in-scope noninterest income by customer type $ 213 $ 226 $ 646 $ 668 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 213 $ 226 $ 646 $ 668 Total out-of-scope noninterest income (a) 3 2 73 8 Total Asset Management Group noninterest income $ 216 $ 228 $ 719 $ 676 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Asset Management Services Asset Management Group provides both personal wealth and institutional asset management services including investment management, custody services, retirement planning, family planning, trust management and retirement administration services. We recognize fee revenue over the term of the customer contract based on the value of assets under management at a point in time. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | L EASES We lease retail branches, datacenters, office space, land and equipment under operating and finance leases. Our leases have remaining lease terms of one year to sixty-two years, some of which may include options to renew the leases for up to ninety-nine years, and some of which may include options to terminate the leases prior to the end date. Certain leases also include options to purchase the leased asset. The exercise of lease renewal, termination and purchase options is at our sole discretion. At adoption of ASU 2016-02 on January 1, 2019, we elected to account for the lease and nonlease components of existing real estate leases and leases of advertising assets, such as signage, as a single lease component. Effective January 1, 2019, lease and nonlease components of new lease agreements are accounted for separately. Lease components include fixed payments including rent, real estate taxes and insurance costs and nonlease components include common-area maintenance costs. Generally, we have elected to use the Overnight Indexed Swap rate corresponding to the term of the lease at the lease measurement date as our incremental borrowing rate to measure the ROU asset and lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of revenue and others include rental payments if certain bank deposit levels are met. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Subleases to third parties were not material at September 30, 2019 . Operating lease assets and liabilities totaled $2.0 billion and $2.2 billion at September 30, 2019 , respectively. Finance lease assets and liabilities at September 30, 2019 Future undiscounted cash flows on our operating leases are as follows: Table 75 : Maturity of Operating Lease Liabilities In millions September 30, 2019 Remainder of 2019 $ 85 2020 352 2021 331 2022 297 2023 264 After 2023 1,098 Total operating lease payments $ 2,427 Less: Interest 263 Present value of operating lease liabilities $ 2,164 At December 31, 2018, operating lease commitments under lessee arrangements were $374 million , $346 million , $308 million , $258 million , $228 million for 2019 through 2023, respectively, and $941 million Operating lease term and discount rates at September 30, 2019 were as follows: Table 76 : Operating Lease Term and Discount Rates September 30, 2019 Weighted-average remaining lease term (years) 9 Weighted-average discount rate 2.46 % |
Leases | L EASES We lease retail branches, datacenters, office space, land and equipment under operating and finance leases. Our leases have remaining lease terms of one year to sixty-two years, some of which may include options to renew the leases for up to ninety-nine years, and some of which may include options to terminate the leases prior to the end date. Certain leases also include options to purchase the leased asset. The exercise of lease renewal, termination and purchase options is at our sole discretion. At adoption of ASU 2016-02 on January 1, 2019, we elected to account for the lease and nonlease components of existing real estate leases and leases of advertising assets, such as signage, as a single lease component. Effective January 1, 2019, lease and nonlease components of new lease agreements are accounted for separately. Lease components include fixed payments including rent, real estate taxes and insurance costs and nonlease components include common-area maintenance costs. Generally, we have elected to use the Overnight Indexed Swap rate corresponding to the term of the lease at the lease measurement date as our incremental borrowing rate to measure the ROU asset and lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of revenue and others include rental payments if certain bank deposit levels are met. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Subleases to third parties were not material at September 30, 2019 . Operating lease assets and liabilities totaled $2.0 billion and $2.2 billion at September 30, 2019 , respectively. Finance lease assets and liabilities at September 30, 2019 Table 75 : Maturity of Operating Lease Liabilities In millions September 30, 2019 Remainder of 2019 $ 85 2020 352 2021 331 2022 297 2023 264 After 2023 1,098 Total operating lease payments $ 2,427 Less: Interest 263 Present value of operating lease liabilities $ 2,164 At December 31, 2018, operating lease commitments under lessee arrangements were $374 million , $346 million , $308 million , $258 million , $228 million for 2019 through 2023, respectively, and $941 million Operating lease term and discount rates at September 30, 2019 were as follows: Table 76 : Operating Lease Term and Discount Rates September 30, 2019 Weighted-average remaining lease term (years) 9 Weighted-average discount rate 2.46 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | S UBSEQUENT E VENTS On October 22, 2019, PNC Bank issued $750 million of subordinated notes with a maturity date of October 22, 2029 . Interest is payable semi-annually at a fixed rate of 2.70% per annum, on April 22 and October 22 of each year, beginning on April 22, 2020. On November 1, 2019, the parent company issued $650 million of senior notes with a maturity date of November 1, 2024 . Interest is payable semi-annually at a fixed rate of 2.20% per annum, on May 1 and November 1 of each year, beginning on May 1, 2020. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | B USINESS The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and variable interest entities. We prepared these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2018 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2018 Form 10-K for a detailed description of significant accounting policies. There have been no significant changes to our accounting policies as disclosed in our 2018 Form 10-K, except for the adoption of the new leasing standard included in this Note 1 in the first quarter of 2019. These interim consolidated financial statements serve to update our 2018 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. |
Use of Estimates | Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements and allowances for loan and lease losses and unfunded loan commitments and letters of credit. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Leases | Leases We provide financing for various types of equipment, including aircraft, energy and power systems, and vehicles through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased equipment, less unearned income. We recognize income over the term of the lease using the constant effective yield method. Direct financing lease residual values are reviewed for impairment in accordance with the Allowance for Loan and Lease (ALLL) processes. Gains or losses on the sale of leased assets are included in Other noninterest income while impairment on the net investment of leases is included in Provision for credit losses. We also enter into various lease arrangements, primarily involving real estate, and other equipment, as the lessee. For those classified as operating leases, we recognize a lease liability, representing the present value of the minimum lease payments, and a corresponding right of use (ROU) asset. On the consolidated balance sheet, the ROU asset and lease liability are included in Other assets and Other liabilities, respectively. |
Leases | Leases We provide financing for various types of equipment, including aircraft, energy and power systems, and vehicles through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased equipment, less unearned income. We recognize income over the term of the lease using the constant effective yield method. Direct financing lease residual values are reviewed for impairment in accordance with the Allowance for Loan and Lease (ALLL) processes. Gains or losses on the sale of leased assets are included in Other noninterest income while impairment on the net investment of leases is included in Provision for credit losses. We also enter into various lease arrangements, primarily involving real estate, and other equipment, as the lessee. For those classified as operating leases, we recognize a lease liability, representing the present value of the minimum lease payments, and a corresponding right of use (ROU) asset. On the consolidated balance sheet, the ROU asset and lease liability are included in Other assets and Other liabilities, respectively. |
Recently Adopted Accounting Standards | When we adopted the Accounting Standards Update (ASU) 2016-02 - Leases as of January 1, 2019, we recognized lease liabilities and right-of-use assets of $2.1 billion and $2.0 billion , respectively. In addition, we recognized a one-time pretax adjustment of $83 million to retained earnings, related primarily to deferred gains on previous sale-leaseback transactions. See Note 16 Leases for additional information related to leases within the scope of ASC 842. |
Loan Sale and Servicing Activ_2
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | Table 33 : Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended September 30, 2019 Sales of loans (b) $ 1,296 $ 1,122 Repurchases of previously transferred loans (c) $ 81 Servicing fees (d) $ 90 $ 34 Servicing advances recovered/(funded), net $ 5 $ 45 Cash flows on mortgage-backed securities held (e) $ 1,394 $ 14 Cash Flows - Three months ended September 30, 2018 Sales of loans (b) $ 1,242 $ 953 Repurchases of previously transferred loans (c) $ 90 Servicing fees (d) $ 88 $ 34 Servicing advances recovered/(funded), net $ 2 $ 19 Cash flows on mortgage-backed securities held (e) $ 574 $ 51 Cash Flows - Nine months ended September 30, 2019 Sales of loans (b) $ 2,902 $ 2,212 Repurchases of previously transferred loans (c) $ 235 $ 4 Servicing fees (d) $ 264 $ 97 Servicing advances recovered/(funded), net $ 33 $ 61 Cash flows on mortgage-backed securities held (e) $ 2,653 $ 43 Cash Flows - Nine months ended September 30, 2018 Sales of loans (b) $ 3,486 $ 2,613 Repurchases of previously transferred loans (c) $ 286 Servicing fees (d) $ 269 $ 100 Servicing advances recovered/(funded), net $ 45 $ 24 Cash flows on mortgage-backed securities held (e) $ 1,445 $ 100 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. (e) Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $17.7 billion, $ 13.3 billion, and $ 13.0 billion in residential mortgage-backed securities and $.6 billion, $ .6 billion, and $ .6 billion in commercial mortgage-backed securities at September 30, 2019 , December 31, 2018 , and September 30, 2018 , respectively. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 34 : Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) September 30, 2019 Total principal balance $ 50,786 $ 50,723 Delinquent loans (b) $ 529 $ 64 December 31, 2018 Total principal balance $ 54,028 $ 47,969 Delinquent loans (b) $ 622 $ 234 Three months ended September 30, 2019 Net charge-offs (c) $ 8 $ 52 Three months ended September 30, 2018 Net charge-offs (c) $ 9 $ 117 Nine months ended September 30, 2019 Net charge-offs (c) $ 32 $ 348 Nine months ended September 30, 2018 Net charge-offs (c) $ 34 $ 169 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. |
Non-Consolidated VIEs | Table 35 : Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities September 30, 2019 Mortgage-backed securitizations (b) $ 19,084 $ 19,084 (c) Tax credit investments and other 3,077 3,048 (d) $ 1,111 (e) Total $ 22,161 $ 22,132 $ 1,111 December 31, 2018 Mortgage-backed securitizations (b) $ 14,266 $ 14,266 (c) Tax credit investments and other 2,949 2,911 (d) $ 806 (e) Total $ 17,215 $ 17,177 $ 806 (a) Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credits investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Asset Quality (Tables)
Asset Quality (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Quality [Abstract] | |
Analysis of Loan Portfolio | Table 36 : Analysis of Loan Portfolio (a) Accruing Dollars in millions Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due (b) Nonperforming Loans Fair Value Option Nonaccrual Loans (c) Purchased Impaired Loans Total Loans (d) September 30, 2019 Commercial Lending Commercial $ 123,328 $ 82 $ 49 $ 64 $ 195 $ 491 $ 124,014 Commercial real estate 28,803 3 3 6 75 28,884 Equipment lease financing 7,270 6 4 10 10 7,290 Total commercial lending 159,401 91 56 64 211 576 160,188 Consumer Lending Home equity 23,631 53 24 77 685 $ 578 24,971 Residential real estate 18,867 129 77 302 508 (b) 325 $ 166 1,216 21,082 Automobile 15,684 145 36 11 192 128 16,004 Credit card 6,660 56 33 57 146 9 6,815 Education 3,280 56 35 90 181 (b) 3,461 Other consumer 4,818 17 8 8 33 5 4,856 Total consumer lending 72,940 456 213 468 1,137 1,152 166 1,794 77,189 Total $ 232,341 $ 547 $ 269 $ 532 $ 1,348 $ 1,728 $ 166 $ 1,794 $ 237,377 Percentage of total loans 97.88 % .23 % .11 % .22 % .56 % .73 % .07 % .76 % 100.00 % December 31, 2018 Commercial Lending Commercial $ 116,300 $ 82 $ 54 $ 52 $ 188 $ 346 $ 116,834 Commercial real estate 28,056 6 3 9 75 28,140 Equipment lease financing 7,229 56 12 68 11 7,308 Total commercial lending 151,585 144 69 52 265 432 152,282 Consumer Lending Home equity 24,556 66 25 91 797 $ 679 26,123 Residential real estate 16,216 135 73 363 571 (b) 350 $ 182 1,338 18,657 Automobile 14,165 113 29 12 154 100 14,419 Credit card 6,222 46 29 53 128 7 6,357 Education 3,571 69 41 141 251 (b) 3,822 Other consumer 4,552 12 5 8 25 8 4,585 Total consumer lending 69,282 441 202 577 1,220 1,262 182 2,017 73,963 Total $ 220,867 $ 585 $ 271 $ 629 $ 1,485 $ 1,694 $ 182 $ 2,017 $ 226,245 Percentage of total loans 97.62 % .26 % .12 % .28 % .66 % .75 % .08 % .89 % 100.00 % (a) Amounts in table represent recorded investment and exclude loans held for sale. Recorded investment does not include any associated valuation allowance. (b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans. Past due loan amounts include government insured or guaranteed Residential real estate mortgages totaling $ .4 billion and $ .5 billion at September 30, 2019 and December 31, 2018 , respectively, and Education loans totaling $ .2 billion at both September 30, 2019 and December 31, 2018 . (c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $1.2 billion at both September 30, 2019 December 31, 2018 . |
Nonperforming Assets | Dollars in millions September 30 December 31 Nonperforming loans Total commercial lending $ 576 $ 432 Total consumer lending (a) 1,152 1,262 Total nonperforming loans 1,728 1,694 OREO and foreclosed assets 119 114 Total nonperforming assets $ 1,847 $ 1,808 Nonperforming loans to total loans .73 % .75 % Nonperforming assets to total loans, OREO and foreclosed assets .78 % .80 % Nonperforming assets to total assets .45 % .47 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. |
Commercial Lending Asset Quality Indicators | Table 38 : Commercial Lending Asset Quality Indicators (a) In millions Pass Rated Criticized Total Loans September 30, 2019 Commercial $ 118,316 $ 5,698 $ 124,014 Commercial real estate 28,050 834 28,884 Equipment lease financing 7,065 225 7,290 Total commercial lending $ 153,431 $ 6,757 $ 160,188 December 31, 2018 Commercial $ 111,276 $ 5,558 $ 116,834 Commercial real estate 27,682 458 28,140 Equipment lease financing 7,180 128 7,308 Total commercial lending $ 146,138 $ 6,144 $ 152,282 (a) Loans are classified as Pass Rated and Criticized based on the Regulatory classification definitions. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of September 30, 2019 and December 31, 2018. We use probability of default and loss given default to rate loans in the commercial lending portfolio. |
Home Equity and Residential Real Estate Asset Quality Indicators | Table 39 : Asset Quality Indicators for Home Equity and Residential Real Estate Loans September 30, 2019 December 31, 2018 Home equity Residential real estate Home equity Residential real estate In millions Current estimated LTV ratios Greater than or equal to 125% $ 382 $ 123 $ 461 $ 116 Greater than or equal to 100% to less than 125% 911 228 1,020 255 Greater than or equal to 90% to less than 100% 1,096 340 1,174 335 Less than 90% 21,821 18,384 22,644 15,922 No LTV ratio available 183 218 145 6 Government insured or guaranteed loans 573 685 Purchased impaired loans 578 1,216 679 1,338 Total loans $ 24,971 $ 21,082 $ 26,123 $ 18,657 Updated FICO Scores Greater than 660 $ 22,066 $ 18,455 $ 22,996 $ 15,956 Less than or equal to 660 2,045 547 2,210 585 No FICO score available 282 291 238 93 Government insured or guaranteed loans 573 685 Purchased impaired loans 578 1,216 679 1,338 Total loans $ 24,971 $ 21,082 $ 26,123 $ 18,657 |
Asset Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loans | Table 40 : Asset Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loans Dollars in millions Automobile Credit Card Education Other Consumer September 30, 2019 FICO score greater than 719 $ 8,444 $ 3,989 $ 1,184 $ 1,452 650 to 719 4,845 1,955 185 755 620 to 649 1,152 325 22 122 Less than 620 1,240 376 22 107 No FICO score available or required (a) 323 170 42 27 Total loans using FICO credit metric 16,004 6,815 1,455 2,463 Consumer loans using other internal credit metrics 2,006 2,393 Total loans $ 16,004 $ 6,815 $ 3,461 $ 4,856 Weighted-average updated FICO score (b) 724 731 775 731 December 31, 2018 FICO score greater than 719 $ 7,740 $ 3,809 $ 1,240 $ 1,280 650 to 719 4,365 1,759 194 641 620 to 649 1,007 280 26 106 Less than 620 1,027 332 24 105 No FICO score available or required (a) 280 177 57 25 Total loans using FICO credit metric 14,419 6,357 1,541 2,157 Consumer loans using other internal credit metrics 2,281 2,428 Total loans $ 14,419 $ 6,357 $ 3,822 $ 4,585 Weighted-average updated FICO score (b) 726 733 774 732 (a) Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. (b) Weighted-average updated FICO score excludes accounts with no FICO score available or required. |
Financial Impact and TDRs by Concession Type | Table 41 : Financial Impact and TDRs by Concession Type (a) Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the three months ended September 30, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 21 $ 97 $ 72 $ 72 Total consumer lending 3,656 45 $ 24 19 43 Total TDRs 3,677 $ 142 $ 24 $ 91 $ 115 During the three months ended September 30, 2018 Total commercial lending 18 $ 115 $ 2 $ 24 $ 81 $ 107 Total consumer lending 3,147 45 19 23 42 Total TDRs 3,165 $ 160 $ 2 $ 43 $ 104 $ 149 Pre-TDR Recorded Investment (b) Post-TDR Recorded Investment (c) During the nine months ended September 30, 2019 Number Principal Forgiveness Rate Reduction Other Total Total commercial lending 58 $ 233 $ 1 $ 208 $ 209 Total consumer lending 11,009 131 72 51 123 Total TDRs 11,067 $ 364 $ 73 $ 259 $ 332 During the nine months ended September 30, 2018 Total commercial lending 65 $ 145 $ 2 $ 26 $ 105 $ 133 Total consumer lending 9,015 129 1 66 52 119 Total TDRs 9,080 $ 274 $ 3 $ 92 $ 157 $ 252 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the end of the quarter in which the TDR occurs, and excludes immaterial amounts of accrued interest receivable. |
Impaired Loans | Table 42 : Impaired Loans In millions Unpaid Principal Balance Recorded Investment Associated Allowance Average Recorded Investment (a) September 30, 2019 Impaired loans with an associated allowance Total commercial lending $ 491 $ 375 $ 81 $ 367 Total consumer lending 734 697 95 775 Total impaired loans with an associated allowance 1,225 1,072 176 1,142 Impaired loans without an associated allowance Total commercial lending 360 310 297 Total consumer lending 1,045 646 620 Total impaired loans without an associated allowance 1,405 956 917 Total impaired loans $ 2,630 $ 2,028 $ 176 $ 2,059 December 31, 2018 Impaired loans with an associated allowance Total commercial lending $ 440 $ 315 $ 73 $ 349 Total consumer lending 863 817 136 904 Total impaired loans with an associated allowance 1,303 1,132 209 1,253 Impaired loans without an associated allowance Total commercial lending 413 326 294 Total consumer lending 1,042 625 645 Total impaired loans without an associated allowance 1,455 951 939 Total impaired loans $ 2,758 $ 2,083 $ 209 $ 2,192 (a) Average recorded investment is for the nine months ended September 30, 2019 and the year ended December 31, 2018 , respectively. |
Allowances for Loan and Lease_2
Allowances for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Allowance For Loan And Lease Losses [Abstract] | |
Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data | Table 43 : Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data 2019 2018 At or for the nine months ended September 30 Dollars in millions Commercial Lending Consumer Lending Total Commercial Lending Consumer Lending Total Allowance for Loan and Lease Losses January 1 $ 1,663 $ 966 $ 2,629 $ 1,582 $ 1,029 $ 2,611 Charge-offs (138 ) (545 ) (683 ) (92 ) (472 ) (564 ) Recoveries 59 191 250 74 177 251 Net (charge-offs) (79 ) (354 ) (433 ) (18 ) (295 ) (313 ) Provision for credit losses 247 305 552 48 212 260 Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit (20 ) 1 (19 ) 7 2 9 Other 9 9 (1 ) 18 17 September 30 $ 1,811 $ 927 $ 2,738 $ 1,618 $ 966 $ 2,584 TDRs individually evaluated for impairment $ 34 $ 95 $ 129 $ 28 $ 145 $ 173 Other loans individually evaluated for impairment 47 47 37 37 Loans collectively evaluated for impairment 1,730 554 2,284 1,553 547 2,100 Purchased impaired loans 278 278 274 274 September 30 $ 1,811 $ 927 $ 2,738 $ 1,618 $ 966 $ 2,584 Loan Portfolio TDRs individually evaluated for impairment $ 420 $ 1,343 $ 1,763 $ 389 $ 1,497 $ 1,886 Other loans individually evaluated for impairment 265 265 206 206 Loans collectively evaluated for impairment 159,503 73,298 232,801 148,853 69,253 218,106 Fair value option loans (a) 754 754 753 753 Purchased impaired loans 1,794 1,794 2,102 2,102 September 30 $ 160,188 $ 77,189 $ 237,377 $ 149,448 $ 73,605 $ 223,053 Portfolio segment ALLL as a percentage of total ALLL 66 % 34 % 100 % 63 % 37 % 100 % Ratio of ALLL to total loans 1.13 % 1.20 % 1.15 % 1.08 % 1.31 % 1.16 % (a) Loans accounted for under the fair value option are not evaluated for impairment as these loans are accounted for at fair value. Accordingly, there is no |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | Table 44 : Investment Securities Summary September 30, 2019 December 31, 2018 In millions Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 17,597 $ 420 $ (12 ) $ 18,005 $ 18,104 $ 133 $ (137 ) $ 18,100 Residential mortgage-backed Agency 34,130 506 (56 ) 34,580 29,413 104 (524 ) 28,993 Non-agency 1,626 308 (3 ) 1,931 1,924 300 (13 ) 2,211 Commercial mortgage-backed Agency 2,909 54 (24 ) 2,939 2,630 13 (66 ) 2,577 Non-agency 3,209 41 (4 ) 3,246 2,689 5 (37 ) 2,657 Asset-backed 5,256 89 (6 ) 5,339 4,933 59 (20 ) 4,972 Other 2,892 126 (1 ) 3,017 3,821 96 (38 ) 3,879 Total securities available for sale $ 67,619 $ 1,544 $ (106 ) $ 69,057 $ 63,514 $ 710 $ (835 ) $ 63,389 Securities Held to Maturity U.S. Treasury and government agencies $ 772 $ 75 $ 847 $ 758 $ 28 $ (23 ) $ 763 Residential mortgage-backed Agency 15,527 257 $ (34 ) 15,750 15,740 32 (358 ) 15,414 Non-agency 140 7 147 152 2 154 Commercial mortgage-backed Agency 89 3 92 143 1 (1 ) 143 Non-agency 449 6 455 488 1 (1 ) 488 Asset-backed 54 1 55 182 1 183 Other 1,795 85 (16 ) 1,864 1,849 53 (28 ) 1,874 Total securities held to maturity $ 18,826 $ 434 $ (50 ) $ 19,210 $ 19,312 $ 118 $ (411 ) $ 19,019 |
Gross Unrealized Loss and Fair Value of Securities Available for Sale | Table 45 : Gross Unrealized Loss and Fair Value of Securities Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total In millions Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value September 30, 2019 Securities Available for Sale U.S. Treasury and government agencies $ (11 ) $ 2,300 $ (1 ) $ 248 $ (12 ) $ 2,548 Residential mortgage-backed Agency (5 ) 1,329 (51 ) 5,471 (56 ) 6,800 Non-agency (3 ) 242 (3 ) 242 Commercial mortgage-backed Agency (24 ) 1,121 (24 ) 1,121 Non-agency (1 ) 413 (3 ) 217 (4 ) 630 Asset-backed (2 ) 464 (4 ) 794 (6 ) 1,258 Other (1 ) 503 (1 ) 503 Total securities available for sale $ (19 ) $ 4,506 $ (87 ) $ 8,596 $ (106 ) $ 13,102 Securities Held to Maturity Residential mortgage-backed - Agency $ (34 ) $ 3,709 $ (34 ) $ 3,709 Other $ (1 ) $ 27 (15 ) 119 (16 ) 146 Total securities held to maturity $ (1 ) $ 27 $ (49 ) $ 3,828 $ (50 ) $ 3,855 December 31, 2018 Securities Available for Sale U.S. Treasury and government agencies $ (21 ) $ 4,125 $ (116 ) $ 5,423 $ (137 ) $ 9,548 Residential mortgage-backed Agency (57 ) 4,823 (467 ) 13,830 (524 ) 18,653 Non-agency (1 ) 74 (12 ) 310 (13 ) 384 Commercial mortgage-backed Agency (1 ) 65 (65 ) 1,516 (66 ) 1,581 Non-agency (23 ) 1,809 (14 ) 498 (37 ) 2,307 Asset-backed (11 ) 2,149 (9 ) 1,032 (20 ) 3,181 Other (12 ) 868 (26 ) 1,293 (38 ) 2,161 Total securities available for sale $ (126 ) $ 13,913 $ (709 ) $ 23,902 $ (835 ) $ 37,815 Securities Held to Maturity U.S. Treasury and government agencies $ (23 ) $ 446 $ (23 ) $ 446 Residential mortgage-backed - Agency $ (58 ) $ 4,191 (300 ) 7,921 (358 ) 12,112 Commercial mortgage-backed Agency (1 ) 88 (1 ) 88 Non-agency (1 ) 152 (1 ) 152 Other (2 ) 75 (26 ) 123 (28 ) 198 Total securities held to maturity $ (62 ) $ 4,506 $ (349 ) $ 8,490 $ (411 ) $ 12,996 |
Gains (losses) on Sales Of Securities Available for Sale | Table 46 : Gains (Losses) on Sales of Securities Available for Sale Nine months ended September 30 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit) 2019 $ 57 $ (21 ) $ 36 $ 8 2018 $ 43 $ (48 ) $ (5 ) $ (1 ) |
Contractual Maturity of Securities | Table 47 : Contractual Maturity of Securities September 30, 2019 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Securities Available for Sale U.S. Treasury and government agencies $ 2,456 $ 11,133 $ 3,111 $ 897 $ 17,597 Residential mortgage-backed Agency 61 1,149 32,920 34,130 Non-agency 1,626 1,626 Commercial mortgage-backed Agency 17 610 292 1,990 2,909 Non-agency 331 2,878 3,209 Asset-backed 34 2,350 1,652 1,220 5,256 Other 286 1,421 436 749 2,892 Total securities available for sale at amortized cost $ 2,793 $ 15,575 $ 6,971 $ 42,280 $ 67,619 Fair value $ 2,811 $ 15,754 $ 7,163 $ 43,329 $ 69,057 Weighted-average yield, GAAP basis 2.64 % 2.27 % 2.84 % 3.30 % 2.98 % Securities Held to Maturity U.S. Treasury and government agencies $ 198 $ 297 $ 277 $ 772 Residential mortgage-backed Agency 59 500 14,968 15,527 Non-agency 140 140 Commercial mortgage-backed Agency 40 49 89 Non-agency 449 449 Asset-backed 6 20 28 54 Other $ 37 732 664 362 1,795 Total securities held to maturity at amortized cost $ 37 $ 1,035 $ 1,481 $ 16,273 $ 18,826 Fair value $ 37 $ 1,070 $ 1,573 $ 16,530 $ 19,210 Weighted-average yield, GAAP basis 3.92 % 3.56 % 3.56 % 3.33 % 3.36 % |
Fair Value of Securities Pledged and Accepted as Collateral | Table 48 : Fair Value of Securities Pledged and Accepted as Collateral In millions September 30 December 31 Pledged to others $ 12,666 $ 7,597 Accepted from others: Permitted by contract or custom to sell or repledge (a) $ 3,980 $ 6,905 Permitted amount repledged to others $ 702 $ 923 (a) Includes $3.3 billion and $6.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged at September 30, 2019 and December 31, 2018, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 49 : Fair Value Measurements – Recurring Basis Summary September 30, 2019 December 31, 2018 In millions Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Assets Residential mortgage loans held for sale $ 781 $ 4 $ 785 $ 493 $ 2 $ 495 Commercial mortgage loans held for sale 678 72 750 309 87 396 Securities available for sale U.S. Treasury and government agencies $ 17,725 280 18,005 $ 17,753 347 18,100 Residential mortgage-backed Agency 34,580 34,580 28,993 28,993 Non-agency 78 1,853 1,931 83 2,128 2,211 Commercial mortgage-backed Agency 2,939 2,939 2,577 2,577 Non-agency 3,246 3,246 2,657 2,657 Asset-backed 5,087 252 5,339 4,698 274 4,972 Other 2,940 77 3,017 3,795 84 3,879 Total securities available for sale 17,725 49,150 2,182 69,057 17,753 43,150 2,486 63,389 Loans 425 329 754 510 272 782 Equity investments (a) 590 1,390 2,177 751 1,255 2,209 Residential mortgage servicing rights 888 888 1,257 1,257 Commercial mortgage servicing rights 595 595 726 726 Trading securities (b) 854 2,243 3,097 2,137 1,777 2 3,916 Financial derivatives (b) (c) 2 4,546 90 4,638 3 2,053 25 2,081 Other assets 323 129 452 291 157 45 493 Total assets $ 19,494 $ 57,952 $ 5,550 $ 83,193 $ 20,935 $ 48,449 $ 6,157 $ 75,744 Liabilities Other borrowed funds $ 723 $ 91 $ 6 $ 820 $ 868 $ 132 $ 7 $ 1,007 Financial derivatives (c) (d) 3 2,123 206 2,332 1 2,021 268 2,290 Other liabilities 105 105 58 58 Total liabilities $ 726 $ 2,214 $ 317 $ 3,257 $ 869 $ 2,153 $ 333 $ 3,355 (a) Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at September 30, 2019 and December 31, 2018 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 9 Financial Derivatives for additional information related to derivative offsetting. (d) Included in Other liabilities on the Consolidated Balance Sheet. |
Reconciliation of Level 3 Assets and Liabilities | Table 50 : Reconciliation of Level 3 Assets and Liabilities Three Months Ended September 30, 2019 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value June 30, 2019 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 2 $ 3 $ (1 ) $ 8 $ (8 ) $ 4 Commercial mortgage 73 (1 ) 72 Securities available for sale Residential mortgage- 1,976 $ 23 $ (3 ) (143 ) 1,853 Asset-backed 261 2 1 (12 ) 252 Other 80 1 (3 ) 5 (6 ) 77 Total securities 2,317 26 (6 ) 6 (161 ) 2,182 Loans 259 5 93 $ (7 ) $ 1 (14 ) 2 (10 ) 329 $ 4 Equity investments 1,323 48 65 (46 ) 1,390 50 Residential mortgage 997 (100 ) 22 9 (40 ) 888 (97 ) Commercial mortgage 630 (38 ) 25 13 (35 ) 595 (38 ) Trading securities Financial derivatives 86 17 6 (19 ) 90 16 Other assets Total assets $ 5,687 $ (42 ) $ (6 ) $ 220 $ (53 ) $ 23 $ (271 ) $ 10 $ (18 ) $ 5,550 $ (65 ) Liabilities Other borrowed funds $ 5 $ 13 $ (12 ) $ 6 Financial derivatives 221 $ 8 $ 4 (27 ) 206 $ 13 Other liabilities 78 14 $ 16 13 (16 ) 105 8 Total liabilities $ 304 $ 22 $ 16 $ 4 $ 26 $ (55 ) $ 317 $ 21 Net gains (losses) $ (64 ) (c) $ (86 ) (d) Three Months Ended September 30, 2018 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2018 Level 3 Instruments Only Fair Value June 30, 2018 Included in Earnings Included in Other comprehensive income Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Sept. 30, 2018 Assets Residential mortgage loans $ 4 $ 2 $ (1 ) $ 5 $ (7 ) $ 3 Commercial mortgage 91 $ 1 $ (3 ) 89 Securities available for sale Residential mortgage- 2,405 18 $ (1 ) (154 ) 2,268 Asset-backed 308 2 (3 ) (14 ) 293 Other 91 1 2 (5 ) 89 Total securities 2,804 20 (3 ) 2 (168 ) (5 ) 2,650 Loans 282 4 25 (18 ) (1 ) 8 (19 ) 281 Equity investments 1,167 81 52 (258 ) 1,042 $ 18 Residential mortgage 1,297 41 66 $ 12 (46 ) 1,370 41 Commercial mortgage 748 23 16 16 (37 ) 766 23 Trading securities 2 2 Financial derivatives 16 9 (17 ) 8 11 Other assets 63 (3 ) (2 ) 58 (3 ) Total assets $ 6,474 $ 176 $ (3 ) $ 163 $ (277 ) $ 28 $ (274 ) $ 13 $ (31 ) $ 6,269 $ 90 Liabilities Other borrowed funds $ 7 $ 18 $ (16 ) $ 9 Financial derivatives 384 $ 26 $ 5 (73 ) 342 $ 32 Other liabilities 47 4 58 (54 ) 55 Total liabilities $ 438 $ 30 $ 5 $ 76 $ (143 ) $ 406 $ 32 Net gains (losses) $ 146 (c) $ 58 (d) Nine Months Ended September 30, 2019 Total realized / unrealized Unrealized gains / losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2019 (a) (b) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2019 Assets Residential mortgage loans $ 2 $ 5 $ (1 ) $ (1 ) $ 12 $ (13 ) $ 4 Commercial mortgage 87 $ 2 (17 ) 72 $ 2 Securities available for sale Residential mortgage- 2,128 59 $ 18 (352 ) 1,853 Asset-backed 274 4 6 1 (33 ) 252 Other 84 1 (4 ) 8 (3 ) (9 ) 77 Total securities 2,486 64 20 9 (3 ) (394 ) 2,182 Loans 272 10 126 (18 ) (39 ) 5 (27 ) 329 6 Equity investments 1,255 104 260 (229 ) 1,390 53 Residential mortgage 1,257 (362 ) 87 $ 23 (117 ) 888 (353 ) Commercial mortgage 726 (126 ) 76 29 (110 ) 595 (126 ) Trading securities 2 (2 ) Financial derivatives 25 104 6 (45 ) 90 100 Other assets 45 (45 ) Total assets $ 6,157 $ (204 ) $ 20 $ 569 $ (251 ) $ 52 $ (770 ) $ 17 $ (40 ) $ 5,550 $ (318 ) Liabilities Other borrowed funds $ 7 $ 39 $ (40 ) $ 6 Financial derivatives 268 $ 58 $ 5 (125 ) 206 $ 65 Other liabilities 58 34 $ 16 2 66 (71 ) 105 20 Total liabilities $ 333 $ 92 $ 16 $ 7 $ 105 $ (236 ) $ 317 $ 85 Net gains (losses) $ (296 ) (c) $ (403 ) (d) Nine Months Ended September 30, 2018 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2018 (a) (b) Level 3 Instruments Only In millions Fair Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Value Sept. 30, 2018 Assets Residential mortgage loans $ 3 $ 4 $ (2 ) $ 10 $ (12 ) $ 3 Commercial mortgage 107 $ (18 ) 89 Securities available for sale Residential mortgage- 2,661 $ 38 $ 7 (438 ) 2,268 Asset-backed 332 2 1 (42 ) 293 Other 87 5 8 6 (12 ) (5 ) 89 Total securities 3,080 45 16 6 (492 ) (5 ) 2,650 Loans 298 9 80 (27 ) (44 ) 8 (43 ) 281 $ 1 Equity investments 1,036 169 213 (376 ) 1,042 77 Residential mortgage 1,164 188 113 $ 35 (130 ) 1,370 180 Commercial mortgage 668 104 60 39 (105 ) 766 104 Trading securities 2 2 Financial derivatives 10 33 2 (37 ) 8 37 Other assets 107 (5 ) (44 ) 58 (5 ) Total assets $ 6,475 $ 543 $ 16 $ 478 $ (405 ) $ 74 $ (870 ) $ 18 $ (60 ) $ 6,269 $ 394 Liabilities Other borrowed funds $ 11 $ 50 $ (52 ) $ 9 Financial derivatives 487 $ 3 $ 10 (158 ) 342 $ 5 Other liabilities 33 9 $ 12 92 (91 ) 55 8 Total liabilities $ 531 $ 12 $ 12 $ 10 $ 142 $ (301 ) $ 406 $ 13 Net gains (losses) $ 531 (c) $ 381 (d) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (c) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (d) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. |
Fair Value Measurements - Recurring Quantitative Information | Table 51 : Fair Value Measurements – Recurring Quantitative Information September 30, 2019 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 72 Discounted cash flow Spread over the benchmark curve (a) 530bps - 2,535bps (1,603bps) Residential mortgage-backed 1,853 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 36.2% (10.2%) Constant default rate 0.0% - 13.4% (4.6%) Loss severity 25.0% - 95.7% (52.3%) Spread over the benchmark curve (a) 194bps weighted-average Asset-backed securities 252 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 21.0% (7.5%) Constant default rate 1.0% - 7.2% (3.6%) Loss severity 20.0% - 100.0% (59.7%) Spread over the benchmark curve (a) 214bps weighted-average Loans 209 Consensus pricing (b) Cumulative default rate 3.6% - 100.0% (75.9%) Loss severity 0.0% - 100.0% (15.1%) Discount rate 5.0% - 8.0% (5.2%) 74 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 4.9% weighted-average 46 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (63.0%) Equity investments 1,390 Multiple of adjusted earnings Multiple of earnings 5.0x - 16.5x (8.7x) Residential mortgage servicing rights 888 Discounted cash flow Constant prepayment rate 0.0% - 56.9% (17.4%) Spread over the benchmark curve (a) 173bps - 1,445bps (773bps) Commercial mortgage servicing rights 595 Discounted cash flow Constant prepayment rate 3.5% - 21.8% (4.6%) Discount rate 5.2% - 8.1% (7.9%) Financial derivatives - Swaps related to (186 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q4 2020 Insignificant Level 3 assets, net of 40 Total Level 3 assets, net of liabilities (d) $ 5,233 December 31, 2018 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) Commercial mortgage loans held for sale $ 87 Discounted cash flow Spread over the benchmark curve (a) 535bps - 1,900bps (1,217bps) Residential mortgage-backed 2,128 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 33.0% (11.8%) Constant default rate 0.0% - 18.8% (5.1%) Loss severity 10.0% - 100.0% (50.8%) Spread over the benchmark curve (a) 216bps weighted-average Asset-backed securities 274 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 19.0% (8.5%) Constant default rate 1.0% - 18.5% (4.0%) Loss severity 15.0% - 100.0% (63.8%) Spread over the benchmark curve (a) 198bps weighted-average Loans 129 Consensus pricing (b) Cumulative default rate 11.0% - 100.0% (81.8%) Loss severity 0.0% - 100.0% (17.2%) Discount rate 5.5% - 8.3% (5.8%) 90 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 5.8% weighted-average 53 Consensus pricing (b) Credit and Liquidity discount 0.0% - 99.0% (61.3%) Equity investments 1,255 Multiple of adjusted earnings Multiple of earnings 4.5x - 16.0x (8.4x) Residential mortgage servicing rights 1,257 Discounted cash flow Constant prepayment rate 0.0% - 54.5% (8.7%) Spread over the benchmark curve (a) 492bps - 1,455bps (806bps) Commercial mortgage servicing rights 726 Discounted cash flow Constant prepayment rate 4.6% - 14.7% (5.7%) Discount rate 6.9% - 8.5% (8.4%) Financial derivatives - Swaps related to (210 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 163.0% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q4 2020 Insignificant Level 3 assets, net of 35 Total Level 3 assets, net of liabilities (d) $ 5,824 (a) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (b) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (d) Consisted of total Level 3 assets of $ 5.5 billion and total Level 3 liabilities of $.3 billion as of September 30, 2019 and $6.1 billion and $.3 billion as of December 31, 2018 , respectively. |
Fair Value Measurements - Nonrecurring | Table 52 : Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) Three months ended Gains (Losses) In millions September 30 December 31 September 30 September 30 September 30 September 30 Assets Nonaccrual loans $ 166 $ 128 $ (22 ) $ (11 ) $ (55 ) $ (14 ) OREO and foreclosed assets 46 59 (2 ) (2 ) (6 ) (2 ) Long-lived assets 3 11 (1 ) (1 ) — (1 ) Total assets $ 215 $ 198 $ (25 ) $ (14 ) $ (61 ) $ (17 ) (a) All Level 3 for the periods presented. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. |
Fair Value Option - Fair Value and Principal Balances | Table 53 : Fair Value Option – Fair Value and Principal Balances September 30, 2019 December 31, 2018 In millions Fair Value Aggregate Unpaid Principal Balance Difference Fair Value Aggregate Unpaid Principal Balance Difference Assets Residential mortgage loans held for sale Performing loans $ 780 $ 759 $ 21 $ 489 $ 472 $ 17 Accruing loans 90 days or more past due 1 1 2 2 Nonaccrual loans 4 4 4 4 Total $ 785 $ 764 $ 21 $ 495 $ 478 $ 17 Commercial mortgage loans held for sale (a) Performing loans $ 749 $ 751 $ (2 ) $ 396 $ 411 $ (15 ) Nonaccrual loans 1 2 (1 ) Total $ 750 $ 753 $ (3 ) $ 396 $ 411 $ (15 ) Residential mortgage loans Performing loans $ 318 $ 333 $ (15 ) $ 279 $ 298 $ (19 ) Accruing loans 90 days or more past due 270 281 (11 ) 321 329 (8 ) Nonaccrual loans 166 266 (100 ) 182 292 (110 ) Total $ 754 $ 880 $ (126 ) $ 782 $ 919 $ (137 ) Other assets $ 128 $ 121 $ 7 $ 156 $ 176 $ (20 ) Liabilities Other borrowed funds $ 54 $ 55 $ (1 ) $ 64 $ 65 $ (1 ) (a) There were no accruing loans 90 days or more past due within this category at September 30, 2019 or December 31, 2018 . |
Fair Value Option - Changes in Fair Value | Table 54 : Fair Value Option – Changes in Fair Value (a) Gains (Losses) Gains (Losses) Three months ended Nine months ended September 30 September 30 September 30 September 30 In millions 2019 2018 2019 2018 Assets Residential mortgage loans held for sale $ 29 $ 13 $ 63 $ 25 Commercial mortgage loans held for sale $ 25 $ 16 $ 48 $ 41 Residential mortgage loans $ 7 $ 7 $ 16 $ 17 Other assets $ 3 $ (1 ) $ 24 $ (11 ) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. |
Additional Fair Value Information Related to Other Financial Instruments | Table 55 : Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 September 30, 2019 Assets Cash and due from banks $ 5,671 $ 5,671 $ 5,671 Interest-earning deposits with banks 19,036 19,036 $ 19,036 Securities held to maturity 18,826 19,210 847 18,201 $ 162 Net loans (excludes leases) 226,595 229,838 229,838 Other assets 8,143 8,143 8,142 1 Total assets $ 278,271 $ 281,898 $ 6,518 $ 45,379 $ 230,001 Liabilities Time deposits $ 21,935 $ 21,790 $ 21,790 Borrowed funds 60,534 60,904 59,141 $ 1,763 Unfunded loan commitments and letters of credit 304 304 304 Other liabilities 440 440 440 Total liabilities $ 83,213 $ 83,438 $ 81,371 $ 2,067 December 31, 2018 Assets Cash and due from banks $ 5,608 $ 5,608 $ 5,608 Interest-earning deposits with banks 10,893 10,893 $ 10,893 Securities held to maturity 19,312 19,019 763 18,112 $ 144 Net loans (excludes leases) 215,525 216,492 216,492 Other assets 11,065 11,065 11,060 5 Total assets $ 262,403 $ 263,077 $ 6,371 $ 40,065 $ 216,641 Liabilities Time deposits $ 18,507 $ 18,246 $ 18,246 Borrowed funds 56,412 56,657 54,872 $ 1,785 Unfunded loan commitments and letters of credit 285 285 285 Other liabilities 393 393 393 Total liabilities $ 75,597 $ 75,581 $ 73,511 $ 2,070 |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Table 56 : Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2019 2018 2019 2018 January 1 $ 726 $ 668 $ 1,257 $ 1,164 Additions: From loans sold with servicing retained 29 39 23 35 Purchases 76 60 87 113 Changes in fair value due to: Time and payoffs (a) (110 ) (105 ) (117 ) (130 ) Other (b) (126 ) 104 (362 ) 188 September 30 $ 595 $ 766 $ 888 $ 1,370 Related unpaid principal balance at September 30 $ 203,808 $ 174,664 $ 122,886 $ 127,099 Servicing advances at September 30 $ 159 $ 193 $ 123 $ 156 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. |
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 57 : Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 595 $ 726 Weighted-average life (years) 4.0 4.1 Weighted-average constant prepayment rate 4.60 % 5.65 % Decline in fair value from 10% adverse change $ 8 $ 10 Decline in fair value from 20% adverse change $ 16 $ 19 Effective discount rate 7.88 % 8.39 % Decline in fair value from 10% adverse change $ 15 $ 19 Decline in fair value from 20% adverse change $ 30 $ 39 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 58 : Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions September 30 December 31 Fair value $ 888 $ 1,257 Weighted-average life (years) 4.3 6.9 Weighted-average constant prepayment rate 17.44 % 8.69 % Decline in fair value from 10% adverse change $ 46 $ 41 Decline in fair value from 20% adverse change $ 87 $ 79 Weighted-average option adjusted spread 773 bps 806 bps Decline in fair value from 10% adverse change $ 22 $ 37 Decline in fair value from 20% adverse change $ 43 $ 73 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Employee Benefit Plans [Abstract] | |
Components of Net Periodic Benefit Cost | Table 59 : Components of Net Periodic Benefit Cost (a) Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Three months ended September 30 2019 2018 2019 2018 2019 2018 Net periodic cost consists of: Service cost $ 29 $ 29 $ 1 $ 1 $ 1 $ 1 Interest cost 46 43 3 2 3 3 Expected return on plan assets (72 ) (76 ) (1 ) (1 ) Amortization of prior service credit 1 Amortization of actuarial losses 1 1 Net periodic cost/(benefit) $ 4 $ (4 ) $ 5 $ 4 $ 3 $ 3 Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Nine months ended September 30 2019 2018 2019 2018 2019 2018 Net periodic cost consists of: Service cost $ 86 $ 87 $ 2 $ 2 $ 3 $ 3 Interest cost 139 128 8 7 10 9 Expected return on plan assets (215 ) (229 ) (4 ) (4 ) Amortization of prior service credit 3 1 Amortization of actuarial losses 3 3 3 Net periodic cost/(benefit) $ 16 $ (13 ) $ 13 $ 12 $ 9 $ 8 (a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement. |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 60 : Total Gross Derivatives September 30, 2019 December 31, 2018 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for hedging under GAAP Interest rate contracts (c): Fair value hedges $ 31,474 $ 30,919 $ 7 Cash flow hedges 23,427 $ 8 $ 4 17,337 1 Foreign exchange contracts: Net investment hedges 1,097 40 1,012 $ 10 Total derivatives designated for hedging under GAAP $ 55,998 $ 48 $ 4 $ 49,268 $ 8 $ 10 Derivatives not used for hedging under GAAP Derivatives used for mortgage banking activities (d): Interest rate contracts: Swaps $ 50,776 $ 9 $ 3 $ 43,084 $ 3 Futures (e) 3,697 10,658 Mortgage-backed commitments 12,046 97 85 5,771 $ 47 39 Other 6,867 54 40 6,509 10 3 Subtotal 73,386 160 128 66,022 57 45 Derivatives used for customer-related activities: Interest rate contracts: Swaps 243,626 3,553 1,329 218,496 1,352 1,432 Futures (e) 704 914 Mortgage-backed commitments 5,615 6 6 2,246 7 10 Other 22,062 167 43 20,109 77 33 Subtotal 272,007 3,726 1,378 241,765 1,436 1,475 Commodity contracts: Swaps 4,619 242 239 4,813 244 238 Other 4,080 139 138 1,418 67 67 Subtotal 8,699 381 377 6,231 311 305 Foreign exchange contracts and other 25,491 270 253 23,253 194 192 Subtotal 306,197 4,377 2,008 271,249 1,941 1,972 Derivatives used for other risk management activities: Foreign exchange contracts and other 11,372 53 192 7,908 75 263 Total derivatives not designated for hedging under GAAP $ 390,955 $ 4,590 $ 2,328 $ 345,179 $ 2,073 $ 2,280 Total gross derivatives $ 446,953 $ 4,638 $ 2,332 $ 394,447 $ 2,081 $ 2,290 Less: Impact of legally enforceable master netting agreements 890 890 688 688 Less: Cash collateral received/paid 914 770 341 539 Total derivatives $ 2,834 $ 672 $ 1,052 $ 1,063 (a) Included in Other assets on our Consolidated Balance Sheet. (b) Included in Other liabilities on our Consolidated Balance Sheet. (c) Represents primarily swaps. (d) Includes both residential and commercial mortgage banking activities. (e) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet. |
Schedule of Fair Value and Cash Flow Hedges | Table 61 : Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 2,678 $ 617 $ 468 $ 342 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 76 $ (271 ) Derivatives $ (73 ) $ 235 Amounts related to interest settlements on derivatives $ 4 $ 16 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 2 $ 3 For the three months ended September 30, 2018 Total amounts on the Consolidated Income Statement $ 2,452 $ 584 $ 421 $ 301 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (31 ) $ 107 Derivatives $ 30 $ (137 ) Amounts related to interest settlements on derivatives $ 2 $ 24 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 6 $ 2 $ 1 For the nine months ended September 30, 2019 Total amounts on the Consolidated Income Statement $ 7,952 $ 1,866 $ 1,433 $ 1,017 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 250 $ (1,068 ) Derivatives $ (241 ) $ 948 Amounts related to interest settlements on derivatives $ 14 $ 36 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ (18 ) $ 5 $ 18 For the nine months ended September 30, 2018 Total amounts on the Consolidated Income Statement $ 7,025 $ 1,653 $ 1,173 $ 880 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (145 ) $ 577 Derivatives $ 149 $ (632 ) Amounts related to interest settlements on derivatives $ 57 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 43 $ 9 $ 8 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships. (d) For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur. |
Schedule of Fair Value Hedges | Table 62 : Hedged Items - Fair Value Hedges September 30, 2019 December 31, 2018 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - available for sale (b) $ 6,787 $ 132 $ 6,216 $ (103 ) Borrowed funds $ 26,873 $ 807 $ 27,121 $ (260 ) (a) Includes $(.3) billion and $(.5) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships for September 30, 2019 and December 31, 2018 , respectively. (b) Carrying value shown represents amortized cost. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Table 63 : Gains (Losses) on Derivatives Not Designated for Hedging under GAAP Three months ended Nine months ended In millions 2019 2018 2019 2018 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ 184 $ (34 ) $ 530 $ (166 ) Derivatives used for customer-related activities: Interest rate contracts 45 15 84 96 Foreign exchange contracts and other (b) 11 22 64 79 Gains (losses) from customer-related activities (c) 56 37 148 175 Derivatives used for other risk management activities: Foreign exchange contracts and other (c) 103 (19 ) 39 111 Total gains (losses) from derivatives not designated as hedging instruments $ 343 $ (16 ) $ 717 $ 120 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Includes an insignificant amount of gains (losses) on commodity contracts for all periods presented. (c) Included in Other noninterest income on our Consolidated Income Statement. |
Derivative Assets And Liabilities Offsetting | Table 64 : Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Consolidated Balance Sheet Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Fair Value Offset Amount Cash Collateral Net Fair Value Net Amounts September 30, 2019 Derivative assets Interest rate contracts: Over-the-counter cleared $ 24 $ 24 $ 24 Over-the-counter 3,870 $ 399 $ 848 2,623 $ 297 2,326 Commodity contracts 381 244 58 79 79 Foreign exchange and other contracts 363 247 8 108 1 107 Total derivative assets $ 4,638 $ 890 $ 914 $ 2,834 (a) $ 298 $ 2,536 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 26 $ 26 $ 26 Over-the-counter 1,484 $ 648 $ 722 114 114 Commodity contracts 377 163 2 212 212 Foreign exchange and other contracts 445 79 46 320 320 Total derivative liabilities $ 2,332 $ 890 $ 770 $ 672 (b) $ 672 December 31, 2018 Derivative assets Interest rate contracts: Over-the-counter cleared $ 29 $ 29 $ 29 Over-the-counter 1,472 $ 450 $ 117 905 $ 25 880 Commodity contracts 311 76 210 25 25 Foreign exchange and other contracts 269 162 14 93 93 Total derivative assets $ 2,081 $ 688 $ 341 $ 1,052 (a) $ 25 $ 1,027 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 24 $ 24 $ 24 Over-the-counter 1,496 $ 557 $ 489 450 $ 11 439 Commodity contracts 305 56 17 232 232 Foreign exchange and other contracts 465 75 33 357 357 Total derivative liabilities $ 2,290 $ 688 $ 539 $ 1,063 (b) $ 11 $ 1,052 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Table 65 : Basic and Diluted Earnings Per Common Share Three months ended Nine months ended In millions, except per share data 2019 2018 2019 2018 Basic Net income $ 1,392 $ 1,400 $ 4,037 $ 3,995 Less: Net income attributable to noncontrolling interests 13 11 35 31 Preferred stock dividends 63 63 181 181 Preferred stock discount accretion and redemptions 1 1 3 3 Net income attributable to common shareholders 1,315 1,325 3,818 3,780 Less: Dividends and undistributed earnings allocated to participating securities 6 6 15 16 Net income attributable to basic common shareholders $ 1,309 $ 1,319 $ 3,803 $ 3,764 Basic weighted-average common shares outstanding 444 465 450 469 Basic earnings per common share (a) $ 2.95 $ 2.84 $ 8.45 $ 8.03 Diluted Net income attributable to basic common shareholders $ 1,309 $ 1,319 $ 3,803 $ 3,764 Less: Impact of BlackRock earnings per share dilution 2 2 7 7 Net income attributable to diluted common shareholders $ 1,307 $ 1,317 $ 3,796 $ 3,757 Basic weighted-average common shares outstanding 444 465 450 469 Dilutive potential common shares 1 2 1 3 Diluted weighted-average common shares outstanding 445 467 451 472 Diluted earnings per common share (a) $ 2.94 $ 2.82 $ 8.42 $ 7.96 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Total Equity and Other Compre_2
Total Equity and Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Table 66 : Rollforward of Total Equity Shareholders’ Equity in millions Shares Outstanding Common Stock Common Stock Capital Surplus - Preferred Stock Capital Surplus - Common Stock and Other Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- controlling Interests Total Equity Three months ended Balance at June 30, 2018 (a) 465 $ 2,710 $ 3,987 $ 12,263 $ 37,201 $ (940 ) $ (8,317 ) $ 71 $ 46,975 Net income 1,389 11 1,400 Other comprehensive income (loss), net of tax (320 ) (320 ) Cash dividends declared - Common (446 ) (446 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Common stock activity 1 1 Treasury stock activity (3 ) (5 ) (454 ) (459 ) Other (6 ) 58 (38 ) 14 Balance at September 30, 2018 (a) 462 $ 2,710 $ 3,982 $ 12,317 $ 38,080 $ (1,260 ) $ (8,771 ) $ 44 $ 47,102 Balance at June 30, 2019 (a) 447 $ 2,711 $ 3,991 $ 12,257 $ 40,616 $ 631 $ (10,866 ) $ 41 $ 49,381 Net income 1,379 13 1,392 Other comprehensive income, net of tax 206 206 Cash dividends declared - Common (518 ) (518 ) Cash dividends declared - Preferred (63 ) (63 ) Preferred stock discount accretion 1 (1 ) Treasury stock activity (8 ) (5 ) (972 ) (977 ) Other 53 (19 ) 34 Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 Nine months ended Balance at December 31, 2017 (a) 473 $ 2,710 $ 3,985 $ 12,389 $ 35,481 $ (148 ) $ (6,904 ) $ 72 $ 47,585 Cumulative effect of ASU adoptions (b) (22 ) 6 (16 ) Balance at January 1, 2018 (a) 473 $ 2,710 $ 3,985 $ 12,389 $ 35,459 $ (142 ) $ (6,904 ) $ 72 $ 47,569 Net income 3,964 31 3,995 Other comprehensive income (loss), net of tax (1,118 ) (1,118 ) Cash dividends declared - Common (1,159 ) (1,159 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (11 ) (31 ) (1,867 ) (1,898 ) Other (6 ) (51 ) (59 ) (116 ) Balance at September 30, 2018 (a) 462 $ 2,710 $ 3,982 $ 12,317 $ 38,080 $ (1,260 ) $ (8,771 ) $ 44 $ 47,102 Balance at December 31, 2018 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,919 $ (725 ) $ (9,454 ) $ 42 $ 47,770 Cumulative effect of ASU 2016-02 adoption (c) 62 62 Balance at January 1, 2019 (a) 457 $ 2,711 $ 3,986 $ 12,291 $ 38,981 $ (725 ) $ (9,454 ) $ 42 $ 47,832 Net income 4,002 35 4,037 Other comprehensive income, net of tax 1,562 1,562 Cash dividends declared - Common (1,386 ) (1,386 ) Cash dividends declared - Preferred (181 ) (181 ) Preferred stock discount accretion 3 (3 ) Common stock activity 10 10 Treasury stock activity (18 ) 4 (2,384 ) (2,380 ) Other 3 (42 ) (39 ) Balance at September 30, 2019 (a) 439 $ 2,711 $ 3,992 $ 12,305 $ 41,413 $ 837 $ (11,838 ) $ 35 $ 49,455 (a) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2014-09, ASU 2016-01, ASU 2017-12 and ASU 2018-02. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on the adoption of these ASUs. (c) Represents the impact of the adoption of ASU 2016-02 related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in the first quarter Form 10-Q for additional detail. |
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 67 : Other Comprehensive Income (Loss) Three months ended Nine months ended In millions 2019 2018 2019 2018 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ 203 $ (323 ) $ 1,556 $ (1,129 ) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 3 9 9 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 4 (2 ) 18 (13 ) Net increase (decrease), pre-tax 196 (324 ) 1,529 (1,125 ) Effect of income taxes (45 ) 73 (351 ) 259 Net increase (decrease), after-tax 151 (251 ) 1,178 (866 ) Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities 18 (1 ) 27 16 Net increase (decrease), pre-tax 18 (1 ) 27 16 Effect of income taxes (4 ) 1 (6 ) (4 ) Net increase (decrease), after-tax 14 — 21 12 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 84 (62 ) 438 (317 ) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 2 6 (18 ) 43 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 3 2 5 9 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 1 18 8 Net increase (decrease), pre-tax 79 (71 ) 433 (377 ) Effect of income taxes (18 ) 17 (99 ) 87 Net increase (decrease), after-tax 61 (54 ) 334 (290 ) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity 54 66 Amortization of actuarial loss (gain) reclassified to other noninterest expense 1 1 6 3 Amortization of prior service cost (credit) reclassified to other noninterest expense 1 3 1 Net increase (decrease), pre-tax 2 1 63 70 Effect of income taxes (14 ) (16 ) Net increase (decrease), after-tax 2 1 49 54 Other PNC’s portion of BlackRock’s OCI (23 ) (22 ) (29 ) (37 ) Net investment hedge derivatives 36 17 50 47 Foreign currency translation adjustments and other (32 ) (12 ) (36 ) (35 ) Net increase (decrease), pre-tax (19 ) (17 ) (15 ) (25 ) Effect of income taxes (3 ) 1 (5 ) (3 ) Net increase (decrease), after-tax (22 ) (16 ) (20 ) (28 ) Total other comprehensive income (loss), pre-tax 276 (412 ) 2,037 (1,441 ) Total other comprehensive income (loss), tax effect (70 ) 92 (475 ) 323 Total other comprehensive income (loss), after-tax $ 206 $ (320 ) $ 1,562 $ (1,118 ) |
Accumulated Other Comprehensive Income (Loss) Components | Table 68 : Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at June 30, 2018 $ (494 ) $ 227 $ (52 ) $ (489 ) $ (132 ) $ (940 ) Net activity (251 ) (54 ) 1 (16 ) (320 ) Balance at September 30, 2018 $ (745 ) $ 227 $ (106 ) $ (488 ) $ (148 ) $ (1,260 ) Balance at June 30, 2019 $ 743 $ 211 $ 320 $ (483 ) $ (160 ) $ 631 Net activity 151 14 61 2 (22 ) 206 Balance at September 30, 2019 $ 894 $ 225 $ 381 $ (481 ) $ (182 ) $ 837 Balance at December 31, 2017 $ 62 $ 215 $ 151 $ (446 ) $ (130 ) $ (148 ) Cumulative effect of adopting ASU 2018-02 (a) 59 33 (96 ) 10 6 Balance at January 1, 2018 121 215 184 (542 ) (120 ) (142 ) Net activity (866 ) 12 (290 ) 54 (28 ) (1,118 ) Balance at September 30, 2018 $ (745 ) $ 227 $ (106 ) $ (488 ) $ (148 ) $ (1,260 ) Balance at December 31, 2018 $ (284 ) $ 204 $ 47 $ (530 ) $ (162 ) $ (725 ) Net activity 1,178 21 334 49 (20 ) 1,562 Balance at September 30, 2019 $ 894 $ 225 $ 381 $ (481 ) $ (182 ) $ 837 (a) Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on this adoption. |
Dividends Declared | Table 69 : Dividends Per Share (a) Three months ended September 30 Nine months ended September 30 2019 2018 2019 2018 Common Stock $ 1.15 $ .95 $ 3.05 $ 2.45 Preferred Stock Series B $ .45 $ .45 $ 1.35 $ 1.35 Series O $ 3,375 $ 3,375 $ 6,750 $ 6,750 Series P $ 1,531 $ 1,531 $ 4,594 $ 4,594 Series Q $ 1,343 $ 1,343 $ 4,031 $ 4,031 Series R $ 2,425 $ 2,425 Series S $ 2,500 $ 2,500 (a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 70 : Commitments to Extend Credit and Other Commitments In millions September 30 December 31 Commitments to extend credit Total commercial lending $ 129,787 $ 120,165 Home equity lines of credit 16,881 16,944 Credit card 29,886 27,100 Other 6,527 5,069 Total commitments to extend credit 183,081 169,278 Net outstanding standby letters of credit (a) 9,763 8,655 Reinsurance agreements (b) 1,431 1,549 Standby bond purchase agreements (c) 1,302 1,000 Other commitments (d) 2,291 1,130 Total commitments to extend credit and other commitments $ 197,868 $ 181,612 (a) Net outstanding standby letters of credit include $4.1 billion and $3.7 billion at September 30, 2019 and December 31, 2018 , respectively, which support remarketing programs. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts provided by our wholly-owned captive insurance subsidiary. These amounts reflect estimates based on availability of financial information from insurance carriers. As of September 30, 2019 , the aggregate maximum exposure amount comprised $1.3 billion for accidental death and dismemberment contracts, and $.1 billion for credit life, accident and health contracts. Comparable amounts at December 31, 2018 were $ 1.3 billion and $.2 billion , respectively. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion related to investments in qualified affordable housing projects at both September 30, 2019 and December 31, 2018 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 71 : Results of Businesses Three months ended September 30 Retail Banking Corporate & Asset BlackRock Other Consolidated (a) 2019 Income Statement Net interest income $ 1,393 $ 911 $ 70 $ 130 $ 2,504 Noninterest income 744 654 216 $ 251 124 1,989 Total revenue 2,137 1,565 286 251 254 4,493 Provision for credit losses (benefit) 147 48 (1 ) (11 ) 183 Depreciation and amortization 60 51 11 125 247 Other noninterest expense 1,476 652 217 31 2,376 Income before income taxes and noncontrolling interests 454 814 59 251 109 1,687 Income taxes (benefit) 107 169 13 40 (34 ) 295 Net income $ 347 $ 645 $ 46 $ 211 $ 143 $ 1,392 Average Assets (b) $ 93,222 $ 168,193 $ 7,331 $ 8,321 $ 129,642 $ 406,709 2018 Income Statement Net interest income $ 1,305 $ 903 $ 71 $ 187 $ 2,466 Noninterest income 622 592 228 $ 265 184 1,891 Total revenue 1,927 1,495 299 265 371 4,357 Provision for credit losses (benefit) 113 (13 ) 2 (14 ) 88 Depreciation and amortization 52 47 13 112 224 Other noninterest expense 1,462 651 212 59 2,384 Income before income taxes and noncontrolling interests 300 810 72 265 214 1,661 Income taxes (benefit) 73 168 17 49 (46 ) 261 Net income $ 227 $ 642 $ 55 $ 216 $ 260 $ 1,400 Average Assets (b) $ 89,963 $ 153,897 $ 7,397 $ 7,964 $ 118,656 $ 377,877 Nine months ended September 30 Retail Corporate & Asset BlackRock Other Consolidated (a) 2019 Income Statement Net interest income $ 4,118 $ 2,685 $ 208 $ 466 $ 7,477 Noninterest income 1,996 1,891 719 $ 708 427 5,741 Total revenue 6,114 4,576 927 708 893 13,218 Provision for credit losses (benefit) 356 219 (2 ) (21 ) 552 Depreciation and amortization 170 151 51 366 738 Other noninterest expense 4,361 1,936 656 121 7,074 Income before income taxes and noncontrolling interests 1,227 2,270 222 708 427 4,854 Income taxes (benefit) 291 471 51 111 (107 ) 817 Net income $ 936 $ 1,799 $ 171 $ 597 $ 534 $ 4,037 Average Assets (b) $ 92,282 $ 163,126 $ 7,247 $ 8,321 $ 125,623 $ 396,599 2018 Income Statement Net interest income $ 3,800 $ 2,641 $ 217 $ 582 $ 7,240 Noninterest income 1,935 1,774 676 $ 732 435 5,552 Total revenue 5,735 4,415 893 732 1,017 12,792 Provision for credit losses (benefit) 254 43 2 (39 ) 260 Depreciation and amortization 144 140 38 372 694 Other noninterest expense 4,347 1,879 643 156 7,025 Income before income taxes and noncontrolling interests 990 2,353 210 732 528 4,813 Income taxes (benefit) 239 496 50 124 (91 ) 818 Net income $ 751 $ 1,857 $ 160 $ 608 $ 619 $ 3,995 Average Assets (b) $ 89,259 $ 153,149 $ 7,455 $ 7,964 $ 118,772 $ 376,599 (a) There were no material intersegment revenues for the three and nine months ended September 30, 2019 and 2018 . (b) Period-end balances for BlackRock. |
Fee-Based Revenue from Contra_2
Fee-Based Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Retail Banking Noninterest Income Disaggregation | Table 72 : Retail Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Product Deposit account fees $ 166 $ 162 $ 468 $ 451 Debit card fees 139 130 399 374 Brokerage fees 92 86 267 260 Merchant services 55 54 159 156 Net credit card fees (a) 50 45 149 139 Other 65 71 193 214 Total in-scope noninterest income by product $ 567 $ 548 $ 1,635 $ 1,594 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 567 $ 548 $ 1,635 $ 1,594 Total out-of-scope noninterest income (b) 177 74 361 341 Total Retail Banking noninterest income $ 744 $ 622 $ 1,996 $ 1,935 (a) Net credit card fees consists of interchange fees of $ 128 million and $115 million and credit card reward costs of $ 78 million and $70 million for the three months ended September 30, 2019 and 2018 , respectively. Net credit card fees consists of interchange fees of $ 366 million and $332 million and credit card reward costs of $ 217 million and $193 million for the nine months ended September 30, 2019 and 2018 , respectively. (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Corporate & Institutional Banking Noninterest Income Disaggregation | Table 73 : Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Product Treasury management fees $ 210 $ 196 $ 621 $ 578 Capital markets fees 131 147 407 397 Commercial mortgage banking activities 26 23 75 65 Other 17 16 53 51 Total in-scope noninterest income by product $ 384 $ 382 $ 1,156 $ 1,091 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 384 $ 382 $ 1,156 $ 1,091 Total out-of-scope noninterest income (a) 270 210 735 683 Total Corporate & Institutional Banking noninterest income $ 654 $ 592 $ 1,891 $ 1,774 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Asset Management Group Noninterest Income Disaggregation | Table 74 : Asset Management Group Noninterest Income Disaggregation Three months ended Nine months ended In millions 2019 2018 2019 2018 Customer Type Personal $ 155 $ 156 $ 459 $ 462 Institutional 58 70 187 206 Total in-scope noninterest income by customer type $ 213 $ 226 $ 646 $ 668 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 213 $ 226 $ 646 $ 668 Total out-of-scope noninterest income (a) 3 2 73 8 Total Asset Management Group noninterest income $ 216 $ 228 $ 719 $ 676 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Table 75 : Maturity of Operating Lease Liabilities In millions September 30, 2019 Remainder of 2019 $ 85 2020 352 2021 331 2022 297 2023 264 After 2023 1,098 Total operating lease payments $ 2,427 Less: Interest 263 Present value of operating lease liabilities $ 2,164 |
Lessee, Lease Terms and Discount Rate, Operating Leases | Table 76 : Operating Lease Term and Discount Rates September 30, 2019 Weighted-average remaining lease term (years) 9 Weighted-average discount rate 2.46 % |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liability | $ 2,164 | |
Operating lease asset | $ 2,000 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liability | $ 2,100 | |
Operating lease asset | 2,000 | |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of ASU adoptions, pretax | $ 83 |
Loan Sale and Servicing Activ_3
Loan Sale and Servicing Activities and Variable Interest Entities (Cash Flows Associated with Loan Sale and Servicing Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Residential Mortgage [Member] | |||||
Cash flows from sales of loans | $ 1,296 | $ 1,242 | $ 2,902 | $ 3,486 | |
Cash flows from repurchases of previously transferred loans | 81 | 90 | 235 | 286 | |
Cash flows from servicing fees | 90 | 88 | 264 | 269 | |
Cash flows from servicing advances recovered (funded), net | 5 | 2 | 33 | 45 | |
Cash flows on mortgage-backed securities held | 1,394 | 574 | 2,653 | 1,445 | |
Carrying value of mortgage-backed securities held | 17,700 | 13,000 | 17,700 | 13,000 | $ 13,300 |
Commercial Mortgages [Member] | |||||
Cash flows from sales of loans | 1,122 | 953 | 2,212 | 2,613 | |
Cash flows from repurchases of previously transferred loans | 4 | ||||
Cash flows from servicing fees | 34 | 34 | 97 | 100 | |
Cash flows from servicing advances recovered (funded), net | 45 | 19 | 61 | 24 | |
Cash flows on mortgage-backed securities held | 14 | 51 | 43 | 100 | |
Carrying value of mortgage-backed securities held | $ 600 | $ 600 | $ 600 | $ 600 | $ 600 |
Loan Sale and Servicing Activ_4
Loan Sale and Servicing Activities and Variable Interest Entities (Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Residential Mortgage [Member] | |||||
Total principal balance | $ 50,786 | $ 50,786 | $ 54,028 | ||
Delinquent loans | 529 | 529 | 622 | ||
Net charge-offs | 8 | $ 9 | 32 | $ 34 | |
Commercial Mortgages [Member] | |||||
Total principal balance | 50,723 | 50,723 | 47,969 | ||
Delinquent loans | 64 | 64 | $ 234 | ||
Net charge-offs | $ 52 | $ 117 | $ 348 | $ 169 |
Loan Sale and Servicing Activ_5
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
PNC Risk of Loss | $ 22,161 | $ 17,215 |
Carrying Value of Assets Owned by PNC | 22,132 | 17,177 |
Carrying Value of Liabilities Owned by PNC | 1,111 | 806 |
Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 19,084 | 14,266 |
Carrying Value of Assets Owned by PNC | 19,084 | 14,266 |
Tax Credit Investments And Other [Member] | ||
PNC Risk of Loss | 3,077 | 2,949 |
Carrying Value of Assets Owned by PNC | 3,048 | 2,911 |
Carrying Value of Liabilities Owned by PNC | $ 1,111 | $ 806 |
Loan Sale and Servicing Activ_6
Loan Sale and Servicing Activities and Variable Interest Entities Loan Sale and Servicing Activities and Variable Interest Entities (Additional Information) (Details) - Low Income Housing Tax Credit Investments [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization recognized on low income housing tax credit investments | $ 52 | $ 152 |
Tax credits recognized on low income housing tax credit investments | 54 | 165 |
Other tax benefits recognized on low income housing tax credit investments | $ 11 | $ 35 |
Asset Quality (Analysis of Loan
Asset Quality (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 237,377 | [1] | $ 226,245 | [1] | $ 223,053 |
% of Loans | 100.00% | 100.00% | |||
Unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums | $ 1,200 | $ 1,200 | |||
Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 232,341 | $ 220,867 | |||
% of Loans | 97.88% | 97.62% | |||
30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 547 | $ 585 | |||
% of Loans | 0.23% | 0.26% | |||
60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 269 | $ 271 | |||
% of Loans | 0.11% | 0.12% | |||
90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 532 | $ 629 | |||
% of Loans | 0.22% | 0.28% | |||
Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,348 | $ 1,485 | |||
% of Loans | 0.56% | 0.66% | |||
Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,728 | $ 1,694 | |||
% of Loans | 0.73% | 0.75% | |||
Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 166 | $ 182 | |||
% of Loans | 0.07% | 0.08% | |||
Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,794 | $ 2,017 | |||
% of Loans | 0.76% | 0.89% | |||
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 160,188 | $ 152,282 | 149,448 | ||
Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 159,401 | 151,585 | |||
Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 91 | 144 | |||
Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 56 | 69 | |||
Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 64 | 52 | |||
Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 211 | 265 | |||
Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 576 | 432 | |||
Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 77,189 | 73,963 | $ 73,605 | ||
Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 72,940 | 69,282 | |||
Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 456 | 441 | |||
Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 213 | 202 | |||
Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 468 | 577 | |||
Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,137 | 1,220 | |||
Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,152 | 1,262 | |||
Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 166 | 182 | |||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,794 | 2,017 | |||
Commercial [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 124,014 | 116,834 | |||
Commercial [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 123,328 | 116,300 | |||
Commercial [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 82 | 82 | |||
Commercial [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 49 | 54 | |||
Commercial [Member] | Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 64 | 52 | |||
Commercial [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 195 | 188 | |||
Commercial [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 491 | 346 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 28,884 | 28,140 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 28,803 | 28,056 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3 | 6 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3 | 3 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6 | 9 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 75 | 75 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,290 | 7,308 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,270 | 7,229 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6 | 56 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4 | 12 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 10 | 68 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 10 | 11 | |||
Home Equity [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 24,971 | 26,123 | |||
Home Equity [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 23,631 | 24,556 | |||
Home Equity [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 53 | 66 | |||
Home Equity [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 24 | 25 | |||
Home Equity [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 77 | 91 | |||
Home Equity [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 685 | 797 | |||
Home Equity [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 578 | 679 | |||
Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,082 | 18,657 | |||
Residential Real Estate [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 573 | 685 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,082 | 18,657 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 18,867 | 16,216 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 129 | 135 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 77 | 73 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 302 | 363 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 508 | 571 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 400 | 500 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 325 | 350 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 166 | 182 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,216 | 1,338 | |||
Automobile [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 16,004 | 14,419 | |||
Automobile [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 15,684 | 14,165 | |||
Automobile [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 145 | 113 | |||
Automobile [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 36 | 29 | |||
Automobile [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 11 | 12 | |||
Automobile [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 192 | 154 | |||
Automobile [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 128 | 100 | |||
Credit Card [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6,815 | 6,357 | |||
Credit Card [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6,815 | 6,357 | |||
Credit Card [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6,660 | 6,222 | |||
Credit Card [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 56 | 46 | |||
Credit Card [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 33 | 29 | |||
Credit Card [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 57 | 53 | |||
Credit Card [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 146 | 128 | |||
Credit Card [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 9 | 7 | |||
Education [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3,461 | 3,822 | |||
Education [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3,461 | 3,822 | |||
Education [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3,280 | 3,571 | |||
Education [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 56 | 69 | |||
Education [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 35 | 41 | |||
Education [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 90 | 141 | |||
Education [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 181 | 251 | |||
Education [Member] | Total consumer lending [Member] | Total Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 200 | 200 | |||
Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,856 | 4,585 | |||
Other Consumer [Member] | Total consumer lending [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,856 | 4,585 | |||
Other Consumer [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,818 | 4,552 | |||
Other Consumer [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 17 | 12 | |||
Other Consumer [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 8 | 5 | |||
Other Consumer [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 8 | 8 | |||
Other Consumer [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 33 | 25 | |||
Other Consumer [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 5 | $ 8 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . |
Asset Quality (Narrative) (Deta
Asset Quality (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Number of portfolio segments | segment | 2 | 2 | |||
TDRs [Member] | |||||
Recorded Investment - Subsequently defaulted TDRs | $ 42 | $ 19 | $ 68 | $ 44 | |
Nonperforming [Member] | |||||
Troubled debt restructurings (TDRs) | 900 | 900 | $ 900 | ||
Performing, including Consumer Credit Card TDRs [Member] | |||||
Troubled debt restructurings (TDRs) | 900 | 900 | 1,000 | ||
Federal Reserve Bank [Member] | |||||
Loans pledged as collateral for the ability to borrow | 16,200 | 16,200 | 17,300 | ||
Federal Home Loan Bank [Member] | |||||
Loans pledged as collateral for the ability to borrow | $ 66,700 | $ 66,700 | $ 63,200 |
Asset Quality (Nonperforming As
Asset Quality (Nonperforming Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Total nonperforming loans | $ 1,728 | $ 1,694 |
OREO and Foreclosed Assets | 119 | 114 |
Total nonperforming assets | $ 1,847 | $ 1,808 |
Nonperforming loans to total loans | 0.73% | 0.75% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.78% | 0.80% |
Nonperforming assets to total assets | 0.45% | 0.47% |
Total commercial lending [Member] | ||
Total nonperforming loans | $ 576 | $ 432 |
Total consumer lending [Member] | ||
Total nonperforming loans | $ 1,152 | $ 1,262 |
Asset Quality (Commercial Lendi
Asset Quality (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 237,377 | [1] | $ 226,245 | [1] | $ 223,053 |
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 160,188 | 152,282 | $ 149,448 | ||
Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 124,014 | 116,834 | |||
Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 28,884 | 28,140 | |||
Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 7,290 | 7,308 | |||
Pass [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 153,431 | 146,138 | |||
Pass [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 118,316 | 111,276 | |||
Pass [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 28,050 | 27,682 | |||
Pass [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 7,065 | 7,180 | |||
Criticized [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 6,757 | 6,144 | |||
Criticized [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 5,698 | 5,558 | |||
Criticized [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 834 | 458 | |||
Criticized [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 225 | $ 128 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . |
Asset Quality (Consumer Real Es
Asset Quality (Consumer Real Estate Secured Asset Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 237,377 | [1] | $ 226,245 | [1] | $ 223,053 |
Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 24,971 | 26,123 | |||
Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 21,082 | 18,657 | |||
FICO Score- Greater than 660 [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 22,066 | 22,996 | |||
FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 18,455 | 15,956 | |||
FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 2,045 | 2,210 | |||
FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 547 | 585 | |||
No FICO Score Available [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 282 | 238 | |||
No FICO Score Available [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 291 | 93 | |||
Purchased Impaired Loans [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 578 | 679 | |||
Purchased Impaired Loans [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1,216 | 1,338 | |||
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 573 | 685 | |||
LTV Greater Than Or Equal To 125 Percent [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 382 | 461 | |||
LTV Greater Than Or Equal To 125 Percent [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 123 | 116 | |||
LTV Greater Than Or Equal To 100 Percent To Less Than 125 Percent [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 911 | 1,020 | |||
LTV Greater Than Or Equal To 100 Percent To Less Than 125 Percent [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 228 | 255 | |||
LTV Greater Than Or Equal To 90 Percent To Less Than 100 Percent [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1,096 | 1,174 | |||
LTV Greater Than Or Equal To 90 Percent To Less Than 100 Percent [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 340 | 335 | |||
LTV Less Than 90 Percent [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 21,821 | 22,644 | |||
LTV Less Than 90 Percent [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 18,384 | 15,922 | |||
No LTV Ratio Available [Member] | Home Equity [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 183 | 145 | |||
No LTV Ratio Available [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 218 | $ 6 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . |
Asset Quality (Credit Card and
Asset Quality (Credit Card and Other Consumer Loan Classes Asset Quality Indicators) (Details) $ in Millions | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 237,377 | [1] | $ 226,245 | [1] | $ 223,053 |
Automobile Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 16,004 | 14,419 | |||
Automobile Loan [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 16,004 | $ 14,419 | |||
Weighted average updated FICO score | 724 | 726 | |||
Automobile Loan [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 8,444 | $ 7,740 | |||
Automobile Loan [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 4,845 | 4,365 | |||
Automobile Loan [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1,152 | 1,007 | |||
Automobile Loan [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1,240 | 1,027 | |||
Automobile Loan [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 323 | 280 | |||
Credit Card [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 6,815 | 6,357 | |||
Credit Card [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 6,815 | $ 6,357 | |||
Weighted average updated FICO score | 731 | 733 | |||
Credit Card [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 3,989 | $ 3,809 | |||
Credit Card [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 1,955 | 1,759 | |||
Credit Card [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 325 | 280 | |||
Credit Card [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 376 | 332 | |||
Credit Card [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 170 | 177 | |||
Education [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 3,461 | 3,822 | |||
Education [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 1,455 | $ 1,541 | |||
Weighted average updated FICO score | 775 | 774 | |||
Education [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 1,184 | $ 1,240 | |||
Education [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 185 | 194 | |||
Education [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 22 | 26 | |||
Education [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 22 | 24 | |||
Education [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 42 | 57 | |||
Education [Member] | Other Internal Credit Metrics [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 2,006 | 2,281 | |||
Other Consumer [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 4,856 | 4,585 | |||
Other Consumer [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 2,463 | $ 2,157 | |||
Weighted average updated FICO score | 731 | 732 | |||
Other Consumer [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 1,452 | $ 1,280 | |||
Other Consumer [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 755 | 641 | |||
Other Consumer [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 122 | 106 | |||
Other Consumer [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 107 | 105 | |||
Other Consumer [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 27 | 25 | |||
Other Consumer [Member] | Other Internal Credit Metrics [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 2,393 | $ 2,428 | |||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . |
Asset Quality (Financial Impact
Asset Quality (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)my_loan | Sep. 30, 2018USD ($)my_loan | Sep. 30, 2019USD ($)my_loan | Sep. 30, 2018USD ($)my_loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | my_loan | 3,677 | 3,165 | 11,067 | 9,080 |
Pre-TDR Recorded Investment | $ 142 | $ 160 | $ 364 | $ 274 |
Post-TDR Recorded Investment | 115 | 149 | 332 | 252 |
Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 2 | 3 | ||
Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 24 | 43 | 73 | 92 |
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 91 | $ 104 | $ 259 | $ 157 |
Total commercial lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | my_loan | 21 | 18 | 58 | 65 |
Pre-TDR Recorded Investment | $ 97 | $ 115 | $ 233 | $ 145 |
Post-TDR Recorded Investment | 72 | 107 | 209 | 133 |
Total commercial lending [Member] | Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 2 | 2 | ||
Total commercial lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 24 | 1 | 26 | |
Total commercial lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 72 | $ 81 | $ 208 | $ 105 |
Total consumer lending [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | my_loan | 3,656 | 3,147 | 11,009 | 9,015 |
Pre-TDR Recorded Investment | $ 45 | $ 45 | $ 131 | $ 129 |
Post-TDR Recorded Investment | 43 | 42 | 123 | 119 |
Total consumer lending [Member] | Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 1 | |||
Total consumer lending [Member] | Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | 24 | 19 | 72 | 66 |
Total consumer lending [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-TDR Recorded Investment | $ 19 | $ 23 | $ 51 | $ 52 |
Asset Quality (Impaired Loans)
Asset Quality (Impaired Loans) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | $ 1,225 | $ 1,303 |
Unpaid principal balance - Impaired loans without an associated allowance | 1,405 | 1,455 |
Unpaid principal balance - Total impaired loans | 2,630 | 2,758 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 1,072 | 1,132 |
Recorded investment - Impaired loans without an associated allowance | 956 | 951 |
Recorded investment - Total impaired loans | 2,028 | 2,083 |
Associated Allowance - Total impaired loans | 176 | 209 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 1,142 | 1,253 |
Average recorded investment - Impaired loans without an associated allowance | 917 | 939 |
Average recorded investment - Total impaired loans | 2,059 | 2,192 |
Total commercial lending [Member] | ||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | 491 | 440 |
Unpaid principal balance - Impaired loans without an associated allowance | 360 | 413 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 375 | 315 |
Recorded investment - Impaired loans without an associated allowance | 310 | 326 |
Associated Allowance - Total impaired loans | 81 | 73 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 367 | 349 |
Average recorded investment - Impaired loans without an associated allowance | 297 | 294 |
Total consumer lending [Member] | ||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | ||
Unpaid principal balance - Impaired loans with an associated allowance | 734 | 863 |
Unpaid principal balance - Impaired loans without an associated allowance | 1,045 | 1,042 |
Recorded Investment - Impaired Financing Receivable [Abstract] | ||
Recorded investment - Impaired loans with an associated allowance | 697 | 817 |
Recorded investment - Impaired loans without an associated allowance | 646 | 625 |
Associated Allowance - Total impaired loans | 95 | 136 |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | ||
Average recorded investment - Impaired loans with an associated allowance | 775 | 904 |
Average recorded investment - Impaired loans without an associated allowance | $ 620 | $ 645 |
Allowances for Loan and Lease_3
Allowances for Loan and Lease Losses (Rollforward of Allowance For Loan and Lease Losses and Associated Loan Data) (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Number of portfolio segments | segment | 2 | 2 | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | $ 2,629,000,000 | $ 2,611,000,000 | ||||||
Charge-offs | (683,000,000) | (564,000,000) | ||||||
Recoveries | 250,000,000 | 251,000,000 | ||||||
Net (charge-offs) | (433,000,000) | (313,000,000) | ||||||
Provision for credit losses | $ 183,000,000 | $ 88,000,000 | 552,000,000 | 260,000,000 | ||||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | (19,000,000) | 9,000,000 | ||||||
Other | 9,000,000 | 17,000,000 | ||||||
Ending Balance | 2,738,000,000 | 2,584,000,000 | 2,738,000,000 | 2,584,000,000 | ||||
Loans collectively evaluated for impairment - associated allowance | 2,284,000,000 | 2,100,000,000 | 2,284,000,000 | 2,100,000,000 | ||||
Impaired loans - associated allowance | 176,000,000 | 176,000,000 | $ 209,000,000 | |||||
Loans collectively evaluated for impairment | 232,801,000,000 | 218,106,000,000 | 232,801,000,000 | 218,106,000,000 | ||||
Fair value option loans | 754,000,000 | 753,000,000 | 754,000,000 | 753,000,000 | ||||
Purchased impaired loans | 1,794,000,000 | 2,102,000,000 | 1,794,000,000 | 2,102,000,000 | ||||
Total loans | $ 237,377,000,000 | [1] | $ 223,053,000,000 | $ 237,377,000,000 | [1] | $ 223,053,000,000 | 226,245,000,000 | [1] |
Portfolio segment ALLL as a percentage of total ALLL | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Ratio of the allowance for loan and lease losses to total loans | 1.15% | 1.16% | 1.15% | 1.16% | ||||
TDRs [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans individually evaluated for impairment - associated allowance | $ 129,000,000 | $ 173,000,000 | $ 129,000,000 | $ 173,000,000 | ||||
Loans individually evaluated for impairment | 1,763,000,000 | 1,886,000,000 | 1,763,000,000 | 1,886,000,000 | ||||
Other Loans [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans individually evaluated for impairment - associated allowance | 47,000,000 | 37,000,000 | 47,000,000 | 37,000,000 | ||||
Loans individually evaluated for impairment | 265,000,000 | 206,000,000 | 265,000,000 | 206,000,000 | ||||
Purchased Impaired Loans [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Impaired loans - associated allowance | 278,000,000 | 274,000,000 | 278,000,000 | 274,000,000 | ||||
Loans Accounted for under Fair Value Option [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans collectively evaluated for impairment - associated allowance | 0 | 0 | ||||||
Total commercial lending [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 1,663,000,000 | 1,582,000,000 | ||||||
Charge-offs | (138,000,000) | (92,000,000) | ||||||
Recoveries | 59,000,000 | 74,000,000 | ||||||
Net (charge-offs) | (79,000,000) | (18,000,000) | ||||||
Provision for credit losses | 247,000,000 | 48,000,000 | ||||||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | (20,000,000) | 7,000,000 | ||||||
Other | (1,000,000) | |||||||
Ending Balance | 1,811,000,000 | 1,618,000,000 | 1,811,000,000 | 1,618,000,000 | ||||
Loans collectively evaluated for impairment - associated allowance | 1,730,000,000 | 1,553,000,000 | 1,730,000,000 | 1,553,000,000 | ||||
Impaired loans - associated allowance | 81,000,000 | 81,000,000 | 73,000,000 | |||||
Loans collectively evaluated for impairment | 159,503,000,000 | 148,853,000,000 | 159,503,000,000 | 148,853,000,000 | ||||
Total loans | $ 160,188,000,000 | $ 149,448,000,000 | $ 160,188,000,000 | $ 149,448,000,000 | 152,282,000,000 | |||
Portfolio segment ALLL as a percentage of total ALLL | 66.00% | 63.00% | 66.00% | 63.00% | ||||
Ratio of the allowance for loan and lease losses to total loans | 1.13% | 1.08% | 1.13% | 1.08% | ||||
Total commercial lending [Member] | TDRs [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans individually evaluated for impairment - associated allowance | $ 34,000,000 | $ 28,000,000 | $ 34,000,000 | $ 28,000,000 | ||||
Loans individually evaluated for impairment | 420,000,000 | 389,000,000 | 420,000,000 | 389,000,000 | ||||
Total commercial lending [Member] | Other Loans [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans individually evaluated for impairment - associated allowance | 47,000,000 | 37,000,000 | 47,000,000 | 37,000,000 | ||||
Loans individually evaluated for impairment | 265,000,000 | 206,000,000 | 265,000,000 | 206,000,000 | ||||
Total consumer lending [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 966,000,000 | 1,029,000,000 | ||||||
Charge-offs | (545,000,000) | (472,000,000) | ||||||
Recoveries | 191,000,000 | 177,000,000 | ||||||
Net (charge-offs) | (354,000,000) | (295,000,000) | ||||||
Provision for credit losses | 305,000,000 | 212,000,000 | ||||||
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit | 1,000,000 | 2,000,000 | ||||||
Other | 9,000,000 | 18,000,000 | ||||||
Ending Balance | 927,000,000 | 966,000,000 | 927,000,000 | 966,000,000 | ||||
Loans collectively evaluated for impairment - associated allowance | 554,000,000 | 547,000,000 | 554,000,000 | 547,000,000 | ||||
Impaired loans - associated allowance | 95,000,000 | 95,000,000 | 136,000,000 | |||||
Loans collectively evaluated for impairment | 73,298,000,000 | 69,253,000,000 | 73,298,000,000 | 69,253,000,000 | ||||
Fair value option loans | 754,000,000 | 753,000,000 | 754,000,000 | 753,000,000 | ||||
Purchased impaired loans | 1,794,000,000 | 2,102,000,000 | 1,794,000,000 | 2,102,000,000 | ||||
Total loans | $ 77,189,000,000 | $ 73,605,000,000 | $ 77,189,000,000 | $ 73,605,000,000 | $ 73,963,000,000 | |||
Portfolio segment ALLL as a percentage of total ALLL | 34.00% | 37.00% | 34.00% | 37.00% | ||||
Ratio of the allowance for loan and lease losses to total loans | 1.20% | 1.31% | 1.20% | 1.31% | ||||
Total consumer lending [Member] | TDRs [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Loans individually evaluated for impairment - associated allowance | $ 95,000,000 | $ 145,000,000 | $ 95,000,000 | $ 145,000,000 | ||||
Loans individually evaluated for impairment | 1,343,000,000 | 1,497,000,000 | 1,343,000,000 | 1,497,000,000 | ||||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Impaired loans - associated allowance | $ 278,000,000 | $ 274,000,000 | $ 278,000,000 | $ 274,000,000 | ||||
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion , Loans of $.8 billion and Other assets of $.1 billion at September 30, 2019 and Loans held for sale of $.9 billion , Loans of $.8 billion and Other assets of $.2 billion at December 31, 2018 . |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | $ 67,619 | $ 63,514 |
Securities available for sale debt securities, unrealized gains | 1,544 | 710 |
Securities available for sale debt securities, unrealized losses | (106) | (835) |
Debt Securities, Available-for-sale | 69,057 | 63,389 |
Held to Maturity Securities, Amortized Cost, Total | 18,826 | 19,312 |
Held-to-maturity securities, unrealized gains | 434 | 118 |
Held-to-maturity securities, unrealized losses | (50) | (411) |
Held-to-maturity securities, fair value | 19,210 | 19,019 |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 17,597 | 18,104 |
Securities available for sale debt securities, unrealized gains | 420 | 133 |
Securities available for sale debt securities, unrealized losses | (12) | (137) |
Debt Securities, Available-for-sale | 18,005 | 18,100 |
Held to Maturity Securities, Amortized Cost, Total | 772 | 758 |
Held-to-maturity securities, unrealized gains | 75 | 28 |
Held-to-maturity securities, unrealized losses | (23) | |
Held-to-maturity securities, fair value | 847 | 763 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 5,256 | 4,933 |
Securities available for sale debt securities, unrealized gains | 89 | 59 |
Securities available for sale debt securities, unrealized losses | (6) | (20) |
Debt Securities, Available-for-sale | 5,339 | 4,972 |
Held to Maturity Securities, Amortized Cost, Total | 54 | 182 |
Held-to-maturity securities, unrealized gains | 1 | 1 |
Held-to-maturity securities, fair value | 55 | 183 |
Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 2,892 | 3,821 |
Securities available for sale debt securities, unrealized gains | 126 | 96 |
Securities available for sale debt securities, unrealized losses | (1) | (38) |
Debt Securities, Available-for-sale | 3,017 | 3,879 |
Held to Maturity Securities, Amortized Cost, Total | 1,795 | 1,849 |
Held-to-maturity securities, unrealized gains | 85 | 53 |
Held-to-maturity securities, unrealized losses | (16) | (28) |
Held-to-maturity securities, fair value | 1,864 | 1,874 |
Mortgage-backed Securities Agency [Member] | Residential Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 34,130 | 29,413 |
Securities available for sale debt securities, unrealized gains | 506 | 104 |
Securities available for sale debt securities, unrealized losses | (56) | (524) |
Debt Securities, Available-for-sale | 34,580 | 28,993 |
Held to Maturity Securities, Amortized Cost, Total | 15,527 | 15,740 |
Held-to-maturity securities, unrealized gains | 257 | 32 |
Held-to-maturity securities, unrealized losses | (34) | (358) |
Held-to-maturity securities, fair value | 15,750 | 15,414 |
Mortgage-backed Securities Agency [Member] | Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 2,909 | 2,630 |
Securities available for sale debt securities, unrealized gains | 54 | 13 |
Securities available for sale debt securities, unrealized losses | (24) | (66) |
Debt Securities, Available-for-sale | 2,939 | 2,577 |
Held to Maturity Securities, Amortized Cost, Total | 89 | 143 |
Held-to-maturity securities, unrealized gains | 3 | 1 |
Held-to-maturity securities, unrealized losses | (1) | |
Held-to-maturity securities, fair value | 92 | 143 |
Mortgage-backed Securities Non-agency [Member] | Residential Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 1,626 | 1,924 |
Securities available for sale debt securities, unrealized gains | 308 | 300 |
Securities available for sale debt securities, unrealized losses | (3) | (13) |
Debt Securities, Available-for-sale | 1,931 | 2,211 |
Held to Maturity Securities, Amortized Cost, Total | 140 | 152 |
Held-to-maturity securities, unrealized gains | 7 | 2 |
Held-to-maturity securities, fair value | 147 | 154 |
Mortgage-backed Securities Non-agency [Member] | Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale debt securities, amortized cost | 3,209 | 2,689 |
Securities available for sale debt securities, unrealized gains | 41 | 5 |
Securities available for sale debt securities, unrealized losses | (4) | (37) |
Debt Securities, Available-for-sale | 3,246 | 2,657 |
Held to Maturity Securities, Amortized Cost, Total | 449 | 488 |
Held-to-maturity securities, unrealized gains | 6 | 1 |
Held-to-maturity securities, unrealized losses | (1) | |
Held-to-maturity securities, fair value | $ 455 | $ 488 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Schedule of Investments [Line Items] | |
Investment securities, net unsettled investment purchases | $ 280 |
Gain on derivatives used to hedge purchase of investment securities | 28 |
Other than temporary impairment credit losses recognized In earnings credit losses on debt securities held | 1,100 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |
Schedule of Investments [Line Items] | |
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 40,400 |
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 41,000 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | |
Schedule of Investments [Line Items] | |
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 6,400 |
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 6,500 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ (19) | $ (126) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 4,506 | 13,913 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (87) | (709) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 8,596 | 23,902 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (106) | (835) |
Debt securities, available-for-sale, unrealized loss position | 13,102 | 37,815 |
HTM unrealized loss position less than 12 months - unrealized loss | (1) | (62) |
HTM unrealized loss position less than 12 months - fair value | 27 | 4,506 |
HTM unrealized loss position 12 months or more - unrealized loss | (49) | (349) |
HTM unrealized loss position 12 months or more - fair value | 3,828 | 8,490 |
Total HTM unrealized loss | (50) | (411) |
Total HTM fair value | 3,855 | 12,996 |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (11) | (21) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 2,300 | 4,125 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (116) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 248 | 5,423 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (12) | (137) |
Debt securities, available-for-sale, unrealized loss position | 2,548 | 9,548 |
HTM unrealized loss position 12 months or more - unrealized loss | (23) | |
HTM unrealized loss position 12 months or more - fair value | 446 | |
Total HTM unrealized loss | (23) | |
Total HTM fair value | 446 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (5) | (57) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,329 | 4,823 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (51) | (467) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 5,471 | 13,830 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (56) | (524) |
Debt securities, available-for-sale, unrealized loss position | 6,800 | 18,653 |
HTM unrealized loss position less than 12 months - unrealized loss | (58) | |
HTM unrealized loss position less than 12 months - fair value | 4,191 | |
HTM unrealized loss position 12 months or more - unrealized loss | (34) | (300) |
HTM unrealized loss position 12 months or more - fair value | 3,709 | 7,921 |
Total HTM unrealized loss | (34) | (358) |
Total HTM fair value | 3,709 | 12,112 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 74 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (3) | (12) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 242 | 310 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (3) | (13) |
Debt securities, available-for-sale, unrealized loss position | 242 | 384 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 65 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (24) | (65) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 1,121 | 1,516 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (24) | (66) |
Debt securities, available-for-sale, unrealized loss position | 1,121 | 1,581 |
HTM unrealized loss position less than 12 months - unrealized loss | (1) | |
HTM unrealized loss position less than 12 months - fair value | 88 | |
Total HTM unrealized loss | (1) | |
Total HTM fair value | 88 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | (23) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 413 | 1,809 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (3) | (14) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 217 | 498 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (4) | (37) |
Debt securities, available-for-sale, unrealized loss position | 630 | 2,307 |
HTM unrealized loss position less than 12 months - unrealized loss | (1) | |
HTM unrealized loss position less than 12 months - fair value | 152 | |
Total HTM unrealized loss | (1) | |
Total HTM fair value | 152 | |
Asset backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (2) | (11) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 464 | 2,149 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (4) | (9) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 794 | 1,032 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (6) | (20) |
Debt securities, available-for-sale, unrealized loss position | 1,258 | 3,181 |
Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (12) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 868 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (26) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 503 | 1,293 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (1) | (38) |
Debt securities, available-for-sale, unrealized loss position | 503 | 2,161 |
HTM unrealized loss position less than 12 months - unrealized loss | (1) | (2) |
HTM unrealized loss position less than 12 months - fair value | 27 | 75 |
HTM unrealized loss position 12 months or more - unrealized loss | (15) | (26) |
HTM unrealized loss position 12 months or more - fair value | 119 | 123 |
Total HTM unrealized loss | (16) | (28) |
Total HTM fair value | $ 146 | $ 198 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Investment Securities Disclosure [Abstract] | ||
Gross Gains | $ 57 | $ 43 |
Gross Losses | (21) | (48) |
Net Gains (Losses) | 36 | (5) |
Tax Expense (Benefit) | $ 8 | $ (1) |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 2,793 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 15,575 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 6,971 | |
Available for Sale Securities, Amortized Cost, After 10 years | 42,280 | |
Securities available for sale debt securities, amortized cost | 67,619 | $ 63,514 |
Available-for-sale Securities, Fair value, 1 year or less | 2,811 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 15,754 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 7,163 | |
Available-for-sale Securities, Fair value, After 10 years | 43,329 | |
Available-for-sale Securities, Fair value, Total | $ 69,057 | 63,389 |
Weighted-average yield, GAAP basis, available for sale securities | 2.98% | |
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 37 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 1,035 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 1,481 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 16,273 | |
Held to Maturity Securities, Amortized Cost, Total | 18,826 | 19,312 |
Held-to-maturity Securities, Fair Value, 1 year or less | 37 | |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 1,070 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 1,573 | |
Held-to-maturity Securities, Fair Value, After 10 years | 16,530 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 19,210 | $ 19,019 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.36% | |
One Year or Less [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.64% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.92% | |
After One Year Through Five Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.27% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.56% | |
After Five Years Through Ten Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.84% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.56% | |
After Ten Years [Member] | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 3.30% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.33% | |
US Treasury and Government [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 2,456 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 11,133 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 3,111 | |
Available for Sale Securities, Amortized Cost, After 10 years | 897 | |
Securities available for sale debt securities, amortized cost | 17,597 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 198 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 297 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 277 | |
Held to Maturity Securities, Amortized Cost, Total | 772 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 61 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,149 | |
Available for Sale Securities, Amortized Cost, After 10 years | 32,920 | |
Securities available for sale debt securities, amortized cost | 34,130 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 59 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 500 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 14,968 | |
Held to Maturity Securities, Amortized Cost, Total | 15,527 | |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 10 years | 1,626 | |
Securities available for sale debt securities, amortized cost | 1,626 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 140 | |
Held to Maturity Securities, Amortized Cost, Total | 140 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 17 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 610 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 292 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,990 | |
Securities available for sale debt securities, amortized cost | 2,909 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 40 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 49 | |
Held to Maturity Securities, Amortized Cost, Total | 89 | |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 331 | |
Available for Sale Securities, Amortized Cost, After 10 years | 2,878 | |
Securities available for sale debt securities, amortized cost | 3,209 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 449 | |
Held to Maturity Securities, Amortized Cost, Total | 449 | |
Asset backed [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 34 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 2,350 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,652 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,220 | |
Securities available for sale debt securities, amortized cost | 5,256 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 6 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 20 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 28 | |
Held to Maturity Securities, Amortized Cost, Total | 54 | |
Other [Member] | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 286 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,421 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 436 | |
Available for Sale Securities, Amortized Cost, After 10 years | 749 | |
Securities available for sale debt securities, amortized cost | 2,892 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 37 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 732 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 664 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 362 | |
Held to Maturity Securities, Amortized Cost, Total | $ 1,795 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 12,666 | $ 7,597 |
Permitted by contract or custom to sell or repledge | 3,980 | 6,905 |
Permitted amount repledged to others | 702 | 923 |
Fair value of securities received as collateral that have not been repledged | $ 3,300 | $ 6,000 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Investment securities – available for sale | $ 69,057 | $ 63,389 |
Mortgage servicing rights | 1,483 | 1,983 |
Financial derivatives | 2,834 | 1,052 |
Liabilities | ||
Financial derivatives | 672 | 1,063 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 69,057 | 63,389 |
Loans | 754 | 782 |
Equity investments | 2,177 | 2,209 |
Trading securities | 3,097 | 3,916 |
Financial derivatives | 4,638 | 2,081 |
Other assets | 452 | 493 |
Total Assets | 83,193 | 75,744 |
Liabilities | ||
Other borrowed funds | 820 | 1,007 |
Financial derivatives | 2,332 | 2,290 |
Other liabilities | 105 | 58 |
Total liabilities | 3,257 | 3,355 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 17,725 | 17,753 |
Equity investments | 590 | 751 |
Trading securities | 854 | 2,137 |
Financial derivatives | 2 | 3 |
Other assets | 323 | 291 |
Total Assets | 19,494 | 20,935 |
Liabilities | ||
Other borrowed funds | 723 | 868 |
Financial derivatives | 3 | 1 |
Total liabilities | 726 | 869 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 49,150 | 43,150 |
Loans | 425 | 510 |
Trading securities | 2,243 | 1,777 |
Financial derivatives | 4,546 | 2,053 |
Other assets | 129 | 157 |
Total Assets | 57,952 | 48,449 |
Liabilities | ||
Other borrowed funds | 91 | 132 |
Financial derivatives | 2,123 | 2,021 |
Total liabilities | 2,214 | 2,153 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 2,182 | 2,486 |
Loans | 329 | 272 |
Equity investments | 1,390 | 1,255 |
Trading securities | 2 | |
Financial derivatives | 90 | 25 |
Other assets | 45 | |
Total Assets | 5,550 | 6,157 |
Liabilities | ||
Other borrowed funds | 6 | 7 |
Financial derivatives | 206 | 268 |
Other liabilities | 105 | 58 |
Total liabilities | 317 | 333 |
Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 785 | 495 |
Mortgage servicing rights | 888 | 1,257 |
Residential Mortgage [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 781 | 493 |
Residential Mortgage [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 4 | 2 |
Mortgage servicing rights | 888 | 1,257 |
Commercial Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 750 | 396 |
Mortgage servicing rights | 595 | 726 |
Commercial Mortgage [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 678 | 309 |
Commercial Mortgage [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 72 | 87 |
Mortgage servicing rights | 595 | 726 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 18,005 | 18,100 |
US Treasury and Government [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 17,725 | 17,753 |
US Treasury and Government [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 280 | 347 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 34,580 | 28,993 |
Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,931 | 2,211 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 34,580 | 28,993 |
Residential Mortgage-backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 78 | 83 |
Residential Mortgage-backed Securities [Member] | Level 3 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 1,853 | 2,128 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 2,939 | 2,577 |
Commercial Mortgage Backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,246 | 2,657 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 2,939 | 2,577 |
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,246 | 2,657 |
Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,339 | 4,972 |
Asset backed [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 5,087 | 4,698 |
Asset backed [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 252 | 274 |
Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 3,017 | 3,879 |
Other [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | 2,940 | 3,795 |
Other [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities – available for sale | $ 77 | $ 84 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers Into Level 3 | $ 8 | |||
Transfers out of Level 3 | (8) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5,687 | $ 6,474 | $ 6,157 | $ 6,475 |
Included in earnings | (42) | 176 | (204) | 543 |
Included in other comprehensive income | (6) | (3) | 20 | 16 |
Purchases | 220 | 163 | 569 | 478 |
Sales | (53) | (277) | (251) | (405) |
Issuances | 23 | 28 | 52 | 74 |
Settlements | (271) | (274) | (770) | (870) |
Transfers Into Level 3 | 10 | 13 | 17 | 18 |
Transfers out of Level 3 | (18) | (31) | (40) | (60) |
Ending Balance | 5,550 | 6,269 | 5,550 | 6,269 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (65) | 90 | (318) | 394 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 304 | 438 | 333 | 531 |
Included in earnings | 22 | 30 | 92 | 12 |
Purchases | 16 | 16 | 12 | |
Sales | 4 | 5 | 7 | 10 |
Issuances | 26 | 76 | 105 | 142 |
Settlements | (55) | (143) | (236) | (301) |
Ending Balance | 317 | 406 | 317 | 406 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 21 | 32 | 85 | 13 |
Fair Value Additional Information [Abstract] | ||||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | (64) | 146 | (296) | 531 |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | (86) | 58 | (403) | 381 |
Loans Held For Sale [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2 | 4 | 2 | 3 |
Purchases | 3 | 2 | 5 | 4 |
Sales | (1) | (1) | (2) | |
Settlements | (1) | (1) | ||
Transfers Into Level 3 | 5 | 12 | 10 | |
Transfers out of Level 3 | (7) | (13) | (12) | |
Ending Balance | 4 | 3 | 4 | 3 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 73 | 91 | 87 | 107 |
Included in earnings | 1 | 2 | ||
Settlements | (1) | (3) | (17) | (18) |
Ending Balance | 72 | 89 | 72 | 89 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 2 | |||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2,317 | 2,804 | 2,486 | 3,080 |
Included in earnings | 26 | 20 | 64 | 45 |
Included in other comprehensive income | (6) | (3) | 20 | 16 |
Purchases | 6 | 2 | 9 | 6 |
Sales | (3) | |||
Settlements | (161) | (168) | (394) | (492) |
Transfers out of Level 3 | (5) | (5) | ||
Ending Balance | 2,182 | 2,650 | 2,182 | 2,650 |
Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,976 | 2,405 | 2,128 | 2,661 |
Included in earnings | 23 | 18 | 59 | 38 |
Included in other comprehensive income | (3) | (1) | 18 | 7 |
Settlements | (143) | (154) | (352) | (438) |
Ending Balance | 1,853 | 2,268 | 1,853 | 2,268 |
Available-for-sale Securities [Member] | Asset backed [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 261 | 308 | 274 | 332 |
Included in earnings | 2 | 2 | 4 | 2 |
Included in other comprehensive income | (3) | 6 | 1 | |
Purchases | 1 | 1 | ||
Settlements | (12) | (14) | (33) | (42) |
Ending Balance | 252 | 293 | 252 | 293 |
Available-for-sale Securities [Member] | Other [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 80 | 91 | 84 | 87 |
Included in earnings | 1 | 1 | 5 | |
Included in other comprehensive income | (3) | 1 | (4) | 8 |
Purchases | 5 | 2 | 8 | 6 |
Sales | (3) | |||
Settlements | (6) | (9) | (12) | |
Transfers out of Level 3 | (5) | (5) | ||
Ending Balance | 77 | 89 | 77 | 89 |
Loans [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 259 | 282 | 272 | 298 |
Included in earnings | 5 | 4 | 10 | 9 |
Purchases | 93 | 25 | 126 | 80 |
Sales | (7) | (18) | (18) | (27) |
Issuances | 1 | |||
Settlements | (14) | (1) | (39) | (44) |
Transfers Into Level 3 | 2 | 8 | 5 | 8 |
Transfers out of Level 3 | (10) | (19) | (27) | (43) |
Ending Balance | 329 | 281 | 329 | 281 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 4 | 6 | 1 | |
Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,323 | 1,167 | 1,255 | 1,036 |
Included in earnings | 48 | 81 | 104 | 169 |
Purchases | 65 | 52 | 260 | 213 |
Sales | (46) | (258) | (229) | (376) |
Ending Balance | 1,390 | 1,042 | 1,390 | 1,042 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 50 | 18 | 53 | 77 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 997 | 1,297 | 1,257 | 1,164 |
Included in earnings | (100) | 41 | (362) | 188 |
Purchases | 22 | 66 | 87 | 113 |
Issuances | 9 | 12 | 23 | 35 |
Settlements | (40) | (46) | (117) | (130) |
Ending Balance | 888 | 1,370 | 888 | 1,370 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (97) | 41 | (353) | 180 |
Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 630 | 748 | 726 | 668 |
Included in earnings | (38) | 23 | (126) | 104 |
Purchases | 25 | 16 | 76 | 60 |
Issuances | 13 | 16 | 29 | 39 |
Settlements | (35) | (37) | (110) | (105) |
Ending Balance | 595 | 766 | 595 | 766 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (38) | 23 | (126) | 104 |
Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2 | 2 | 2 | |
Settlements | (2) | |||
Ending Balance | 2 | 2 | ||
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 86 | 16 | 25 | 10 |
Included in earnings | 17 | 9 | 104 | 33 |
Purchases | 6 | 6 | 2 | |
Settlements | (19) | (17) | (45) | (37) |
Ending Balance | 90 | 8 | 90 | 8 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 16 | 11 | 100 | 37 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 221 | 384 | 268 | 487 |
Included in earnings | 8 | 26 | 58 | 3 |
Sales | 4 | 5 | 5 | 10 |
Settlements | (27) | (73) | (125) | (158) |
Ending Balance | 206 | 342 | 206 | 342 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | 13 | 32 | 65 | 5 |
Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 63 | 45 | 107 | |
Included in earnings | (3) | (5) | ||
Settlements | (2) | (45) | (44) | |
Ending Balance | 58 | 58 | ||
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (3) | (5) | ||
Other Borrowed Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5 | 7 | 7 | 11 |
Issuances | 13 | 18 | 39 | 50 |
Settlements | (12) | (16) | (40) | (52) |
Ending Balance | 6 | 9 | 6 | 9 |
Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 78 | 47 | 58 | 33 |
Included in earnings | 14 | 4 | 34 | 9 |
Purchases | 16 | 16 | 12 | |
Sales | 2 | |||
Issuances | 13 | 58 | 66 | 92 |
Settlements | (16) | (54) | (71) | (91) |
Ending Balance | 105 | $ 55 | 105 | 55 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | $ 8 | $ 20 | $ 8 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Measurements, Recurring [Member] $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 83,193 | $ 75,744 |
Financial and nonfinancial liabilities, fair value disclosure | (3,257) | (3,355) |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, recurring, fair value disclosure | 5,500 | 6,100 |
Recurring Assets - Fair Value | 5,550 | 6,157 |
Financial and nonfinancial liabilities, fair value disclosure | (317) | (333) |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 5,233 | 5,824 |
Level 3 [Member] | Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow, Spread Over the Benchmark Curve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 72 | $ 87 |
Level 3 [Member] | Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 5.30% | 5.35% |
Level 3 [Member] | Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 25.35% | 19.00% |
Level 3 [Member] | Loans Held For Sale [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 16.03% | 12.17% |
Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 252 | $ 274 |
Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 2.14% | 1.98% |
Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,853 | $ 2,128 |
Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.94% | 2.16% |
Level 3 [Member] | Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 74 | $ 90 |
Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 209 | $ 129 |
Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 3.60% | 11.00% |
Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100.00% | 100.00% |
Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 75.90% | 81.80% |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 46 | $ 53 |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 0.00% | 0.00% |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 99.00% | 99.00% |
Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 63.00% | 61.30% |
Level 3 [Member] | Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,390 | $ 1,255 |
Level 3 [Member] | Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 5 | 4.5 |
Level 3 [Member] | Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 16.5 | 16 |
Level 3 [Member] | Equity Investments [Member] | Multiple Of Adjusted Earnings [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 8.7 | 8.4 |
Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 888 | $ 1,257 |
Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.73% | 4.92% |
Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 14.45% | 14.55% |
Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 7.73% | 8.06% |
Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 595 | $ 726 |
Level 3 [Member] | Derivative [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | $ (186) | $ (210) |
Estimated growth rate of Visa Class A share price | 16.00% | 16.00% |
Fair Value Inputs Length Of Litigation Resolution Date | 12/31/2020 | 12/31/2020 |
Level 3 [Member] | Derivative [Member] | Visa Class B Swap [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 162.30% | 163.00% |
Level 3 [Member] | Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 40 | $ 35 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.210 | 0.190 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.075 | 0.085 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.362 | 0.330 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.102 | 0.118 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0 | 0 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.569 | 0.545 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.174 | 0.087 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.035 | 0.046 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.218 | 0.147 |
Measurement Input, Constant Prepayment Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.046 | 0.057 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.010 | 0.010 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.072 | 0.185 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.036 | 0.040 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0 | 0 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.134 | 0.188 |
Measurement Input, Constant Default Rate [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.046 | 0.051 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.200 | 0.150 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1 | 1 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.597 | 0.638 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.250 | 0.100 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.957 | 1 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage-backed Securities [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.523 | 0.508 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.080 | 0.080 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0 | 0 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 1 | 1 |
Measurement Input, Loss Severity [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.151 | 0.172 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.049 | 0.058 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.050 | 0.055 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.080 | 0.083 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Measurement Input | 0.052 | 0.058 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.052 | 0.069 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.081 | 0.085 |
Measurement Input, Discount Rate [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Commercial Mortgages [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.079 | 0.084 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | $ 215 | $ 215 | $ 198 | ||
Nonrecurring Assets - Gains (Losses) | (25) | $ (14) | (61) | $ (17) | |
Nonaccrual Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 166 | 166 | 128 | ||
Nonrecurring Assets - Gains (Losses) | (22) | (11) | (55) | (14) | |
OREO and Foreclosed Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 46 | 46 | 59 | ||
Nonrecurring Assets - Gains (Losses) | (2) | (2) | (6) | (2) | |
Long-lived Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Nonrecurring Assets - Fair Value | 3 | 3 | $ 11 | ||
Nonrecurring Assets - Gains (Losses) | $ (1) | $ (1) | $ 0 | $ (1) |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other Assets Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | $ 128 | $ 156 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 121 | 176 |
Fair Value Option Aggregate Difference Assets | 7 | (20) |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of liabilities for which fair value option was elected | 54 | 64 |
Aggregate Unpaid Principal Balance, Other borrowed funds | 55 | 65 |
Difference, Other borrowed funds | (1) | (1) |
Residential Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 785 | 495 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 764 | 478 |
Fair Value Option Aggregate Difference Assets | 21 | 17 |
Residential Mortgage [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 754 | 782 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 880 | 919 |
Fair Value Option Aggregate Difference Assets | (126) | (137) |
Residential Mortgage [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 780 | 489 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 759 | 472 |
Fair Value Option Aggregate Difference Assets | 21 | 17 |
Residential Mortgage [Member] | Performing Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 318 | 279 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 333 | 298 |
Fair Value Option Aggregate Difference Assets | (15) | (19) |
Residential Mortgage [Member] | Loans 90 Days Or More Past Due [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 1 | 2 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 1 | 2 |
Residential Mortgage [Member] | Loans 90 Days Or More Past Due [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 270 | 321 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 281 | 329 |
Fair Value Option Aggregate Difference Assets | (11) | (8) |
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 4 | 4 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 4 | 4 |
Fair Value Option Aggregate Difference Assets | ||
Residential Mortgage [Member] | Nonaccrual Loans [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 166 | 182 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 266 | 292 |
Fair Value Option Aggregate Difference Assets | (100) | (110) |
Commercial Mortgage [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 750 | 396 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 753 | 411 |
Fair Value Option Aggregate Difference Assets | (3) | (15) |
Commercial Mortgage [Member] | Performing Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 749 | 396 |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 751 | 411 |
Fair Value Option Aggregate Difference Assets | (2) | (15) |
Commercial Mortgage [Member] | Nonaccrual Loans [Member] | Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Of Assets For Which Fair Value Option Was Elected | 1 | |
Aggregate Unpaid Principal Balance Of Assets For Which Fair Value Option Was Elected | 2 | |
Fair Value Option Aggregate Difference Assets | $ (1) |
Fair Value (Fair Value Option_2
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ 29 | $ 13 | $ 63 | $ 25 |
Loans Held For Sale [Member] | Commercial Mortgages [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 25 | 16 | 48 | 41 |
Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | 7 | 7 | 16 | 17 |
Other Assets Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) - FVO: Changes in Fair Value | $ 3 | $ (1) | $ 24 | $ (11) |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | $ 19,210 | $ 19,019 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 5,671 | 5,608 |
Interest-earning deposits with banks | 19,036 | 10,893 |
Securities held to maturity | 18,826 | 19,312 |
Net loans (excludes leases) | 226,595 | 215,525 |
Other assets | 8,143 | 11,065 |
Total assets | 278,271 | 262,403 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 21,935 | 18,507 |
Borrowed funds | 60,534 | 56,412 |
Unfunded loan commitments and letters of credit | 304 | 285 |
Other liabilities | 440 | 393 |
Total liabilities | 83,213 | 75,597 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 5,671 | 5,608 |
Interest-earning deposits with banks | 19,036 | 10,893 |
Securities held to maturity | 19,210 | 19,019 |
Net loans (excludes leases) | 229,838 | 216,492 |
Other assets | 8,143 | 11,065 |
Total assets | 281,898 | 263,077 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 21,790 | 18,246 |
Borrowed funds | 60,904 | 56,657 |
Unfunded loan commitments and letters of credit | 304 | 285 |
Other liabilities | 440 | 393 |
Total liabilities | 83,438 | 75,581 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 5,671 | 5,608 |
Securities held to maturity | 847 | 763 |
Total assets | 6,518 | 6,371 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 19,036 | 10,893 |
Securities held to maturity | 18,201 | 18,112 |
Other assets | 8,142 | 11,060 |
Total assets | 45,379 | 40,065 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 21,790 | 18,246 |
Borrowed funds | 59,141 | 54,872 |
Other liabilities | 440 | 393 |
Total liabilities | 81,371 | 73,511 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 162 | 144 |
Net loans (excludes leases) | 229,838 | 216,492 |
Other assets | 1 | 5 |
Total assets | 230,001 | 216,641 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,763 | 1,785 |
Unfunded loan commitments and letters of credit | 304 | 285 |
Total liabilities | $ 2,067 | $ 2,070 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Mortgage servicing rights | $ 1,483 | $ 1,483 | $ 1,983 | ||
Fees from mortgage and other loan servicing | $ 200 | $ 200 | $ 400 | $ 400 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | $ 1,983 | |
Mortgage servicing rights, ending balance | 1,483 | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 726 | $ 668 |
Mortgage servicing rights, ending balance | 595 | 766 |
Unpaid principal balance of loans serviced for others at end of period | 203,808 | 174,664 |
Servicing Advances | 159 | 193 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (110) | (105) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (126) | 104 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 29 | 39 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 76 | 60 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 1,257 | 1,164 |
Mortgage servicing rights, ending balance | 888 | 1,370 |
Unpaid principal balance of loans serviced for others at end of period | 122,886 | 127,099 |
Servicing Advances | 123 | 156 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (117) | (130) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (362) | 188 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 23 | 35 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 87 | $ 113 |
Goodwill Mortgage Servicing R_2
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 1,483 | $ 1,983 | ||
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 595 | $ 726 | $ 766 | $ 668 |
Weighted-average life (years) | 4 years | 4 years 1 month 6 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 8 | $ 10 | ||
Decline in fair value from 20% adverse change in prepayment rate | 16 | 19 | ||
Decline in fair value from 10% adverse change in interest rate | 15 | 19 | ||
Decline in fair value from 20% adverse change in interest rate | 30 | 39 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 888 | $ 1,257 | $ 1,370 | $ 1,164 |
Weighted-average life (years) | 4 years 3 months 18 days | 6 years 10 months 24 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 46 | $ 41 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 87 | $ 79 | ||
Spread over the benchmark curve | 7.73% | 8.06% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 22 | $ 37 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 43 | $ 73 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.0460 | 0.0565 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [Member] | Residential Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.1744 | 0.0869 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.0788 | 0.0839 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Qualified Pension Plan | ||||
Net periodic cost consists of: | ||||
Service cost | $ 29 | $ 29 | $ 86 | $ 87 |
Interest cost | 46 | 43 | 139 | 128 |
Expected return on plan assets | (72) | (76) | (215) | (229) |
Amortization of prior service credit | 1 | 3 | 1 | |
Amortization of actuarial losses | 0 | 3 | ||
Net periodic cost/(benefit) | 4 | (4) | 16 | (13) |
Nonqualified Pension Plan | ||||
Net periodic cost consists of: | ||||
Service cost | 1 | 1 | 2 | 2 |
Interest cost | 3 | 2 | 8 | 7 |
Amortization of actuarial losses | 1 | 1 | 3 | 3 |
Net periodic cost/(benefit) | 5 | 4 | 13 | 12 |
Postretirement Benefits | ||||
Net periodic cost consists of: | ||||
Service cost | 1 | 1 | 3 | 3 |
Interest cost | 3 | 3 | 10 | 9 |
Expected return on plan assets | (1) | (1) | (4) | (4) |
Net periodic cost/(benefit) | $ 3 | $ 3 | $ 9 | $ 8 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Notional Amount | $ 446,953 | $ 394,447 |
Derivative Asset, Fair Value | 4,638 | 2,081 |
Derivative Liability, Fair Value | 2,332 | 2,290 |
Derivative Asset, Fair Value Offset Amount | 890 | 688 |
Derivative Liability, Fair Value Offset Amount | 890 | 688 |
Derivative Asset, Cash Collateral | 914 | 341 |
Derivative Liability, Cash Collateral | 770 | 539 |
Derivative Asset, Net Fair Value | 2,834 | 1,052 |
Derivative Liability, Net Fair Value | 672 | 1,063 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 381 | 311 |
Derivative Liability, Fair Value | 377 | 305 |
Derivative Asset, Cash Collateral | 58 | 210 |
Derivative Liability, Cash Collateral | 2 | 17 |
Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 363 | 269 |
Derivative Liability, Fair Value | 445 | 465 |
Derivative Asset, Cash Collateral | 8 | 14 |
Derivative Liability, Cash Collateral | 46 | 33 |
Designated as Hedging Instruments under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 55,998 | 49,268 |
Derivative Asset, Fair Value | 48 | 8 |
Derivative Liability, Fair Value | 4 | 10 |
Designated as Hedging Instruments under GAAP [Member] | Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 31,474 | 30,919 |
Derivative Asset, Fair Value | 7 | |
Designated as Hedging Instruments under GAAP [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 23,427 | 17,337 |
Derivative Asset, Fair Value | 8 | 1 |
Derivative Liability, Fair Value | 4 | |
Designated as Hedging Instruments under GAAP [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,097 | 1,012 |
Derivative Asset, Fair Value | 40 | |
Derivative Liability, Fair Value | 10 | |
Not Designated as Hedging Instrument under GAAP [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 390,955 | 345,179 |
Derivative Asset, Fair Value | 4,590 | 2,073 |
Derivative Liability, Fair Value | 2,328 | 2,280 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 73,386 | 66,022 |
Derivative Asset, Fair Value | 160 | 57 |
Derivative Liability, Fair Value | 128 | 45 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 50,776 | 43,084 |
Derivative Asset, Fair Value | 9 | |
Derivative Liability, Fair Value | 3 | 3 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 3,697 | 10,658 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 12,046 | 5,771 |
Derivative Asset, Fair Value | 97 | 47 |
Derivative Liability, Fair Value | 85 | 39 |
Not Designated as Hedging Instrument under GAAP [Member] | Mortgage Banking [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 6,867 | 6,509 |
Derivative Asset, Fair Value | 54 | 10 |
Derivative Liability, Fair Value | 40 | 3 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 306,197 | 271,249 |
Derivative Asset, Fair Value | 4,377 | 1,941 |
Derivative Liability, Fair Value | 2,008 | 1,972 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 272,007 | 241,765 |
Derivative Asset, Fair Value | 3,726 | 1,436 |
Derivative Liability, Fair Value | 1,378 | 1,475 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 8,699 | 6,231 |
Derivative Asset, Fair Value | 381 | 311 |
Derivative Liability, Fair Value | 377 | 305 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 25,491 | 23,253 |
Derivative Asset, Fair Value | 270 | 194 |
Derivative Liability, Fair Value | 253 | 192 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 243,626 | 218,496 |
Derivative Asset, Fair Value | 3,553 | 1,352 |
Derivative Liability, Fair Value | 1,329 | 1,432 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Swap [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 4,619 | 4,813 |
Derivative Asset, Fair Value | 242 | 244 |
Derivative Liability, Fair Value | 239 | 238 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Future [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 704 | 914 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Mortgage Commitment [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,615 | 2,246 |
Derivative Asset, Fair Value | 6 | 7 |
Derivative Liability, Fair Value | 6 | 10 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Other Contract [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 22,062 | 20,109 |
Derivative Asset, Fair Value | 167 | 77 |
Derivative Liability, Fair Value | 43 | 33 |
Not Designated as Hedging Instrument under GAAP [Member] | Customer Contracts [Member] | Other Contract [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 4,080 | 1,418 |
Derivative Asset, Fair Value | 139 | 67 |
Derivative Liability, Fair Value | 138 | 67 |
Not Designated as Hedging Instrument under GAAP [Member] | Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 11,372 | 7,908 |
Derivative Asset, Fair Value | 53 | 75 |
Derivative Liability, Fair Value | $ 192 | $ 263 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Cash and securities held to collateralize net derivative assets | $ 1,400,000,000 | $ 1,400,000,000 | ||
Cash and securities pledged to collateralize net derivative liabilities | 1,400,000,000 | 1,400,000,000 | ||
Derivative, net liability position, aggregate fair value | 2,000,000,000 | 2,000,000,000 | ||
Collateral already posted, aggregate fair value | 1,400,000,000 | 1,400,000,000 | ||
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | 600,000,000 | 600,000,000 | ||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 165,000,000 | |||
Cash flow hedge gain (loss) to be reclassified within twelve months, net of tax | $ 130,000,000 | |||
Maximum length of time hedged in cash flow hedge | 10 years | |||
Gain (loss) from components excluded from assessment of cash flow hedge effectiveness, net | 0 | $ 0 | $ 0 | $ 0 |
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | 0 | 0 | 0 | 0 |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) from components excluded from assessment of fair value hedge effectiveness, net | 0 | 0 | 0 | 0 |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain loss from components excluded from assessment of net investment hedge effectiveness net | 0 | 0 | 0 | 0 |
Derivative instruments, gain reclassified from accumulated oci into income, effective portion, net | $ 36,000,000 | $ 17,000,000 | $ 50,000,000 | $ 47,000,000 |
Financial Derivatives (Gains (L
Financial Derivatives (Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loans | $ 2,678 | $ 2,452 | $ 7,952 | $ 7,025 |
Investment Securities | 617 | 584 | 1,866 | 1,653 |
Borrowed Funds | 468 | 421 | 1,433 | 1,173 |
Other | 342 | 301 | 1,017 | 880 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Borrowed Funds [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | (271) | 107 | (1,068) | 577 |
Derivatives | 235 | (137) | 948 | (632) |
Amounts related to interest settlements on derivatives | 16 | 24 | 36 | 57 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Investment Securities [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | 76 | (31) | 250 | (145) |
Derivatives | (73) | 30 | (241) | 149 |
Amounts related to interest settlements on derivatives | 4 | 2 | 14 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Loans [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | 2 | 6 | (18) | 43 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Other [Member] | Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | 1 | 18 | 8 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Investment Securities [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of derivative gains (losses) reclassified from AOCI | $ 3 | $ 2 | $ 5 | $ 9 |
Financial Derivatives (Impact o
Financial Derivatives (Impact of Fair Value Hedge Accounting on the Carrying Value of Hedged Items) (Details) - Fair Value Hedging [Member] - Designated as Hedging Instruments under GAAP [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | $ 6,787 | $ 6,216 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 132 | (103) |
Borrowed Funds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | 26,873 | 27,121 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 807 | (260) |
Borrowed Funds Discontinued Relationships [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Fair Value Hedge Adjustment included in Carrying Value of Hedged Items | $ (300) | $ (500) |
Financial Derivatives (Gains _2
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 343 | $ (16) | $ 717 | $ 120 |
Mortgage Banking [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 184 | (34) | 530 | (166) |
Customer Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 56 | 37 | 148 | 175 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 45 | 15 | 84 | 96 |
Customer Contracts [Member] | Foreign Exchange And Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 11 | 22 | 64 | 79 |
Other Risk Management Activity [Member] | Foreign Exchange And Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 103 | $ (19) | $ 39 | $ 111 |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | $ 4,638 | $ 2,081 |
Derivative Asset, Fair Value Offset Amount | 890 | 688 |
Derivative Asset, Cash Collateral | 914 | 341 |
Derivative Asset, Net | 2,834 | 1,052 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 298 | 25 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,536 | 1,027 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 2,332 | 2,290 |
Derivative Liability, Fair Value Offset Amount | 890 | 688 |
Derivative Liability, Cash Collateral | 770 | 539 |
Derivative Liability, Net | 672 | 1,063 |
Derivative Liability, Fair Value of Collateral | 11 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 672 | 1,052 |
Interest Rate Contracts [Member] | Over the Counter Cleared [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 24 | 29 |
Derivative Asset, Net | 24 | 29 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 24 | 29 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 26 | 24 |
Derivative Liability, Net | 26 | 24 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 26 | 24 |
Interest Rate Contracts [Member] | Over the Counter [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 3,870 | 1,472 |
Derivative Asset, Fair Value Offset Amount | 399 | 450 |
Derivative Asset, Cash Collateral | 848 | 117 |
Derivative Asset, Net | 2,623 | 905 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 297 | 25 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,326 | 880 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 1,484 | 1,496 |
Derivative Liability, Fair Value Offset Amount | 648 | 557 |
Derivative Liability, Cash Collateral | 722 | 489 |
Derivative Liability, Net | 114 | 450 |
Derivative Liability, Fair Value of Collateral | 11 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 114 | 439 |
Commodity Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 381 | 311 |
Derivative Asset, Fair Value Offset Amount | 244 | 76 |
Derivative Asset, Cash Collateral | 58 | 210 |
Derivative Asset, Net | 79 | 25 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 79 | 25 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 377 | 305 |
Derivative Liability, Fair Value Offset Amount | 163 | 56 |
Derivative Liability, Cash Collateral | 2 | 17 |
Derivative Liability, Net | 212 | 232 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 212 | 232 |
Foreign Exchange And Other Contract [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Gross Fair Value | 363 | 269 |
Derivative Asset, Fair Value Offset Amount | 247 | 162 |
Derivative Asset, Cash Collateral | 8 | 14 |
Derivative Asset, Net | 108 | 93 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 1 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 107 | 93 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Gross Fair Value | 445 | 465 |
Derivative Liability, Fair Value Offset Amount | 79 | 75 |
Derivative Liability, Cash Collateral | 46 | 33 |
Derivative Liability, Net | 320 | 357 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 320 | $ 357 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,392 | $ 1,400 | $ 4,037 | $ 3,995 |
Net income attributable to noncontrolling interests | 13 | 11 | 35 | 31 |
Preferred stock dividends | 63 | 63 | 181 | 181 |
Preferred stock discount accretion and redemptions | 1 | 1 | 3 | 3 |
Net income attributable to common shareholders | 1,315 | 1,325 | 3,818 | 3,780 |
Less: Dividends and undistributed earnings allocated to participating securities | 6 | 6 | 15 | 16 |
Net income attributable to basic common shares | $ 1,309 | $ 1,319 | $ 3,803 | $ 3,764 |
Basic weighted-average common shares outstanding (in shares) | 444 | 465 | 450 | 469 |
Basic earnings per common share (in dollars per share) | $ 2.95 | $ 2.84 | $ 8.45 | $ 8.03 |
Less: Impact of BlackRock earnings per share dilution | $ 2 | $ 2 | $ 7 | $ 7 |
Net income attributable to diluted common shares | $ 1,307 | $ 1,317 | $ 3,796 | $ 3,757 |
Dilutive potential common shares (in shares) | 1 | 2 | 1 | 3 |
Diluted weighted-average common shares outstanding (in shares) | 445 | 467 | 451 | 472 |
Diluted earnings per common share (in dollars per share) | $ 2.94 | $ 2.82 | $ 8.42 | $ 7.96 |
Total Equity and Other Compre_3
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | $ 49,381 | $ 46,975 | $ 47,770 | $ 47,585 | ||||||
Cumulative effect of new accounting principle in period of adoption | $ (16) | |||||||||
Adjusted opening balance | $ 47,832 | 47,569 | ||||||||
Net income | 1,392 | 1,400 | 4,037 | 3,995 | ||||||
Other comprehensive income (loss), net of tax | 206 | (320) | 1,562 | (1,118) | ||||||
Dividends, Cash [Abstract] | ||||||||||
Common | (518) | (446) | (1,386) | (1,159) | ||||||
Preferred | (63) | (63) | (181) | (181) | ||||||
Common stock activity | 1 | 10 | 10 | |||||||
Treasury stock activity | (977) | (459) | (2,380) | (1,898) | ||||||
Other | 34 | 14 | (39) | (116) | ||||||
Equity, Ending Balance | 49,455 | 47,102 | 49,455 | 47,102 | ||||||
Preferred stock (less than) | $ 0.5 | [1] | $ 0.5 | $ 0.5 | [1] | $ 0.5 | 0.5 | [1] | $ 0.5 | |
Accounting Standards Update 2016-02 [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | 62 | |||||||||
Common Stock, par value $5.00 | ||||||||||
Common Stock [Abstract] | ||||||||||
Beginning Balance (in shares) | 447 | 465 | 457 | 473 | ||||||
Treasury stock activity, shares | (8) | (3) | (18) | (11) | ||||||
Ending Balance, (in shares) | 439 | 462 | 439 | 462 | ||||||
Equity, Beginning Balance | $ 2,711 | $ 2,710 | $ 2,711 | $ 2,710 | ||||||
Adjusted opening balance | 2,711 | 2,710 | ||||||||
Dividends, Cash [Abstract] | ||||||||||
Equity, Ending Balance | 2,711 | 2,710 | 2,711 | 2,710 | ||||||
Capital Surplus - Preferred Stock [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | 3,991 | 3,987 | 3,986 | 3,985 | ||||||
Adjusted opening balance | 3,986 | 3,985 | ||||||||
Dividends, Cash [Abstract] | ||||||||||
Preferred stock discount accretion | 1 | 1 | 3 | 3 | ||||||
Other | (6) | 3 | (6) | |||||||
Equity, Ending Balance | 3,992 | 3,982 | 3,992 | 3,982 | ||||||
Capital Surplus - Common Stock and Other [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | 12,257 | 12,263 | 12,291 | 12,389 | ||||||
Adjusted opening balance | 12,291 | 12,389 | ||||||||
Dividends, Cash [Abstract] | ||||||||||
Common stock activity | 1 | 10 | 10 | |||||||
Treasury stock activity | (5) | (5) | 4 | (31) | ||||||
Other | 53 | 58 | (51) | |||||||
Equity, Ending Balance | 12,305 | 12,317 | 12,305 | 12,317 | ||||||
Retained Earnings [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | 40,616 | 37,201 | 38,919 | 35,481 | ||||||
Cumulative effect of new accounting principle in period of adoption | (22) | |||||||||
Adjusted opening balance | 38,981 | 35,459 | ||||||||
Net income | 1,379 | 1,389 | 4,002 | 3,964 | ||||||
Dividends, Cash [Abstract] | ||||||||||
Common | (518) | (446) | (1,386) | (1,159) | ||||||
Preferred | (63) | (63) | (181) | (181) | ||||||
Preferred stock discount accretion | (1) | (1) | (3) | (3) | ||||||
Equity, Ending Balance | 41,413 | 38,080 | 41,413 | 38,080 | ||||||
Retained Earnings [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | 62 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | 631 | (940) | (725) | (148) | ||||||
Cumulative effect of new accounting principle in period of adoption | 6 | |||||||||
Adjusted opening balance | (725) | (142) | ||||||||
Other comprehensive income (loss), net of tax | 206 | (320) | 1,562 | (1,118) | ||||||
Dividends, Cash [Abstract] | ||||||||||
Equity, Ending Balance | 837 | (1,260) | 837 | (1,260) | ||||||
Treasury Stock [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | (10,866) | (8,317) | (9,454) | (6,904) | ||||||
Adjusted opening balance | (9,454) | (6,904) | ||||||||
Dividends, Cash [Abstract] | ||||||||||
Treasury stock activity | (972) | (454) | (2,384) | (1,867) | ||||||
Equity, Ending Balance | (11,838) | (8,771) | (11,838) | (8,771) | ||||||
Noncontrolling Interest [Member] | ||||||||||
Common Stock [Abstract] | ||||||||||
Equity, Beginning Balance | 41 | 71 | 42 | 72 | ||||||
Adjusted opening balance | $ 42 | $ 72 | ||||||||
Net income | 13 | 11 | 35 | 31 | ||||||
Dividends, Cash [Abstract] | ||||||||||
Other | (19) | (38) | (42) | (59) | ||||||
Equity, Ending Balance | $ 35 | $ 44 | $ 35 | $ 44 | ||||||
[1] | Par value less than $.5 million at each date. |
Total Equity and Other Compre_4
Total Equity and Other Comprehensive Income (Dividends per Share) (Details) - $ / shares | Oct. 03, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | ||||
Common Stock, par value $5.00 | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | $ 0.95 | $ 3.05 | $ 2.45 | |
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 0.45 | 0.45 | 1.35 | 1.35 | |
Series O Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 3,375 | 3,375 | 6,750 | 6,750 | |
Series P Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 1,531 | 1,531 | 4,594 | 4,594 | |
Series Q Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 1,343 | $ 1,343 | 4,031 | 4,031 | |
Series R Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 2,425 | 2,425 | |||
Series S Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 2,500 | $ 2,500 |
Total Equity and Other Compre_5
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||
Increase in net unrealized gains (losses) on non-OTTI securities | $ 203 | $ (323) | $ 1,556 | $ (1,129) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income | 3 | 3 | 9 | 9 |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income | 4 | (2) | 18 | (13) |
Net increase (decrease), pre-tax | 196 | (324) | 1,529 | (1,125) |
Effect of income taxes | (45) | 73 | (351) | 259 |
Net increase (decrease), after-tax | 151 | (251) | 1,178 | (866) |
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||||
Increase in net unrealized gains (losses) on OTTI securities | 18 | (1) | 27 | 16 |
Net increase (decrease), pre-tax | 18 | (1) | 27 | 16 |
Effect of income taxes | (4) | 1 | (6) | (4) |
Net increase (decrease), after-tax | 14 | 0 | 21 | 12 |
Net unrealized gains (losses) on cash flow hedge derivatives [Abstract] | ||||
Increase in net unrealized gains (losses) on cash flow hedge derivatives | 84 | (62) | 438 | (317) |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income | 2 | 6 | (18) | 43 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income | 3 | 2 | 5 | 9 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | 1 | 18 | 8 | |
Net increase (decrease), pre-tax | 79 | (71) | 433 | (377) |
Effect of income taxes | (18) | 17 | (99) | 87 |
Net increase (decrease), after-tax | 61 | (54) | 334 | (290) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||
Net pension and other postretirement benefit plan activity | 54 | 66 | ||
Amortization of actuarial loss (gain) reclassified to other noninterest expense | 1 | 1 | 6 | 3 |
Amortization of prior service cost (credit) reclassified to other noninterest expense | 1 | 3 | 1 | |
Net increase (decrease), pre-tax | 2 | 1 | 63 | 70 |
Effect of income taxes | (14) | (16) | ||
Net increase (decrease), after-tax | 2 | 1 | 49 | 54 |
Other Comprehensive Income Other Adjustments [Abstract] | ||||
PNC’s portion of BlackRock’s OCI | (23) | (22) | (29) | (37) |
Net investment hedge derivatives | 36 | 17 | 50 | 47 |
Foreign currency translation adjustments and other | (32) | (12) | (36) | (35) |
Net increase (decrease), pre-tax | (19) | (17) | (15) | (25) |
Effect of income taxes | (3) | 1 | (5) | (3) |
Net increase (decrease), after-tax | (22) | (16) | (20) | (28) |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | 276 | (412) | 2,037 | (1,441) |
Total other comprehensive income (loss), tax effect | (70) | 92 | (475) | 323 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ 206 | $ (320) | $ 1,562 | $ (1,118) |
Total Equity and Other Compre_6
Total Equity and Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | $ 743 | $ (494) | $ (284) | |||
Other comprehensive income (loss), non otti securities adjustment, after tax | 151 | (251) | 1,178 | $ (866) | ||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Ending Balance | 894 | (745) | 894 | (745) | ||
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||||||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 211 | 227 | 204 | |||
Other comprehensive income loss otti securities adjustment after tax | 14 | 0 | 21 | 12 | ||
Net unrealized gains (losses) on OTTI securities, after tax, Ending Balance | 225 | 227 | 225 | 227 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 320 | (52) | 47 | |||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 61 | (54) | (290) | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | 61 | (54) | 334 | (290) | ||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Ending balance | 381 | (106) | 381 | (106) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (483) | (489) | (530) | |||
Pension and other postretirement benefit plan adjustments, net activity, After Tax | 2 | 1 | 49 | 54 | ||
Pension and other postretirement benefit plan adjustments, after tax, Ending Balance | (481) | (488) | (481) | (488) | ||
Other Comprehensive Income Other Adjustments [Abstract] | ||||||
Other, after tax, Beginning balance | (160) | (132) | (162) | |||
Total other, net activity, after tax | (22) | (16) | (20) | (28) | ||
Other, after tax, Ending balance | (182) | (148) | (182) | (148) | ||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | 631 | (940) | (725) | |||
Cumulative effect of ASU adoptions | $ 16 | |||||
Other comprehensive income (loss), after tax and net of reclassifications into Net income | 206 | (320) | 1,562 | (1,118) | ||
Accumulated other comprehensive income (loss), net of tax, ending balance | 837 | (1,260) | 837 | (1,260) | ||
Accumulated other comprehensive income (loss), net of tax, adjusted balance | $ (142) | |||||
Previously Reported [Member] | ||||||
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | ||||||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | 62 | |||||
Net Unrealized Gains Losses On Otti Securities [Abstract] | ||||||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 215 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 151 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (446) | |||||
Other Comprehensive Income Other Adjustments [Abstract] | ||||||
Other, after tax, Beginning balance | (130) | |||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (148) | |||||
Net unrealized gains (losses) on non-OTTI securities [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | 59 | |||||
Net unrealized gains (losses) on cash flow hedge derivatives [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | 33 | |||||
Pension and other postretirement benefit plan adjustments [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | (96) | |||||
Other [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | 10 | |||||
Total [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | $ (6) | |||||
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ 206 | $ (320) | $ 1,562 | $ (1,118) | ||
Total [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Other Comprehensive Income (Loss) Total [Abstract] | ||||||
Cumulative effect of ASU adoptions | $ 6 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | Sep. 30, 2019USD ($) |
SEC Schedule, 12-09, Reserve, Legal [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Range of possible loss not accrued | $ 100 |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other Commitments [Line Items] | ||
Commitments | $ 197,868 | $ 181,612 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 183,081 | 169,278 |
Commitments to extend credit [Member] | Total commercial lending [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 129,787 | 120,165 |
Commitments to extend credit [Member] | Home Equity Line of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 16,881 | 16,944 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 29,886 | 27,100 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 6,527 | 5,069 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 9,763 | 8,655 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,100 | 3,700 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,431 | 1,549 |
Reinsurance Agreements [Member] | Accidental Death and Dismemberment [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 1,300 | 1,300 |
Reinsurance Agreements [Member] | Credit Life Accident and Health [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 100 | 200 |
Standby bond purchase agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 1,302 | 1,000 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 2,291 | 1,130 |
Other commitments [Member] | Investments in qualified affordable housing projects [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 500 | $ 500 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Standby letters of credit [Member] $ in Billions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Internal credit ratings (as a percentage of portfolio) - Pass | 98.00% |
Internal credit ratings (as a percentage of portfolio) - Criticized | 2.00% |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1 |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | $ 0.2 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Letter of credit commitment, term | 1 year |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Letter of credit commitment, term | 6 years |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Segment reporting, number of segments | segment | 4 | |
BlackRock [Member] | ||
Segment Reporting Information [Line Items] | ||
PNC's economic interest in BlackRock | 22.00% | |
Proceeds from dividends received | $ | $ 344 | $ 310 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 2,504 | $ 2,466 | $ 7,477 | $ 7,240 |
Noninterest income | 1,989 | 1,891 | 5,741 | 5,552 |
Total revenue | 4,493 | 4,357 | 13,218 | 12,792 |
Provision for credit losses (benefit) | 183 | 88 | 552 | 260 |
Depreciation and amortization | 247 | 224 | 738 | 694 |
Other noninterest expense | 2,376 | 2,384 | 7,074 | 7,025 |
Income before income taxes and noncontrolling interests | 1,687 | 1,661 | 4,854 | 4,813 |
Income taxes (benefit) | 295 | 261 | 817 | 818 |
Net income | 1,392 | 1,400 | 4,037 | 3,995 |
Average Assets | 406,709 | 377,877 | 396,599 | 376,599 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,393 | 1,305 | 4,118 | 3,800 |
Noninterest income | 744 | 622 | 1,996 | 1,935 |
Total revenue | 2,137 | 1,927 | 6,114 | 5,735 |
Provision for credit losses (benefit) | 147 | 113 | 356 | 254 |
Depreciation and amortization | 60 | 52 | 170 | 144 |
Other noninterest expense | 1,476 | 1,462 | 4,361 | 4,347 |
Income before income taxes and noncontrolling interests | 454 | 300 | 1,227 | 990 |
Income taxes (benefit) | 107 | 73 | 291 | 239 |
Net income | 347 | 227 | 936 | 751 |
Average Assets | 93,222 | 89,963 | 92,282 | 89,259 |
Corporate & Institutional Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 911 | 903 | 2,685 | 2,641 |
Noninterest income | 654 | 592 | 1,891 | 1,774 |
Total revenue | 1,565 | 1,495 | 4,576 | 4,415 |
Provision for credit losses (benefit) | 48 | (13) | 219 | 43 |
Depreciation and amortization | 51 | 47 | 151 | 140 |
Other noninterest expense | 652 | 651 | 1,936 | 1,879 |
Income before income taxes and noncontrolling interests | 814 | 810 | 2,270 | 2,353 |
Income taxes (benefit) | 169 | 168 | 471 | 496 |
Net income | 645 | 642 | 1,799 | 1,857 |
Average Assets | 168,193 | 153,897 | 163,126 | 153,149 |
Asset Management Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 70 | 71 | 208 | 217 |
Noninterest income | 216 | 228 | 719 | 676 |
Total revenue | 286 | 299 | 927 | 893 |
Provision for credit losses (benefit) | (1) | 2 | (2) | 2 |
Depreciation and amortization | 11 | 13 | 51 | 38 |
Other noninterest expense | 217 | 212 | 656 | 643 |
Income before income taxes and noncontrolling interests | 59 | 72 | 222 | 210 |
Income taxes (benefit) | 13 | 17 | 51 | 50 |
Net income | 46 | 55 | 171 | 160 |
Average Assets | 7,331 | 7,397 | 7,247 | 7,455 |
BlackRock [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 251 | 265 | 708 | 732 |
Total revenue | 251 | 265 | 708 | 732 |
Income before income taxes and noncontrolling interests | 251 | 265 | 708 | 732 |
Income taxes (benefit) | 40 | 49 | 111 | 124 |
Net income | 211 | 216 | 597 | 608 |
Average Assets | 8,321 | 7,964 | 8,321 | 7,964 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 130 | 187 | 466 | 582 |
Noninterest income | 124 | 184 | 427 | 435 |
Total revenue | 254 | 371 | 893 | 1,017 |
Provision for credit losses (benefit) | (11) | (14) | (21) | (39) |
Depreciation and amortization | 125 | 112 | 366 | 372 |
Other noninterest expense | 31 | 59 | 121 | 156 |
Income before income taxes and noncontrolling interests | 109 | 214 | 427 | 528 |
Income taxes (benefit) | (34) | (46) | (107) | (91) |
Net income | 143 | 260 | 534 | 619 |
Average Assets | $ 129,642 | $ 118,656 | $ 125,623 | $ 118,772 |
Fee-Based Revenue from Contra_3
Fee-Based Revenue from Contracts with Customers - Retail Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,989 | $ 1,891 | $ 5,741 | $ 5,552 |
Retail Banking [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 744 | 622 | 1,996 | 1,935 |
Retail Banking [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 567 | 548 | 1,635 | 1,594 |
Retail Banking [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 177 | 74 | 361 | 341 |
Retail Banking [Member] | Deposit Account Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 166 | 162 | 468 | 451 |
Retail Banking [Member] | Debit Card Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 139 | 130 | 399 | 374 |
Retail Banking [Member] | Brokerage Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 92 | 86 | 267 | 260 |
Retail Banking [Member] | Merchant Services [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 55 | 54 | 159 | 156 |
Retail Banking [Member] | Net Credit Card Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 50 | 45 | 149 | 139 |
Interchange fees | 128 | 115 | 366 | 332 |
Credit card reward costs | 78 | 70 | 217 | 193 |
Retail Banking [Member] | Other [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 65 | $ 71 | $ 193 | $ 214 |
Fee-Based Revenue from Contra_4
Fee-Based Revenue from Contracts with Customers - Corporate & Institutional Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,989 | $ 1,891 | $ 5,741 | $ 5,552 |
Corporate & Institutional Banking [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 654 | 592 | 1,891 | 1,774 |
Corporate & Institutional Banking [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 384 | 382 | 1,156 | 1,091 |
Corporate & Institutional Banking [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 270 | 210 | 735 | 683 |
Corporate & Institutional Banking [Member] | Treasury Management Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 210 | 196 | 621 | 578 |
Corporate & Institutional Banking [Member] | Capital Markets Fees [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 131 | 147 | 407 | 397 |
Corporate & Institutional Banking [Member] | Commercial Mortgage Banking Activities [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 26 | 23 | 75 | 65 |
Corporate & Institutional Banking [Member] | Other [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 17 | $ 16 | $ 53 | $ 51 |
Fee-Based Revenue from Contra_5
Fee-Based Revenue from Contracts with Customers - Asset Management Group Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,989 | $ 1,891 | $ 5,741 | $ 5,552 |
Asset Management Group [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 216 | 228 | 719 | 676 |
Asset Management Group [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 213 | 226 | 646 | 668 |
Asset Management Group [Member] | Out-of-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 3 | 2 | 73 | 8 |
Asset Management Group [Member] | Personal [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 155 | 156 | 459 | 462 |
Asset Management Group [Member] | Institutional [Member] | In-Scope [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 58 | $ 70 | $ 187 | $ 206 |
Leases (Details)
Leases (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating and financing lease, renewal term, maximum | 99 years |
Operating lease asset | $ 2,000 |
Operating lease liability | $ 2,164 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, lease term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, lease term | 62 years |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Remainder of 2019 | $ 85 | |
2020 | 352 | |
2021 | 331 | |
2022 | 297 | |
2023 | 264 | |
After 2023 | 1,098 | |
Total operating lease payments | 2,427 | |
Less: Interest | 263 | |
Operating Lease, Liability | $ 2,164 | |
Operating Leases Commitments | ||
2019 | $ 374 | |
2020 | 346 | |
2021 | 308 | |
2022 | 258 | |
2023 | 228 | |
Due thereafter | $ 941 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount rate (Details) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term, Operating leases (years) | 9 years |
Weighted-average discount rate, Operating leases | 2.46% |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) | Oct. 22, 2029 | Nov. 01, 2024 | Nov. 01, 2019 | Oct. 22, 2019 |
750 Million Subordinated Note Maturity October 22, 2029 [Member] | Subordinated Debt [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt issued | $ 750,000,000 | |||
Debt instrument, maturity date | Oct. 22, 2029 | |||
Interest rate | 2.70% | |||
650 Million Senior Note Maturity November 1, 2024 [Member] | Senior Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt issued | $ 650,000,000 | |||
Debt instrument, maturity date | Nov. 1, 2024 | |||
Interest rate | 2.20% |
Uncategorized Items - pncq32019
Label | Element | Value |
Accumulated Other Comprehensive Income Loss Available For Sale Otti Securities Adjustment Net Of Tax | pnc_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleOttiSecuritiesAdjustmentNetOfTax | $ (215,000,000) |
Accumulated Other Comprehensive Income Loss Available For Sale Non Otti Securities Adjustment Net Of Tax | pnc_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleNonOttiSecuritiesAdjustmentNetOfTax | 121,000,000 |
Accumulated Other Comprehensive Income (Loss), Cash Flow Hedge, After Reclassification And Tax | pnc_AccumulatedOtherComprehensiveIncomeLossCashFlowHedgeAfterReclassificationAndTax | 184,000,000 |
Accumulated Other Comprehensive Income Loss Other Net Of Tax End Balance | pnc_AccumulatedOtherComprehensiveIncomeLossOtherNetOfTaxEndBalance | (120,000,000) |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax | $ 542,000,000 |