Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 001-13300 |
Entity Registrant Name | CAPITAL ONE FINANCIAL CORP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 54-1719854 |
Entity Address, Address Line One | 1680 Capital One Drive, |
Entity Address, City or Town | McLean, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 22102 |
City Area Code | 703 |
Local Phone Number | 720-1000 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0000927628 |
Current Fiscal Year End Date | --12-31 |
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 | 470,333,041 |
Common Stock (par value $.01 per share) | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock (par value $.01 per share) |
Trading Symbol | COF |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B |
Trading Symbol | COF PRP |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C |
Trading Symbol | COF PRC |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D |
Trading Symbol | COF PRD |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F |
Trading Symbol | COF PRF |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series G | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series G |
Trading Symbol | COF PRG |
Security Exchange Name | NYSE |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series H | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series H |
Trading Symbol | COF PRH |
Security Exchange Name | NYSE |
0.800% Senior Notes Due 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.800% Senior Notes Due 2024 |
Trading Symbol | COF24 |
Security Exchange Name | NYSE |
1.650% Senior Notes Due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.650% Senior Notes Due 2029 |
Trading Symbol | COF29 |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Loans, including loans held for sale | $ 6,383 | $ 5,989 | $ 12,751 | $ 12,123 |
Investment securities | 629 | 539 | 1,284 | 991 |
Other | 64 | 68 | 133 | 119 |
Total interest income | 7,076 | 6,596 | 14,168 | 13,233 |
Interest expense: | ||||
Deposits | 870 | 622 | 1,687 | 1,161 |
Securitized debt obligations | 139 | 124 | 282 | 231 |
Senior and subordinated notes | 310 | 289 | 624 | 540 |
Other borrowings | 11 | 10 | 38 | 32 |
Total interest expense | 1,330 | 1,045 | 2,631 | 1,964 |
Net interest income | 5,746 | 5,551 | 11,537 | 11,269 |
Provision for credit losses | 1,342 | 1,276 | 3,035 | 2,950 |
Net interest income after provision for credit losses | 4,404 | 4,275 | 8,502 | 8,319 |
Non-interest income: | ||||
Interchange fees, net | 820 | 723 | 1,578 | 1,366 |
Service charges and other customer-related fees | 352 | 391 | 705 | 823 |
Net securities gains (losses) | 15 | (1) | 39 | 7 |
Other | 191 | 528 | 348 | 636 |
Total non-interest income | 1,378 | 1,641 | 2,670 | 2,832 |
Non-interest expense: | ||||
Salaries and associate benefits | 1,558 | 1,430 | 3,131 | 2,950 |
Occupancy and equipment | 521 | 503 | 1,014 | 993 |
Marketing | 546 | 425 | 1,063 | 839 |
Professional services | 314 | 234 | 605 | 444 |
Communications and data processing | 329 | 317 | 632 | 623 |
Amortization of intangibles | 29 | 43 | 59 | 87 |
Other | 482 | 472 | 946 | 1,061 |
Total non-interest expense | 3,779 | 3,424 | 7,450 | 6,997 |
Income from continuing operations before income taxes | 2,003 | 2,492 | 3,722 | 4,154 |
Income tax provision | 387 | 575 | 696 | 894 |
Income from continuing operations, net of tax | 1,616 | 1,917 | 3,026 | 3,260 |
Income (loss) from discontinued operations, net of tax | 9 | (11) | 11 | (8) |
Net income | 1,625 | 1,906 | 3,037 | 3,252 |
Dividends and undistributed earnings allocated to participating securities | (12) | (12) | (24) | (23) |
Preferred stock dividends | (80) | (80) | (132) | (132) |
Net income available to common stockholders | $ 1,533 | $ 1,814 | $ 2,881 | $ 3,097 |
Basic earnings per common share: | ||||
Net income from continuing operations | $ 3.24 | $ 3.76 | $ 6.11 | $ 6.39 |
Income (loss) from discontinued operations | 0.02 | (0.02) | 0.02 | (0.02) |
Net income per basic common share | 3.26 | 3.74 | 6.13 | 6.37 |
Diluted earnings per common share: | ||||
Net income from continuing operations | 3.22 | 3.73 | 6.08 | 6.35 |
Income (loss) from discontinued operations | 0.02 | (0.02) | 0.02 | (0.02) |
Net income per diluted common share | $ 3.24 | $ 3.71 | $ 6.10 | $ 6.33 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 1,625 | $ 1,906 | $ 3,037 | $ 3,252 | ||
After Tax | ||||||
Net unrealized gains (losses) on securities available for sale | 272 | (65) | 564 | (650) | ||
Net changes in securities held to maturity | 6 | 8 | 12 | 433 | ||
Net unrealized gains (losses) on hedging relationships | 537 | (113) | 814 | (431) | ||
Foreign currency translation adjustments | 15 | (24) | 45 | (17) | ||
Other | 0 | 0 | (2) | (1) | ||
Other comprehensive income (loss), net of tax | 830 | (194) | 1,433 | (666) | ||
Comprehensive income | $ 2,455 | $ 2,015 | $ 1,712 | $ 874 | $ 4,470 | $ 2,586 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 5,184 | $ 4,768 |
Interest-bearing deposits and other short-term investments | 9,927 | 8,418 |
Total cash and cash equivalents | 15,111 | 13,186 |
Restricted cash for securitization investors | 710 | 303 |
Securities available for sale | 45,658 | 46,150 |
Securities held to maturity | 35,475 | 36,771 |
Total investment securities | 81,133 | 82,921 |
Loans held for investment: | ||
Total loans held for investment | 244,460 | 245,899 |
Allowance for loan and lease losses | (7,133) | (7,220) |
Net loans held for investment | 237,327 | 238,679 |
Loans held for sale, at lower of cost or fair value | 1,829 | 1,192 |
Premises and equipment, net | 4,243 | 4,191 |
Interest receivable | 1,544 | 1,614 |
Goodwill | 14,545 | 14,544 |
Other assets | 17,177 | 15,908 |
Total assets | 373,619 | 372,538 |
Liabilities: | ||
Interest payable | 437 | 458 |
Deposits: | ||
Non-interest-bearing deposits | 23,374 | 23,483 |
Interest-bearing deposits | 231,161 | 226,281 |
Total deposits | 254,535 | 249,764 |
Securitized debt obligations | 16,959 | 18,307 |
Other debt: | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 359 | 352 |
Senior and subordinated notes | 31,822 | 30,826 |
Other borrowings | 93 | 9,420 |
Total other debt | 32,274 | 40,598 |
Other liabilities | 13,647 | 11,743 |
Total liabilities | 317,852 | 320,870 |
Stockholders’ equity: | ||
Preferred stock (par value $.01 per share; 50,000,000 shares authorized; 4,475,000 shares issued and outstanding as of both June 30, 2019 and December 31, 2018) | 0 | 0 |
Common stock (par value $.01 per share; 1,000,000,000 shares authorized; 671,406,101 and 667,969,069 shares issued as of June 30, 2019 and December 31, 2018, respectively, 470,333,041 and 467,717,306 shares outstanding as of June 30, 2019 and December 31, 2018, respectively) | 7 | 7 |
Additional paid-in capital, net | 32,262 | 32,040 |
Retained earnings | 38,386 | 35,875 |
Accumulated other comprehensive income (loss) | 170 | (1,263) |
Treasury stock, at cost (par value $.01 per share; 201,073,060 and 200,251,763 shares as of June 30, 2019 and December 31, 2018, respectively) | (15,058) | (14,991) |
Total stockholders’ equity | 55,767 | 51,668 |
Total liabilities and stockholders’ equity | 373,619 | 372,538 |
Loans held in consolidated trusts | ||
Loans held for investment: | ||
Total loans held for investment | 32,904 | 34,197 |
Unsecuritized loans held for investment | ||
Loans held for investment: | ||
Total loans held for investment | $ 211,556 | $ 211,702 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 4,475,000 | 4,475,000 |
Preferred stock, shares outstanding | 4,475,000 | 4,475,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 671,406,101 | 667,969,069 |
Common stock, shares outstanding | 470,333,041 | 467,717,306 |
Treasury stock, par value | $ 0.01 | $ 0.01 |
Treasury stock, common, shares | 201,073,060 | 200,251,763 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2017 | $ 48,730 | $ 0 | $ 7 | $ 31,656 | $ 30,700 | $ (926) | $ (12,707) |
Beginning balance (shares) at Dec. 31, 2017 | 4,475,000 | 661,724,927 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effects from adoption of new lease standard | 0 | 201 | (201) | ||||
Comprehensive income | 874 | 1,346 | (472) | ||||
Dividends, common stock, shares | 22,467 | ||||||
Dividends, common stock | (197) | $ 0 | (2) | (199) | |||
Cash dividends - preferred series | (52) | (52) | |||||
Purchases of treasury stock | (273) | (273) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 2,452,786 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 49 | $ 0 | 49 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 675,871 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 14 | $ 0 | 14 | ||||
Compensation expense for restricted stock units and stock options | 58 | 58 | |||||
Ending balance at Mar. 31, 2018 | 49,203 | $ 0 | $ 7 | 31,779 | 31,996 | (1,599) | (12,980) |
Ending balance (shares) at Mar. 31, 2018 | 4,475,000 | 664,876,051 | |||||
Beginning balance at Dec. 31, 2017 | 48,730 | $ 0 | $ 7 | 31,656 | 30,700 | (926) | (12,707) |
Beginning balance (shares) at Dec. 31, 2017 | 4,475,000 | 661,724,927 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effects from adoption of new lease standard | (201) | ||||||
Comprehensive income | 2,586 | ||||||
Ending balance at Jun. 30, 2018 | $ 49,926 | $ 0 | $ 7 | 31,868 | 33,626 | (1,793) | (13,782) |
Ending balance (shares) at Jun. 30, 2018 | 4,475,000 | 665,855,771 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | ||||||
Beginning balance at Mar. 31, 2018 | $ 49,203 | $ 0 | $ 7 | 31,779 | 31,996 | (1,599) | (12,980) |
Beginning balance (shares) at Mar. 31, 2018 | 4,475,000 | 664,876,051 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 1,712 | 1,906 | (194) | ||||
Dividends, common stock, shares | 4,371 | ||||||
Dividends, common stock | (196) | $ 0 | 0 | (196) | |||
Cash dividends - preferred series | (80) | (80) | |||||
Purchases of treasury stock | (802) | (802) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 571,514 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 41 | $ 0 | 41 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 403,835 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 6 | $ 0 | 6 | ||||
Compensation expense for restricted stock units and stock options | 42 | 42 | |||||
Ending balance at Jun. 30, 2018 | $ 49,926 | $ 0 | $ 7 | 31,868 | 33,626 | (1,793) | (13,782) |
Ending balance (shares) at Jun. 30, 2018 | 4,475,000 | 665,855,771 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | ||||||
Beginning balance at Dec. 31, 2018 | $ 51,668 | $ 0 | $ 7 | 32,040 | 35,875 | (1,263) | (14,991) |
Beginning balance (shares) at Dec. 31, 2018 | 4,475,000 | 667,969,069 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effects from adoption of new lease standard | (11) | (11) | |||||
Comprehensive income | 2,015 | 1,412 | 603 | ||||
Dividends, common stock, shares | 32,700 | ||||||
Dividends, common stock | (191) | $ 0 | (3) | (194) | |||
Cash dividends - preferred series | (52) | (52) | |||||
Purchases of treasury stock | (65) | (65) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 2,641,635 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 52 | $ 0 | 52 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 5,000 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 0 | $ 0 | 0 | ||||
Compensation expense for restricted stock units and stock options | 65 | 65 | |||||
Ending balance at Mar. 31, 2019 | 53,481 | $ 0 | $ 7 | 32,160 | 37,030 | (660) | (15,056) |
Ending balance (shares) at Mar. 31, 2019 | 4,475,000 | 670,648,404 | |||||
Beginning balance at Dec. 31, 2018 | 51,668 | $ 0 | $ 7 | 32,040 | 35,875 | (1,263) | (14,991) |
Beginning balance (shares) at Dec. 31, 2018 | 4,475,000 | 667,969,069 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 4,470 | ||||||
Ending balance at Jun. 30, 2019 | $ 55,767 | $ 0 | $ 7 | 32,262 | 38,386 | 170 | (15,058) |
Ending balance (shares) at Jun. 30, 2019 | 4,475,000 | 671,406,101 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | ||||||
Beginning balance at Mar. 31, 2019 | $ 53,481 | $ 0 | $ 7 | 32,160 | 37,030 | (660) | (15,056) |
Beginning balance (shares) at Mar. 31, 2019 | 4,475,000 | 670,648,404 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 2,455 | 1,625 | 830 | ||||
Dividends, common stock, shares | 8,680 | ||||||
Dividends, common stock | (188) | $ 0 | (1) | (189) | |||
Cash dividends - preferred series | (80) | (80) | |||||
Purchases of treasury stock | (2) | (2) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 745,017 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 46 | $ 0 | 46 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 4,000 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 0 | $ 0 | 0 | ||||
Compensation expense for restricted stock units and stock options | 55 | 55 | |||||
Ending balance at Jun. 30, 2019 | $ 55,767 | $ 0 | $ 7 | $ 32,262 | $ 38,386 | $ 170 | $ (15,058) |
Ending balance (shares) at Jun. 30, 2019 | 4,475,000 | 671,406,101 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
StatementOfStockholdersEquityAbstract [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Income from continuing operations, net of tax | $ 3,026 | $ 3,260 |
Income (loss) from discontinued operations, net of tax | 11 | (8) |
Net income | 3,037 | 3,252 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 3,035 | 2,950 |
Depreciation and amortization, net | 1,585 | 1,132 |
Deferred tax provision (benefit) | (15) | 95 |
Net securities gains | (39) | (7) |
Gain on sales of loans | (57) | (433) |
Stock-based compensation expense | 129 | 108 |
Loans held for sale: | ||
Originations and purchases | (5,371) | (3,838) |
Proceeds from sales and paydowns | 4,869 | 3,574 |
Changes in operating assets and liabilities: | ||
Changes in interest receivable | 70 | 43 |
Changes in other assets | 1,251 | (110) |
Changes in interest payable | (21) | 37 |
Changes in other liabilities | 634 | (1,116) |
Net cash from operating activities | 9,107 | 5,687 |
Securities available for sale: | ||
Purchases | (5,674) | (9,460) |
Proceeds from paydowns and maturities | 3,362 | 3,763 |
Proceeds from sales | 3,983 | 1,058 |
Securities held to maturity: | ||
Purchases | (396) | (14,586) |
Proceeds from paydowns and maturities | 1,657 | 1,199 |
Loans: | ||
Net changes in loans held for investment | (3,395) | 13,896 |
Principal recoveries of loans previously charged off | 1,323 | 1,308 |
Net purchases of premises and equipment | (396) | (429) |
Net cash from other investing activities | (589) | (364) |
Net cash from investing activities | (125) | (3,615) |
Financing activities: | ||
Changes in deposits | 4,513 | 4,691 |
Issuance of securitized debt obligations | 2,617 | 997 |
Maturities and paydowns of securitized debt obligations | (4,126) | (1,250) |
Issuance of senior and subordinated notes and long-term FHLB advances | 2,646 | 5,227 |
Maturities and paydowns of senior and subordinated notes and long-term FHLB advances | (2,751) | (11,207) |
Changes in other borrowings | (9,069) | (96) |
Common stock: | ||
Net proceeds from issuances | 98 | 90 |
Dividends paid | (379) | (393) |
Preferred stock: | ||
Dividends paid | (132) | (132) |
Purchases of treasury stock | (67) | (1,075) |
Proceeds from share-based payment activities | 0 | 20 |
Net cash from financing activities | (6,650) | (3,128) |
Changes in cash, cash equivalents and restricted cash for securitization investors | 2,332 | (1,056) |
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period | 13,489 | 14,352 |
Cash, cash equivalents and restricted cash for securitization investors, end of the period | 15,821 | 13,296 |
Non-cash items: | ||
Net transfers from loans held for investment to loans held for sale | 1,428 | 663 |
Interest paid | 2,411 | 1,796 |
Income tax paid | $ 181 | $ 171 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Capital One Financial Corporation, a Delaware Corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. As of June 30, 2019 , our principal subsidiaries included: • Capital One Bank (USA), National Association (“COBNA”), which offers credit and debit card products, other lending products and deposit products; and • Capital One, National Association (“CONA”), which offers a broad spectrum of banking products and financial services to consumers, small businesses and commercial clients. The Company is hereafter collectively referred to as “we,” “us” or “our.” COBNA and CONA are collectively referred to as the “Banks.” We also offer products outside of the United States of America (“U.S.”) principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of COBNA organized and located in the United Kingdom (“U.K.”), and through a branch of COBNA in Canada. COEP has authority, among other things, to provide credit card loans. Our branch of COBNA in Canada also has the authority to provide credit card loans. Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of recent acquisitions, if any, into our business segments and the allocation methodologies and accounting policies used to derive our business segment results in “ Note 13—Business Segments and Revenue from Contracts with Customers .” Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. Certain prior period amounts have been reclassified to conform to the current period presentation. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in Capital One Financial Corporation’s 2018 Annual Report on Form 10-K (“2018 Form 10-K”). Newly Adopted Accounting Standards Standard Guidance Adoption Timing and Financial Statements Impacts Premium Amortization on Callable Debt Accounting Standards Update (“ASU”) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Issued March 2017 Shortens the amortization period from the contractual life to the earliest call date for certain purchased callable debt securities held at a premium. We adopted this guidance in the first quarter of 2019 using the modified retrospective method of adoption. Our adoption of this standard did not have a material impact on our consolidated financial statements. Leases ASU No. 2016-02, Leases (Topic 842) Issued February 2016 Requires lessees to recognize right of use assets and lease liabilities on their consolidated balance sheets and disclose key information about all their leasing arrangements, with certain practical expedients. We adopted this guidance in the first quarter of 2019, using the modified retrospective method of adoption without restating prior periods. We elected the practical expedients that permitted us to not reassess the lease classification of existing leases, whether existing contracts contain a lease or the treatment of initial direct costs on existing leases. Upon adoption, we recorded a lease liability of $1.9 billion and right of use asset of $1.6 billion, which is net of other lease-related balances. Accounting Standards Issued but Not Adopted as of June 30, 2019 Standard Guidance Adoption Timing and Financial Statements Impacts Cloud Computing ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Issued August 2018 Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Effective January 1, 2020, with early adoption permitted, using either the retrospective or prospective method of adoption. We plan to adopt the standard on its effective date using the prospective method of adoption. We do not expect such adoption to have a material impact on our consolidated financial statements. Goodwill Impairment Test Simplification ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Issued January 2017 Eliminates the second step from the current goodwill impairment test. Under the current guidance, the first step compares a reporting unit’s carrying value to its fair value. If the carrying value exceeds fair value, an entity performs the second step, which assigns the reporting unit’s fair value to its assets and liabilities, including unrecognized assets and liabilities, in the same manner as required in purchase accounting. Under the new guidance, any impairment of a reporting unit’s goodwill is determined based on the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to the reporting unit. Effective January 1, 2020, with early adoption permitted, using the prospective method of adoption. We plan to adopt the standard on its effective date and do not expect such adoption to have a material impact on our consolidated financial statements. Standard Guidance Adoption Timing and Financial Statements Impacts Current Expected Credit Loss (“CECL”) ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued June 2016 Requires the use of current expected credit loss model that is based on expected rather than incurred losses to determine our allowance for credit losses on financial assets measured at amortized cost, certain net investments in leases and certain off-balance sheet arrangements. Replaces current accounting for purchased credit-impaired (“PCI”) and impaired loans. Amends the other-than-temporary impairment model for available for sale debt securities to require that credit losses (and subsequent recoveries) be recorded through an allowance approach, rather than through permanent write-downs for credit losses and subsequent accretion of positive changes through interest income over time. Effective January 1, 2020, with early adoption permitted no earlier than January 1, 2019, using the modified retrospective method of adoption. We plan to adopt the standard on its effective date. We have established a company-wide, cross-functional governance structure for our implementation of this standard. We continue to evaluate industry accounting interpretations, data requirements and necessary changes to our credit loss estimation methods, processes, systems and controls. We have made significant progress in accounting policy documentation and model development. We continue to perform model validations, which we expect to complete during 2019. We also continue to perform limited parallel testing and expect to conduct multiple tests of our full end-to-end allowance process prior to adopting the standard. We continue to assess the potential impact of this standard on our consolidated financial statements, related disclosures and regulatory capital. We currently expect our adoption of this guidance will result in an increase to our reserves for credit losses on financial instruments due to the requirement to record expected losses over the remaining contractual lives of our financial instruments; however, the actual impact will depend on the characteristics of our financial instruments, economic conditions, and our economic and loss forecasts at the adoption date. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 2—LEASES Leases In the first quarter of 2019, we adopted ASU No. 2016-02, Leases (Topic 842), see “Note 1—Summary of Significant Accounting Policies” for the impacts upon adoption. Our primary involvement with leases is in the capacity as a lessee where we lease premises to support our business. A majority of our leases are operating leases of office space, retail bank branches and Cafés. For real estate leases, we have elected to account for the lease and non-lease components together as a single lease component. Our operating leases expire at various dates through 2071 , and many of them require variable lease payments by us, of property taxes, insurance premiums, common area maintenance and other costs. Certain of these leases also have extension or termination options, and we assess the likelihood of exercising such options. If it is reasonably certain that we will exercise the options, we include the impact in the measurement of our right-of-use assets and lease liabilities. Our right-of-use assets and lease liabilities for operating leases are included in other assets and other liabilities on our consolidated balance sheets. As most of our operating leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Our operating lease expense is included in occupancy and equipment within non-interest expense in our consolidated statements of income. Total operating lease expense consists of operating lease cost, which is recognized on a straight-line basis over the lease term, and variable lease cost, which is recognized based on actual amounts incurred. We also sublease certain premises and sublease income is included in other non-interest income. The following tables present information about our operating lease portfolio and the related lease costs as of and for the three and six months ended June 30, 2019 . Table 2.1 Operating Lease Portfolio (Dollars in millions) June 30, 2019 Right-of-use assets $ 1,490 Lease liabilities 1,786 Weighted average remaining lease term 9.1 years Weighted average discount rate 3.3 % Table 2.2 Total Operating Lease Expense and Other Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 82 $ 147 Variable lease cost 9 20 Total lease cost 91 167 Sublease income (6 ) (12 ) Net lease cost $ 85 $ 155 Cash paid for amounts included in the measurement of lease liabilities $ 80 $ 162 Right-of-use assets obtained in exchange for lease liabilities 11 26 Right-of-use assets recognized upon adoption of new lease standard 0 1,601 The following table presents a maturity analysis of our operating leases and a reconciliation of the undiscounted cash flows to our lease liabilities as of June 30, 2019 . Table 2.3 Maturities of Operating Leases and Reconciliation to Lease Liabilities (Dollars in millions) June 30, 2019 2019 $ 155 2020 299 2021 268 2022 242 2023 214 Thereafter 932 Total undiscounted lease payments 2,110 Less: Imputed interest (324 ) Total lease liabilities $ 1,786 As of June 30, 2019 , we had approximately $88 million and $93 million of right-of-use assets and lease liabilities, respectively, for finance leases with a weighted average remaining lease term of 6.2 years . These right-of-use assets and lease liabilities are included in premises and equipment, net and other borrowings, respectively, on our consolidated balance sheets. We recognized $6 million and $11 million of total finance lease expense for the three and six months ended June 30, 2019 , respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3—INVESTMENT SECURITIES Our investment securities portfolio consists primarily of the following: U.S. Treasury securities; U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”); Agency commercial mortgage-backed securities (“CMBS”); and other securities. Agency securities include Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. The carrying value of our investments in U.S. Treasury and Agency securities represented 96% of our total investment securities portfolio as of both June 30, 2019 and December 31, 2018 . We classify investment securities as either available for sale or held to maturity. As of June 30, 2019 and December 31, 2018 , we had investment securities available for sale of $45.7 billion and $46.2 billion , respectively, and securities held to maturity of $35.5 billion and $36.8 billion , respectively. The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of June 30, 2019 and December 31, 2018 . Table 3.1 : Investment Securities Available for Sale June 30, 2019 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,226 $ 3 $ (10 ) $ 4,219 RMBS: Agency 33,183 177 (328 ) 33,032 Non-agency 1,362 314 (1 ) 1,675 Total RMBS 34,545 491 (329 ) 34,707 Agency CMBS 5,380 37 (28 ) 5,389 Other securities (1) 1,343 2 (2 ) 1,343 Total investment securities available for sale $ 45,494 $ 533 $ (369 ) $ 45,658 December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 6,146 $ 15 $ (17 ) $ 6,144 RMBS: Agency 32,710 62 (869 ) 31,903 Non-agency 1,440 304 (2 ) 1,742 Total RMBS 34,150 366 (871 ) 33,645 Agency CMBS 4,806 11 (78 ) 4,739 Other securities (1) 1,626 2 (6 ) 1,622 Total investment securities available for sale $ 46,728 $ 394 $ (972 ) $ 46,150 __________ (1) Includes primarily supranational bonds, foreign government bonds and other asset-backed securities. The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of June 30, 2019 and December 31, 2018 . Table 3.2 : Investment Securities Held to Maturity June 30, 2019 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency RMBS $ 31,857 $ (222 ) $ 31,635 $ 991 $ (44 ) $ 32,582 Agency CMBS 3,853 (13 ) 3,840 125 (6 ) 3,959 Total investment securities held to maturity $ 35,710 $ (235 ) $ 35,475 $ 1,116 $ (50 ) $ 36,541 December 31, 2018 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency RMBS $ 33,299 $ (238 ) $ 33,061 $ 293 $ (377 ) $ 32,977 Agency CMBS 3,723 (13 ) 3,710 21 (89 ) 3,642 Total investment securities held to maturity $ 37,022 $ (251 ) $ 36,771 $ 314 $ (466 ) $ 36,619 Investment Securities in a Gross Unrealized Loss Position The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2019 and December 31, 2018 . Table 3.3 : Securities in a Gross Unrealized Loss Position June 30, 2019 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 2,646 $ (10 ) $ 350 $ 0 $ 2,996 $ (10 ) RMBS: Agency 1,547 (7 ) 17,950 (321 ) 19,497 (328 ) Non-agency 35 (1 ) 9 0 44 (1 ) Total RMBS 1,582 (8 ) 17,959 (321 ) 19,541 (329 ) Agency CMBS 889 (2 ) 1,863 (26 ) 2,752 (28 ) Other securities 267 (1 ) 363 (1 ) 630 (2 ) Total investment securities available for sale in a gross unrealized loss position $ 5,384 $ (21 ) $ 20,535 $ (348 ) $ 25,919 $ (369 ) December 31, 2018 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 2,543 $ (3 ) $ 1,076 $ (14 ) $ 3,619 $ (17 ) RMBS: Agency 7,863 (260 ) 18,118 (609 ) 25,981 (869 ) Non-agency 89 (2 ) 10 0 99 (2 ) Total RMBS 7,952 (262 ) 18,128 (609 ) 26,080 (871 ) Agency CMBS 2,004 (31 ) 1,540 (47 ) 3,544 (78 ) Other securities 244 (1 ) 678 (5 ) 922 (6 ) Total investment securities available for sale in a gross unrealized loss position $ 12,743 $ (297 ) $ 21,422 $ (675 ) $ 34,165 $ (972 ) As of June 30, 2019 , the amortized cost of approximately 860 securities available for sale exceeded their fair value by $369 million , of which $348 million related to securities that had been in a loss position for 12 months or longer. As of June 30, 2019 , the carrying value of approximately 120 securities classified as held to maturity exceeded their fair value by $50 million . Maturities and Yields of Investment Securities The table below summarizes, by major security type, the contractual maturities and weighted-average yields of our investment securities as of June 30, 2019 . Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average yield below represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Table 3.4 : Contractual Maturities and Weighted-Average Yields of Securities June 30, 2019 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 350 $ 754 $ 3,115 $ 0 $ 4,219 RMBS (1) : Agency 3 21 763 32,245 33,032 Non-agency 0 0 0 1,675 1,675 Total RMBS 3 21 763 33,920 34,707 Agency CMBS (1) 10 1,699 2,245 1,435 5,389 Other securities 486 561 296 0 1,343 Total securities available for sale $ 849 $ 3,035 $ 6,419 $ 35,355 $ 45,658 Amortized cost of securities available for sale $ 850 $ 3,034 $ 6,408 $ 35,202 $ 45,494 Weighted-average yield for securities available for sale 1.62 % 2.48 % 2.73 % 3.22 % 3.07 % Carrying value of securities held to maturity: Agency RMBS (1) $ 0 $ 0 $ 87 $ 31,548 $ 31,635 Agency CMBS (1) 0 65 780 2,995 3,840 Total securities held to maturity $ 0 $ 65 $ 867 $ 34,543 $ 35,475 Fair value of securities held to maturity $ 0 $ 68 $ 903 $ 35,570 $ 36,541 Weighted-average yield for securities held to maturity N/A 3.62 % 3.12 % 3.30 % 3.30 % __________ (1) As of June 30, 2019 , the weighted-average expected maturities of RMBS and Agency CMBS are 5.4 years and 5.5 years , respectively. Other-Than-Temporary Impairment We evaluate all securities in an unrealized loss position at least quarterly, and more often as market conditions require, to assess whether the impairment is other-than-temporary. Our other-than-temporary impairment (“OTTI”) assessment is based on a discounted cash flow analysis which requires careful use of judgments and assumptions. A number of qualitative and quantitative criteria may be considered in our assessment, as applicable, including the size and the nature of the portfolio; historical and projected performance such as prepayment, default and loss severity for the RMBS portfolio; recent credit events specific to the issuer and/or industry to which the issuer belongs; the payment structure of the security; external credit ratings of the issuer and any failure or delay of the issuer to make scheduled interest or principal payments; the value of underlying collateral; our intent and ability to hold the security; and current and projected market and macro-economic conditions. If we intend to sell a security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, the entire difference between the amortized cost basis of the security and its fair value is recognized in earnings. As of June 30, 2019 , we had sold all securities previously designated with the intent to sell, and did not intend to sell, nor believe that we will be required to sell, any other security in an unrealized loss position prior to the recovery of its amortized cost basis. For those securities that we do not intend to sell nor expect to be required to sell, an analysis is performed to determine if any of the impairment is due to credit-related factors or whether it is due to other factors, such as interest rates. Credit-related impairment is recognized in earnings, with the remaining unrealized non-credit-related impairment recorded in AOCI. We determine the credit component based on the difference between the security’s amortized cost basis and the present value of its expected cash flows, discounted at the security’s effective yield. Realized Gains and Losses on Securities and OTTI Recognized in Earnings The following table presents the gross realized gains or losses and proceeds from the sale of securities available for sale for the three and six months ended June 30, 2019 and 2018 . We did not recognize any OTTI and did not sell any investment securities that were classified as held to maturity for the three and six months ended June 30, 2019 and 2018 . Table 3.5 : Realized Gains and Losses on Securities Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Realized gains (losses): Gross realized gains $ 15 $ 0 $ 39 $ 8 Gross realized losses 0 (1 ) 0 (1 ) Net securities gains (losses) $ 15 $ (1 ) $ 39 $ 7 Total proceeds from sales $ 909 $ 0 $ 3,983 $ 1,058 The cumulative credit loss component of the OTTI losses that have been recognized in our consolidated statements of income related to the securities that we do not intend to sell was $140 million as of both June 30, 2019 and December 31, 2018 . Securities Pledged and Received We pledged securities available for sale and held to maturity totaling $15.5 billion and $16.3 billion as of June 30, 2019 and December 31, 2018 , respectively. These securities are pledged to primarily secure Federal Home Loan Banks (“FHLB”) advances and Public Funds deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately $1 million as of both June 30, 2019 and December 31, 2018 , related to our derivative transactions. Purchased Credit-Impaired Debt Securities The table below presents the outstanding balance and carrying value of the purchased credit-impaired debt securities as of June 30, 2019 and December 31, 2018 . Table 3.6 : Outstanding Balance and Carrying Value of Purchased Credit-Impaired Debt Securities (Dollars in millions) June 30, 2019 December 31, 2018 Outstanding balance $ 1,653 $ 1,784 Carrying value 1,484 1,537 Changes in Accretable Yield of Purchased Credit-Impaired Debt Securities The following table presents changes in the accretable yield related to the purchased credit-impaired debt securities for the three and six months ended June 30, 2019 and 2018 . Table 3.7 : Changes in the Accretable Yield of Purchased Credit-Impaired Debt Securities Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Accretable yield, beginning of period $ 636 $ 794 $ 698 $ 826 Accretion recognized in earnings (44 ) (39 ) (87 ) (78 ) Reduction due to payoffs, disposals, transfers and other (2 ) (2 ) (3 ) (3 ) Net reclassifications (to) from nonaccretable difference 1 15 (17 ) 23 Accretable yield, end of period $ 591 $ 768 $ 591 $ 768 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 4—LOANS Loan Portfolio Composition Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale, and is divided into three portfolio segments: credit card, consumer banking and commercial banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto and retail banking loans and in prior periods also consisted of home loans. Commercial banking loans primarily consist of commercial and multifamily real estate as well as commercial and industrial loans. We sold all of our consumer home loan portfolio and the related servicing during 2018. The information presented in this section excludes loans held for sale, which are carried at lower of cost or fair value. Credit Quality The table below presents the composition and an aging analysis of our loans held for investment as of June 30, 2019 and December 31, 2018 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1 : Loan Portfolio Composition and Aging Analysis June 30, 2019 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 99,456 $ 1,126 $ 733 $ 1,644 $ 3,503 $ 0 $ 102,959 International card businesses 8,853 132 72 125 329 0 9,182 Total credit card 108,309 1,258 805 1,769 3,832 0 112,141 Consumer Banking: Auto 53,736 2,384 1,158 278 3,820 0 57,556 Retail banking 2,724 22 7 16 45 2 2,771 Total consumer banking 56,460 2,406 1,165 294 3,865 2 60,327 Commercial Banking: Commercial and multifamily real estate 29,789 15 21 14 50 22 29,861 Commercial and industrial 41,684 199 146 87 432 9 42,125 Total commercial lending 71,473 214 167 101 482 31 71,986 Small-ticket commercial real estate 2 0 0 4 4 0 6 Total commercial banking 71,475 214 167 105 486 31 71,992 Total loans (1) $ 236,244 $ 3,878 $ 2,137 $ 2,168 $ 8,183 $ 33 $ 244,460 % of Total loans 96.6 % 1.6 % 0.9 % 0.9 % 3.4 % 0.0 % 100.0 % December 31, 2018 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 103,014 $ 1,270 $ 954 $ 2,111 $ 4,335 $ 1 $ 107,350 International card businesses 8,678 127 78 128 333 0 9,011 Total credit card 111,692 1,397 1,032 2,239 4,668 1 116,361 Consumer Banking: Auto 52,032 2,624 1,326 359 4,309 0 56,341 Retail banking 2,809 23 8 20 51 4 2,864 Total consumer banking 54,841 2,647 1,334 379 4,360 4 59,205 Commercial Banking: Commercial and multifamily real estate 28,737 101 20 19 140 22 28,899 Commercial and industrial 40,704 135 43 101 279 108 41,091 Total commercial lending 69,441 236 63 120 419 130 69,990 Small-ticket commercial real estate 336 2 1 4 7 0 343 Total commercial banking 69,777 238 64 124 426 130 70,333 Total loans (1) $ 236,310 $ 4,282 $ 2,430 $ 2,742 $ 9,454 $ 135 $ 245,899 % of Total loans 96.1 % 1.7 % 1.0 % 1.1 % 3.8 % 0.1 % 100.0 % __________ (1) Loans, other than PCI loans, include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $933 million and $818 million as of June 30, 2019 and December 31, 2018 , respectively. We pledged loan collateral of $13.8 billion and $15.8 billion to secure a portion of our FHLB borrowing capacity of $17.7 billion and $19.3 billion as of June 30, 2019 and December 31, 2018 , respectively. We also pledged loan collateral of $7.7 billion and $9.2 billion to secure our Federal Reserve Discount Window borrowing capacity of $6.4 billion and $7.6 billion as of June 30, 2019 and December 31, 2018 , respectively. In addition to loans pledged, we securitized a portion of our credit card and auto loans. See “ Note 6—Variable Interest Entities and Securitizations The following table presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of June 30, 2019 and December 31, 2018 . Nonperforming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from the table below. See “Note 1—Summary of Significant Accounting Policies” in our 2018 Form 10-K for additional information on our policies for nonperforming loans and accounting for PCI loans. Table 4.2 : 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans June 30, 2019 December 31, 2018 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,644 N/A $ 2,111 N/A International card businesses 119 $ 23 122 $ 22 Total credit card 1,763 23 2,233 22 Consumer Banking: Auto 0 369 0 449 Retail banking 0 28 0 30 Total consumer banking 0 397 0 479 June 30, 2019 December 31, 2018 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 5 $ 43 $ 0 $ 83 Commercial and industrial 1 311 0 223 Total commercial lending 6 354 0 306 Small-ticket commercial real estate 0 6 0 6 Total commercial banking 6 360 0 312 Total $ 1,769 $ 780 $ 2,233 $ 813 % of Total loans held for investment 0.7 % 0.3 % 0.9 % 0.3 % Credit Card Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as unemployment rates and home values, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The primary indicators we assess in monitoring the credit quality and risk of our credit card loan portfolio are delinquency and charge-off trends, including an analysis of loan migration between delinquency categories over time. The table below displays the geographic profile of our credit card loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.3 : Credit Card Risk Profile by Geographic Region June 30, 2019 December 31, 2018 (Dollars in millions) Amount % of Total Amount % of Total Domestic credit card: California $ 11,114 9.9 % $ 11,591 10.0 % Texas 7,881 7.0 8,173 7.0 New York 7,055 6.3 7,400 6.4 Florida 6,831 6.1 7,086 6.1 Illinois 4,513 4.0 4,761 4.1 Pennsylvania 4,335 3.9 4,575 3.9 Ohio 3,760 3.4 3,967 3.4 New Jersey 3,468 3.1 3,641 3.1 Michigan 3,367 3.0 3,544 3.0 Other 50,635 45.1 52,612 45.3 Total domestic credit card 102,959 91.8 107,350 92.3 International card businesses: Canada 6,275 5.6 6,023 5.1 United Kingdom 2,907 2.6 2,988 2.6 Total international card businesses 9,182 8.2 9,011 7.7 Total credit card $ 112,141 100.0 % $ 116,361 100.0 % The table below presents net charge-offs for the three and six months ended June 30, 2019 and 2018 . Table 4.4 : Credit Card Net Charge-Offs Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Amount Rate (1) Amount Rate (1) Amount Rate (1) Amount Rate (1) Net charge-offs: (1) Domestic credit card $ 1,240 4.86 % $ 1,166 4.72 % $ 2,534 4.95 % $ 2,487 4.99 % International card businesses 80 3.63 94 4.14 150 3.41 150 3.32 Total credit card $ 1,320 4.76 $ 1,260 4.67 $ 2,684 4.83 $ 2,637 4.85 __________ (1) Net charge-offs consist of the unpaid principal balance of loans held for investment that we determine to be uncollectible, net of recovered amounts. Net charge-off rate is calculated by dividing annualized net charge-offs by average loans held for investment for the period for each loan category. Net charge-offs and the net charge-off rates are impacted periodically by fluctuations in recoveries, including loan sales. Consumer Banking Our consumer banking loan portfolio consists of auto and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends, such as unemployment rates, gross domestic product and home values, as well as consumers’ financial condition, all of which can have a material effect on credit performance. Delinquency, nonperforming loans and charge-off trends are key indicators we assess in monitoring the credit quality and risk of our consumer banking loan portfolio. The table below displays the geographic profile of our consumer banking loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.5 : Consumer Banking Risk Profile by Geographic Region June 30, 2019 December 31, 2018 (Dollars in millions) Amount % of Total Amount % of Total Auto: Texas $ 7,337 12.1 % $ 7,264 12.3 % California 6,587 10.9 6,352 10.7 Florida 4,741 7.9 4,623 7.8 Georgia 2,648 4.4 2,665 4.5 Ohio 2,574 4.3 2,502 4.2 Pennsylvania 2,207 3.7 2,167 3.7 Illinois 2,170 3.6 2,171 3.7 Louisiana 2,113 3.5 2,174 3.7 Other 27,179 45.0 26,423 44.6 Total auto 57,556 95.4 56,341 95.2 Retail banking: New York 818 1.4 837 1.4 Louisiana 735 1.2 772 1.3 Texas 613 1.0 647 1.1 New Jersey 193 0.3 201 0.3 Maryland 158 0.3 161 0.3 Virginia 131 0.2 137 0.2 Other 123 0.2 109 0.2 Total retail banking 2,771 4.6 2,864 4.8 Total consumer banking $ 60,327 100.0 % $ 59,205 100.0 % The table below presents net charge-offs in our consumer banking loan portfolio for the three and six months ended June 30, 2019 and 2018 , as well as nonperforming loans as of June 30, 2019 and December 31, 2018 . Table 4.6 : Consumer Banking Net Charge-Offs (Recoveries) and Nonperforming Loans Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Amount Rate (1) Amount Rate (1) Amount Rate (1) Amount Rate (1) Net charge-offs (recoveries): Auto $ 155 1.09 % $ 182 1.32 % $ 358 1.26 % $ 390 1.42 % Retail banking 17 2.42 16 2.07 35 2.49 32 1.97 Home loan 0 0.00 0 0.00 0 0.00 (1 ) (0.02 ) Total consumer banking $ 172 1.15 $ 198 1.19 $ 393 1.32 $ 421 1.19 June 30, 2019 December 31, 2018 (Dollars in millions) Amount Rate (2) Amount Rate (2) Nonperforming loans: Auto $ 369 0.64 % $ 449 0.80 % Retail banking 28 1.02 30 1.04 Total consumer banking $ 397 0.66 $ 479 0.81 __________ (1) Net charge-off (recovery) rates are calculated by dividing annualized net charge-offs (recoveries) by average loans held for investment for the period for each loan category. (2) Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. Commercial Banking We evaluate the credit risk of commercial loans using a risk rating system. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows: • Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans. • Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date. • Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status. We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for loan and lease losses for commercial loans. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are also generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due. The following table presents the geographic concentration and internal risk ratings of our commercial loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.7 : Commercial Banking Risk Profile by Geographic Region and Internal Risk Rating June 30, 2019 (Dollars in millions) Commercial and Multifamily Real Estate % of Total Commercial and Industrial % of Total Small-Ticket Commercial Real Estate % of Total Total Commercial Banking % of Total Geographic concentration: (1) Northeast $ 15,954 53.4 % $ 7,522 17.9 % $ 4 66.7 % $ 23,480 32.6 % Mid-Atlantic 3,308 11.1 5,060 12.0 0 0.0 8,368 11.6 South 4,675 15.7 15,325 36.3 0 0.0 20,000 27.8 Other 5,924 19.8 14,218 33.8 2 33.3 20,144 28.0 Total $ 29,861 100.0 % $ 42,125 100.0 % $ 6 100.0 % $ 71,992 100.0 % Internal risk rating: (2) Noncriticized $ 28,991 97.1 % $ 40,399 96.0 % $ 0 0.0 % $ 69,390 96.4 % Criticized performing 805 2.7 1,406 3.3 0 0.0 2,211 3.1 Criticized nonperforming 43 0.1 311 0.7 6 100.0 360 0.5 PCI loans 22 0.1 9 0.0 0 0.0 31 0.0 Total $ 29,861 100.0 % $ 42,125 100.0 % $ 6 100.0 % $ 71,992 100.0 % December 31, 2018 (Dollars in millions) Commercial and Multifamily Real Estate % of Total Commercial and Industrial % of Total Small-Ticket Commercial Real Estate % of Total Total Commercial Banking % of Total Geographic concentration: (1) Northeast $ 15,562 53.8 % $ 7,573 18.4 % $ 213 62.1 % $ 23,348 33.2 % Mid-Atlantic 3,410 11.8 4,710 11.5 12 3.5 8,132 11.6 South 4,247 14.7 15,367 37.4 20 5.8 19,634 27.9 Other 5,680 19.7 13,441 32.7 98 28.6 19,219 27.3 Total $ 28,899 100.0 % $ 41,091 100.0 % $ 343 100.0 % $ 70,333 100.0 % Internal risk rating: (2) Noncriticized $ 28,239 97.7 % $ 39,468 96.1 % $ 336 98.0 % $ 68,043 96.8 % Criticized performing 555 1.9 1,292 3.1 1 0.3 1,848 2.6 Criticized nonperforming 83 0.3 223 0.5 6 1.7 312 0.4 PCI loans 22 0.1 108 0.3 0 0.0 130 0.2 Total $ 28,899 100.0 % $ 41,091 100.0 % $ 343 100.0 % $ 70,333 100.0 % __________ (1) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (2) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. Impaired Loans The following table presents information on our impaired loans as of June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 and 2018 . Impaired loans include loans modified in troubled debt restructurings (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. PCI loans are excluded from the following table. Table 4.8 : Impaired Loans June 30, 2019 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 632 $ 0 $ 632 $ 165 $ 467 $ 621 International card businesses 194 0 194 90 104 189 Total credit card (1) 826 0 826 255 571 810 Consumer Banking: Auto 294 40 334 28 306 442 Retail banking 56 0 56 4 52 62 Total consumer banking 350 40 390 32 358 504 Commercial Banking: Commercial and multifamily real estate 37 42 79 1 78 80 Commercial and industrial 454 99 553 81 472 674 Total commercial lending 491 141 632 82 550 754 Small-ticket commercial real estate 0 6 6 0 6 9 Total commercial banking 491 147 638 82 556 763 Total $ 1,667 $ 187 $ 1,854 $ 369 $ 1,485 $ 2,077 December 31, 2018 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 666 $ 0 $ 666 $ 186 $ 480 $ 654 International card businesses 189 0 189 91 98 183 Total credit card (1) 855 0 855 277 578 837 Consumer Banking: Auto (2) 301 38 339 22 317 420 Retail banking 42 12 54 5 49 60 Total consumer banking 343 50 393 27 366 480 Commercial Banking: Commercial and multifamily real estate 92 28 120 5 115 121 Commercial and industrial 301 169 470 29 441 593 Total commercial lending 393 197 590 34 556 714 Small-ticket commercial real estate 0 6 6 0 6 9 Total commercial banking 393 203 596 34 562 723 Total $ 1,591 $ 253 $ 1,844 $ 338 $ 1,506 $ 2,040 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Average Interest Average Interest Average Interest Average Interest Credit Card: Domestic credit card $ 646 $ 14 $ 653 $ 16 $ 652 $ 29 $ 648 $ 32 International card businesses 196 3 183 3 194 7 180 6 Total credit card (1) 842 17 836 19 846 36 828 38 Consumer Banking: Auto (2) 339 9 408 11 339 19 432 24 Home loan 0 0 112 0 0 0 153 1 Retail banking 55 1 61 1 55 1 61 1 Total consumer banking 394 10 581 12 394 20 646 26 Commercial Banking: Commercial and multifamily real estate 93 1 60 0 102 1 86 1 Commercial and industrial 561 4 679 4 531 8 690 10 Total commercial lending 654 5 739 4 633 9 776 11 Small-ticket commercial real estate 6 0 5 0 6 0 6 0 Total commercial banking 660 5 744 4 639 9 782 11 Total $ 1,896 $ 32 $ 2,161 $ 35 $ 1,879 $ 65 $ 2,256 $ 75 __________ (1) The period-end and average recorded investments of credit card loans include finance charges and fees. (2) 2018 amounts include certain TDRs that were recorded as other assets on our consolidated balance sheets. Troubled Debt Restructurings Total recorded TDRs were $1.6 billion as of both June 30, 2019 and December 31, 2018 . TDRs classified as performing in our credit card and consumer banking loan portfolios totaled $1.1 billion and $1.2 billion as of June 30, 2019 and December 31, 2018 , respectively. TDRs classified as performing in our commercial banking loan portfolio totaled $278 million and $282 million as of June 30, 2019 and December 31, 2018 , respectively. Commitments to lend additional funds on loans modified in TDRs totaled $378 million and $256 million as of June 30, 2019 and December 31, 2018 , respectively. Loans Modified in TDRs As part of our loan modification programs to borrowers experiencing financial difficulty, we may provide multiple concessions to minimize our economic loss and improve long-term loan performance and collectability. The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the three and six months ended June 30, 2019 and 2018 . Table 4.9 : Troubled Debt Restructurings Total Loans (1) Three Months Ended June 30, 2019 Reduced Interest Rate Term Extension (Dollars in millions) % of (2) Average % of (2) Average Credit Card: Domestic credit card $ 74 100 % 16.60 % 0 % 0 International card businesses 40 100 27.25 0 0 Total credit card 114 100 20.32 0 0 Consumer Banking: Auto 52 46 3.78 89 8 Retail banking 5 9 10.55 57 3 Total consumer banking 57 42 3.93 86 8 Commercial Banking: Commercial and industrial 14 0 0.00 100 3 Total commercial lending 14 0 0.00 100 3 Small-ticket commercial real estate 1 0 0.00 0 0 Total commercial banking 15 0 0.00 98 3 Total $ 186 75 17.45 34 7 Total Loans (1) Six Months Ended June 30, 2019 Reduced Interest Rate Term Extension (Dollars in millions) % of (2) Average % of (2) Average Credit Card: Domestic credit card $ 172 100 % 16.50 % 0 % 0 International card businesses 87 100 27.44 0 0 Total credit card 259 100 20.17 0 0 Consumer Banking: Auto 124 41 3.81 90 7 Retail banking 6 10 10.91 61 3 Total consumer banking 130 39 3.90 89 7 Commercial Banking: Commercial and multifamily real estate 34 100 0.00 0 0 Commercial and industrial 35 0 0.00 40 1 Total commercial lending 69 49 0.00 20 1 Small-ticket commercial real estate 1 0 0.00 0 0 Total commercial banking 70 49 0.00 20 0 Total $ 459 75 15.78 28 6 Total Loans (1) Three Months Ended June 30, 2018 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (2) Average % of (2) Average % of (2) Gross Credit Card: Domestic credit card $ 96 100 % 15.90 0 % 0 0 % $ 0 International card businesses 43 100 26.79 0 0 0 0 Total credit card 139 100 19.22 0 0 0 0 Consumer Banking: Auto (3) 44 64 4.10 85 9 1 1 Retail banking 4 12 11.56 34 6 0 0 Total consumer banking 48 60 4.22 81 9 1 1 Commercial Banking: Commercial and multifamily real estate 17 0 0.00 100 8 0 0 Commercial and industrial 86 0 2.00 61 17 0 0 Total commercial lending 103 0 2.00 67 15 0 0 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 103 0 2.00 67 15 0 0 Total $ 290 58 16.63 37 13 0 $ 1 Total Loans (1) Six Months Ended June 30, 2018 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (2) Average % of (2) Average % of (2) Gross Credit Card: Domestic credit card $ 209 100 % 15.81 % 0 % 0 0 % $ 0 International card businesses 93 100 26.82 0 0 0 0 Total credit card 302 100 19.19 0 0 0 0 Consumer Banking: Auto (3) 106 57 3.92 88 8 1 1 Home loan 6 28 1.78 83 214 0 0 Retail banking 6 12 11.11 49 5 0 0 Total consumer banking 118 53 3.94 86 18 0 1 Commercial Banking: Commercial and multifamily real estate 19 0 0.00 100 8 0 0 Commercial and industrial 97 0 1.79 65 17 0 0 Total commercial lending 116 0 1.79 71 15 0 0 Small-ticket commercial real estate 2 0 0.00 0 0 0 0 Total commercial banking 118 0 1.79 69 15 0 0 Total $ 538 68 16.56 34 16 0 $ 1 __________ (1) Represents the recorded investment of total loans modified in TDRs at the end of the quarter in which they were modified. As not every modification type is included in the table above, the total percentage of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (2) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (3) Includes certain TDRs that are recorded as other assets on our consolidated balance sheets. Subsequent Defaults of Completed TDR Modifications The following table presents the type, number and recorded investment of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.10 : TDRs — Subsequent Defaults Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Number of Amount Number of Amount Number of Amount Number of Amount Credit Card: Domestic credit card 11,581 $ 26 14,206 $ 30 25,608 $ 55 30,545 $ 64 International card businesses 18,185 28 15,354 27 34,891 56 29,293 53 Total credit card 29,766 54 29,560 57 60,499 111 59,838 117 Consumer Banking: Auto 1,312 16 1,793 21 2,417 29 3,600 42 Home loan 0 0 0 0 0 0 3 1 Retail banking 4 1 1 0 12 1 9 0 Total consumer banking 1,316 17 1,794 21 2,429 30 3,612 43 Commercial Banking: Commercial and industrial 0 0 7 10 0 0 13 45 Total commercial lending 0 0 7 10 0 0 13 45 Total commercial banking 0 0 7 10 0 0 13 45 Total 31,082 $ 71 31,361 $ 88 62,928 $ 141 63,463 $ 205 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Loans and Lease Losses | NOTE 5—ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS Our allowance for loan and lease losses represents management’s best estimate of incurred loan and lease losses inherent in our loans held for investment as of each balance sheet date. In addition to the allowance for loan and lease losses, we also estimate probable losses related to unfunded lending commitments, such as letters of credit, financial guarantees and binding unfunded loan commitments. The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. See “ Note 1—Summary of Significant Accounting Policies ” in our 2018 Form 10-K for further discussion of the methodology and policy for determining our allowance for loan and lease losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments. Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Table 5.1 : Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity Three Months Ended June 30, 2019 (Dollars in millions) Credit Card Consumer Commercial Banking Total Allowance for loan and lease losses: Balance as of March 31, 2019 $ 5,568 $ 1,062 $ 683 $ 7,313 Charge-offs (1,711 ) (423 ) (23 ) (2,157 ) Recoveries (1) 391 251 7 649 Net charge-offs (1,320 ) (172 ) (16 ) (1,508 ) Provision for loan and lease losses 1,095 165 69 1,329 Allowance build (release) for loan and lease losses (225 ) (7 ) 53 (179 ) Other changes (2) (1 ) 0 0 (1 ) Balance as of June 30, 2019 5,342 1,055 736 7,133 Reserve for unfunded lending commitments: Balance as of March 31, 2019 0 4 127 131 Provision for losses on unfunded lending commitments 0 0 13 13 Balance as of June 30, 2019 0 4 140 144 Combined allowance and reserve as of June 30, 2019 $ 5,342 $ 1,059 $ 876 $ 7,277 Six Months Ended June 30, 2019 (Dollars in millions) Credit Card Consumer Commercial Banking Total Allowance for loan and lease losses: Balance as of December 31, 2018 $ 5,535 $ 1,048 $ 637 $ 7,220 Charge-offs (3,493 ) (894 ) (43 ) (4,430 ) Recoveries (1) 809 501 13 1,323 Net charge-offs (2,684 ) (393 ) (30 ) (3,107 ) Provision for loan and lease losses 2,484 400 129 3,013 Allowance build (release) for loan and lease losses (200 ) 7 99 (94 ) Other changes (2) 7 0 0 7 Balance as of June 30, 2019 5,342 1,055 736 7,133 Reserve for unfunded lending commitments: Balance as of December 31, 2018 0 4 118 122 Provision for losses on unfunded lending commitments 0 0 22 22 Balance as of June 30, 2019 0 4 140 144 Combined allowance and reserve as of June 30, 2019 $ 5,342 $ 1,059 $ 876 $ 7,277 Three Months Ended June 30, 2018 (Dollars in millions) Credit Card Consumer (3) Commercial Banking Other (3) Total Allowance for loan and lease losses: Balance as of March 31, 2018 $ 5,726 $ 1,253 $ 587 $ 1 $ 7,567 Charge-offs (1,679 ) (414 ) (7 ) (9 ) (2,109 ) Recoveries (1) 419 216 14 1 650 Net charge-offs (1,260 ) (198 ) 7 (8 ) (1,459 ) Provision (benefit) for loan and lease losses 1,171 119 30 (47 ) 1,273 Allowance build (release) for loan and lease losses (89 ) (79 ) 37 (55 ) (186 ) Other changes (2)(3) (13 ) (54 ) 0 54 (13 ) Balance as of June 30, 2018 5,624 1,120 624 0 7,368 Reserve for unfunded lending commitments: Balance as of March 31, 2018 0 6 108 0 114 Provision (benefit) for losses on unfunded lending commitments 0 (1 ) 4 0 3 Balance as of June 30, 2018 0 5 112 0 117 Combined allowance and reserve as of June 30, 2018 $ 5,624 $ 1,125 $ 736 $ 0 $ 7,485 Six Months Ended June 30, 2018 (Dollars in millions) Credit Card Consumer (3) Commercial Banking Other (3) Total Allowance for loan and lease losses: Balance as of December 31, 2017 $ 5,648 $ 1,242 $ 611 $ 1 $ 7,502 Charge-offs (3,504 ) (845 ) (28 ) (8 ) (4,385 ) Recoveries (1) 867 424 16 1 1,308 Net charge-offs (2,637 ) (421 ) (12 ) (7 ) (3,077 ) Provision (benefit) for loan and lease losses 2,627 353 25 (48 ) 2,957 Allowance build (release) for loan and lease losses (10 ) (68 ) 13 (55 ) (120 ) Other changes (2)(3) (14 ) (54 ) 0 54 (14 ) Balance as of June 30, 2018 5,624 1,120 624 0 7,368 Reserve for unfunded lending commitments: Balance as of December 31, 2017 0 7 117 0 124 Benefit for losses on unfunded lending commitments 0 (2 ) (5 ) 0 (7 ) Balance as of June 30, 2018 0 5 112 0 117 Combined allowance and reserve as of June 30, 2018 $ 5,624 $ 1,125 $ 736 $ 0 $ 7,485 __________ (1) The amount and timing of recoveries is impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged-off loans as well as additional strategies, such as litigation. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales where applicable. (3) In 2018, we sold all of our consumer home loan portfolio.The impact included a benefit for credit losses of $46 million in the second quarter of 2018 which was reflected in the Other category. Components of Allowance for Loan and Lease Losses by Impairment Methodology The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology as of June 30, 2019 and December 31, 2018 . See “ Note 1—Summary of Significant Accounting Policies ” in our 2018 Form 10-K for further discussion of allowance methodologies for each of the loan portfolios. Table 5.2 : Components of Allowance for Loan and Lease Losses by Impairment Methodology June 30, 2019 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for loan and lease losses: Collectively evaluated $ 5,087 $ 1,023 $ 654 $ 6,764 Asset-specific 255 32 82 369 Total allowance for loan and lease losses $ 5,342 $ 1,055 $ 736 $ 7,133 Loans held for investment: Collectively evaluated $ 111,315 $ 59,935 $ 71,323 $ 242,573 Asset-specific 826 390 638 1,854 PCI loans 0 2 31 33 Total loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 244,460 Allowance coverage ratio (1) 4.76 % 1.75 % 1.02 % 2.92 % December 31, 2018 (Dollars in millions) Credit Consumer Banking Commercial Banking Total Allowance for loan and lease losses: Collectively evaluated $ 5,258 $ 1,021 $ 603 $ 6,882 Asset-specific 277 27 34 338 Total allowance for loan and lease losses $ 5,535 $ 1,048 $ 637 $ 7,220 Loans held for investment: Collectively evaluated $ 115,505 $ 58,808 $ 69,607 $ 243,920 Asset-specific 855 393 596 1,844 PCI loans 1 4 130 135 Total loans held for investment $ 116,361 $ 59,205 $ 70,333 $ 245,899 Allowance coverage ratio (1) 4.76 % 1.77 % 0.91 % 2.94 % __________ (1) Allowance coverage ratio is calculated by dividing the period-end allowance for loan and lease losses by period-end loans held for investment within the specified loan category. We have certain credit card partnership agreements that are presented within our consolidated financial statements on a net basis, in which our partner agrees to share a portion of the credit losses on the underlying loan portfolio. The expected reimbursements from these partners, which are netted against our allowance for loan and lease losses, result in reductions to net charge-offs and provision for credit losses. See “ Note 1—Summary of Significant Accounting Policies ” in our 2018 Form 10-K for further discussion of our credit card partnership agreements. The table below summarizes the changes in the estimated reimbursements from these partners for the three and six months ended June 30, 2019 and 2018 . Table 5.3 : Summary of Loss Sharing Arrangements Impacts Three Months Ended June 30, (Dollars in millions) 2019 2018 Estimated reimbursements from partners, beginning of period $ 442 $ 388 Amounts due from partners which reduced net charge-offs (105 ) (92 ) Amounts estimated to be charged to partners which reduced provision for credit losses 77 96 Estimated reimbursements from partners, end of period $ 414 $ 392 Six Months Ended June 30, (Dollars in millions) 2019 2018 Estimated reimbursements from partners, beginning of period $ 379 $ 380 Amounts due from partners which reduced net charge-offs (213 ) (189 ) Amounts estimated to be charged to partners which reduced provision for credit losses 248 201 Estimated reimbursements from partners, end of period $ 414 $ 392 |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities and Securitization [Abstract] | |
Variable Interest Entities and Securitizations | NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS In the normal course of business, we enter into various types of transactions with entities that are considered to be VIEs. Our primary involvement with VIEs has been related to our securitization transactions in which we transferred assets to securitization trusts. We have primarily securitized credit card and auto loans, which have provided a source of funding for us and enabled us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements. Summary of Consolidated and Unconsolidated VIEs The assets of our consolidated VIEs primarily consist of cash, loan receivables and the related allowance for loan and lease losses, which we report on our consolidated balance sheets under restricted cash for securitization investors, loans held in consolidated trusts and allowance for loan and lease losses, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs typically do not have recourse to our general credit. Liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations on our consolidated balance sheets. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet our maximum remaining funding obligations. The tables below present a summary of VIEs in which we had continuing involvement or held a variable interest, aggregated based on VIEs with similar characteristics as of June 30, 2019 and December 31, 2018 . We separately present information for consolidated and unconsolidated VIEs. Table 6.1 : Carrying Amount of Consolidated and Unconsolidated VIEs June 30, 2019 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 31,509 $ 16,179 $ 0 $ 0 $ 0 Auto loan securitizations 1,239 1,082 0 0 0 Home loan securitizations 0 0 177 1 479 Total securitization-related VIEs 32,748 17,261 177 1 479 Other VIEs: (2) Affordable housing entities 241 11 4,350 1,230 4,350 Entities that provide capital to low-income and rural communities 1,779 87 0 0 0 Other 0 0 523 0 523 Total other VIEs 2,020 98 4,873 1,230 4,873 Total VIEs $ 34,768 $ 17,359 $ 5,050 $ 1,231 $ 5,352 December 31, 2018 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 33,574 $ 18,885 $ 0 $ 0 $ 0 Home loan securitizations 0 0 211 74 554 Total securitization-related VIEs 33,574 18,885 211 74 554 Other VIEs: (2) Affordable housing entities 243 17 4,238 1,303 4,238 Entities that provide capital to low-income and rural communities 1,739 117 0 0 0 Other 0 0 353 0 353 Total other VIEs 1,982 134 4,591 1,303 4,591 Total VIEs $ 35,556 $ 19,019 $ 4,802 $ 1,377 $ 5,145 __________ (1) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.3 billion of assets and $795 million of liabilities as of June 30, 2019 and $2.3 billion of assets and $811 million of liabilities as of December 31, 2018 . Securitization-Related VIEs In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We also transfer multifamily commercial loans that we originate to the government-sponsored enterprises (“GSEs”) and retain the right to service the transferred loans pursuant to the guidelines set forth by the GSEs. Subsequent to such transfers, these loans are commonly securitized into CMBS by the GSEs. As an investor, we hold these RMBS and CMBS in our investment securities portfolio, which represent an interest in the respective securitization trusts employed in the transactions under which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of MSRs and investment securities on our consolidated balance sheets. See “ Note 7—Goodwill and Intangible Assets ” for information related to our MSRs associated with these multifamily commercial loan securitizations and “ Note 3—Investment Securities ” for more information on the securities held in our investment securities portfolio. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant as we either invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the VIE and us. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have also excluded these VIEs from the tables presented in this note. See “ Note 4—Loans ” for additional information regarding our lending arrangements in the normal course of business. The table below presents our continuing involvement in certain securitization-related VIEs as of June 30, 2019 and December 31, 2018 . Table 6.2 : Continuing Involvement in Securitization-Related VIEs (Dollars in millions) Credit Card Auto Mortgages June 30, 2019: Securities held by third-party investors $ 15,878 $ 1,081 $ 1,096 Receivables in the trust 31,710 1,194 1,145 Cash balance of spread or reserve accounts 0 3 121 Retained interests Yes Yes Yes Servicing retained Yes Yes Yes (1) December 31, 2018: Securities held by third-party investors $ 18,307 N/A $ 1,276 Receivables in the trust 34,197 N/A 1,305 Cash balance of spread or reserve accounts 0 N/A 116 Retained interests Yes N/A Yes Servicing retained Yes N/A Yes (1) __________ (1) We retain servicing on a portion of our remaining mortgage loans in mortgage securitizations. Credit Card Securitizations We securitize a portion of our credit card loans which provides a source of funding for us. Credit card securitizations involve the transfer of credit card receivables from our balance sheet to securitization trusts. These trusts then issue debt securities collateralized by the transferred receivables to third-party investors. We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. Auto Securitization In the second quarter of 2019, we securitized approximately $1.2 billion of auto loans. Auto securitization involves the transfer of auto loans from our balance sheet to securitization trusts. The trust then issues debt securities collateralized by the transferred loans to third-party investors. We hold certain retained interests and continue to service the loans in the trust. We consolidate this trust because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trust, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trust. Mortgage Securitizations We had previously securitized mortgage loans by transferring these loans to securitization trusts that had issued mortgage-backed securities to investors. These mortgage trusts consist of option-adjustable rate mortgage (“option-ARM”) securitizations and securitizations from our discontinued operations which include the mortgage origination operations of our wholesale mortgage banking unit, GreenPoint Mortgage Funding, Inc. (“GreenPoint”) and the manufactured housing operations of GreenPoint Credit, LLC, a subsidiary of GreenPoint (collectively “GreenPoint securitizations”). We continue to service a portion of the remaining mortgage loans in the option-ARM securitizations and also retain rights to certain future cash flows arising from these securitizations. We also retain servicing on a portion of the remaining mortgage loans in the GreenPoint securitizations and have the right to receive any funds remaining in the pre-funded letters of credit after the securities are released. We do not consolidate the mortgage securitizations because we do not have the right to receive the benefits nor the obligation to absorb losses that could potentially be significant to the trusts or we do not have the power to direct the activities that most significantly impact the economic performance of the trusts. Other VIEs Affordable Housing Entities As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multifamily affordable housing properties. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for certain of our investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. The proportional amortization method amortizes the cost of the investment over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the six months ended June 30, 2019 and 2018 , we recognized amortization of $279 million and $250 million , respectively, and tax credits of $355 million and $321 million , respectively, associated with these investments within income tax provision. The carrying value of our equity investments in these qualified affordable housing projects was $4.3 billion and $4.2 billion as of June 30, 2019 and December 31, 2018 , respectively. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $1.4 billion and $1.5 billion as of June 30, 2019 and December 31, 2018 , respectively, and is largely expected to be paid from 2019 to 2021 . For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our maximum exposure to these entities is limited to our variable interests in the entities which consisted of assets of approximately $4.4 billion and $4.2 billion as of June 30, 2019 and December 31, 2018 , respectively. The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were approximately $10.7 billion and $10.8 billion as of June 30, 2019 and December 31, 2018 , respectively. Entities that Provide Capital to Low-Income and Rural Communities We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. We have also consolidated other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $1.8 billion and $1.7 billion as of June 30, 2019 and December 31, 2018 , respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. Other Other VIEs include variable interests that we hold in companies that promote renewable energy sources and other equity method investments. We were not required to consolidate these entities because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these entities is limited to the investment on our consolidated balance sheets of $523 million and $353 million as of June 30, 2019 and December 31, 2018 , respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7—GOODWILL AND INTANGIBLE ASSETS The table below presents our goodwill, intangible assets and MSRs as of June 30, 2019 and December 31, 2018 . Goodwill is presented separately, while intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1 : Components of Goodwill, Intangible Assets and MSRs June 30, 2019 (Dollars in millions) Carrying Accumulated Amortization Net Goodwill $ 14,545 N/A $ 14,545 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,102 $ (1,995 ) 107 Other (1) 218 (131 ) 87 Total intangible assets 2,320 (2,126 ) 194 Total goodwill and intangible assets $ 16,865 $ (2,126 ) $ 14,739 Commercial MSRs (2) $ 501 $ (215 ) $ 286 December 31, 2018 (Dollars in millions) Carrying Accumulated Amortization Net Goodwill $ 14,544 N/A $ 14,544 Intangible assets: PCCR intangibles 2,102 $ (1,952 ) 150 Core deposit intangibles 1,149 (1,148 ) 1 Other (1) 271 (168 ) 103 Total intangible assets 3,522 (3,268 ) 254 Total goodwill and intangible assets $ 18,066 $ (3,268 ) $ 14,798 Commercial MSRs (2) $ 459 $ (185 ) $ 274 __________ (1) Primarily consists of intangibles for sponsorship relationships, partnership and other contract intangibles and trade name intangibles. (2) Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets. Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $29 million and $59 million for the three and six months ended June 30, 2019 , respectively, and $43 million and $87 million for the three and six months ended June 30, 2018 , respectively. Goodwill The following table presents changes in the carrying amount of goodwill by each of our business segments as of June 30, 2019 and December 31, 2018 . T able 7.2 : Goodwill by Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2018 $ 5,060 $ 4,600 $ 4,884 $ 14,544 Acquisitions 2 0 0 2 Reductions in goodwill related to divestitures 0 (1 ) 0 (1 ) Balance as of June 30, 2019 $ 5,062 $ 4,599 $ 4,884 $ 14,545 |
Deposits and Borrowings
Deposits and Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Deposits and Borrowings [Abstract] | |
Deposits and Borrowings | NOTE 8—DEPOSITS AND BORROWINGS Our deposits represent our largest source of funding for our assets and operations, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. In addition, we utilize FHLB advances, which are secured by certain portions of our loan and investment securities portfolios. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets. Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase, and short-term FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of June 30, 2019 and December 31, 2018 . The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 8.1 : C omponents of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) June 30, December 31, Deposits: Non-interest-bearing deposits $ 23,374 $ 23,483 Interest-bearing deposits (1) 231,161 226,281 Total deposits $ 254,535 $ 249,764 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 359 $ 352 FHLB advances 0 9,050 Total short-term borrowings $ 359 $ 9,402 June 30, 2019 December 31, (Dollars in millions) Maturity Dates Stated Interest Rates Weighted- Average Interest Rate Carrying Value Carrying Value Long-term debt: Securitized debt obligations 2019-2025 1.33% - 3.15% 2.37 % $ 16,959 $ 18,307 Senior and subordinated notes: Fixed unsecured senior debt (2) 2019-2029 0.80 - 4.75 3.04 24,076 23,290 Floating unsecured senior debt 2019-2023 2.94 - 3.73 3.32 2,994 2,993 Total unsecured senior debt 3.07 27,070 26,283 Fixed unsecured subordinated debt 2019-2026 3.38 - 8.80 4.09 4,752 4,543 Total senior and subordinated notes 31,822 30,826 Other long-term borrowings: FHLB advances — — — 0 251 Other borrowings 2019-2035 2.50 - 12.86 4.30 93 119 Total other long-term borrowings 93 370 Total long-term debt $ 48,874 $ 49,503 Total short-term borrowings and long-term debt $ 49,233 $ 58,905 __________ (1) Includes $5.6 billion and $4.0 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of June 30, 2019 and December 31, 2018 , respectively. (2) Includes $1.4 billion of EUR-denominated unsecured notes as of June 30, 2019 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Use of Derivatives and Accounting for Derivatives We regularly enter into derivative transactions to support our overall risk management activities. Our primary market risks stem from the impact on our earnings and economic value of equity due to changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We manage our interest rate sensitivity by employing several techniques, which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. We also use foreign currency derivatives to limit our earnings and capital exposures to foreign exchange risk by hedging exposures denominated in foreign currencies. In addition to interest rate and foreign currency derivatives, we may also use a variety of other derivative instruments, including caps, floors, options, futures and forward contracts, to manage our interest rate and foreign exchange risks. We designate these risk management derivatives as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are further designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives are economic hedges that do not qualify for hedge accounting. We also offer various interest rate, commodity and foreign currency derivatives as accommodation to our customers within our Commercial Banking business. We enter into these derivatives with our customers primarily to help them manage interest rate risks, hedge their energy and other commodities exposures, and manage foreign currency fluctuations. We then enter into offsetting derivative contracts with counterparties to economically hedge the majority of our subsequent exposures. See below for additional information on our use of derivatives and how we account for them: • Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are presented in the same line item on our consolidated statements of income as the earnings effect of the hedged items. Our fair value hedges primarily consist of interest rate swaps that are intended to modify our exposure to interest rate risk on various fixed-rate financial assets and liabilities. • Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of AOCI. Those amounts are reclassified into earnings in the same period during which the forecasted transactions impact earnings and presented in the same line item on our consolidated statements of income as the earnings effect of the hedged items. Our cash flow hedges use interest rate swaps and floors that are intended to hedge the variability in interest receipts or interest payments on some of our variable-rate financial assets or liabilities. We also enter into foreign currency forward contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currencies. • Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign currency forward contracts to hedge the translation exposure of the net investment in our foreign operations under the forward method. • Free-Standing Derivatives: Our free-standing derivatives primarily consist of our customer accommodation derivatives and other economic hedges. The customer accommodation derivatives and the related offsetting contracts are mainly interest rate, commodity and foreign currency contracts. The other free-standing derivatives are primarily used to economically hedge the risk of changes in the fair value of our commercial mortgage loan origination and purchase commitments as well as other interests held. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income. Derivatives Counterparty Credit Risk Counterparty Types Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. We execute our derivative contracts primarily in over-the-counter (“OTC”) markets. We also execute minimal amounts of interest rate and commodity futures in the exchange-traded derivative markets. Our OTC derivatives consist of both centrally cleared and uncleared bilateral contracts. In our centrally cleared contracts, our counterparties are central counterparty clearinghouses (“CCPs”), such as the Chicago Mercantile Exchange (“CME”) and the LCH Group (“LCH”). In our uncleared bilateral contracts, we enter into agreements directly with our derivative counterparties. Counterparty Credit Risk Management We manage the counterparty credit risk associated with derivative instruments by entering into legally enforceable master netting arrangements, where possible, and exchanging collateral with our counterparties, typically in the form of cash or high-quality liquid securities. The amount of collateral exchanged is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. Our exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on our balance sheet. The fair value of our derivatives is adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. See Table 9.3 for our net exposure associated with derivatives. The terms under which we collateralize our exposures differ between cleared exposures and uncleared bilateral exposures. • CCPs : We clear eligible OTC derivatives with CCPs as part of our regulatory requirements. Futures commission merchants (“FCMs”) serve as the intermediary between CCPs and us. CCPs require that we post initial and variation margin through our FCMs to mitigate the risk of non-payment or default. Initial margin is required upfront by CCPs as collateral against potential losses on our cleared derivative contracts. Variation margin is exchanged on a daily basis to account for mark-to-market changes in the derivative contracts. For CME and LCH-cleared OTC derivatives, we characterize variation margin cash payments as settlements. Our FCM agreements governing these derivative transactions include provisions that may require us to post additional collateral under certain circumstances. • Bilateral Counterparties : We enter into legally enforceable master netting agreements and collateral agreements, where possible, with bilateral derivative counterparties to mitigate the risk of default. We review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with these agreements. These bilateral agreements typically provide the right to offset exposure with the same counterparty and require the party in a net liability position to post collateral. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of derivative instruments exceed established exposure thresholds. Certain of these bilateral agreements include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our counterparties would have the right to terminate their derivative contract and close out existing positions. Credit Risk Valuation Adjustments We record counterparty credit valuation adjustments (“CVAs”) on our derivative assets to reflect the credit quality of our counterparties. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining CVAs, which may be adjusted in future periods due to changes in the fair values of the derivative contracts, collateral, and creditworthiness of the counterparty. We also record debit valuation adjustments (“DVAs”) to adjust the fair values of our derivative liabilities to reflect the impact of our own credit quality. Balance Sheet Presentation The following table summarizes the notional amounts and fair values of our derivative instruments as of June 30, 2019 and December 31, 2018 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows. Table 9.1 : Derivative Assets and Liabilities at Fair Value June 30, 2019 December 31, 2018 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 55,397 $ 28 $ 55 $ 53,413 $ 64 $ 28 Cash flow hedges 85,600 334 18 81,200 83 70 Total interest rate contracts 140,997 362 73 134,613 147 98 Foreign exchange contracts: Fair value hedges 1,421 20 0 0 0 0 Cash flow hedges 5,741 6 91 5,745 184 2 Net investment hedges 2,660 99 5 2,607 178 0 Total foreign exchange contracts 9,822 125 96 8,352 362 2 Total derivatives designated as accounting hedges 150,819 487 169 142,965 509 100 Derivatives not designated as accounting hedges: Customer accommodation: Interest rate contracts 55,113 541 133 49,386 190 256 Commodity contracts 12,838 775 719 10,673 797 786 Foreign exchange and other contracts 2,352 18 18 1,418 12 11 Total customer accommodation 70,303 1,334 870 61,477 999 1,053 Other interest rate exposures (2) 7,208 44 47 6,427 29 36 Other contracts 1,412 0 10 1,636 2 12 Total derivatives not designated as accounting hedges 78,923 1,378 927 69,540 1,030 1,101 Total derivatives $ 229,742 $ 1,865 $ 1,096 $ 212,505 $ 1,539 $ 1,201 Less: netting adjustment (3) (856 ) (456 ) (1,079 ) (287 ) Total derivative assets/liabilities $ 1,009 $ 640 $ 460 $ 914 __________ (1) Derivative assets and liabilities presented above exclude valuation adjustments related to non-performance risk. As of June 30, 2019 and December 31, 2018 , the cumulative CVA balances were $11 million and $3 million , respectively. The cumulative DVA balance were approximately $1 million as of both June 30, 2019 and December 31, 2018 . (2) Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps. (3) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2019 and December 31, 2018 . Table 9.2 : Hedged Items in Fair Value Hedging Relationships June 30, 2019 December 31, 2018 Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount (Dollars in millions) Total Assets/(Liabilities) Discontinued-Hedging Relationships Total Assets/(Liabilities) Discontinued-Hedging Relationships Line item on our consolidated balance sheets in which the hedged item is included: Investment securities available for sale (1)(2) $ 13,217 $ 319 $ 7 $ 14,067 $ (6 ) $ (2 ) Interest-bearing deposits (14,000 ) 4 0 (13,101 ) 247 0 Securitized debt obligations (7,510 ) 9 95 (5,887 ) 168 143 Senior and subordinated notes (27,047 ) (514 ) 323 (23,572 ) 315 392 __________ (1) These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $8.7 billion and $8.3 billion , the amount of the designated hedged items was $4.2 billion and $4.0 billion , and the cumulative basis adjustment associated with these hedges was $133 million and $26 million as of June 30, 2019 and December 31, 2018 , respectively. (2) Carrying value represents amortized cost. Balance Sheet Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under netting arrangements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting arrangements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting arrangements, we do not offset our derivative positions for balance sheet presentation. The following table presents the gross and net fair values of our derivative assets, derivative liabilities, repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of June 30, 2019 and December 31, 2018 . The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 9.3 : Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of June 30, 2019 Derivative assets (1) $ 1,865 $ (326 ) $ (530 ) $ 1,009 $ 0 $ 1,009 As of December 31, 2018 Derivative assets (1) 1,539 (205 ) (874 ) 460 0 460 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of June 30, 2019 Derivative liabilities (1) $ 1,096 $ (326 ) $ (130 ) $ 640 $ 0 $ 640 Repurchase agreements (2) 359 0 0 359 (359 ) 0 As of December 31, 2018 Derivative liabilities (1) 1,201 (205 ) (82 ) 914 0 914 Repurchase agreements (2) 352 0 0 352 (352 ) 0 __________ (1) We received cash collateral from derivative counterparties totaling $586 million and $925 million as of June 30, 2019 and December 31, 2018 , respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both June 30, 2019 and December 31, 2018 , which we have the ability to re-pledge. We posted $707 million and $633 million of cash collateral as of June 30, 2019 and December 31, 2018 , respectively. (2) Represents customer repurchase agreements that mature the next business day. As of June 30, 2019 and December 31, 2018 , we pledged collateral with a fair value of $366 million and $359 million , respectively, under these customer repurchase agreements, which were primarily agency RMBS securities. Income Statement and AOCI Presentation Fair Value and Cash Flow Hedges The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and six months ended June 30, 2019 and 2018 . Table 9.4 : Effects of Fair Value and Cash Flow Hedge Accounting Three Months Ended June 30, 2019 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 629 $ 6,383 $ 64 $ (870 ) $ (139 ) $ (310 ) $ 191 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (1 ) $ 0 $ 0 $ (33 ) $ (6 ) $ (10 ) $ 0 Gains (losses) recognized on derivatives (175 ) 0 0 154 79 471 11 Gains (losses) recognized on hedged items (1) 174 0 0 (151 ) (102 ) (511 ) (10 ) Net income (expense) recognized on fair value hedges $ (2 ) $ 0 $ 0 $ (30 ) $ (29 ) $ (50 ) $ 1 Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (3 ) $ (59 ) $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (3) 0 0 13 0 0 0 (1 ) Net income (expense) recognized on cash flow hedges $ (3 ) $ (59 ) $ 13 $ 0 $ 0 $ 0 $ (1 ) Six Months Ended June 30, 2019 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,284 $ 12,751 $ 133 $ (1,687 ) $ (282 ) $ (624 ) $ 348 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ 1 $ 0 $ 0 $ (69 ) $ (12 ) $ (21 ) $ 0 Gains (losses) recognized on derivatives (286 ) 0 0 249 112 752 11 Gains (losses) recognized on hedged items (1) 284 0 0 (243 ) (159 ) (831 ) (10 ) Net income (expense) recognized on fair value hedges $ (1 ) $ 0 $ 0 $ (63 ) $ (59 ) $ (100 ) $ 1 Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (7 ) $ (115 ) $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (3) 0 0 25 0 0 0 (1 ) Net income (expense) recognized on cash flow hedges $ (7 ) $ (115 ) $ 25 $ 0 $ 0 $ 0 $ (1 ) Three Months Ended June 30, 2018 Net Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Total amounts presented in our consolidated statements of income $ 539 $ 5,989 $ 68 $ (622 ) $ (124 ) $ (289 ) Fair value hedging relationships: Interest rate contracts: Interest recognized on derivatives $ (9 ) $ 0 $ 0 $ (21 ) $ (18 ) $ 4 Gains (losses) recognized on derivatives 83 0 0 (37 ) (17 ) (154 ) Gains (losses) recognized on hedged items (1) (81 ) 0 0 32 15 129 Net income (expense) recognized on fair value hedges $ (7 ) $ 0 $ 0 $ (26 ) $ (20 ) $ (21 ) Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (2 ) $ (17 ) $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains reclassified from AOCI into net income (3) 0 0 11 0 0 0 Net income (expense) recognized on cash flow hedges $ (2 ) $ (17 ) $ 11 $ 0 $ 0 $ 0 Six Months Ended June 30, 2018 Net Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Total amounts presented in our consolidated statements of income $ 991 $ 12,123 $ 119 $ (1,161 ) $ (231 ) $ (540 ) Fair value hedging relationships: Interest rate contracts: Interest recognized on derivatives $ (17 ) $ 0 $ 0 $ (23 ) $ (23 ) $ 14 Gains (losses) recognized on derivatives 183 0 0 (197 ) (118 ) (511 ) Gains (losses) recognized on hedged items (1) (180 ) 0 0 187 113 474 Net income (expense) recognized on fair value hedges $ (14 ) $ 0 $ 0 $ (33 ) $ (28 ) $ (23 ) Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (4 ) $ (9 ) $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains reclassified from AOCI into net income (3) 0 0 19 0 0 0 Net income (expense) recognized on cash flow hedges $ (4 ) $ (9 ) $ 19 $ 0 $ 0 $ 0 __________ (1) Includes amortization expense of $56 million and $117 million for the three and six months ended June 30, 2019 , respectively, and amortization expense of $16 million and $6 million for the three and six months ended June 30, 2018 , respectively, related to basis adjustments on discontinued hedges. (2) See “ Note 10—Stockholders’ Equity ” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax. (3) We recognized a loss of $123 million and $295 million for the three and six months ended June 30, 2019 , respectively, and a gain of $101 million and $176 million for the three and six months ended June 30, 2018 , respectively, on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included other non-interest income. In the next 12 months, we expect to reclassify to earnings net after-tax losses of $36 million recorded in AOCI as of June 30, 2019 . These amounts will offset the cash flows associated with the hedged forecasted transactions. The maximum length of time over which forecasted transactions were hedged was approximately 7 years as of June 30, 2019 . The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy. Free-Standing Derivatives The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and six months ended June 30, 2019 and 2018 . These gains or losses are recognized in other non-interest income in our consolidated statements of income. T a ble 9.5 : Gains (Losses) on Free-Standing Derivatives Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Gains (losses) recognized in other non-interest income: Customer accommodation: Interest rate contracts $ 4 $ 10 $ 10 $ 14 Commodity contracts 7 4 9 8 Foreign exchange and other contracts 4 2 7 4 Total customer accommodation 15 16 26 26 Other interest rate exposures (14 ) 9 (14 ) 21 Other contracts 0 0 (2 ) (20 ) Total $ 1 $ 25 $ 10 $ 27 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 10—STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes our preferred stock outstanding as of June 30, 2019 and December 31, 2018 . Table 10.1 : Preferred Stock Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding June 30, 2019 December 31, 2018 Series B 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Series G 5.20% Non-Cumulative July 29, 2016 December 1, 2021 5.20 Quarterly 1,000 600,000 583 583 Series H 6.00% Non-Cumulative November 29, 2016 December 1, 2021 6.00 Quarterly 1,000 500,000 483 483 Total $ 4,360 $ 4,360 __________ (1) Except for Series E, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock. Accumulated Other Comprehensive Income Accumulated other comprehensive income primarily consists of accumulated net unrealized gains or losses associated with securities available for sale and securities held to maturity, changes in fair value of derivatives in hedging relationships, and foreign currency translation adjustments. Unrealized gains or losses for securities held to maturity are amortized over the remaining life of the security with no expected impact on future net income as amortization of these gains or losses will be offset by the amortization of the premium or discount created from the transfer of securities from available to sale to held to maturity. The following table includes the AOCI impacts from the adoption of accounting standards and the changes in AOCI by component for the three and six months ended June 30, 2019 and 2018 . Table 10.2 : Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2019 (Dollars in millions) Securities Available for Sale Securities Held to Maturity Hedging Relationships (1) Foreign (2) Other Total AOCI as of March 31, 2019 $ (147 ) $ (184 ) $ (141 ) $ (147 ) $ (41 ) $ (660 ) Other comprehensive income before reclassifications 284 0 406 15 0 705 Amounts reclassified from AOCI into earnings (12 ) 6 131 0 0 125 Other comprehensive income, net of tax 272 6 537 15 0 830 AOCI as of June 30, 2019 $ 125 $ (178 ) $ 396 $ (132 ) $ (41 ) $ 170 Six Months Ended June 30, 2019 (Dollars in millions) Securities Available for Sale Securities Held to Maturity Hedging Relationships (1) Foreign (2) Other Total AOCI as of December 31, 2018 $ (439 ) $ (190 ) $ (418 ) $ (177 ) $ (39 ) $ (1,263 ) Other comprehensive income (loss) before reclassifications 594 0 517 45 (1 ) 1,155 Amounts reclassified from AOCI into earnings (30 ) 12 297 0 (1 ) 278 Other comprehensive income (loss), net of tax 564 12 814 45 (2 ) 1,433 AOCI as of June 30, 2019 $ 125 $ (178 ) $ 396 $ (132 ) $ (41 ) $ 170 Three Months Ended June 30, 2018 (Dollars in millions) Securities Securities Held to Maturity Cash Flow Hedges Foreign (2) Other Total AOCI as of March 31, 2018 $ (565 ) $ (212 ) $ (662 ) $ (131 ) $ (29 ) $ (1,599 ) Other comprehensive income (loss) before reclassifications (65 ) 0 (41 ) (24 ) 1 (129 ) Amounts reclassified from AOCI into earnings 0 8 (72 ) 0 (1 ) (65 ) Other comprehensive income (loss), net of tax (65 ) 8 (113 ) (24 ) 0 (194 ) AOCI as of June 30, 2018 $ (630 ) $ (204 ) $ (775 ) $ (155 ) $ (29 ) $ (1,793 ) Six Months Ended June 30, 2018 (Dollars in millions) Securities Securities Held to Maturity Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2017 $ 17 $ (524 ) $ (281 ) $ (138 ) $ 0 $ (926 ) Cumulative effects from adoption of new accounting standards 3 (113 ) (63 ) 0 (28 ) (201 ) Transfer of securities held to maturity to available for sale (3) (325 ) 407 0 0 0 82 Other comprehensive income (loss) before reclassifications (319 ) 0 (292 ) (17 ) 1 (627 ) Amounts reclassified from AOCI into earnings (6 ) 26 (139 ) 0 (2 ) (121 ) Other comprehensive income (loss), net of tax (650 ) 433 (431 ) (17 ) (1 ) (666 ) AOCI as of June 30, 2018 $ (630 ) $ (204 ) $ (775 ) $ (155 ) $ (29 ) $ (1,793 ) __________ (1) Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges where changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness. (2) Includes other comprehensive gains of $53 million and $123 million for the three months ended June 30, 2019 and 2018 , respectively, and other comprehensive gains of $19 million and $63 million for the six months ended June 30, 2019 and 2018 , respectively, from hedging instruments designated as net investment hedges. (3) In the first quarter of 2018, we made a one-time transfer of held to maturity securities with a carrying value of $9.0 billion to available for sale as a result of our adoption of ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This transfer resulted in an after-tax gain of $82 million ( $107 million pre-tax) to AOCI. The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2019 and 2018 . Table 10.3 : Reclassifications from AOCI (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, AOCI Components Affected Income Statement Line Item 2019 2018 2019 2018 Securities available for sale: Non-interest income $ 15 $ 0 $ 39 $ 8 Income tax provision 3 0 9 2 Net income 12 0 30 6 Securities held to maturity: (1) Interest income (8 ) (10 ) (16 ) (34 ) Income tax provision (2 ) (2 ) (4 ) (8 ) Net income (6 ) (8 ) (12 ) (26 ) Hedging relationships: Interest rate contracts: Interest income (62 ) (19 ) (122 ) (13 ) Foreign exchange contracts: Interest income 13 12 25 20 Non-interest income (123 ) 101 (295 ) 176 Income from continuing operations before income taxes (172 ) 94 (392 ) 183 Income tax provision (41 ) 22 (95 ) 44 Net income (131 ) 72 (297 ) 139 Other: Non-interest income and non-interest expense 0 1 1 2 Income tax provision 0 0 0 0 Net income 0 1 1 2 Total reclassifications $ (125 ) $ 65 $ (278 ) $ 121 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2019 and 2018 . Table 10.4 : Other Comprehensive Income (Loss) Three Months Ended June 30, 2019 2018 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ 358 $ 86 $ 272 $ (86 ) $ (21 ) $ (65 ) Net changes in securities held to maturity 9 3 6 10 2 8 Net unrealized gains (losses) on hedging relationships 708 171 537 (149 ) (36 ) (113 ) Foreign currency translation adjustments (1) 33 18 15 15 39 (24 ) Other (1 ) (1 ) 0 (1 ) (1 ) 0 Other comprehensive income (loss) $ 1,107 $ 277 $ 830 $ (211 ) $ (17 ) $ (194 ) Six Months Ended June 30, 2019 2018 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ 742 $ 178 $ 564 $ (857 ) $ (207 ) $ (650 ) Net changes in securities held to maturity 16 4 12 569 136 433 Net unrealized gains (losses) on hedging relationships 1,073 259 814 (567 ) (136 ) (431 ) Foreign currency translation adjustments (1) 52 7 45 3 20 (17 ) Other (3 ) (1 ) (2 ) (2 ) (1 ) (1 ) Other comprehensive income (loss) $ 1,880 $ 447 $ 1,433 $ (854 ) $ (188 ) $ (666 ) __________ (1) Includes the impact of hedging instruments designated as net investment hedges. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 11—EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share. Table 11.1 : Computation of Basic and Diluted Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, (Dollars and shares in millions, except per share data) 2019 2018 2019 2018 Income from continuing operations, net of tax $ 1,616 $ 1,917 $ 3,026 $ 3,260 Income (loss) from discontinued operations, net of tax 9 (11 ) 11 (8 ) Net income 1,625 1,906 3,037 3,252 Dividends and undistributed earnings allocated to participating securities (12 ) (12 ) (24 ) (23 ) Preferred stock dividends (80 ) (80 ) (132 ) (132 ) Net income available to common stockholders $ 1,533 $ 1,814 $ 2,881 $ 3,097 Total weighted-average basic shares outstanding 470.8 485.1 470.1 485.9 Effect of dilutive securities: Stock options 1.3 1.6 1.2 1.9 Other contingently issuable shares 0.9 1.0 1.0 1.1 Warrants (1) 0.0 0.6 0.0 0.7 Total effect of dilutive securities 2.2 3.2 2.2 3.7 Total weighted-average diluted shares outstanding 473.0 488.3 472.3 489.6 Basic earnings per common share: Net income from continuing operations $ 3.24 $ 3.76 $ 6.11 $ 6.39 Income (loss) from discontinued operations 0.02 (0.02 ) 0.02 (0.02 ) Net income per basic common share $ 3.26 $ 3.74 $ 6.13 $ 6.37 Diluted earnings per common share: (2) Net income from continuing operations $ 3.22 $ 3.73 $ 6.08 $ 6.35 Income (loss) from discontinued operations 0.02 (0.02 ) 0.02 (0.02 ) Net income per diluted common share $ 3.24 $ 3.71 $ 6.10 $ 6.33 __________ (1) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program which had all been exercised or expired on November 14, 2018. (2) No shares were excluded form the computation of diluted earnings per share for the three months ended June 30, 2019 . Excluded from the computation of diluted earnings per share were 137 thousand shares related to options with an exercise price of $86.34 for the six months ended June 30, 2019 , and 24 thousand shares and 65 thousand shares related to awards for the three and six months ended June 30, 2018, r espectively, because their inclusion would be anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 12—FAIR VALUE MEASUREMENT Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1: Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques. The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings. We have not made any material fair value option elections as of or for the periods disclosed herein. The determination and classification of financial instruments in the fair value hierarchy is performed at the end of each reporting period. We consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring basis, see “Note 17—Fair Value Measurement” in our 2018 Form 10-K. Fair Value Governance and Control We have a governance framework and a number of key controls that are intended to ensure that our fair value measurements are appropriate and reliable. Our governance framework provides for independent oversight and segregation of duties. Our control processes include review and approval of new transaction types, price verification, and review of valuation judgments, methods, models, process controls and results. Groups independent of our trading and investing functions participate in the review and validation process. Tasks performed by these groups include periodic verification of fair value measurements to determine if assigned fair values are reasonable, including comparing prices from vendor pricing services to other available market information. Our Fair Value Committee (“FVC”), which includes representation from business areas, Risk Management and Finance, provides guidance and oversight to ensure an appropriate valuation control environment. The FVC regularly reviews and approves our fair valuations to ensure that our valuation practices are consistent with industry standards and adhere to regulatory and accounting guidance. We have a model policy, established by an independent Model Risk Office, which governs the validation of models and related supporting documentation to ensure the appropriate use of models for pricing and fair value measurements. The Model Risk Office validates all models and provides ongoing monitoring of their performance. The fair value governance process is set up in a manner that allows the Chairperson of the FVC to escalate valuation disputes that cannot be resolved by the FVC to a more senior committee called the Valuations Advisory Committee (“VAC”) for resolution. The VAC is chaired by the Chief Financial Officer and includes other members of senior management. The VAC convenes to review escalated valuation disputes. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 . Table 12.1 : Assets and Liabilities Measured at Fair Value on a Recurring Basis June 30, 2019 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,219 $ 0 $ 0 — $ 4,219 RMBS 0 34,192 515 — 34,707 CMBS 0 5,380 9 — 5,389 Other securities 195 1,148 0 — 1,343 Total securities available for sale 4,414 40,720 524 — 45,658 Other assets: Derivative assets (2) 6 1,789 70 $ (856 ) 1,009 Other (3) 318 0 177 — 495 Total assets $ 4,738 $ 42,509 $ 771 $ (856 ) $ 47,162 Liabilities: Other liabilities: Derivative liabilities (2) $ 7 $ 1,025 $ 64 $ (456 ) $ 640 Total liabilities $ 7 $ 1,025 $ 64 $ (456 ) $ 640 December 31, 2018 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 6,144 $ 0 $ 0 — $ 6,144 RMBS 0 33,212 433 — 33,645 CMBS 0 4,729 10 — 4,739 Other securities 219 1,403 0 — 1,622 Total securities available for sale 6,363 39,344 443 — 46,150 Other assets: Derivative assets (2) 0 1,501 38 $ (1,079 ) 460 Other (3) 265 0 158 — 423 Total assets $ 6,628 $ 40,845 $ 639 $ (1,079 ) $ 47,033 Liabilities: Other liabilities: Derivative liabilities (2) $ 0 $ 1,153 $ 48 $ (287 ) $ 914 Total liabilities $ 0 $ 1,153 $ 48 $ (287 ) $ 914 __________ (1) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See “ Note 9—Derivative Instruments and Hedging Activities ” for additional information. (2) Does not reflect $10 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of June 30, 2019 and December 31, 2018 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (3) As of June 30, 2019 and December 31, 2018 , other includes retained interests in securitizations of $177 million and $158 million , deferred compensation plan assets of $314 million and $264 million , and equity securities of $4 million and $1 million , respectively. Level 3 Recurring Fair Val ue Rollforward The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018 . Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources. Table 12.2 : Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, April 1, 2019 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: (2) RMBS $ 434 $ 9 $ 2 $ 0 $ 0 $ 0 $ (13 ) $ 97 $ (14 ) $ 515 $ 10 CMBS 9 0 0 0 0 0 0 0 0 9 0 Total securities available for sale 443 9 2 0 0 0 (13 ) 97 (14 ) 524 10 Other assets: Retained interest in securitizations 155 22 0 0 0 0 0 0 0 177 22 Net derivative assets (liabilities) (3) 6 0 0 0 0 (7 ) 8 0 (1 ) 6 (2 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, January 1, 2019 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: (2) RMBS $ 433 $ 17 $ 13 $ 0 $ 0 $ 0 $ (25 ) $ 114 $ (37 ) $ 515 $ 20 CMBS 10 0 0 0 0 0 (1 ) 0 0 9 0 Total securities available for sale 443 17 13 0 0 0 (26 ) 114 (37 ) 524 20 Other assets: Retained interest in securitizations 158 19 0 0 0 0 0 0 0 177 19 Net derivative assets (liabilities) (3) (10 ) 5 0 0 0 (13 ) 27 0 (3 ) 6 4 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2018 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, April 1, 2018 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: RMBS $ 614 $ 9 $ 9 $ 0 $ 0 $ 0 $ (21 ) $ 4 $ (173 ) $ 442 $ 7 CMBS 13 0 0 0 0 0 (2 ) 0 0 11 0 Other securities 5 0 0 0 0 0 0 0 0 5 0 Total securities available for sale 632 9 9 0 0 0 (23 ) 4 (173 ) 458 7 Other assets: Retained interests in securitizations 176 (12 ) 0 0 0 0 0 0 0 164 (12 ) Net derivative assets (liabilities) (3) (9 ) (2 ) 0 0 0 6 (1 ) 0 1 (5 ) (2 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2018 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, January 1, 2018 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: RMBS $ 614 $ 18 $ 7 $ 0 $ 0 $ 0 $ (42 ) $ 65 $ (220 ) $ 442 $ 13 CMBS 14 0 0 0 0 0 (3 ) 0 0 11 0 Other securities 5 0 0 0 0 0 0 0 0 5 0 Total securities available for sale 633 18 7 0 0 0 (45 ) 65 (220 ) 458 13 Other assets: Consumer MSRs 92 3 0 0 (97 ) 2 0 0 0 0 0 Retained interests in securitizations 172 (8 ) 0 0 0 0 0 0 0 164 (8 ) Net derivative assets (liabilities) (3) 13 (24 ) 0 0 0 7 (2 ) 0 1 (5 ) (24 ) __________ (1) Realized gains (losses) on securities available for sale are included in net securities gains (losses), and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income. (2) For the three and six months ended June 30, 2019 , net unrealized gains included in other comprehensive income related to Level 3 securities available for sale still held as of June 30, 2019 were $3 million and $13 million , respectively. (3) Includes derivative assets and liabilities of $70 million and $64 million , respectively, as of June 30, 2019 , and $43 million and $48 million , respectively, as of June 30, 2018 . Significant Level 3 Fair Value Asset and Liability Inputs Generally, uncertainties in fair value measurements of financial instruments, such as changes in unobservable inputs, may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity and credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads. Techniques and Inputs for Level 3 Fair Value Measurements The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3 : Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at June 30, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Securities available for sale: RMBS $ 515 Discounted cash flows (vendor pricing) Yield 2-15% 4% CMBS 9 Discounted cash flows (vendor pricing) Yield 3% 3% Other assets: Retained interests in securitization (2) 177 Discounted cash flows Life of receivables (months) 2-54 N/A Net derivative assets (liabilities) 6 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2018 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Securities available for sale: RMBS $ 433 Discounted cash flows (vendor pricing) Yield 3-11% 5% CMBS 10 Discounted cash flows (vendor pricing) Yield 3% 3% Other assets: Retained interests in securitization (2) 158 Discounted cash flows Life of receivables (months) 3-56 N/A Net derivative assets (liabilities) (10 ) Discounted cash flows Swap rates 3% 3% __________ (1) Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We are required to measure and recognize certain assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or fair value accounting or when we evaluate for impairment). The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of June 30, 2019 and December 31, 2018 , and for which a nonrecurring fair value measurement was recorded during six and twelve months then ended. Table 12.4 : Nonrecurring Fair Value Measurements June 30, 2019 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 191 $ 191 Loans held for sale 180 0 180 Other assets (1) 0 83 83 Total $ 180 $ 274 $ 454 December 31, 2018 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 129 $ 129 Loans held for sale 38 0 38 Other assets (1) 0 100 100 Total $ 38 $ 229 $ 267 __________ (1) As of June 30, 2019 , other assets included equity investments accounted for under the measurement alternative of $16 million , repossessed assets of $53 million and long-lived assets held for sale of $14 million . As of December 31, 2018 , other assets included equity investments accounted for under the measurement alternative of $24 million , foreclosed property and repossessed assets of $57 million and long-lived assets held for sale of $19 million . In the above table, loans held for investment are generally valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. The non-recoverable rate ranged from 0% to 61% , with a weighted average of 4% , and from 0% to 84% , with a weighted average of 33% , as of June 30, 2019 and December 31, 2018 , respectively. The weighted average non-recoverable rate is calculated based on the estimated market value of the underlying collateral. The significant unobservable inputs and related quantitative information related to fair value of the other assets are not meaningful to disclose as they vary significantly across properties and collateral. The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at June 30, 2019 and 2018 . Table 12.5 : Nonrecurring Fair Value Measurements Included in Earnings Total Gains (Losses) Six Months Ended June 30, (Dollars in millions) 2019 2018 Loans held for investment $ (132 ) $ (65 ) Loans held for sale (1 ) (3 ) Other assets (1) (57 ) (47 ) Total $ (190 ) $ (115 ) __________ (1) Other assets include fair value adjustments related to equity investments accounted for under the measurement alternative, repossessed assets and long-lived assets held for sale. Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of June 30, 2019 and December 31, 2018 . Table 12.6 : Fair Value of Financial Instruments June 30, 2019 Carrying Value Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 15,111 $ 15,111 $ 5,184 $ 9,927 $ 0 Restricted cash for securitization investors 710 710 710 0 0 Securities held to maturity 35,475 36,541 0 36,510 31 Net loans held for investment 237,327 239,295 0 0 239,295 Loans held for sale 1,829 1,846 0 1,846 0 Interest receivable 1,544 1,544 0 1,544 0 Other investments (1) 1,341 1,341 0 1,341 0 Financial liabilities: Deposits with defined maturities 42,291 42,383 0 42,383 0 Securitized debt obligations 16,959 17,071 0 17,071 0 Senior and subordinated notes 31,822 32,259 0 32,259 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 359 359 0 359 0 Interest payable 437 437 0 437 0 December 31, 2018 Carrying Value Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 13,186 $ 13,186 $ 4,768 $ 8,418 $ 0 Restricted cash for securitization investors 303 303 303 0 0 Securities held to maturity 36,771 36,619 0 36,513 106 Net loans held for investment 238,679 241,556 0 0 241,556 Loans held for sale 1,192 1,218 0 1,218 0 Interest receivable 1,614 1,614 0 1,614 0 Other investments (1) 1,725 1,725 0 1,725 0 Financial liabilities: Deposits with defined maturities 38,471 38,279 0 38,279 0 Securitized debt obligations 18,307 18,359 0 18,359 0 Senior and subordinated notes 30,826 30,635 0 30,635 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 352 352 0 352 0 Other borrowings (2) 9,354 9,354 0 9,354 0 Interest payable 458 458 0 458 0 __________ (1) Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets. (2) Other borrowings excludes finance lease liabilities. |
Business Segments and Revenue f
Business Segments and Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | NOTE 13—BUSINESS SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS Our principal operations are organized into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into our existing business segments. Certain activities that are not part of a segment, such as management of our corporate investment portfolio and asset/liability management by our centralized Corporate Treasury group and residual tax expense or benefit to arrive at the consolidated effective tax rate that is not assessed to our primary business segments, are included in the Other category. Basis of Presentation We report the results of each of our business segments on a continuing operations basis. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. Business Segment Reporting Methodology The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenue and expenses directly or indirectly attributable to each business segment. Our funds transfer pricing process provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a funds charge for the use of funds by each segment. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Note 18—Business Segments and Revenue from Contracts with Customers” in our 2018 Form 10-K. Segment Results and Reconciliation We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies or changes in organizational alignment. In the first quarter of 2019, we made a change in how revenue is measured in our Commercial Banking business by revising the allocation of tax benefits on certain tax-advantaged investments. As such, prior period results have been recast to conform with the current period presentation. The result of this measurement change reduced the previously reported total net revenue in our Commercial Banking business by $32 million and $62 million for the three and six months ended June 30, 2018 , with an offsetting increase in the Other category. This change in measurement of our Commercial Banking revenue did not have any impact to the consolidated financial statements. The following table presents our business segment results for the three and six months ended June 30, 2019 and 2018 , selected balance sheet data as of June 30, 2019 and 2018 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 13.1 : Segment Results and Reconciliation Three Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income (loss) $ 3,531 $ 1,709 $ 514 $ (8 ) $ 5,746 Non-interest income (loss) 1,038 166 200 (26 ) 1,378 Total net revenue (loss) 4,569 1,875 714 (34 ) 7,124 Provision for credit losses 1,095 165 82 0 1,342 Non-interest expense 2,253 1,002 427 97 3,779 Income (loss) from continuing operations before income taxes 1,221 708 205 (131 ) 2,003 Income tax provision (benefit) 283 165 48 (109 ) 387 Income (loss) from continuing operations, net of tax $ 938 $ 543 $ 157 $ (22 ) $ 1,616 Loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 0 $ 244,460 Deposits 0 205,220 30,761 18,554 254,535 Six Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 7,121 $ 3,388 $ 1,003 $ 25 $ 11,537 Non-interest income (loss) 1,988 326 387 (31 ) 2,670 Total net revenue (loss) 9,109 3,714 1,390 (6 ) 14,207 Provision for credit losses 2,484 400 151 0 3,035 Non-interest expense 4,424 1,996 844 186 7,450 Income (loss) from continuing operations before income taxes 2,201 1,318 395 (192 ) 3,722 Income tax provision (benefit) 512 307 92 (215 ) 696 Income from continuing operations, net of tax $ 1,689 $ 1,011 $ 303 $ 23 $ 3,026 Loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 0 $ 244,460 Deposits 0 205,220 30,761 18,554 254,535 Three Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 3,396 $ 1,609 $ 517 $ 29 $ 5,551 Non-interest income 884 175 209 373 1,641 Total net revenue 4,280 1,784 726 402 7,192 Provision (benefit) for credit losses 1,171 118 34 (47 ) 1,276 Non-interest expense 1,904 963 409 148 3,424 Income from continuing operations before income taxes 1,205 703 283 301 2,492 Income tax provision 282 164 66 63 575 Income from continuing operations, net of tax $ 923 $ 539 $ 217 $ 238 $ 1,917 Loans held for investment $ 109,777 $ 58,727 $ 67,609 $ 11 $ 236,124 Deposits 0 194,962 31,078 22,185 248,225 Six Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 6,954 $ 3,224 $ 1,023 $ 68 $ 11,269 Non-interest income 1,741 349 396 346 2,832 Total net revenue 8,695 3,573 1,419 414 14,101 Provision (benefit) for credit losses 2,627 351 20 (48 ) 2,950 Non-interest expense 3,943 1,963 812 279 6,997 Income from continuing operations before income taxes 2,125 1,259 587 183 4,154 Income tax provision (benefit) 495 294 137 (32 ) 894 Income from continuing operations, net of tax $ 1,630 $ 965 $ 450 $ 215 $ 3,260 Loans held for investment $ 109,777 $ 58,727 $ 67,609 $ 11 $ 236,124 Deposits 0 194,962 31,078 22,185 248,225 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. (2) In the first quarter of 2019, we made a change in how revenue is measured in our Commercial Banking business by revising the allocation of tax benefits on certain tax-advantaged investments. As such, prior period results have been recast to conform with the current period presentation. The result of this measurement change reduced the previously reported total net revenue in our Commercial Banking business by $32 million and $62 million for the three and six months ended June 30, 2018 , with an offsetting increase in the Other category. Revenue from Contracts with Customers The majority of our revenue from contracts with customers consists of interchange fees in our Credit Card business, service charges and other customer-related fees, and other contract revenue in our Consumer Banking and Commercial Banking businesses. Interchange fees are primarily from our Credit Card business and are recognized upon settlement with the interchange networks, net of rewards earned by customers. Service charges and other customer-related fees within our Consumer Banking business are primarily related to fees earned on consumer deposit accounts for account maintenance and various transaction-based services such as overdrafts and ATM usage. Service charges and other customer-related fees within our Commercial Banking business are mostly related to fees earned on treasury management and capital markets services. Other contract revenue consists primarily of revenue earned on certain marketing and promotional events from our auto dealers within our Consumer Banking business. Revenue from contracts with customers is included in non-interest income in our consolidated statements of income. The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and six months ended June 30, 2019 and 2018 . Table 13.2 : Revenue from Contracts with Customers and Reconciliation to Segments Result Three Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 757 $ 52 $ 13 $ (2 ) $ 820 Service charges and other customer-related fees 0 74 28 0 102 Other 20 26 1 0 47 Total contract revenue 777 152 42 (2 ) 969 Revenue from other sources 261 14 158 (24 ) 409 Total non-interest income $ 1,038 $ 166 $ 200 $ (26 ) $ 1,378 Six Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 1,459 $ 98 $ 24 $ (3 ) $ 1,578 Service charges and other customer-related fees 0 149 53 0 202 Other 32 50 1 0 83 Total contract revenue 1,491 297 78 (3 ) 1,863 Revenue from other sources 497 29 309 (28 ) 807 Total non-interest income $ 1,988 $ 326 $ 387 $ (31 ) $ 2,670 Three Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 669 $ 47 $ 8 $ (1 ) $ 723 Service charges and other customer-related fees 0 95 34 (1 ) 128 Other 2 28 1 0 31 Total contract revenue 671 170 43 (2 ) 882 Revenue from other sources 213 5 166 375 759 Total non-interest income $ 884 $ 175 $ 209 $ 373 $ 1,641 Six Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 1,263 $ 89 $ 15 $ (1 ) $ 1,366 Service charges and other customer-related fees 0 193 66 (1 ) 258 Other 4 57 1 0 62 Total contract revenue 1,267 339 82 (2 ) 1,686 Revenue from other sources 474 10 314 348 1,146 Total non-interest income $ 1,741 $ 349 $ 396 $ 346 $ 2,832 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reclassifications to the Other category. (2) |
Commitments, Contingencies, Gua
Commitments, Contingencies, Guarantees, and Others | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Guarantees and Others | NOTE 14—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS Commitments to Lend Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios, and applying the same credit standards for all of our credit activities. For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value (“LTV”) ratios are the same as those for funded transactions and are established based on management’s credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements. We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the client. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and the results of these reviews are considered in assessing the adequacy of reserves for unfunded lending commitments. The following table presents the contractual amount and carrying value of our unfunded lending commitments as of June 30, 2019 and December 31, 2018 . The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 14.1 : Unfunded Lending Commitments: Contractual Amount and Carrying Value Contractual Amount Carrying Value (Dollars in millions) June 30, December 31, June 30, December 31, Credit card lines $ 347,314 $ 346,186 N/A N/A Other loan commitments (1) 34,768 34,449 $ 117 $ 95 Standby letters of credit and commercial letters of credit (2) 1,698 1,792 29 29 Total unfunded lending commitments $ 383,780 $ 382,427 $ 146 $ 124 __________ (1) Includes $1.5 billion and $1.3 billion of advised lines of credit as of June 30, 2019 and December 31, 2018 , respectively. (2) These financial guarantees have expiration dates ranging from 2019 to 2025 as of June 30, 2019 . Loss Sharing Agreements Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of the loans. At inception, we record a liability representing the fair value of our obligation which is subsequently amortized as we are released from risk of payment under the loss sharing agreement. If payment under the loss sharing agreement becomes probable and estimable, an additional liability may be recorded on the consolidated balance sheets and a non-interest expense may be recognized in the consolidated statements of income. The liability recognized on our consolidated balance sheets for these loss sharing agreements was $66 million and $59 million as of June 30, 2019 and December 31, 2018 , respectively. U.K. Payment Protection Insurance In the U.K., we previously sold payment protection insurance (“PPI”). In response to an elevated level of customer complaints across the industry, heightened media coverage and pressure from consumer advocacy groups, the U.K. Financial Conduct Authority (“FCA”), formerly the Financial Services Authority, investigated and raised concerns about the way the industry has handled complaints related to the sale of these insurance policies. For the past several years, the U.K.’s Financial Ombudsman Service (“FOS”) has been adjudicating customer complaints relating to PPI, escalated to it by consumers who disagree with the rejection of their complaint by firms, leading to customer remediation payments by us and others within the industry. On March 2, 2017, the FCA issued a statement that sets out final rules and guidance on the PPI complaints deadline, which has been set as August 29, 2019. The statement also provides clarity on how to handle PPI complaints under s.140A of the Consumer Credit Act, including guidance on how redress for such complaints should be calculated. The final rules and guidance came into force on August 29, 2017. In determining our best estimate of incurred losses for future remediation payments, management considers numerous factors, including (i) the number of customer complaints we expect in the future; (ii) our expectation of upholding those complaints; (iii) the expected number of complaints customers escalate to the FOS; (iv) our expectation of the FOS upholding such escalated complaints; (v) the number of complaints that fall under s.140A of the Consumer Credit Act; (vi) the number of litigation claims being pursued under s.140A of the Consumer Credit Act; and (vii) the estimated remediation payout to customers. We monitor these factors each quarter and adjust our reserves to reflect the latest data. Management’s best estimate of U.K. PPI reserve totaled $71 million and $133 million as of June 30, 2019 and December 31, 2018 , respectively. For the six months ended June 30, 2019 , no additions were made to our reserve. Other movements to the reserve were a combination of utilization of the reserve through customer payments and foreign exchange movements. Our best estimate of reasonably possible future losses beyond our reserve as of June 30, 2019 is approximately $100 million . Cybersecurity Incident On July 29, 2019, we announced that on July 19, 2019, we determined there was unauthorized access by an outside individual who obtained certain types of personal information relating to people who had applied for our credit card products and to our credit card customers (the “Cybersecurity Incident”). The Cybersecurity Incident occurred on March 22 and 23, 2019. We believe that a highly sophisticated individual was able to exploit a specific configuration vulnerability in our infrastructure. The configuration vulnerability was reported to us by an external security researcher on July 17, 2019. We then began our own internal investigation, leading to the July 19, 2019, determination that the Cybersecurity Incident occurred. We immediately fixed the configuration vulnerability that this individual exploited and verified there are no other instances in our environment. Among other things, we also augmented our routine automated scanning to look for this issue on a continuous basis. We promptly began working with federal law enforcement. The person responsible was arrested by the Federal Bureau of Investigation on July 29, 2019 and federal prosecution of the responsible person commenced. Based on our analysis to date, we believe it is unlikely that the information was used for fraud or disseminated by this individual. Our assessment of the incident is ongoing and analysis is subject to change. We expect to notify affected individuals through a variety of channels and make free credit monitoring and identity protection available to everyone affected. We have retained a leading independent cybersecurity firm to conduct a comprehensive assessment to confirm the scope of the access and the specific data impacted. We are subject to private civil litigation relating to the Cybersecurity Incident and expect that future litigation may be filed. At this time, it is not possible to estimate an amount or a range of reasonably possible losses, if any, from these or any other claims. We carry insurance to cover certain costs associated with a cyber risk event. This insurance is subject to a $10 million deductible and standard exclusions and carries a total coverage limit of $400 million . We expect that our insurance coverage will cover certain costs associated with the Cybersecurity Incident; however, there can be no assurance that our insurance coverage is sufficient to cover any losses arising from the incident. The timing of recognition of costs may differ from the timing of recognition of any insurance reimbursement. For more information, see “MD&A—Introduction—Cybersecurity Incident.” Litigation In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. None of the amounts we currently have recorded individually or in the aggregate are considered to be material to our financial condition. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of potentially material legal proceedings and claims. For some of the matters disclosed below, we are able to estimate reasonably possible losses above existing reserves, and for other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible, management currently estimates the reasonably possible future losses beyond our reserves as of June 30, 2019 are approximately $1.1 billion . Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is still significant uncertainty regarding numerous factors that may impact the ultimate loss levels. Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some litigation matters based on current information, it is possible that actual future losses will exceed both the current accrual level and the range of reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters, especially those involving governmental agencies, and the very large or indeterminate damages sought in some of these matters, there is significant uncertainty as to the ultimate liability we may incur from these litigation matters and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period. Interchange In 2005, a putative class of retail merchants filed antitrust lawsuits against MasterCard and Visa and several issuing banks, including Capital One, seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees. Other merchants have asserted similar claims in separate lawsuits, and while these separate cases did not name any issuing banks, Visa, MasterCard and issuers, including Capital One, have entered settlement and judgment sharing agreements allocating the liabilities of any judgment or settlement arising from all interchange-related cases. The lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes and were settled in 2012. The class settlement, however, was invalidated by the United States Court of Appeals for the Second Circuit in June 2016, and the suit was separated into separate class actions seeking injunctive and monetary relief, respectively. In addition, numerous merchant groups opted out of the 2012 settlement and have pursued their own claims. The claims by the injunctive relief class have not been resolved, but the parties reached a new settlement agreement with the monetary damages class in August 2018, whereby the class would receive up to approximately $6.2 billion collectively from the defendants in exchange for a release of their claims, depending on the percentage of class plaintiffs who opt out. The trial court preliminarily approved the settlement in January 2019. Visa and MasterCard have also settled several of the opt-out cases, which required non-material payments from issuing banks, including Capital One. Visa created a litigation escrow account following its initial public offering of stock in 2008 that funds settlements for its member banks, and any settlements related to MasterCard-allocated losses have either already been paid or are reflected in our reserves. Mortgage Representation and Warranty We face residual exposure related to subsidiaries that originated residential mortgage loans and sold these loans to various purchasers, including purchasers who created securitization trusts. In connection with their sales of mortgage loans, these subsidiaries entered into agreements containing varying representations and warranties about, among other things, the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with any applicable criteria established by the purchaser, including underwriting guidelines and the existence of mortgage insurance, and the loan’s compliance with applicable federal, state and local laws. Each of these subsidiaries may be required to repurchase mortgage loans or indemnify certain purchasers and others against losses they incur in the event of certain breaches of these representations and warranties. The substantial majority of our representation and warranty exposure has been resolved through litigation, and our remaining representation and warranty exposure is almost entirely litigation-related. Accordingly, we establish litigation reserves for representation and warranty losses that we consider to be both probable and reasonably estimable. The reserve process relies heavily on estimates, which are inherently uncertain, and requires the application of judgment. Our reserves and estimates of reasonably possible losses could be impacted by claims which may be brought by securitization trustees and sponsors, bond-insurers, investors, and GSEs, as well as claims brought by governmental agencies. Anti-Money Laundering We are subject to an open consent order with the Office of the Comptroller of the Currency (“OCC”) dated July 10, 2015 relating to our anti-money laundering (“AML”) program. In October 2018, we paid a civil monetary penalty of $100 million to resolve the monetary component of the AML consent order. The Department of Justice and the New York District Attorney’s Office recently advised us that they have closed their investigations into certain former check casher clients of the Commercial Banking business and our AML program. We are in discussions with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of Treasury to explore a potential regulatory resolution of its investigation into our AML program, which could include a monetary penalty. Other Pending and Threatened Litigation In addition, we are commonly subject to various pending and threatened legal actions relating to the conduct of our normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions, is not expected to be material to our consolidated financial position or our results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15—SUBSEQUENT EVENTS On July 29, 2019, we announced the Cybersecurity Incident. For more information, see “MD&A—Introduction—Cybersecurity Incident” and “ Note 14—Commitments, Contingencies, Guarantees and Others |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). |
Use of Estimates | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. Certain prior period amounts have been reclassified to conform to the current period presentation. |
New Accounting Standards | Newly Adopted Accounting Standards Standard Guidance Adoption Timing and Financial Statements Impacts Premium Amortization on Callable Debt Accounting Standards Update (“ASU”) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Issued March 2017 Shortens the amortization period from the contractual life to the earliest call date for certain purchased callable debt securities held at a premium. We adopted this guidance in the first quarter of 2019 using the modified retrospective method of adoption. Our adoption of this standard did not have a material impact on our consolidated financial statements. Leases ASU No. 2016-02, Leases (Topic 842) Issued February 2016 Requires lessees to recognize right of use assets and lease liabilities on their consolidated balance sheets and disclose key information about all their leasing arrangements, with certain practical expedients. We adopted this guidance in the first quarter of 2019, using the modified retrospective method of adoption without restating prior periods. We elected the practical expedients that permitted us to not reassess the lease classification of existing leases, whether existing contracts contain a lease or the treatment of initial direct costs on existing leases. Upon adoption, we recorded a lease liability of $1.9 billion and right of use asset of $1.6 billion, which is net of other lease-related balances. Accounting Standards Issued but Not Adopted as of June 30, 2019 Standard Guidance Adoption Timing and Financial Statements Impacts Cloud Computing ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Issued August 2018 Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Effective January 1, 2020, with early adoption permitted, using either the retrospective or prospective method of adoption. We plan to adopt the standard on its effective date using the prospective method of adoption. We do not expect such adoption to have a material impact on our consolidated financial statements. Goodwill Impairment Test Simplification ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Issued January 2017 Eliminates the second step from the current goodwill impairment test. Under the current guidance, the first step compares a reporting unit’s carrying value to its fair value. If the carrying value exceeds fair value, an entity performs the second step, which assigns the reporting unit’s fair value to its assets and liabilities, including unrecognized assets and liabilities, in the same manner as required in purchase accounting. Under the new guidance, any impairment of a reporting unit’s goodwill is determined based on the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to the reporting unit. Effective January 1, 2020, with early adoption permitted, using the prospective method of adoption. We plan to adopt the standard on its effective date and do not expect such adoption to have a material impact on our consolidated financial statements. Standard Guidance Adoption Timing and Financial Statements Impacts Current Expected Credit Loss (“CECL”) ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued June 2016 Requires the use of current expected credit loss model that is based on expected rather than incurred losses to determine our allowance for credit losses on financial assets measured at amortized cost, certain net investments in leases and certain off-balance sheet arrangements. Replaces current accounting for purchased credit-impaired (“PCI”) and impaired loans. Amends the other-than-temporary impairment model for available for sale debt securities to require that credit losses (and subsequent recoveries) be recorded through an allowance approach, rather than through permanent write-downs for credit losses and subsequent accretion of positive changes through interest income over time. Effective January 1, 2020, with early adoption permitted no earlier than January 1, 2019, using the modified retrospective method of adoption. We plan to adopt the standard on its effective date. We have established a company-wide, cross-functional governance structure for our implementation of this standard. We continue to evaluate industry accounting interpretations, data requirements and necessary changes to our credit loss estimation methods, processes, systems and controls. We have made significant progress in accounting policy documentation and model development. We continue to perform model validations, which we expect to complete during 2019. We also continue to perform limited parallel testing and expect to conduct multiple tests of our full end-to-end allowance process prior to adopting the standard. We continue to assess the potential impact of this standard on our consolidated financial statements, related disclosures and regulatory capital. We currently expect our adoption of this guidance will result in an increase to our reserves for credit losses on financial instruments due to the requirement to record expected losses over the remaining contractual lives of our financial instruments; however, the actual impact will depend on the characteristics of our financial instruments, economic conditions, and our economic and loss forecasts at the adoption date. |
Offsetting of Financial Assets and Liabilities | Balance Sheet Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under netting arrangements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting arrangements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting arrangements, we do not offset our derivative positions for balance sheet presentation. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following tables present information about our operating lease portfolio and the related lease costs as of and for the three and six months ended June 30, 2019 . Table 2.1 Operating Lease Portfolio (Dollars in millions) June 30, 2019 Right-of-use assets $ 1,490 Lease liabilities 1,786 Weighted average remaining lease term 9.1 years Weighted average discount rate 3.3 % Table 2.2 Total Operating Lease Expense and Other Information (Dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 82 $ 147 Variable lease cost 9 20 Total lease cost 91 167 Sublease income (6 ) (12 ) Net lease cost $ 85 $ 155 Cash paid for amounts included in the measurement of lease liabilities $ 80 $ 162 Right-of-use assets obtained in exchange for lease liabilities 11 26 Right-of-use assets recognized upon adoption of new lease standard 0 1,601 |
Schedule of Future Minimum Lease Payments | The following table presents a maturity analysis of our operating leases and a reconciliation of the undiscounted cash flows to our lease liabilities as of June 30, 2019 . Table 2.3 Maturities of Operating Leases and Reconciliation to Lease Liabilities (Dollars in millions) June 30, 2019 2019 $ 155 2020 299 2021 268 2022 242 2023 214 Thereafter 932 Total undiscounted lease payments 2,110 Less: Imputed interest (324 ) Total lease liabilities $ 1,786 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of June 30, 2019 and December 31, 2018 . Table 3.1 : Investment Securities Available for Sale June 30, 2019 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,226 $ 3 $ (10 ) $ 4,219 RMBS: Agency 33,183 177 (328 ) 33,032 Non-agency 1,362 314 (1 ) 1,675 Total RMBS 34,545 491 (329 ) 34,707 Agency CMBS 5,380 37 (28 ) 5,389 Other securities (1) 1,343 2 (2 ) 1,343 Total investment securities available for sale $ 45,494 $ 533 $ (369 ) $ 45,658 December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale: U.S. Treasury securities $ 6,146 $ 15 $ (17 ) $ 6,144 RMBS: Agency 32,710 62 (869 ) 31,903 Non-agency 1,440 304 (2 ) 1,742 Total RMBS 34,150 366 (871 ) 33,645 Agency CMBS 4,806 11 (78 ) 4,739 Other securities (1) 1,626 2 (6 ) 1,622 Total investment securities available for sale $ 46,728 $ 394 $ (972 ) $ 46,150 __________ (1) |
Investment Securities Held to Maturity | The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of June 30, 2019 and December 31, 2018 . Table 3.2 : Investment Securities Held to Maturity June 30, 2019 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency RMBS $ 31,857 $ (222 ) $ 31,635 $ 991 $ (44 ) $ 32,582 Agency CMBS 3,853 (13 ) 3,840 125 (6 ) 3,959 Total investment securities held to maturity $ 35,710 $ (235 ) $ 35,475 $ 1,116 $ (50 ) $ 36,541 December 31, 2018 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency RMBS $ 33,299 $ (238 ) $ 33,061 $ 293 $ (377 ) $ 32,977 Agency CMBS 3,723 (13 ) 3,710 21 (89 ) 3,642 Total investment securities held to maturity $ 37,022 $ (251 ) $ 36,771 $ 314 $ (466 ) $ 36,619 |
Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position | The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2019 and December 31, 2018 . Table 3.3 : Securities in a Gross Unrealized Loss Position June 30, 2019 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 2,646 $ (10 ) $ 350 $ 0 $ 2,996 $ (10 ) RMBS: Agency 1,547 (7 ) 17,950 (321 ) 19,497 (328 ) Non-agency 35 (1 ) 9 0 44 (1 ) Total RMBS 1,582 (8 ) 17,959 (321 ) 19,541 (329 ) Agency CMBS 889 (2 ) 1,863 (26 ) 2,752 (28 ) Other securities 267 (1 ) 363 (1 ) 630 (2 ) Total investment securities available for sale in a gross unrealized loss position $ 5,384 $ (21 ) $ 20,535 $ (348 ) $ 25,919 $ (369 ) December 31, 2018 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 2,543 $ (3 ) $ 1,076 $ (14 ) $ 3,619 $ (17 ) RMBS: Agency 7,863 (260 ) 18,118 (609 ) 25,981 (869 ) Non-agency 89 (2 ) 10 0 99 (2 ) Total RMBS 7,952 (262 ) 18,128 (609 ) 26,080 (871 ) Agency CMBS 2,004 (31 ) 1,540 (47 ) 3,544 (78 ) Other securities 244 (1 ) 678 (5 ) 922 (6 ) Total investment securities available for sale in a gross unrealized loss position $ 12,743 $ (297 ) $ 21,422 $ (675 ) $ 34,165 $ (972 ) |
Schedule of Contractual Maturities for Securities | The table below summarizes, by major security type, the contractual maturities and weighted-average yields of our investment securities as of June 30, 2019 . Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average yield below represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Table 3.4 : Contractual Maturities and Weighted-Average Yields of Securities June 30, 2019 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 350 $ 754 $ 3,115 $ 0 $ 4,219 RMBS (1) : Agency 3 21 763 32,245 33,032 Non-agency 0 0 0 1,675 1,675 Total RMBS 3 21 763 33,920 34,707 Agency CMBS (1) 10 1,699 2,245 1,435 5,389 Other securities 486 561 296 0 1,343 Total securities available for sale $ 849 $ 3,035 $ 6,419 $ 35,355 $ 45,658 Amortized cost of securities available for sale $ 850 $ 3,034 $ 6,408 $ 35,202 $ 45,494 Weighted-average yield for securities available for sale 1.62 % 2.48 % 2.73 % 3.22 % 3.07 % Carrying value of securities held to maturity: Agency RMBS (1) $ 0 $ 0 $ 87 $ 31,548 $ 31,635 Agency CMBS (1) 0 65 780 2,995 3,840 Total securities held to maturity $ 0 $ 65 $ 867 $ 34,543 $ 35,475 Fair value of securities held to maturity $ 0 $ 68 $ 903 $ 35,570 $ 36,541 Weighted-average yield for securities held to maturity N/A 3.62 % 3.12 % 3.30 % 3.30 % __________ (1) As of June 30, 2019 , the weighted-average expected maturities of RMBS and Agency CMBS are 5.4 years and 5.5 years , respectively. |
Schedule of Gross Realized Gains and Losses on Sale of Available-for-Sale Securities Recognized in Earnings | The following table presents the gross realized gains or losses and proceeds from the sale of securities available for sale for the three and six months ended June 30, 2019 and 2018 . We did not recognize any OTTI and did not sell any investment securities that were classified as held to maturity for the three and six months ended June 30, 2019 and 2018 . Table 3.5 : Realized Gains and Losses on Securities Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Realized gains (losses): Gross realized gains $ 15 $ 0 $ 39 $ 8 Gross realized losses 0 (1 ) 0 (1 ) Net securities gains (losses) $ 15 $ (1 ) $ 39 $ 7 Total proceeds from sales $ 909 $ 0 $ 3,983 $ 1,058 |
Schedule of Outstanding Contractual Balance and Carrying Value of Credit-Impaired Debt Securities | The table below presents the outstanding balance and carrying value of the purchased credit-impaired debt securities as of June 30, 2019 and December 31, 2018 . Table 3.6 : Outstanding Balance and Carrying Value of Purchased Credit-Impaired Debt Securities (Dollars in millions) June 30, 2019 December 31, 2018 Outstanding balance $ 1,653 $ 1,784 Carrying value 1,484 1,537 |
Schedule of Changes in Accretable Yield of Acquired Securities | The following table presents changes in the accretable yield related to the purchased credit-impaired debt securities for the three and six months ended June 30, 2019 and 2018 . Table 3.7 : Changes in the Accretable Yield of Purchased Credit-Impaired Debt Securities Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Accretable yield, beginning of period $ 636 $ 794 $ 698 $ 826 Accretion recognized in earnings (44 ) (39 ) (87 ) (78 ) Reduction due to payoffs, disposals, transfers and other (2 ) (2 ) (3 ) (3 ) Net reclassifications (to) from nonaccretable difference 1 15 (17 ) 23 Accretable yield, end of period $ 591 $ 768 $ 591 $ 768 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loan Portfolio Composition and Aging Analysis | The table below presents the composition and an aging analysis of our loans held for investment as of June 30, 2019 and December 31, 2018 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1 : Loan Portfolio Composition and Aging Analysis June 30, 2019 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 99,456 $ 1,126 $ 733 $ 1,644 $ 3,503 $ 0 $ 102,959 International card businesses 8,853 132 72 125 329 0 9,182 Total credit card 108,309 1,258 805 1,769 3,832 0 112,141 Consumer Banking: Auto 53,736 2,384 1,158 278 3,820 0 57,556 Retail banking 2,724 22 7 16 45 2 2,771 Total consumer banking 56,460 2,406 1,165 294 3,865 2 60,327 Commercial Banking: Commercial and multifamily real estate 29,789 15 21 14 50 22 29,861 Commercial and industrial 41,684 199 146 87 432 9 42,125 Total commercial lending 71,473 214 167 101 482 31 71,986 Small-ticket commercial real estate 2 0 0 4 4 0 6 Total commercial banking 71,475 214 167 105 486 31 71,992 Total loans (1) $ 236,244 $ 3,878 $ 2,137 $ 2,168 $ 8,183 $ 33 $ 244,460 % of Total loans 96.6 % 1.6 % 0.9 % 0.9 % 3.4 % 0.0 % 100.0 % December 31, 2018 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 103,014 $ 1,270 $ 954 $ 2,111 $ 4,335 $ 1 $ 107,350 International card businesses 8,678 127 78 128 333 0 9,011 Total credit card 111,692 1,397 1,032 2,239 4,668 1 116,361 Consumer Banking: Auto 52,032 2,624 1,326 359 4,309 0 56,341 Retail banking 2,809 23 8 20 51 4 2,864 Total consumer banking 54,841 2,647 1,334 379 4,360 4 59,205 Commercial Banking: Commercial and multifamily real estate 28,737 101 20 19 140 22 28,899 Commercial and industrial 40,704 135 43 101 279 108 41,091 Total commercial lending 69,441 236 63 120 419 130 69,990 Small-ticket commercial real estate 336 2 1 4 7 0 343 Total commercial banking 69,777 238 64 124 426 130 70,333 Total loans (1) $ 236,310 $ 4,282 $ 2,430 $ 2,742 $ 9,454 $ 135 $ 245,899 % of Total loans 96.1 % 1.7 % 1.0 % 1.1 % 3.8 % 0.1 % 100.0 % __________ (1) Loans, other than PCI loans, include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $933 million and $818 million as of June 30, 2019 and December 31, 2018 , respectively. |
90 Plus Day Delinquent Loans Accruing Interest and Nonperforming Loans | The following table presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of June 30, 2019 and December 31, 2018 . Nonperforming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from the table below. See “Note 1—Summary of Significant Accounting Policies” in our 2018 Form 10-K for additional information on our policies for nonperforming loans and accounting for PCI loans. Table 4.2 : 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans June 30, 2019 December 31, 2018 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,644 N/A $ 2,111 N/A International card businesses 119 $ 23 122 $ 22 Total credit card 1,763 23 2,233 22 Consumer Banking: Auto 0 369 0 449 Retail banking 0 28 0 30 Total consumer banking 0 397 0 479 June 30, 2019 December 31, 2018 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 5 $ 43 $ 0 $ 83 Commercial and industrial 1 311 0 223 Total commercial lending 6 354 0 306 Small-ticket commercial real estate 0 6 0 6 Total commercial banking 6 360 0 312 Total $ 1,769 $ 780 $ 2,233 $ 813 % of Total loans held for investment 0.7 % 0.3 % 0.9 % 0.3 % |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans | The following table presents information on our impaired loans as of June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 and 2018 . Impaired loans include loans modified in troubled debt restructurings (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. PCI loans are excluded from the following table. Table 4.8 : Impaired Loans June 30, 2019 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 632 $ 0 $ 632 $ 165 $ 467 $ 621 International card businesses 194 0 194 90 104 189 Total credit card (1) 826 0 826 255 571 810 Consumer Banking: Auto 294 40 334 28 306 442 Retail banking 56 0 56 4 52 62 Total consumer banking 350 40 390 32 358 504 Commercial Banking: Commercial and multifamily real estate 37 42 79 1 78 80 Commercial and industrial 454 99 553 81 472 674 Total commercial lending 491 141 632 82 550 754 Small-ticket commercial real estate 0 6 6 0 6 9 Total commercial banking 491 147 638 82 556 763 Total $ 1,667 $ 187 $ 1,854 $ 369 $ 1,485 $ 2,077 December 31, 2018 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 666 $ 0 $ 666 $ 186 $ 480 $ 654 International card businesses 189 0 189 91 98 183 Total credit card (1) 855 0 855 277 578 837 Consumer Banking: Auto (2) 301 38 339 22 317 420 Retail banking 42 12 54 5 49 60 Total consumer banking 343 50 393 27 366 480 Commercial Banking: Commercial and multifamily real estate 92 28 120 5 115 121 Commercial and industrial 301 169 470 29 441 593 Total commercial lending 393 197 590 34 556 714 Small-ticket commercial real estate 0 6 6 0 6 9 Total commercial banking 393 203 596 34 562 723 Total $ 1,591 $ 253 $ 1,844 $ 338 $ 1,506 $ 2,040 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Average Interest Average Interest Average Interest Average Interest Credit Card: Domestic credit card $ 646 $ 14 $ 653 $ 16 $ 652 $ 29 $ 648 $ 32 International card businesses 196 3 183 3 194 7 180 6 Total credit card (1) 842 17 836 19 846 36 828 38 Consumer Banking: Auto (2) 339 9 408 11 339 19 432 24 Home loan 0 0 112 0 0 0 153 1 Retail banking 55 1 61 1 55 1 61 1 Total consumer banking 394 10 581 12 394 20 646 26 Commercial Banking: Commercial and multifamily real estate 93 1 60 0 102 1 86 1 Commercial and industrial 561 4 679 4 531 8 690 10 Total commercial lending 654 5 739 4 633 9 776 11 Small-ticket commercial real estate 6 0 5 0 6 0 6 0 Total commercial banking 660 5 744 4 639 9 782 11 Total $ 1,896 $ 32 $ 2,161 $ 35 $ 1,879 $ 65 $ 2,256 $ 75 __________ (1) The period-end and average recorded investments of credit card loans include finance charges and fees. (2) 2018 amounts include certain TDRs that were recorded as other assets on our consolidated balance sheets. |
TDR Disclosures in Progress Financial Impact of Modification | The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the three and six months ended June 30, 2019 and 2018 . Table 4.9 : Troubled Debt Restructurings Total Loans (1) Three Months Ended June 30, 2019 Reduced Interest Rate Term Extension (Dollars in millions) % of (2) Average % of (2) Average Credit Card: Domestic credit card $ 74 100 % 16.60 % 0 % 0 International card businesses 40 100 27.25 0 0 Total credit card 114 100 20.32 0 0 Consumer Banking: Auto 52 46 3.78 89 8 Retail banking 5 9 10.55 57 3 Total consumer banking 57 42 3.93 86 8 Commercial Banking: Commercial and industrial 14 0 0.00 100 3 Total commercial lending 14 0 0.00 100 3 Small-ticket commercial real estate 1 0 0.00 0 0 Total commercial banking 15 0 0.00 98 3 Total $ 186 75 17.45 34 7 Total Loans (1) Six Months Ended June 30, 2019 Reduced Interest Rate Term Extension (Dollars in millions) % of (2) Average % of (2) Average Credit Card: Domestic credit card $ 172 100 % 16.50 % 0 % 0 International card businesses 87 100 27.44 0 0 Total credit card 259 100 20.17 0 0 Consumer Banking: Auto 124 41 3.81 90 7 Retail banking 6 10 10.91 61 3 Total consumer banking 130 39 3.90 89 7 Commercial Banking: Commercial and multifamily real estate 34 100 0.00 0 0 Commercial and industrial 35 0 0.00 40 1 Total commercial lending 69 49 0.00 20 1 Small-ticket commercial real estate 1 0 0.00 0 0 Total commercial banking 70 49 0.00 20 0 Total $ 459 75 15.78 28 6 Total Loans (1) Three Months Ended June 30, 2018 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (2) Average % of (2) Average % of (2) Gross Credit Card: Domestic credit card $ 96 100 % 15.90 0 % 0 0 % $ 0 International card businesses 43 100 26.79 0 0 0 0 Total credit card 139 100 19.22 0 0 0 0 Consumer Banking: Auto (3) 44 64 4.10 85 9 1 1 Retail banking 4 12 11.56 34 6 0 0 Total consumer banking 48 60 4.22 81 9 1 1 Commercial Banking: Commercial and multifamily real estate 17 0 0.00 100 8 0 0 Commercial and industrial 86 0 2.00 61 17 0 0 Total commercial lending 103 0 2.00 67 15 0 0 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 103 0 2.00 67 15 0 0 Total $ 290 58 16.63 37 13 0 $ 1 Total Loans (1) Six Months Ended June 30, 2018 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (2) Average % of (2) Average % of (2) Gross Credit Card: Domestic credit card $ 209 100 % 15.81 % 0 % 0 0 % $ 0 International card businesses 93 100 26.82 0 0 0 0 Total credit card 302 100 19.19 0 0 0 0 Consumer Banking: Auto (3) 106 57 3.92 88 8 1 1 Home loan 6 28 1.78 83 214 0 0 Retail banking 6 12 11.11 49 5 0 0 Total consumer banking 118 53 3.94 86 18 0 1 Commercial Banking: Commercial and multifamily real estate 19 0 0.00 100 8 0 0 Commercial and industrial 97 0 1.79 65 17 0 0 Total commercial lending 116 0 1.79 71 15 0 0 Small-ticket commercial real estate 2 0 0.00 0 0 0 0 Total commercial banking 118 0 1.79 69 15 0 0 Total $ 538 68 16.56 34 16 0 $ 1 __________ (1) Represents the recorded investment of total loans modified in TDRs at the end of the quarter in which they were modified. As not every modification type is included in the table above, the total percentage of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (2) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (3) Includes certain TDRs that are recorded as other assets on our consolidated balance sheets. The following table presents the type, number and recorded investment of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.10 : TDRs — Subsequent Defaults Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Number of Amount Number of Amount Number of Amount Number of Amount Credit Card: Domestic credit card 11,581 $ 26 14,206 $ 30 25,608 $ 55 30,545 $ 64 International card businesses 18,185 28 15,354 27 34,891 56 29,293 53 Total credit card 29,766 54 29,560 57 60,499 111 59,838 117 Consumer Banking: Auto 1,312 16 1,793 21 2,417 29 3,600 42 Home loan 0 0 0 0 0 0 3 1 Retail banking 4 1 1 0 12 1 9 0 Total consumer banking 1,316 17 1,794 21 2,429 30 3,612 43 Commercial Banking: Commercial and industrial 0 0 7 10 0 0 13 45 Total commercial lending 0 0 7 10 0 0 13 45 Total commercial banking 0 0 7 10 0 0 13 45 Total 31,082 $ 71 31,361 $ 88 62,928 $ 141 63,463 $ 205 |
Credit Card | |
Loans and Leases Receivable Disclosure [Line Items] | |
Risk Profile by Geographic Region | The table below displays the geographic profile of our credit card loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.3 : Credit Card Risk Profile by Geographic Region June 30, 2019 December 31, 2018 (Dollars in millions) Amount % of Total Amount % of Total Domestic credit card: California $ 11,114 9.9 % $ 11,591 10.0 % Texas 7,881 7.0 8,173 7.0 New York 7,055 6.3 7,400 6.4 Florida 6,831 6.1 7,086 6.1 Illinois 4,513 4.0 4,761 4.1 Pennsylvania 4,335 3.9 4,575 3.9 Ohio 3,760 3.4 3,967 3.4 New Jersey 3,468 3.1 3,641 3.1 Michigan 3,367 3.0 3,544 3.0 Other 50,635 45.1 52,612 45.3 Total domestic credit card 102,959 91.8 107,350 92.3 International card businesses: Canada 6,275 5.6 6,023 5.1 United Kingdom 2,907 2.6 2,988 2.6 Total international card businesses 9,182 8.2 9,011 7.7 Total credit card $ 112,141 100.0 % $ 116,361 100.0 % |
Net Charge-Offs | The table below presents net charge-offs for the three and six months ended June 30, 2019 and 2018 . Table 4.4 : Credit Card Net Charge-Offs Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Amount Rate (1) Amount Rate (1) Amount Rate (1) Amount Rate (1) Net charge-offs: (1) Domestic credit card $ 1,240 4.86 % $ 1,166 4.72 % $ 2,534 4.95 % $ 2,487 4.99 % International card businesses 80 3.63 94 4.14 150 3.41 150 3.32 Total credit card $ 1,320 4.76 $ 1,260 4.67 $ 2,684 4.83 $ 2,637 4.85 __________ (1) Net charge-offs consist of the unpaid principal balance of loans held for investment that we determine to be uncollectible, net of recovered amounts. Net charge-off rate is calculated by dividing annualized net charge-offs by average loans held for investment for the period for each loan category. Net charge-offs and the net charge-off rates are impacted periodically by fluctuations in recoveries, including loan sales. |
Consumer Banking | |
Loans and Leases Receivable Disclosure [Line Items] | |
Risk Profile by Geographic Region | The table below displays the geographic profile of our consumer banking loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.5 : Consumer Banking Risk Profile by Geographic Region June 30, 2019 December 31, 2018 (Dollars in millions) Amount % of Total Amount % of Total Auto: Texas $ 7,337 12.1 % $ 7,264 12.3 % California 6,587 10.9 6,352 10.7 Florida 4,741 7.9 4,623 7.8 Georgia 2,648 4.4 2,665 4.5 Ohio 2,574 4.3 2,502 4.2 Pennsylvania 2,207 3.7 2,167 3.7 Illinois 2,170 3.6 2,171 3.7 Louisiana 2,113 3.5 2,174 3.7 Other 27,179 45.0 26,423 44.6 Total auto 57,556 95.4 56,341 95.2 Retail banking: New York 818 1.4 837 1.4 Louisiana 735 1.2 772 1.3 Texas 613 1.0 647 1.1 New Jersey 193 0.3 201 0.3 Maryland 158 0.3 161 0.3 Virginia 131 0.2 137 0.2 Other 123 0.2 109 0.2 Total retail banking 2,771 4.6 2,864 4.8 Total consumer banking $ 60,327 100.0 % $ 59,205 100.0 % |
Net Charge-Offs | The table below presents net charge-offs in our consumer banking loan portfolio for the three and six months ended June 30, 2019 and 2018 , as well as nonperforming loans as of June 30, 2019 and December 31, 2018 . Table 4.6 : Consumer Banking Net Charge-Offs (Recoveries) and Nonperforming Loans Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in millions) Amount Rate (1) Amount Rate (1) Amount Rate (1) Amount Rate (1) Net charge-offs (recoveries): Auto $ 155 1.09 % $ 182 1.32 % $ 358 1.26 % $ 390 1.42 % Retail banking 17 2.42 16 2.07 35 2.49 32 1.97 Home loan 0 0.00 0 0.00 0 0.00 (1 ) (0.02 ) Total consumer banking $ 172 1.15 $ 198 1.19 $ 393 1.32 $ 421 1.19 June 30, 2019 December 31, 2018 (Dollars in millions) Amount Rate (2) Amount Rate (2) Nonperforming loans: Auto $ 369 0.64 % $ 449 0.80 % Retail banking 28 1.02 30 1.04 Total consumer banking $ 397 0.66 $ 479 0.81 __________ (1) Net charge-off (recovery) rates are calculated by dividing annualized net charge-offs (recoveries) by average loans held for investment for the period for each loan category. (2) Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. |
Commercial Banking | |
Loans and Leases Receivable Disclosure [Line Items] | |
Risk Profile by Geographic Region and Internal Risk Rating | The following table presents the geographic concentration and internal risk ratings of our commercial loan portfolio as of June 30, 2019 and December 31, 2018 . Table 4.7 : Commercial Banking Risk Profile by Geographic Region and Internal Risk Rating June 30, 2019 (Dollars in millions) Commercial and Multifamily Real Estate % of Total Commercial and Industrial % of Total Small-Ticket Commercial Real Estate % of Total Total Commercial Banking % of Total Geographic concentration: (1) Northeast $ 15,954 53.4 % $ 7,522 17.9 % $ 4 66.7 % $ 23,480 32.6 % Mid-Atlantic 3,308 11.1 5,060 12.0 0 0.0 8,368 11.6 South 4,675 15.7 15,325 36.3 0 0.0 20,000 27.8 Other 5,924 19.8 14,218 33.8 2 33.3 20,144 28.0 Total $ 29,861 100.0 % $ 42,125 100.0 % $ 6 100.0 % $ 71,992 100.0 % Internal risk rating: (2) Noncriticized $ 28,991 97.1 % $ 40,399 96.0 % $ 0 0.0 % $ 69,390 96.4 % Criticized performing 805 2.7 1,406 3.3 0 0.0 2,211 3.1 Criticized nonperforming 43 0.1 311 0.7 6 100.0 360 0.5 PCI loans 22 0.1 9 0.0 0 0.0 31 0.0 Total $ 29,861 100.0 % $ 42,125 100.0 % $ 6 100.0 % $ 71,992 100.0 % December 31, 2018 (Dollars in millions) Commercial and Multifamily Real Estate % of Total Commercial and Industrial % of Total Small-Ticket Commercial Real Estate % of Total Total Commercial Banking % of Total Geographic concentration: (1) Northeast $ 15,562 53.8 % $ 7,573 18.4 % $ 213 62.1 % $ 23,348 33.2 % Mid-Atlantic 3,410 11.8 4,710 11.5 12 3.5 8,132 11.6 South 4,247 14.7 15,367 37.4 20 5.8 19,634 27.9 Other 5,680 19.7 13,441 32.7 98 28.6 19,219 27.3 Total $ 28,899 100.0 % $ 41,091 100.0 % $ 343 100.0 % $ 70,333 100.0 % Internal risk rating: (2) Noncriticized $ 28,239 97.7 % $ 39,468 96.1 % $ 336 98.0 % $ 68,043 96.8 % Criticized performing 555 1.9 1,292 3.1 1 0.3 1,848 2.6 Criticized nonperforming 83 0.3 223 0.5 6 1.7 312 0.4 PCI loans 22 0.1 108 0.3 0 0.0 130 0.2 Total $ 28,899 100.0 % $ 41,091 100.0 % $ 343 100.0 % $ 70,333 100.0 % __________ (1) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (2) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology as of June 30, 2019 and December 31, 2018 . See “ Note 1—Summary of Significant Accounting Policies ” in our 2018 Form 10-K for further discussion of allowance methodologies for each of the loan portfolios. Table 5.2 : Components of Allowance for Loan and Lease Losses by Impairment Methodology June 30, 2019 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for loan and lease losses: Collectively evaluated $ 5,087 $ 1,023 $ 654 $ 6,764 Asset-specific 255 32 82 369 Total allowance for loan and lease losses $ 5,342 $ 1,055 $ 736 $ 7,133 Loans held for investment: Collectively evaluated $ 111,315 $ 59,935 $ 71,323 $ 242,573 Asset-specific 826 390 638 1,854 PCI loans 0 2 31 33 Total loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 244,460 Allowance coverage ratio (1) 4.76 % 1.75 % 1.02 % 2.92 % December 31, 2018 (Dollars in millions) Credit Consumer Banking Commercial Banking Total Allowance for loan and lease losses: Collectively evaluated $ 5,258 $ 1,021 $ 603 $ 6,882 Asset-specific 277 27 34 338 Total allowance for loan and lease losses $ 5,535 $ 1,048 $ 637 $ 7,220 Loans held for investment: Collectively evaluated $ 115,505 $ 58,808 $ 69,607 $ 243,920 Asset-specific 855 393 596 1,844 PCI loans 1 4 130 135 Total loans held for investment $ 116,361 $ 59,205 $ 70,333 $ 245,899 Allowance coverage ratio (1) 4.76 % 1.77 % 0.91 % 2.94 % __________ (1) Allowance coverage ratio is calculated by dividing the period-end allowance for loan and lease losses by period-end loans held for investment within the specified loan category. The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Table 5.1 : Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity Three Months Ended June 30, 2019 (Dollars in millions) Credit Card Consumer Commercial Banking Total Allowance for loan and lease losses: Balance as of March 31, 2019 $ 5,568 $ 1,062 $ 683 $ 7,313 Charge-offs (1,711 ) (423 ) (23 ) (2,157 ) Recoveries (1) 391 251 7 649 Net charge-offs (1,320 ) (172 ) (16 ) (1,508 ) Provision for loan and lease losses 1,095 165 69 1,329 Allowance build (release) for loan and lease losses (225 ) (7 ) 53 (179 ) Other changes (2) (1 ) 0 0 (1 ) Balance as of June 30, 2019 5,342 1,055 736 7,133 Reserve for unfunded lending commitments: Balance as of March 31, 2019 0 4 127 131 Provision for losses on unfunded lending commitments 0 0 13 13 Balance as of June 30, 2019 0 4 140 144 Combined allowance and reserve as of June 30, 2019 $ 5,342 $ 1,059 $ 876 $ 7,277 Six Months Ended June 30, 2019 (Dollars in millions) Credit Card Consumer Commercial Banking Total Allowance for loan and lease losses: Balance as of December 31, 2018 $ 5,535 $ 1,048 $ 637 $ 7,220 Charge-offs (3,493 ) (894 ) (43 ) (4,430 ) Recoveries (1) 809 501 13 1,323 Net charge-offs (2,684 ) (393 ) (30 ) (3,107 ) Provision for loan and lease losses 2,484 400 129 3,013 Allowance build (release) for loan and lease losses (200 ) 7 99 (94 ) Other changes (2) 7 0 0 7 Balance as of June 30, 2019 5,342 1,055 736 7,133 Reserve for unfunded lending commitments: Balance as of December 31, 2018 0 4 118 122 Provision for losses on unfunded lending commitments 0 0 22 22 Balance as of June 30, 2019 0 4 140 144 Combined allowance and reserve as of June 30, 2019 $ 5,342 $ 1,059 $ 876 $ 7,277 Three Months Ended June 30, 2018 (Dollars in millions) Credit Card Consumer (3) Commercial Banking Other (3) Total Allowance for loan and lease losses: Balance as of March 31, 2018 $ 5,726 $ 1,253 $ 587 $ 1 $ 7,567 Charge-offs (1,679 ) (414 ) (7 ) (9 ) (2,109 ) Recoveries (1) 419 216 14 1 650 Net charge-offs (1,260 ) (198 ) 7 (8 ) (1,459 ) Provision (benefit) for loan and lease losses 1,171 119 30 (47 ) 1,273 Allowance build (release) for loan and lease losses (89 ) (79 ) 37 (55 ) (186 ) Other changes (2)(3) (13 ) (54 ) 0 54 (13 ) Balance as of June 30, 2018 5,624 1,120 624 0 7,368 Reserve for unfunded lending commitments: Balance as of March 31, 2018 0 6 108 0 114 Provision (benefit) for losses on unfunded lending commitments 0 (1 ) 4 0 3 Balance as of June 30, 2018 0 5 112 0 117 Combined allowance and reserve as of June 30, 2018 $ 5,624 $ 1,125 $ 736 $ 0 $ 7,485 Six Months Ended June 30, 2018 (Dollars in millions) Credit Card Consumer (3) Commercial Banking Other (3) Total Allowance for loan and lease losses: Balance as of December 31, 2017 $ 5,648 $ 1,242 $ 611 $ 1 $ 7,502 Charge-offs (3,504 ) (845 ) (28 ) (8 ) (4,385 ) Recoveries (1) 867 424 16 1 1,308 Net charge-offs (2,637 ) (421 ) (12 ) (7 ) (3,077 ) Provision (benefit) for loan and lease losses 2,627 353 25 (48 ) 2,957 Allowance build (release) for loan and lease losses (10 ) (68 ) 13 (55 ) (120 ) Other changes (2)(3) (14 ) (54 ) 0 54 (14 ) Balance as of June 30, 2018 5,624 1,120 624 0 7,368 Reserve for unfunded lending commitments: Balance as of December 31, 2017 0 7 117 0 124 Benefit for losses on unfunded lending commitments 0 (2 ) (5 ) 0 (7 ) Balance as of June 30, 2018 0 5 112 0 117 Combined allowance and reserve as of June 30, 2018 $ 5,624 $ 1,125 $ 736 $ 0 $ 7,485 __________ (1) The amount and timing of recoveries is impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged-off loans as well as additional strategies, such as litigation. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales where applicable. (3) In 2018, we sold all of our consumer home loan portfolio.The impact included a benefit for credit losses of $46 million |
Schedule of Loss Sharing Arrangement Impact | The table below summarizes the changes in the estimated reimbursements from these partners for the three and six months ended June 30, 2019 and 2018 . Table 5.3 : Summary of Loss Sharing Arrangements Impacts Three Months Ended June 30, (Dollars in millions) 2019 2018 Estimated reimbursements from partners, beginning of period $ 442 $ 388 Amounts due from partners which reduced net charge-offs (105 ) (92 ) Amounts estimated to be charged to partners which reduced provision for credit losses 77 96 Estimated reimbursements from partners, end of period $ 414 $ 392 Six Months Ended June 30, (Dollars in millions) 2019 2018 Estimated reimbursements from partners, beginning of period $ 379 $ 380 Amounts due from partners which reduced net charge-offs (213 ) (189 ) Amounts estimated to be charged to partners which reduced provision for credit losses 248 201 Estimated reimbursements from partners, end of period $ 414 $ 392 |
Variable Interest Entities an_2
Variable Interest Entities and Securitizations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities and Securitization [Abstract] | |
Carrying Amount of Assets and Liabilities of Variable Interest Entities | The tables below present a summary of VIEs in which we had continuing involvement or held a variable interest, aggregated based on VIEs with similar characteristics as of June 30, 2019 and December 31, 2018 . We separately present information for consolidated and unconsolidated VIEs. Table 6.1 : Carrying Amount of Consolidated and Unconsolidated VIEs June 30, 2019 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 31,509 $ 16,179 $ 0 $ 0 $ 0 Auto loan securitizations 1,239 1,082 0 0 0 Home loan securitizations 0 0 177 1 479 Total securitization-related VIEs 32,748 17,261 177 1 479 Other VIEs: (2) Affordable housing entities 241 11 4,350 1,230 4,350 Entities that provide capital to low-income and rural communities 1,779 87 0 0 0 Other 0 0 523 0 523 Total other VIEs 2,020 98 4,873 1,230 4,873 Total VIEs $ 34,768 $ 17,359 $ 5,050 $ 1,231 $ 5,352 December 31, 2018 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 33,574 $ 18,885 $ 0 $ 0 $ 0 Home loan securitizations 0 0 211 74 554 Total securitization-related VIEs 33,574 18,885 211 74 554 Other VIEs: (2) Affordable housing entities 243 17 4,238 1,303 4,238 Entities that provide capital to low-income and rural communities 1,739 117 0 0 0 Other 0 0 353 0 353 Total other VIEs 1,982 134 4,591 1,303 4,591 Total VIEs $ 35,556 $ 19,019 $ 4,802 $ 1,377 $ 5,145 __________ (1) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.3 billion of assets and $795 million of liabilities as of June 30, 2019 and $2.3 billion of assets and $811 million of liabilities as of December 31, 2018 |
External Debt and Receivable Balances of Securitization Programs | The table below presents our continuing involvement in certain securitization-related VIEs as of June 30, 2019 and December 31, 2018 . Table 6.2 : Continuing Involvement in Securitization-Related VIEs (Dollars in millions) Credit Card Auto Mortgages June 30, 2019: Securities held by third-party investors $ 15,878 $ 1,081 $ 1,096 Receivables in the trust 31,710 1,194 1,145 Cash balance of spread or reserve accounts 0 3 121 Retained interests Yes Yes Yes Servicing retained Yes Yes Yes (1) December 31, 2018: Securities held by third-party investors $ 18,307 N/A $ 1,276 Receivables in the trust 34,197 N/A 1,305 Cash balance of spread or reserve accounts 0 N/A 116 Retained interests Yes N/A Yes Servicing retained Yes N/A Yes (1) __________ (1) We retain servicing on a portion of our remaining mortgage loans in mortgage securitizations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill, Intangible Assets and MSRs | The table below presents our goodwill, intangible assets and MSRs as of June 30, 2019 and December 31, 2018 . Goodwill is presented separately, while intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1 : Components of Goodwill, Intangible Assets and MSRs June 30, 2019 (Dollars in millions) Carrying Accumulated Amortization Net Goodwill $ 14,545 N/A $ 14,545 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,102 $ (1,995 ) 107 Other (1) 218 (131 ) 87 Total intangible assets 2,320 (2,126 ) 194 Total goodwill and intangible assets $ 16,865 $ (2,126 ) $ 14,739 Commercial MSRs (2) $ 501 $ (215 ) $ 286 December 31, 2018 (Dollars in millions) Carrying Accumulated Amortization Net Goodwill $ 14,544 N/A $ 14,544 Intangible assets: PCCR intangibles 2,102 $ (1,952 ) 150 Core deposit intangibles 1,149 (1,148 ) 1 Other (1) 271 (168 ) 103 Total intangible assets 3,522 (3,268 ) 254 Total goodwill and intangible assets $ 18,066 $ (3,268 ) $ 14,798 Commercial MSRs (2) $ 459 $ (185 ) $ 274 __________ (1) Primarily consists of intangibles for sponsorship relationships, partnership and other contract intangibles and trade name intangibles. (2) Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets. |
Goodwill Attributable to Business Segments | The following table presents changes in the carrying amount of goodwill by each of our business segments as of June 30, 2019 and December 31, 2018 . T able 7.2 : Goodwill by Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2018 $ 5,060 $ 4,600 $ 4,884 $ 14,544 Acquisitions 2 0 0 2 Reductions in goodwill related to divestitures 0 (1 ) 0 (1 ) Balance as of June 30, 2019 $ 5,062 $ 4,599 $ 4,884 $ 14,545 |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deposits and Borrowings [Abstract] | |
Components of Deposits, Short-Term Borrowings and Long-Term Debt | The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of June 30, 2019 and December 31, 2018 . The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 8.1 : C omponents of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) June 30, December 31, Deposits: Non-interest-bearing deposits $ 23,374 $ 23,483 Interest-bearing deposits (1) 231,161 226,281 Total deposits $ 254,535 $ 249,764 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 359 $ 352 FHLB advances 0 9,050 Total short-term borrowings $ 359 $ 9,402 June 30, 2019 December 31, (Dollars in millions) Maturity Dates Stated Interest Rates Weighted- Average Interest Rate Carrying Value Carrying Value Long-term debt: Securitized debt obligations 2019-2025 1.33% - 3.15% 2.37 % $ 16,959 $ 18,307 Senior and subordinated notes: Fixed unsecured senior debt (2) 2019-2029 0.80 - 4.75 3.04 24,076 23,290 Floating unsecured senior debt 2019-2023 2.94 - 3.73 3.32 2,994 2,993 Total unsecured senior debt 3.07 27,070 26,283 Fixed unsecured subordinated debt 2019-2026 3.38 - 8.80 4.09 4,752 4,543 Total senior and subordinated notes 31,822 30,826 Other long-term borrowings: FHLB advances — — — 0 251 Other borrowings 2019-2035 2.50 - 12.86 4.30 93 119 Total other long-term borrowings 93 370 Total long-term debt $ 48,874 $ 49,503 Total short-term borrowings and long-term debt $ 49,233 $ 58,905 __________ (1) Includes $5.6 billion and $4.0 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of June 30, 2019 and December 31, 2018 , respectively. (2) Includes $1.4 billion of EUR-denominated unsecured notes as of June 30, 2019 . |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities at Fair Value | The following table summarizes the notional amounts and fair values of our derivative instruments as of June 30, 2019 and December 31, 2018 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows. Table 9.1 : Derivative Assets and Liabilities at Fair Value June 30, 2019 December 31, 2018 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 55,397 $ 28 $ 55 $ 53,413 $ 64 $ 28 Cash flow hedges 85,600 334 18 81,200 83 70 Total interest rate contracts 140,997 362 73 134,613 147 98 Foreign exchange contracts: Fair value hedges 1,421 20 0 0 0 0 Cash flow hedges 5,741 6 91 5,745 184 2 Net investment hedges 2,660 99 5 2,607 178 0 Total foreign exchange contracts 9,822 125 96 8,352 362 2 Total derivatives designated as accounting hedges 150,819 487 169 142,965 509 100 Derivatives not designated as accounting hedges: Customer accommodation: Interest rate contracts 55,113 541 133 49,386 190 256 Commodity contracts 12,838 775 719 10,673 797 786 Foreign exchange and other contracts 2,352 18 18 1,418 12 11 Total customer accommodation 70,303 1,334 870 61,477 999 1,053 Other interest rate exposures (2) 7,208 44 47 6,427 29 36 Other contracts 1,412 0 10 1,636 2 12 Total derivatives not designated as accounting hedges 78,923 1,378 927 69,540 1,030 1,101 Total derivatives $ 229,742 $ 1,865 $ 1,096 $ 212,505 $ 1,539 $ 1,201 Less: netting adjustment (3) (856 ) (456 ) (1,079 ) (287 ) Total derivative assets/liabilities $ 1,009 $ 640 $ 460 $ 914 __________ (1) Derivative assets and liabilities presented above exclude valuation adjustments related to non-performance risk. As of June 30, 2019 and December 31, 2018 , the cumulative CVA balances were $11 million and $3 million , respectively. The cumulative DVA balance were approximately $1 million as of both June 30, 2019 and December 31, 2018 . (2) Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps. (3) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. |
Hedged Item in Fair Value Hedging Relationship | The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2019 and December 31, 2018 . Table 9.2 : Hedged Items in Fair Value Hedging Relationships June 30, 2019 December 31, 2018 Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount (Dollars in millions) Total Assets/(Liabilities) Discontinued-Hedging Relationships Total Assets/(Liabilities) Discontinued-Hedging Relationships Line item on our consolidated balance sheets in which the hedged item is included: Investment securities available for sale (1)(2) $ 13,217 $ 319 $ 7 $ 14,067 $ (6 ) $ (2 ) Interest-bearing deposits (14,000 ) 4 0 (13,101 ) 247 0 Securitized debt obligations (7,510 ) 9 95 (5,887 ) 168 143 Senior and subordinated notes (27,047 ) (514 ) 323 (23,572 ) 315 392 __________ (1) These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $8.7 billion and $8.3 billion , the amount of the designated hedged items was $4.2 billion and $4.0 billion , and the cumulative basis adjustment associated with these hedges was $133 million and $26 million as of June 30, 2019 and December 31, 2018 , respectively. (2) Carrying value represents amortized cost. |
Offsetting Assets | The following table presents the gross and net fair values of our derivative assets, derivative liabilities, repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of June 30, 2019 and December 31, 2018 . The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 9.3 : Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of June 30, 2019 Derivative assets (1) $ 1,865 $ (326 ) $ (530 ) $ 1,009 $ 0 $ 1,009 As of December 31, 2018 Derivative assets (1) 1,539 (205 ) (874 ) 460 0 460 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of June 30, 2019 Derivative liabilities (1) $ 1,096 $ (326 ) $ (130 ) $ 640 $ 0 $ 640 Repurchase agreements (2) 359 0 0 359 (359 ) 0 As of December 31, 2018 Derivative liabilities (1) 1,201 (205 ) (82 ) 914 0 914 Repurchase agreements (2) 352 0 0 352 (352 ) 0 __________ (1) We received cash collateral from derivative counterparties totaling $586 million and $925 million as of June 30, 2019 and December 31, 2018 , respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both June 30, 2019 and December 31, 2018 , which we have the ability to re-pledge. We posted $707 million and $633 million of cash collateral as of June 30, 2019 and December 31, 2018 , respectively. (2) Represents customer repurchase agreements that mature the next business day. As of June 30, 2019 and December 31, 2018 , we pledged collateral with a fair value of $366 million and $359 million , respectively, under these customer repurchase agreements, which were primarily agency RMBS securities. |
Offsetting Liabilities | The following table presents the gross and net fair values of our derivative assets, derivative liabilities, repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of June 30, 2019 and December 31, 2018 . The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 9.3 : Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of June 30, 2019 Derivative assets (1) $ 1,865 $ (326 ) $ (530 ) $ 1,009 $ 0 $ 1,009 As of December 31, 2018 Derivative assets (1) 1,539 (205 ) (874 ) 460 0 460 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of June 30, 2019 Derivative liabilities (1) $ 1,096 $ (326 ) $ (130 ) $ 640 $ 0 $ 640 Repurchase agreements (2) 359 0 0 359 (359 ) 0 As of December 31, 2018 Derivative liabilities (1) 1,201 (205 ) (82 ) 914 0 914 Repurchase agreements (2) 352 0 0 352 (352 ) 0 __________ (1) We received cash collateral from derivative counterparties totaling $586 million and $925 million as of June 30, 2019 and December 31, 2018 , respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both June 30, 2019 and December 31, 2018 , which we have the ability to re-pledge. We posted $707 million and $633 million of cash collateral as of June 30, 2019 and December 31, 2018 , respectively. (2) Represents customer repurchase agreements that mature the next business day. As of June 30, 2019 and December 31, 2018 , we pledged collateral with a fair value of $366 million and $359 million , respectively, under these customer repurchase agreements, which were primarily agency RMBS securities. |
Effects of Fair Value and Cash Flow Hedge Accounting | The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and six months ended June 30, 2019 and 2018 . Table 9.4 : Effects of Fair Value and Cash Flow Hedge Accounting Three Months Ended June 30, 2019 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 629 $ 6,383 $ 64 $ (870 ) $ (139 ) $ (310 ) $ 191 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (1 ) $ 0 $ 0 $ (33 ) $ (6 ) $ (10 ) $ 0 Gains (losses) recognized on derivatives (175 ) 0 0 154 79 471 11 Gains (losses) recognized on hedged items (1) 174 0 0 (151 ) (102 ) (511 ) (10 ) Net income (expense) recognized on fair value hedges $ (2 ) $ 0 $ 0 $ (30 ) $ (29 ) $ (50 ) $ 1 Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (3 ) $ (59 ) $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (3) 0 0 13 0 0 0 (1 ) Net income (expense) recognized on cash flow hedges $ (3 ) $ (59 ) $ 13 $ 0 $ 0 $ 0 $ (1 ) Six Months Ended June 30, 2019 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,284 $ 12,751 $ 133 $ (1,687 ) $ (282 ) $ (624 ) $ 348 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ 1 $ 0 $ 0 $ (69 ) $ (12 ) $ (21 ) $ 0 Gains (losses) recognized on derivatives (286 ) 0 0 249 112 752 11 Gains (losses) recognized on hedged items (1) 284 0 0 (243 ) (159 ) (831 ) (10 ) Net income (expense) recognized on fair value hedges $ (1 ) $ 0 $ 0 $ (63 ) $ (59 ) $ (100 ) $ 1 Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (7 ) $ (115 ) $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (3) 0 0 25 0 0 0 (1 ) Net income (expense) recognized on cash flow hedges $ (7 ) $ (115 ) $ 25 $ 0 $ 0 $ 0 $ (1 ) Three Months Ended June 30, 2018 Net Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Total amounts presented in our consolidated statements of income $ 539 $ 5,989 $ 68 $ (622 ) $ (124 ) $ (289 ) Fair value hedging relationships: Interest rate contracts: Interest recognized on derivatives $ (9 ) $ 0 $ 0 $ (21 ) $ (18 ) $ 4 Gains (losses) recognized on derivatives 83 0 0 (37 ) (17 ) (154 ) Gains (losses) recognized on hedged items (1) (81 ) 0 0 32 15 129 Net income (expense) recognized on fair value hedges $ (7 ) $ 0 $ 0 $ (26 ) $ (20 ) $ (21 ) Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (2 ) $ (17 ) $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains reclassified from AOCI into net income (3) 0 0 11 0 0 0 Net income (expense) recognized on cash flow hedges $ (2 ) $ (17 ) $ 11 $ 0 $ 0 $ 0 Six Months Ended June 30, 2018 Net Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Total amounts presented in our consolidated statements of income $ 991 $ 12,123 $ 119 $ (1,161 ) $ (231 ) $ (540 ) Fair value hedging relationships: Interest rate contracts: Interest recognized on derivatives $ (17 ) $ 0 $ 0 $ (23 ) $ (23 ) $ 14 Gains (losses) recognized on derivatives 183 0 0 (197 ) (118 ) (511 ) Gains (losses) recognized on hedged items (1) (180 ) 0 0 187 113 474 Net income (expense) recognized on fair value hedges $ (14 ) $ 0 $ 0 $ (33 ) $ (28 ) $ (23 ) Cash flow hedging relationships: (2) Interest rate contracts: Realized losses reclassified from AOCI into net income $ (4 ) $ (9 ) $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains reclassified from AOCI into net income (3) 0 0 19 0 0 0 Net income (expense) recognized on cash flow hedges $ (4 ) $ (9 ) $ 19 $ 0 $ 0 $ 0 __________ (1) Includes amortization expense of $56 million and $117 million for the three and six months ended June 30, 2019 , respectively, and amortization expense of $16 million and $6 million for the three and six months ended June 30, 2018 , respectively, related to basis adjustments on discontinued hedges. (2) See “ Note 10—Stockholders’ Equity ” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax. (3) We recognized a loss of $123 million and $295 million for the three and six months ended June 30, 2019 , respectively, and a gain of $101 million and $176 million for the three and six months ended June 30, 2018 |
Gains (Losses) on Free-Standing Derivatives | The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and six months ended June 30, 2019 and 2018 . These gains or losses are recognized in other non-interest income in our consolidated statements of income. T a ble 9.5 : Gains (Losses) on Free-Standing Derivatives Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2019 2018 2019 2018 Gains (losses) recognized in other non-interest income: Customer accommodation: Interest rate contracts $ 4 $ 10 $ 10 $ 14 Commodity contracts 7 4 9 8 Foreign exchange and other contracts 4 2 7 4 Total customer accommodation 15 16 26 26 Other interest rate exposures (14 ) 9 (14 ) 21 Other contracts 0 0 (2 ) (20 ) Total $ 1 $ 25 $ 10 $ 27 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of June 30, 2019 and December 31, 2018 . Table 10.1 : Preferred Stock Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding June 30, 2019 December 31, 2018 Series B 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Series G 5.20% Non-Cumulative July 29, 2016 December 1, 2021 5.20 Quarterly 1,000 600,000 583 583 Series H 6.00% Non-Cumulative November 29, 2016 December 1, 2021 6.00 Quarterly 1,000 500,000 483 483 Total $ 4,360 $ 4,360 __________ (1) Except for Series E, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock. |
Change in AOCI Gain (Loss) by Component (Net of Tax) | The following table includes the AOCI impacts from the adoption of accounting standards and the changes in AOCI by component for the three and six months ended June 30, 2019 and 2018 . Table 10.2 : Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2019 (Dollars in millions) Securities Available for Sale Securities Held to Maturity Hedging Relationships (1) Foreign (2) Other Total AOCI as of March 31, 2019 $ (147 ) $ (184 ) $ (141 ) $ (147 ) $ (41 ) $ (660 ) Other comprehensive income before reclassifications 284 0 406 15 0 705 Amounts reclassified from AOCI into earnings (12 ) 6 131 0 0 125 Other comprehensive income, net of tax 272 6 537 15 0 830 AOCI as of June 30, 2019 $ 125 $ (178 ) $ 396 $ (132 ) $ (41 ) $ 170 Six Months Ended June 30, 2019 (Dollars in millions) Securities Available for Sale Securities Held to Maturity Hedging Relationships (1) Foreign (2) Other Total AOCI as of December 31, 2018 $ (439 ) $ (190 ) $ (418 ) $ (177 ) $ (39 ) $ (1,263 ) Other comprehensive income (loss) before reclassifications 594 0 517 45 (1 ) 1,155 Amounts reclassified from AOCI into earnings (30 ) 12 297 0 (1 ) 278 Other comprehensive income (loss), net of tax 564 12 814 45 (2 ) 1,433 AOCI as of June 30, 2019 $ 125 $ (178 ) $ 396 $ (132 ) $ (41 ) $ 170 Three Months Ended June 30, 2018 (Dollars in millions) Securities Securities Held to Maturity Cash Flow Hedges Foreign (2) Other Total AOCI as of March 31, 2018 $ (565 ) $ (212 ) $ (662 ) $ (131 ) $ (29 ) $ (1,599 ) Other comprehensive income (loss) before reclassifications (65 ) 0 (41 ) (24 ) 1 (129 ) Amounts reclassified from AOCI into earnings 0 8 (72 ) 0 (1 ) (65 ) Other comprehensive income (loss), net of tax (65 ) 8 (113 ) (24 ) 0 (194 ) AOCI as of June 30, 2018 $ (630 ) $ (204 ) $ (775 ) $ (155 ) $ (29 ) $ (1,793 ) Six Months Ended June 30, 2018 (Dollars in millions) Securities Securities Held to Maturity Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2017 $ 17 $ (524 ) $ (281 ) $ (138 ) $ 0 $ (926 ) Cumulative effects from adoption of new accounting standards 3 (113 ) (63 ) 0 (28 ) (201 ) Transfer of securities held to maturity to available for sale (3) (325 ) 407 0 0 0 82 Other comprehensive income (loss) before reclassifications (319 ) 0 (292 ) (17 ) 1 (627 ) Amounts reclassified from AOCI into earnings (6 ) 26 (139 ) 0 (2 ) (121 ) Other comprehensive income (loss), net of tax (650 ) 433 (431 ) (17 ) (1 ) (666 ) AOCI as of June 30, 2018 $ (630 ) $ (204 ) $ (775 ) $ (155 ) $ (29 ) $ (1,793 ) __________ (1) Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges where changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness. (2) Includes other comprehensive gains of $53 million and $123 million for the three months ended June 30, 2019 and 2018 , respectively, and other comprehensive gains of $19 million and $63 million for the six months ended June 30, 2019 and 2018 , respectively, from hedging instruments designated as net investment hedges. (3) In the first quarter of 2018, we made a one-time transfer of held to maturity securities with a carrying value of $9.0 billion to available for sale as a result of our adoption of ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This transfer resulted in an after-tax gain of $82 million ( $107 million pre-tax) to AOCI. |
Reclassifications from AOCI | The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2019 and 2018 . Table 10.3 : Reclassifications from AOCI (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, AOCI Components Affected Income Statement Line Item 2019 2018 2019 2018 Securities available for sale: Non-interest income $ 15 $ 0 $ 39 $ 8 Income tax provision 3 0 9 2 Net income 12 0 30 6 Securities held to maturity: (1) Interest income (8 ) (10 ) (16 ) (34 ) Income tax provision (2 ) (2 ) (4 ) (8 ) Net income (6 ) (8 ) (12 ) (26 ) Hedging relationships: Interest rate contracts: Interest income (62 ) (19 ) (122 ) (13 ) Foreign exchange contracts: Interest income 13 12 25 20 Non-interest income (123 ) 101 (295 ) 176 Income from continuing operations before income taxes (172 ) 94 (392 ) 183 Income tax provision (41 ) 22 (95 ) 44 Net income (131 ) 72 (297 ) 139 Other: Non-interest income and non-interest expense 0 1 1 2 Income tax provision 0 0 0 0 Net income 0 1 1 2 Total reclassifications $ (125 ) $ 65 $ (278 ) $ 121 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. |
Components of Other Comprehensive Income (Loss) and Related Tax Impact | The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2019 and 2018 . Table 10.4 : Other Comprehensive Income (Loss) Three Months Ended June 30, 2019 2018 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ 358 $ 86 $ 272 $ (86 ) $ (21 ) $ (65 ) Net changes in securities held to maturity 9 3 6 10 2 8 Net unrealized gains (losses) on hedging relationships 708 171 537 (149 ) (36 ) (113 ) Foreign currency translation adjustments (1) 33 18 15 15 39 (24 ) Other (1 ) (1 ) 0 (1 ) (1 ) 0 Other comprehensive income (loss) $ 1,107 $ 277 $ 830 $ (211 ) $ (17 ) $ (194 ) Six Months Ended June 30, 2019 2018 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ 742 $ 178 $ 564 $ (857 ) $ (207 ) $ (650 ) Net changes in securities held to maturity 16 4 12 569 136 433 Net unrealized gains (losses) on hedging relationships 1,073 259 814 (567 ) (136 ) (431 ) Foreign currency translation adjustments (1) 52 7 45 3 20 (17 ) Other (3 ) (1 ) (2 ) (2 ) (1 ) (1 ) Other comprehensive income (loss) $ 1,880 $ 447 $ 1,433 $ (854 ) $ (188 ) $ (666 ) __________ (1) Includes the impact of hedging instruments designated as net investment hedges. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share. Table 11.1 : Computation of Basic and Diluted Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, (Dollars and shares in millions, except per share data) 2019 2018 2019 2018 Income from continuing operations, net of tax $ 1,616 $ 1,917 $ 3,026 $ 3,260 Income (loss) from discontinued operations, net of tax 9 (11 ) 11 (8 ) Net income 1,625 1,906 3,037 3,252 Dividends and undistributed earnings allocated to participating securities (12 ) (12 ) (24 ) (23 ) Preferred stock dividends (80 ) (80 ) (132 ) (132 ) Net income available to common stockholders $ 1,533 $ 1,814 $ 2,881 $ 3,097 Total weighted-average basic shares outstanding 470.8 485.1 470.1 485.9 Effect of dilutive securities: Stock options 1.3 1.6 1.2 1.9 Other contingently issuable shares 0.9 1.0 1.0 1.1 Warrants (1) 0.0 0.6 0.0 0.7 Total effect of dilutive securities 2.2 3.2 2.2 3.7 Total weighted-average diluted shares outstanding 473.0 488.3 472.3 489.6 Basic earnings per common share: Net income from continuing operations $ 3.24 $ 3.76 $ 6.11 $ 6.39 Income (loss) from discontinued operations 0.02 (0.02 ) 0.02 (0.02 ) Net income per basic common share $ 3.26 $ 3.74 $ 6.13 $ 6.37 Diluted earnings per common share: (2) Net income from continuing operations $ 3.22 $ 3.73 $ 6.08 $ 6.35 Income (loss) from discontinued operations 0.02 (0.02 ) 0.02 (0.02 ) Net income per diluted common share $ 3.24 $ 3.71 $ 6.10 $ 6.33 __________ (1) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program which had all been exercised or expired on November 14, 2018. (2) No shares were excluded form the computation of diluted earnings per share for the three months ended June 30, 2019 . Excluded from the computation of diluted earnings per share were 137 thousand shares related to options with an exercise price of $86.34 for the six months ended June 30, 2019 , and 24 thousand shares and 65 thousand shares related to awards for the three and six months ended June 30, 2018, r espectively, because their inclusion would be anti-dilutive. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 . Table 12.1 : Assets and Liabilities Measured at Fair Value on a Recurring Basis June 30, 2019 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,219 $ 0 $ 0 — $ 4,219 RMBS 0 34,192 515 — 34,707 CMBS 0 5,380 9 — 5,389 Other securities 195 1,148 0 — 1,343 Total securities available for sale 4,414 40,720 524 — 45,658 Other assets: Derivative assets (2) 6 1,789 70 $ (856 ) 1,009 Other (3) 318 0 177 — 495 Total assets $ 4,738 $ 42,509 $ 771 $ (856 ) $ 47,162 Liabilities: Other liabilities: Derivative liabilities (2) $ 7 $ 1,025 $ 64 $ (456 ) $ 640 Total liabilities $ 7 $ 1,025 $ 64 $ (456 ) $ 640 December 31, 2018 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 6,144 $ 0 $ 0 — $ 6,144 RMBS 0 33,212 433 — 33,645 CMBS 0 4,729 10 — 4,739 Other securities 219 1,403 0 — 1,622 Total securities available for sale 6,363 39,344 443 — 46,150 Other assets: Derivative assets (2) 0 1,501 38 $ (1,079 ) 460 Other (3) 265 0 158 — 423 Total assets $ 6,628 $ 40,845 $ 639 $ (1,079 ) $ 47,033 Liabilities: Other liabilities: Derivative liabilities (2) $ 0 $ 1,153 $ 48 $ (287 ) $ 914 Total liabilities $ 0 $ 1,153 $ 48 $ (287 ) $ 914 __________ (1) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See “ Note 9—Derivative Instruments and Hedging Activities ” for additional information. (2) Does not reflect $10 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of June 30, 2019 and December 31, 2018 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (3) As of June 30, 2019 and December 31, 2018 , other includes retained interests in securitizations of $177 million and $158 million , deferred compensation plan assets of $314 million and $264 million , and equity securities of $4 million and $1 million , respectively. |
Schedule of Level 3 Inputs Reconciliation | The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018 . Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources. Table 12.2 : Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, April 1, 2019 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: (2) RMBS $ 434 $ 9 $ 2 $ 0 $ 0 $ 0 $ (13 ) $ 97 $ (14 ) $ 515 $ 10 CMBS 9 0 0 0 0 0 0 0 0 9 0 Total securities available for sale 443 9 2 0 0 0 (13 ) 97 (14 ) 524 10 Other assets: Retained interest in securitizations 155 22 0 0 0 0 0 0 0 177 22 Net derivative assets (liabilities) (3) 6 0 0 0 0 (7 ) 8 0 (1 ) 6 (2 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, January 1, 2019 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: (2) RMBS $ 433 $ 17 $ 13 $ 0 $ 0 $ 0 $ (25 ) $ 114 $ (37 ) $ 515 $ 20 CMBS 10 0 0 0 0 0 (1 ) 0 0 9 0 Total securities available for sale 443 17 13 0 0 0 (26 ) 114 (37 ) 524 20 Other assets: Retained interest in securitizations 158 19 0 0 0 0 0 0 0 177 19 Net derivative assets (liabilities) (3) (10 ) 5 0 0 0 (13 ) 27 0 (3 ) 6 4 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2018 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, April 1, 2018 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: RMBS $ 614 $ 9 $ 9 $ 0 $ 0 $ 0 $ (21 ) $ 4 $ (173 ) $ 442 $ 7 CMBS 13 0 0 0 0 0 (2 ) 0 0 11 0 Other securities 5 0 0 0 0 0 0 0 0 5 0 Total securities available for sale 632 9 9 0 0 0 (23 ) 4 (173 ) 458 7 Other assets: Retained interests in securitizations 176 (12 ) 0 0 0 0 0 0 0 164 (12 ) Net derivative assets (liabilities) (3) (9 ) (2 ) 0 0 0 6 (1 ) 0 1 (5 ) (2 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2018 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (1) (Dollars in millions) Balance, January 1, 2018 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 Transfers Out of Level 3 Balance, Securities available for sale: RMBS $ 614 $ 18 $ 7 $ 0 $ 0 $ 0 $ (42 ) $ 65 $ (220 ) $ 442 $ 13 CMBS 14 0 0 0 0 0 (3 ) 0 0 11 0 Other securities 5 0 0 0 0 0 0 0 0 5 0 Total securities available for sale 633 18 7 0 0 0 (45 ) 65 (220 ) 458 13 Other assets: Consumer MSRs 92 3 0 0 (97 ) 2 0 0 0 0 0 Retained interests in securitizations 172 (8 ) 0 0 0 0 0 0 0 164 (8 ) Net derivative assets (liabilities) (3) 13 (24 ) 0 0 0 7 (2 ) 0 1 (5 ) (24 ) __________ (1) Realized gains (losses) on securities available for sale are included in net securities gains (losses), and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income. (2) For the three and six months ended June 30, 2019 , net unrealized gains included in other comprehensive income related to Level 3 securities available for sale still held as of June 30, 2019 were $3 million and $13 million , respectively. (3) Includes derivative assets and liabilities of $70 million and $64 million , respectively, as of June 30, 2019 , and $43 million and $48 million , respectively, as of June 30, 2018 . |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quantitative Information | The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3 : Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at June 30, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Securities available for sale: RMBS $ 515 Discounted cash flows (vendor pricing) Yield 2-15% 4% CMBS 9 Discounted cash flows (vendor pricing) Yield 3% 3% Other assets: Retained interests in securitization (2) 177 Discounted cash flows Life of receivables (months) 2-54 N/A Net derivative assets (liabilities) 6 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2018 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Securities available for sale: RMBS $ 433 Discounted cash flows (vendor pricing) Yield 3-11% 5% CMBS 10 Discounted cash flows (vendor pricing) Yield 3% 3% Other assets: Retained interests in securitization (2) 158 Discounted cash flows Life of receivables (months) 3-56 N/A Net derivative assets (liabilities) (10 ) Discounted cash flows Swap rates 3% 3% __________ (1) Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of June 30, 2019 and December 31, 2018 , and for which a nonrecurring fair value measurement was recorded during six and twelve months then ended. Table 12.4 : Nonrecurring Fair Value Measurements June 30, 2019 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 191 $ 191 Loans held for sale 180 0 180 Other assets (1) 0 83 83 Total $ 180 $ 274 $ 454 December 31, 2018 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 129 $ 129 Loans held for sale 38 0 38 Other assets (1) 0 100 100 Total $ 38 $ 229 $ 267 __________ (1) As of June 30, 2019 , other assets included equity investments accounted for under the measurement alternative of $16 million , repossessed assets of $53 million and long-lived assets held for sale of $14 million . As of December 31, 2018 , other assets included equity investments accounted for under the measurement alternative of $24 million , foreclosed property and repossessed assets of $57 million and long-lived assets held for sale of $19 million . |
Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at June 30, 2019 and 2018 . Table 12.5 : Nonrecurring Fair Value Measurements Included in Earnings Total Gains (Losses) Six Months Ended June 30, (Dollars in millions) 2019 2018 Loans held for investment $ (132 ) $ (65 ) Loans held for sale (1 ) (3 ) Other assets (1) (57 ) (47 ) Total $ (190 ) $ (115 ) __________ (1) Other assets include fair value adjustments related to equity investments accounted for under the measurement alternative, repossessed assets and long-lived assets held for sale. |
Schedule of Fair Value of Financial Instruments | The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of June 30, 2019 and December 31, 2018 . Table 12.6 : Fair Value of Financial Instruments June 30, 2019 Carrying Value Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 15,111 $ 15,111 $ 5,184 $ 9,927 $ 0 Restricted cash for securitization investors 710 710 710 0 0 Securities held to maturity 35,475 36,541 0 36,510 31 Net loans held for investment 237,327 239,295 0 0 239,295 Loans held for sale 1,829 1,846 0 1,846 0 Interest receivable 1,544 1,544 0 1,544 0 Other investments (1) 1,341 1,341 0 1,341 0 Financial liabilities: Deposits with defined maturities 42,291 42,383 0 42,383 0 Securitized debt obligations 16,959 17,071 0 17,071 0 Senior and subordinated notes 31,822 32,259 0 32,259 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 359 359 0 359 0 Interest payable 437 437 0 437 0 December 31, 2018 Carrying Value Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 13,186 $ 13,186 $ 4,768 $ 8,418 $ 0 Restricted cash for securitization investors 303 303 303 0 0 Securities held to maturity 36,771 36,619 0 36,513 106 Net loans held for investment 238,679 241,556 0 0 241,556 Loans held for sale 1,192 1,218 0 1,218 0 Interest receivable 1,614 1,614 0 1,614 0 Other investments (1) 1,725 1,725 0 1,725 0 Financial liabilities: Deposits with defined maturities 38,471 38,279 0 38,279 0 Securitized debt obligations 18,307 18,359 0 18,359 0 Senior and subordinated notes 30,826 30,635 0 30,635 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 352 352 0 352 0 Other borrowings (2) 9,354 9,354 0 9,354 0 Interest payable 458 458 0 458 0 __________ (1) Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets. (2) Other borrowings excludes finance lease liabilities. |
Business Segments and Revenue_2
Business Segments and Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Results and Reconciliation | The following table presents our business segment results for the three and six months ended June 30, 2019 and 2018 , selected balance sheet data as of June 30, 2019 and 2018 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 13.1 : Segment Results and Reconciliation Three Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income (loss) $ 3,531 $ 1,709 $ 514 $ (8 ) $ 5,746 Non-interest income (loss) 1,038 166 200 (26 ) 1,378 Total net revenue (loss) 4,569 1,875 714 (34 ) 7,124 Provision for credit losses 1,095 165 82 0 1,342 Non-interest expense 2,253 1,002 427 97 3,779 Income (loss) from continuing operations before income taxes 1,221 708 205 (131 ) 2,003 Income tax provision (benefit) 283 165 48 (109 ) 387 Income (loss) from continuing operations, net of tax $ 938 $ 543 $ 157 $ (22 ) $ 1,616 Loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 0 $ 244,460 Deposits 0 205,220 30,761 18,554 254,535 Six Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 7,121 $ 3,388 $ 1,003 $ 25 $ 11,537 Non-interest income (loss) 1,988 326 387 (31 ) 2,670 Total net revenue (loss) 9,109 3,714 1,390 (6 ) 14,207 Provision for credit losses 2,484 400 151 0 3,035 Non-interest expense 4,424 1,996 844 186 7,450 Income (loss) from continuing operations before income taxes 2,201 1,318 395 (192 ) 3,722 Income tax provision (benefit) 512 307 92 (215 ) 696 Income from continuing operations, net of tax $ 1,689 $ 1,011 $ 303 $ 23 $ 3,026 Loans held for investment $ 112,141 $ 60,327 $ 71,992 $ 0 $ 244,460 Deposits 0 205,220 30,761 18,554 254,535 Three Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 3,396 $ 1,609 $ 517 $ 29 $ 5,551 Non-interest income 884 175 209 373 1,641 Total net revenue 4,280 1,784 726 402 7,192 Provision (benefit) for credit losses 1,171 118 34 (47 ) 1,276 Non-interest expense 1,904 963 409 148 3,424 Income from continuing operations before income taxes 1,205 703 283 301 2,492 Income tax provision 282 164 66 63 575 Income from continuing operations, net of tax $ 923 $ 539 $ 217 $ 238 $ 1,917 Loans held for investment $ 109,777 $ 58,727 $ 67,609 $ 11 $ 236,124 Deposits 0 194,962 31,078 22,185 248,225 Six Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1)(2) Other (1)(2) Consolidated Net interest income $ 6,954 $ 3,224 $ 1,023 $ 68 $ 11,269 Non-interest income 1,741 349 396 346 2,832 Total net revenue 8,695 3,573 1,419 414 14,101 Provision (benefit) for credit losses 2,627 351 20 (48 ) 2,950 Non-interest expense 3,943 1,963 812 279 6,997 Income from continuing operations before income taxes 2,125 1,259 587 183 4,154 Income tax provision (benefit) 495 294 137 (32 ) 894 Income from continuing operations, net of tax $ 1,630 $ 965 $ 450 $ 215 $ 3,260 Loans held for investment $ 109,777 $ 58,727 $ 67,609 $ 11 $ 236,124 Deposits 0 194,962 31,078 22,185 248,225 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. (2) In the first quarter of 2019, we made a change in how revenue is measured in our Commercial Banking business by revising the allocation of tax benefits on certain tax-advantaged investments. As such, prior period results have been recast to conform with the current period presentation. The result of this measurement change reduced the previously reported total net revenue in our Commercial Banking business by $32 million and $62 million for the three and six months ended June 30, 2018 , with an offsetting increase in the Other category. |
Disaggregation of Revenue | The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and six months ended June 30, 2019 and 2018 . Table 13.2 : Revenue from Contracts with Customers and Reconciliation to Segments Result Three Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 757 $ 52 $ 13 $ (2 ) $ 820 Service charges and other customer-related fees 0 74 28 0 102 Other 20 26 1 0 47 Total contract revenue 777 152 42 (2 ) 969 Revenue from other sources 261 14 158 (24 ) 409 Total non-interest income $ 1,038 $ 166 $ 200 $ (26 ) $ 1,378 Six Months Ended June 30, 2019 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 1,459 $ 98 $ 24 $ (3 ) $ 1,578 Service charges and other customer-related fees 0 149 53 0 202 Other 32 50 1 0 83 Total contract revenue 1,491 297 78 (3 ) 1,863 Revenue from other sources 497 29 309 (28 ) 807 Total non-interest income $ 1,988 $ 326 $ 387 $ (31 ) $ 2,670 Three Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 669 $ 47 $ 8 $ (1 ) $ 723 Service charges and other customer-related fees 0 95 34 (1 ) 128 Other 2 28 1 0 31 Total contract revenue 671 170 43 (2 ) 882 Revenue from other sources 213 5 166 375 759 Total non-interest income $ 884 $ 175 $ 209 $ 373 $ 1,641 Six Months Ended June 30, 2018 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Contract revenue: Interchange fees, net (2) $ 1,263 $ 89 $ 15 $ (1 ) $ 1,366 Service charges and other customer-related fees 0 193 66 (1 ) 258 Other 4 57 1 0 62 Total contract revenue 1,267 339 82 (2 ) 1,686 Revenue from other sources 474 10 314 348 1,146 Total non-interest income $ 1,741 $ 349 $ 396 $ 346 $ 2,832 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reclassifications to the Other category. (2) |
Commitments, Contingencies, G_2
Commitments, Contingencies, Guarantees, and Others (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Letter of Credit and Other Loan Commitments | The following table presents the contractual amount and carrying value of our unfunded lending commitments as of June 30, 2019 and December 31, 2018 . The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 14.1 : Unfunded Lending Commitments: Contractual Amount and Carrying Value Contractual Amount Carrying Value (Dollars in millions) June 30, December 31, June 30, December 31, Credit card lines $ 347,314 $ 346,186 N/A N/A Other loan commitments (1) 34,768 34,449 $ 117 $ 95 Standby letters of credit and commercial letters of credit (2) 1,698 1,792 29 29 Total unfunded lending commitments $ 383,780 $ 382,427 $ 146 $ 124 __________ (1) Includes $1.5 billion and $1.3 billion of advised lines of credit as of June 30, 2019 and December 31, 2018 , respectively. (2) These financial guarantees have expiration dates ranging from 2019 to 2025 as of June 30, 2019 . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Segments (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Newly Adopted and Recently Issued But Not Yet Adopted ASU (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Securities held to maturity | $ 35,475 | $ 36,771 | ||||
Accumulated other comprehensive income (loss) | 170 | $ (660) | $ (1,263) | $ (1,793) | $ (1,599) | $ (926) |
Lease liabilities | 1,786 | |||||
Right-of-use assets | $ 1,490 | |||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Lease liabilities | 1,900 | |||||
Right-of-use assets | $ 1,600 |
Leases - Operating Lease Portfo
Leases - Operating Lease Portfolio and Related Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets | $ 1,490 | $ 1,490 | |
Lease liabilities | $ 1,786 | $ 1,786 | |
Weighted average remaining lease term | 9 years 1 month 6 days | 9 years 1 month 6 days | |
Weighted average discount rate | 3.30% | 3.30% | |
Operating lease cost | $ 82 | $ 147 | |
Variable lease cost | 9 | 20 | |
Total lease cost | 91 | 167 | |
Sublease income | (6) | (12) | |
Net lease cost | 85 | 155 | |
Cash paid for amounts included in the measurement of lease liabilities | 80 | 162 | |
Right-of-use assets obtained in exchange for lease liabilities | 11 | 26 | |
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets | $ 1,600 | ||
Lease liabilities | $ 1,900 | ||
Right-of-use assets recognized upon adoption of new lease standard | $ 0 | $ 1,601 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 155 |
2020 | 299 |
2021 | 268 |
2022 | 242 |
2023 | 214 |
Thereafter | 932 |
Total undiscounted lease payments | 2,110 |
Less: Imputed interest | (324) |
Total lease liabilities | $ 1,786 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Finance lease, right-of-use asset | $ 88 | $ 88 |
Finance lease liability | $ 93 | $ 93 |
Finance lease, weighted average remaining lease term | 6 years 2 months 12 days | 6 years 2 months 12 days |
Finance lease expense | $ 6 | $ 11 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale | $ 45,658 | $ 46,150 | |
Securities held to maturity | $ 35,475 | 36,771 | |
Debt securities, available-for-sale, unrealized loss position, number of positions | 860 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 369 | 972 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | $ 348 | 675 | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 120 | ||
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | $ 50 | ||
OTTI, credit losses recognized in earnings | 140 | 140 | |
Derivative, collateral, obligation to return securities | $ 1 | $ 1 | |
Investment securities portfolio | US Treasury and Agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Percentage of portfolio | 96.00% | 96.00% | |
ASU 2017-12 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities held to maturity | $ 9,000 | ||
Collateral pledged | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, held-to-maturity, restricted | $ 15,500 | $ 16,300 |
Investment Securities - Schedul
Investment Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 45,494 | $ 46,728 |
Gross Unrealized Gains | 533 | 394 |
Gross Unrealized Losses | (369) | (972) |
Fair Value | 45,658 | 46,150 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,226 | 6,146 |
Gross Unrealized Gains | 3 | 15 |
Gross Unrealized Losses | (10) | (17) |
Fair Value | 4,219 | 6,144 |
RMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 33,183 | 32,710 |
Gross Unrealized Gains | 177 | 62 |
Gross Unrealized Losses | (328) | (869) |
Fair Value | 33,032 | 31,903 |
RMBS, Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,362 | 1,440 |
Gross Unrealized Gains | 314 | 304 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 1,675 | 1,742 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,545 | 34,150 |
Gross Unrealized Gains | 491 | 366 |
Gross Unrealized Losses | (329) | (871) |
Fair Value | 34,707 | 33,645 |
CMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,380 | 4,806 |
Gross Unrealized Gains | 37 | 11 |
Gross Unrealized Losses | (28) | (78) |
Fair Value | 5,389 | 4,739 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,343 | 1,626 |
Gross Unrealized Gains | 2 | 2 |
Gross Unrealized Losses | (2) | (6) |
Fair Value | $ 1,343 | $ 1,622 |
Investment Securities - Investm
Investment Securities - Investment Securities Held to Maturity (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 35,710 | $ 37,022 |
Unrealized Losses Recorded in AOCI | (235) | (251) |
Carrying Value | 35,475 | 36,771 |
Gross Unrealized Gains | 1,116 | 314 |
Gross Unrealized Losses | (50) | (466) |
Fair Value | 36,541 | 36,619 |
RMBS, Agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,857 | 33,299 |
Unrealized Losses Recorded in AOCI | (222) | (238) |
Carrying Value | 31,635 | 33,061 |
Gross Unrealized Gains | 991 | 293 |
Gross Unrealized Losses | (44) | (377) |
Fair Value | 32,582 | 32,977 |
CMBS, Agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,853 | 3,723 |
Unrealized Losses Recorded in AOCI | (13) | (13) |
Carrying Value | 3,840 | 3,710 |
Gross Unrealized Gains | 125 | 21 |
Gross Unrealized Losses | (6) | (89) |
Fair Value | $ 3,959 | $ 3,642 |
Investment Securities - Sched_2
Investment Securities - Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Less than 12 Months | $ 5,384 | $ 12,743 |
12 Months or Longer | 20,535 | 21,422 |
Total | 25,919 | 34,165 |
Gross Unrealized Losses | ||
Less than 12 Months | (21) | (297) |
12 Months or Longer | (348) | (675) |
Total | (369) | (972) |
U.S. Treasury securities | ||
Fair Value | ||
Less than 12 Months | 2,646 | 2,543 |
12 Months or Longer | 350 | 1,076 |
Total | 2,996 | 3,619 |
Gross Unrealized Losses | ||
Less than 12 Months | (10) | (3) |
12 Months or Longer | 0 | (14) |
Total | (10) | (17) |
RMBS, Agency | ||
Fair Value | ||
Less than 12 Months | 1,547 | 7,863 |
12 Months or Longer | 17,950 | 18,118 |
Total | 19,497 | 25,981 |
Gross Unrealized Losses | ||
Less than 12 Months | (7) | (260) |
12 Months or Longer | (321) | (609) |
Total | (328) | (869) |
RMBS, Non-agency | ||
Fair Value | ||
Less than 12 Months | 35 | 89 |
12 Months or Longer | 9 | 10 |
Total | 44 | 99 |
Gross Unrealized Losses | ||
Less than 12 Months | (1) | (2) |
12 Months or Longer | 0 | 0 |
Total | (1) | (2) |
RMBS | ||
Fair Value | ||
Less than 12 Months | 1,582 | 7,952 |
12 Months or Longer | 17,959 | 18,128 |
Total | 19,541 | 26,080 |
Gross Unrealized Losses | ||
Less than 12 Months | (8) | (262) |
12 Months or Longer | (321) | (609) |
Total | (329) | (871) |
CMBS, Agency | ||
Fair Value | ||
Less than 12 Months | 889 | 2,004 |
12 Months or Longer | 1,863 | 1,540 |
Total | 2,752 | 3,544 |
Gross Unrealized Losses | ||
Less than 12 Months | (2) | (31) |
12 Months or Longer | (26) | (47) |
Total | (28) | (78) |
Other securities | ||
Fair Value | ||
Less than 12 Months | 267 | 244 |
12 Months or Longer | 363 | 678 |
Total | 630 | 922 |
Gross Unrealized Losses | ||
Less than 12 Months | (1) | (1) |
12 Months or Longer | (1) | (5) |
Total | $ (2) | $ (6) |
Investment Securities - Sched_3
Investment Securities - Schedule of Contractual Maturities and Weighted-Average Yields of Securities (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Securities available for sale | ||
Due in 1 year or less | $ 849 | |
Due after 1 year through 5 years | 3,035 | |
Due after 5 years through 10 years | 6,419 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 35,355 | |
Securities available for sale | 45,658 | $ 46,150 |
Amortized cost of securities available for sale | ||
Due in 1 year or less | 850 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 3,034 | |
Due after 5 years through 10 years | 6,408 | |
Due 10 Years | 35,202 | |
Amortized Cost | $ 45,494 | 46,728 |
Weighted average yield for securities available for sale | ||
Due in 1 Year or Less | 1.62% | |
Due 1 Year through 5 Years | 2.48% | |
Due 5 Years through 10 Years | 2.73% | |
Due 10 Years | 3.22% | |
Total weighted average yield | 3.07% | |
Carrying value of securities held to maturity | ||
Due in 1 year or less | $ 0 | |
Due 1 year through 5 years | 65 | |
Due after 5 years through 10 years | 867 | |
Due after 10 years | 34,543 | |
Carrying Value | 35,475 | 36,771 |
Fair value of securities held to maturity | ||
Due in 1 Year or Less | 0 | |
Due 1 Year through 5 Years | 68 | |
Due 5 Years through 10 Years | 903 | |
Due 10 Years | 35,570 | |
Fair Value | $ 36,541 | 36,619 |
Weighted average yield for securities held to maturity | ||
Due 1 Year through 5 Years | 3.62% | |
Due 5 Years through 10 Years | 3.12% | |
Due 10 Years | 3.30% | |
Total weighted average yield | 3.30% | |
U.S. Treasury securities | ||
Securities available for sale | ||
Due in 1 year or less | $ 350 | |
Due after 1 year through 5 years | 754 | |
Due after 5 years through 10 years | 3,115 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Securities available for sale | 4,219 | 6,144 |
Amortized cost of securities available for sale | ||
Amortized Cost | 4,226 | 6,146 |
RMBS, Agency | ||
Securities available for sale | ||
Due in 1 year or less | 3 | |
Due after 1 year through 5 years | 21 | |
Due after 5 years through 10 years | 763 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 32,245 | |
Securities available for sale | 33,032 | 31,903 |
Amortized cost of securities available for sale | ||
Amortized Cost | 33,183 | 32,710 |
Carrying value of securities held to maturity | ||
Due in 1 year or less | 0 | |
Due 1 year through 5 years | 0 | |
Due after 5 years through 10 years | 87 | |
Due after 10 years | 31,548 | |
Carrying Value | 31,635 | 33,061 |
Fair value of securities held to maturity | ||
Fair Value | 32,582 | 32,977 |
RMBS, Non-agency | ||
Securities available for sale | ||
Due in 1 year or less | 0 | |
Due after 1 year through 5 years | 0 | |
Due after 5 years through 10 years | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 1,675 | |
Securities available for sale | 1,675 | 1,742 |
Amortized cost of securities available for sale | ||
Amortized Cost | 1,362 | 1,440 |
RMBS | ||
Securities available for sale | ||
Due in 1 year or less | 3 | |
Due after 1 year through 5 years | 21 | |
Due after 5 years through 10 years | 763 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 33,920 | |
Securities available for sale | 34,707 | 33,645 |
Amortized cost of securities available for sale | ||
Amortized Cost | $ 34,545 | 34,150 |
Weighted average yield for securities held to maturity | ||
Weighted-average expected life | 5 years 4 months 24 days | |
CMBS, Agency | ||
Securities available for sale | ||
Due in 1 year or less | $ 10 | |
Due after 1 year through 5 years | 1,699 | |
Due after 5 years through 10 years | 2,245 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 1,435 | |
Securities available for sale | 5,389 | 4,739 |
Amortized cost of securities available for sale | ||
Amortized Cost | 5,380 | 4,806 |
Carrying value of securities held to maturity | ||
Due in 1 year or less | 0 | |
Due 1 year through 5 years | 65 | |
Due after 5 years through 10 years | 780 | |
Due after 10 years | 2,995 | |
Carrying Value | 3,840 | 3,710 |
Fair value of securities held to maturity | ||
Fair Value | $ 3,959 | 3,642 |
Weighted average yield for securities held to maturity | ||
Weighted-average expected life | 5 years 6 months | |
Other securities | ||
Securities available for sale | ||
Due in 1 year or less | $ 486 | |
Due after 1 year through 5 years | 561 | |
Due after 5 years through 10 years | 296 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Securities available for sale | 1,343 | 1,622 |
Amortized cost of securities available for sale | ||
Amortized Cost | $ 1,343 | $ 1,626 |
Investment Securities - Sched_4
Investment Securities - Schedule of Gross Realized Gains and Losses on Available-for-Sale Securities and OTTI Recognized in Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Realized gains (losses): | ||||
Gross realized gains | $ 15 | $ 0 | $ 39 | $ 8 |
Gross realized losses | 0 | (1) | 0 | (1) |
OTTI recognized in earnings: | ||||
Net securities gains (losses) | 15 | (1) | 39 | 7 |
Total proceeds from sales | $ 909 | $ 0 | $ 3,983 | $ 1,058 |
Investment Securities - Sched_5
Investment Securities - Schedule of Outstanding Contractual Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Outstanding Balance and Carrying Value of Acquired Securities | ||
Outstanding balance | $ 1,653 | $ 1,784 |
Carrying value | $ 1,484 | $ 1,537 |
Investment Securities - Sched_6
Investment Securities - Schedule of Changes in Accretable Yield of Acquired Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Changes in Accretable Yield of Acquired Securities [Roll Forward] | ||||
Accretable yield, beginning balance | $ 636 | $ 794 | $ 698 | $ 826 |
Accretion recognized in earnings | (44) | (39) | (87) | (78) |
Reduction due to payoffs, disposals, transfers and other | (2) | (2) | (3) | (3) |
Net reclassifications (to) from nonaccretable difference | 1 | 15 | (17) | 23 |
Accretable yield, ending balance | $ 591 | $ 768 | $ 591 | $ 768 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale, at lower of cost or fair value | $ 1,829 | $ 1,192 |
Loans and Leases Receivable, Impaired, Commitment to Lend | 378 | 256 |
Performing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructurings included in impaired loans | 1,600 | 1,600 |
Federal Home Loan banks | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Pledged as Collateral | 13,800 | 15,800 |
Line of Credit Facility, Remaining Borrowing Capacity | 17,700 | 19,300 |
Federal Reserve Discount Window | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Pledged as Collateral | 7,700 | 9,200 |
Line of Credit Facility, Remaining Borrowing Capacity | 6,400 | 7,600 |
Consumer Banking | Performing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructurings included in impaired loans | 1,100 | 1,200 |
Commercial Banking | Performing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructurings included in impaired loans | $ 278 | $ 282 |
Loans - Loan Portfolio Composit
Loans - Loan Portfolio Composition and Aging Analysis (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | $ 236,244 | $ 236,310 | |
Past due | 8,183 | 9,454 | |
Loans held for investment | $ 244,460 | $ 245,899 | $ 236,124 |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Current, percentage of total loans | 96.60% | 96.10% | |
Past due, percentage of total loans | 3.40% | 3.80% | |
Percentage of total loans | 100.00% | 100.00% | |
Unamortized premiums and discounts, deferred fees and costs | $ 933 | $ 818 | |
Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 108,309 | 111,692 | |
Past due | 3,832 | 4,668 | |
Loans held for investment | 112,141 | 116,361 | |
Consumer Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 56,460 | 54,841 | |
Past due | 3,865 | 4,360 | |
Loans held for investment | 60,327 | 59,205 | |
Consumer Banking | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 53,736 | 52,032 | |
Past due | 3,820 | 4,309 | |
Loans held for investment | 57,556 | 56,341 | |
Consumer Banking | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 2,724 | 2,809 | |
Past due | 45 | 51 | |
Loans held for investment | 2,771 | 2,864 | |
Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 71,475 | 69,777 | |
Past due | 486 | 426 | |
Loans held for investment | 71,992 | 70,333 | |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 71,473 | 69,441 | |
Past due | 482 | 419 | |
Loans held for investment | 71,986 | 69,990 | |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 29,789 | 28,737 | |
Past due | 50 | 140 | |
Loans held for investment | 29,861 | 28,899 | |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 41,684 | 40,704 | |
Past due | 432 | 279 | |
Loans held for investment | 42,125 | 41,091 | |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 2 | 336 | |
Past due | 4 | 7 | |
Loans held for investment | 6 | 343 | |
PCI Loans | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 33 | $ 135 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Percentage of total loans | 0.00% | 0.10% | |
PCI Loans | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 0 | $ 1 | |
PCI Loans | Consumer Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 2 | 4 | |
PCI Loans | Consumer Banking | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
PCI Loans | Consumer Banking | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 2 | 4 | |
PCI Loans | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 31 | 130 | |
PCI Loans | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 31 | 130 | |
PCI Loans | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 22 | 22 | |
PCI Loans | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 9 | 108 | |
PCI Loans | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 3,878 | $ 4,282 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Past due, percentage of total loans | 1.60% | 1.70% | |
Financing Receivables, 30 to 59 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,258 | $ 1,397 | |
Financing Receivables, 30 to 59 Days Past Due | Consumer Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2,406 | 2,647 | |
Financing Receivables, 30 to 59 Days Past Due | Consumer Banking | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2,384 | 2,624 | |
Financing Receivables, 30 to 59 Days Past Due | Consumer Banking | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 22 | 23 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 214 | 238 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 214 | 236 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 15 | 101 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 199 | 135 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 0 | 2 | |
Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 2,137 | $ 2,430 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Past due, percentage of total loans | 0.90% | 1.00% | |
Financing Receivables, 60 to 89 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 805 | $ 1,032 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,165 | 1,334 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Banking | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,158 | 1,326 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Banking | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 7 | 8 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 167 | 64 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 167 | 63 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 21 | 20 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 146 | 43 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 0 | 1 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 2,168 | $ 2,742 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Past due, percentage of total loans | 0.90% | 1.10% | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,769 | $ 2,239 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 294 | 379 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Banking | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 278 | 359 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Banking | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 16 | 20 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 105 | 124 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 101 | 120 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 14 | 19 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 87 | 101 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 4 | 4 | |
Domestic credit card | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 99,456 | 103,014 | |
Past due | 3,503 | 4,335 | |
Loans held for investment | 102,959 | 107,350 | |
Domestic credit card | PCI Loans | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 1 | |
Domestic credit card | Financing Receivables, 30 to 59 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,126 | 1,270 | |
Domestic credit card | Financing Receivables, 60 to 89 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 733 | 954 | |
Domestic credit card | Financing Receivables, Equal to Greater than 90 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,644 | 2,111 | |
International card business | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 8,853 | 8,678 | |
Past due | 329 | 333 | |
Loans held for investment | 9,182 | 9,011 | |
International card business | PCI Loans | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
International card business | Financing Receivables, 30 to 59 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 132 | 127 | |
International card business | Financing Receivables, 60 to 89 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 72 | 78 | |
International card business | Financing Receivables, Equal to Greater than 90 Days Past Due | Credit Card | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 125 | $ 128 |
Loans - 90+ Day Delinquent Loan
Loans - 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,769 | $ 2,233 |
Nonperforming Loans | $ 780 | $ 813 |
Percentage, 90 Days Past Due and Accruing | 0.70% | 0.90% |
Percentage, Nonperforming Loans | 0.30% | 0.30% |
Credit Card | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,763 | $ 2,233 |
Nonperforming Loans | 23 | 22 |
Credit Card | Domestic credit card | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1,644 | 2,111 |
Credit Card | International card business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 119 | 122 |
Nonperforming Loans | 23 | 22 |
Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | $ 397 | $ 479 |
Percentage, Nonperforming Loans | 0.66% | 0.81% |
Consumer Banking | Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 369 | $ 449 |
Percentage, Nonperforming Loans | 0.64% | 0.80% |
Consumer Banking | Retail banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 28 | $ 30 |
Percentage, Nonperforming Loans | 1.02% | 1.04% |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 6 | $ 0 |
Nonperforming Loans | 360 | 312 |
Commercial Banking | Total commercial lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 6 | 0 |
Nonperforming Loans | 354 | 306 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 5 | 0 |
Nonperforming Loans | 43 | 83 |
Commercial Banking | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1 | 0 |
Nonperforming Loans | 311 | 223 |
Commercial Banking | Small-ticket commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | $ 6 | $ 6 |
Loans - Credit Card_ Risk Profi
Loans - Credit Card: Risk Profile by Geographic Region (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 244,460 | $ 245,899 | $ 236,124 |
Credit Card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 112,141 | $ 116,361 | |
Percentage of portfolio | 100.00% | 100.00% | |
Credit Card | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 11,114 | $ 11,591 | |
Percentage of portfolio | 9.90% | 10.00% | |
Credit Card | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,881 | $ 8,173 | |
Percentage of portfolio | 7.00% | 7.00% | |
Credit Card | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,055 | $ 7,400 | |
Percentage of portfolio | 6.30% | 6.40% | |
Credit Card | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,831 | $ 7,086 | |
Percentage of portfolio | 6.10% | 6.10% | |
Credit Card | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,513 | $ 4,761 | |
Percentage of portfolio | 4.00% | 4.10% | |
Credit Card | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,335 | $ 4,575 | |
Percentage of portfolio | 3.90% | 3.90% | |
Credit Card | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,760 | $ 3,967 | |
Percentage of portfolio | 3.40% | 3.40% | |
Credit Card | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,468 | $ 3,641 | |
Percentage of portfolio | 3.10% | 3.10% | |
Credit Card | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,367 | $ 3,544 | |
Percentage of portfolio | 3.00% | 3.00% | |
Credit Card | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 50,635 | $ 52,612 | |
Percentage of portfolio | 45.10% | 45.30% | |
Credit Card | Canada | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,275 | $ 6,023 | |
Percentage of portfolio | 5.60% | 5.10% | |
Credit Card | United Kingdom | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,907 | $ 2,988 | |
Percentage of portfolio | 2.60% | 2.60% | |
Credit Card | Domestic credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 102,959 | $ 107,350 | |
Percentage of portfolio | 91.80% | 92.30% | |
Credit Card | International card business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 9,182 | $ 9,011 | |
Percentage of portfolio | 8.20% | 7.70% |
Loans - Credit Card_ Net Charge
Loans - Credit Card: Net Charge-Offs (Detail) - Credit Card - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net charge-offs | $ 1,320 | $ 1,260 | $ 2,684 | $ 2,637 |
Net charge-offs rate | 4.76% | 4.67% | 4.83% | 4.85% |
Domestic credit card | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net charge-offs | $ 1,240 | $ 1,166 | $ 2,534 | $ 2,487 |
Net charge-offs rate | 4.86% | 4.72% | 4.95% | 4.99% |
International card business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net charge-offs | $ 80 | $ 94 | $ 150 | $ 150 |
Net charge-offs rate | 3.63% | 4.14% | 3.41% | 3.32% |
Loans - Consumer Banking_ Risk
Loans - Consumer Banking: Risk Profile by Geographic Region (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 244,460 | $ 245,899 | $ 236,124 |
Consumer Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 60,327 | $ 59,205 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Banking | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 57,556 | $ 56,341 | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 57,556 | $ 56,341 | |
Percentage of portfolio | 95.40% | 95.20% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,337 | $ 7,264 | |
Percentage of portfolio | 12.10% | 12.30% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,587 | $ 6,352 | |
Percentage of portfolio | 10.90% | 10.70% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,741 | $ 4,623 | |
Percentage of portfolio | 7.90% | 7.80% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Georgia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,648 | $ 2,665 | |
Percentage of portfolio | 4.40% | 4.50% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,574 | $ 2,502 | |
Percentage of portfolio | 4.30% | 4.20% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,113 | $ 2,174 | |
Percentage of portfolio | 3.50% | 3.70% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,170 | $ 2,171 | |
Percentage of portfolio | 3.60% | 3.70% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,207 | $ 2,167 | |
Percentage of portfolio | 3.70% | 3.70% | |
Consumer Banking | Auto | Loans receivable | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 27,179 | $ 26,423 | |
Percentage of portfolio | 45.00% | 44.60% | |
Consumer Banking | Retail banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,771 | $ 2,864 | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,771 | $ 2,864 | |
Percentage of portfolio | 4.60% | 4.80% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 613 | $ 647 | |
Percentage of portfolio | 1.00% | 1.10% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 735 | $ 772 | |
Percentage of portfolio | 1.20% | 1.30% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 123 | $ 109 | |
Percentage of portfolio | 0.20% | 0.20% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 818 | $ 837 | |
Percentage of portfolio | 1.40% | 1.40% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 193 | $ 201 | |
Percentage of portfolio | 0.30% | 0.30% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 158 | $ 161 | |
Percentage of portfolio | 0.30% | 0.30% | |
Consumer Banking | Retail banking | Loans receivable | Geographic concentration risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 131 | $ 137 | |
Percentage of portfolio | 0.20% | 0.20% |
Loans - Consumer Banking_ Net C
Loans - Consumer Banking: Net Charge-Offs and Nonperforming Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonperforming loans | $ 780 | $ 780 | $ 813 | ||
Nonperforming loans rate | 0.30% | 0.30% | 0.30% | ||
Consumer Banking | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 172 | $ 198 | $ 393 | $ 421 | |
Net charge-offs rate | 1.15% | 1.19% | 1.32% | 1.19% | |
Nonperforming loans | $ 397 | $ 397 | $ 479 | ||
Nonperforming loans rate | 0.66% | 0.66% | 0.81% | ||
Consumer Banking | Auto | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 155 | $ 182 | $ 358 | $ 390 | |
Net charge-offs rate | 1.09% | 1.32% | 1.26% | 1.42% | |
Nonperforming loans | $ 369 | $ 369 | $ 449 | ||
Nonperforming loans rate | 0.64% | 0.64% | 0.80% | ||
Consumer Banking | Home loan | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 0 | $ 0 | $ 0 | $ (1) | |
Net charge-offs rate | 0.00% | 0.00% | 0.00% | (0.02%) | |
Consumer Banking | Retail banking | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 17 | $ 16 | $ 35 | $ 32 | |
Net charge-offs rate | 2.42% | 2.07% | 2.49% | 1.97% | |
Nonperforming loans | $ 28 | $ 28 | $ 30 | ||
Nonperforming loans rate | 1.02% | 1.02% | 1.04% |
Loans - Commercial Banking_ Ris
Loans - Commercial Banking: Risk Profile by Geographic Region and Internal Risk Rating (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 244,460 | $ 245,899 | $ 236,124 |
PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 33 | 135 | |
Commercial Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 71,992 | 70,333 | |
Commercial Banking | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 31 | 130 | |
Commercial Banking | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 71,992 | $ 70,333 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Internal risk rating | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 71,992 | $ 70,333 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and multifamily real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 29,861 | $ 28,899 | |
Commercial Banking | Commercial and multifamily real estate | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 22 | 22 | |
Commercial Banking | Commercial and multifamily real estate | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 29,861 | $ 28,899 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and multifamily real estate | Internal risk rating | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 29,861 | $ 28,899 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 42,125 | $ 41,091 | |
Commercial Banking | Commercial and industrial | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 9 | 108 | |
Commercial Banking | Commercial and industrial | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 42,125 | $ 41,091 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and industrial | Internal risk rating | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 42,125 | $ 41,091 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Small-ticket commercial real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6 | $ 343 | |
Commercial Banking | Small-ticket commercial real estate | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 0 | 0 | |
Commercial Banking | Small-ticket commercial real estate | Geographic concentration risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6 | $ 343 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Small-ticket commercial real estate | Internal risk rating | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6 | $ 343 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Loans receivable | Geographic concentration risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 23,480 | $ 23,348 | |
Percentage of portfolio | 32.60% | 33.20% | |
Commercial Banking | Loans receivable | Geographic concentration risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 8,368 | $ 8,132 | |
Percentage of portfolio | 11.60% | 11.60% | |
Commercial Banking | Loans receivable | Geographic concentration risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 20,000 | $ 19,634 | |
Percentage of portfolio | 27.80% | 27.90% | |
Commercial Banking | Loans receivable | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 20,144 | $ 19,219 | |
Percentage of portfolio | 28.00% | 27.30% | |
Commercial Banking | Loans receivable | Internal risk rating | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 31 | $ 130 | |
Percentage of portfolio | 0.00% | 0.20% | |
Commercial Banking | Loans receivable | Internal risk rating | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 69,390 | $ 68,043 | |
Percentage of portfolio | 96.40% | 96.80% | |
Commercial Banking | Loans receivable | Internal risk rating | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,211 | $ 1,848 | |
Percentage of portfolio | 3.10% | 2.60% | |
Commercial Banking | Loans receivable | Internal risk rating | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 360 | $ 312 | |
Percentage of portfolio | 0.50% | 0.40% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Geographic concentration risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 15,954 | $ 15,562 | |
Percentage of portfolio | 53.40% | 53.80% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Geographic concentration risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,308 | $ 3,410 | |
Percentage of portfolio | 11.10% | 11.80% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Geographic concentration risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,675 | $ 4,247 | |
Percentage of portfolio | 15.70% | 14.70% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,924 | $ 5,680 | |
Percentage of portfolio | 19.80% | 19.70% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Internal risk rating | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 22 | $ 22 | |
Percentage of portfolio | 0.10% | 0.10% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Internal risk rating | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 28,991 | $ 28,239 | |
Percentage of portfolio | 97.10% | 97.70% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Internal risk rating | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 805 | $ 555 | |
Percentage of portfolio | 2.70% | 1.90% | |
Commercial Banking | Loans receivable | Commercial and multifamily real estate | Internal risk rating | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 43 | $ 83 | |
Percentage of portfolio | 0.10% | 0.30% | |
Commercial Banking | Loans receivable | Commercial and industrial | Geographic concentration risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,522 | $ 7,573 | |
Percentage of portfolio | 17.90% | 18.40% | |
Commercial Banking | Loans receivable | Commercial and industrial | Geographic concentration risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,060 | $ 4,710 | |
Percentage of portfolio | 12.00% | 11.50% | |
Commercial Banking | Loans receivable | Commercial and industrial | Geographic concentration risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 15,325 | $ 15,367 | |
Percentage of portfolio | 36.30% | 37.40% | |
Commercial Banking | Loans receivable | Commercial and industrial | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,218 | $ 13,441 | |
Percentage of portfolio | 33.80% | 32.70% | |
Commercial Banking | Loans receivable | Commercial and industrial | Internal risk rating | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 9 | $ 108 | |
Percentage of portfolio | 0.00% | 0.30% | |
Commercial Banking | Loans receivable | Commercial and industrial | Internal risk rating | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 40,399 | $ 39,468 | |
Percentage of portfolio | 96.00% | 96.10% | |
Commercial Banking | Loans receivable | Commercial and industrial | Internal risk rating | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,406 | $ 1,292 | |
Percentage of portfolio | 3.30% | 3.10% | |
Commercial Banking | Loans receivable | Commercial and industrial | Internal risk rating | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 311 | $ 223 | |
Percentage of portfolio | 0.70% | 0.50% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Geographic concentration risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4 | $ 213 | |
Percentage of portfolio | 66.70% | 62.10% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Geographic concentration risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 12 | |
Percentage of portfolio | 0.00% | 3.50% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Geographic concentration risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 20 | |
Percentage of portfolio | 0.00% | 5.80% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Geographic concentration risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2 | $ 98 | |
Percentage of portfolio | 33.30% | 28.60% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Internal risk rating | PCI loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
Percentage of portfolio | 0.00% | 0.00% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Internal risk rating | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 336 | |
Percentage of portfolio | 0.00% | 98.00% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Internal risk rating | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 1 | |
Percentage of portfolio | 0.00% | 0.30% | |
Commercial Banking | Loans receivable | Small-ticket commercial real estate | Internal risk rating | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6 | $ 6 | |
Percentage of portfolio | 100.00% | 1.70% |
Loans - Impaired Loans, Excludi
Loans - Impaired Loans, Excluding Acquired Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Impaired Financing Receivable: | |||||
With an Allowance | $ 1,667 | $ 1,667 | $ 1,591 | ||
Without an Allowance | 187 | 187 | 253 | ||
Total Recorded Investment | 1,854 | 1,854 | 1,844 | ||
Related Allowance | 369 | 369 | 338 | ||
Net Recorded Investment | 1,485 | 1,485 | 1,506 | ||
Unpaid Principal Balance | 2,077 | 2,077 | 2,040 | ||
Average Recorded Investment | 1,896 | $ 2,161 | 1,879 | $ 2,256 | |
Interest Income Recognized | 32 | 35 | 65 | 75 | |
Credit Card | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 826 | 826 | 855 | ||
Without an Allowance | 0 | 0 | 0 | ||
Total Recorded Investment | 826 | 826 | 855 | ||
Related Allowance | 255 | 255 | 277 | ||
Net Recorded Investment | 571 | 571 | 578 | ||
Unpaid Principal Balance | 810 | 810 | 837 | ||
Average Recorded Investment | 842 | 836 | 846 | 828 | |
Interest Income Recognized | 17 | 19 | 36 | 38 | |
Credit Card | Domestic credit card | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 632 | 632 | 666 | ||
Without an Allowance | 0 | 0 | 0 | ||
Total Recorded Investment | 632 | 632 | 666 | ||
Related Allowance | 165 | 165 | 186 | ||
Net Recorded Investment | 467 | 467 | 480 | ||
Unpaid Principal Balance | 621 | 621 | 654 | ||
Average Recorded Investment | 646 | 653 | 652 | 648 | |
Interest Income Recognized | 14 | 16 | 29 | 32 | |
Credit Card | International card business | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 194 | 194 | 189 | ||
Without an Allowance | 0 | 0 | 0 | ||
Total Recorded Investment | 194 | 194 | 189 | ||
Related Allowance | 90 | 90 | 91 | ||
Net Recorded Investment | 104 | 104 | 98 | ||
Unpaid Principal Balance | 189 | 189 | 183 | ||
Average Recorded Investment | 196 | 183 | 194 | 180 | |
Interest Income Recognized | 3 | 3 | 7 | 6 | |
Consumer Banking | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 350 | 350 | 343 | ||
Without an Allowance | 40 | 40 | 50 | ||
Total Recorded Investment | 390 | 390 | 393 | ||
Related Allowance | 32 | 32 | 27 | ||
Net Recorded Investment | 358 | 358 | 366 | ||
Unpaid Principal Balance | 504 | 504 | 480 | ||
Average Recorded Investment | 394 | 581 | 394 | 646 | |
Interest Income Recognized | 10 | 12 | 20 | 26 | |
Consumer Banking | Auto | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 294 | 294 | 301 | ||
Without an Allowance | 40 | 40 | 38 | ||
Total Recorded Investment | 334 | 334 | 339 | ||
Related Allowance | 28 | 28 | 22 | ||
Net Recorded Investment | 306 | 306 | 317 | ||
Unpaid Principal Balance | 442 | 442 | 420 | ||
Average Recorded Investment | 339 | 408 | 339 | 432 | |
Interest Income Recognized | 9 | 11 | 19 | 24 | |
Consumer Banking | Home loan | |||||
Impaired Financing Receivable: | |||||
Average Recorded Investment | 0 | 112 | 0 | 153 | |
Interest Income Recognized | 0 | 0 | 0 | 1 | |
Consumer Banking | Retail banking | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 56 | 56 | 42 | ||
Without an Allowance | 0 | 0 | 12 | ||
Total Recorded Investment | 56 | 56 | 54 | ||
Related Allowance | 4 | 4 | 5 | ||
Net Recorded Investment | 52 | 52 | 49 | ||
Unpaid Principal Balance | 62 | 62 | 60 | ||
Average Recorded Investment | 55 | 61 | 55 | 61 | |
Interest Income Recognized | 1 | 1 | 1 | 1 | |
Commercial Banking | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 491 | 491 | 393 | ||
Without an Allowance | 147 | 147 | 203 | ||
Total Recorded Investment | 638 | 638 | 596 | ||
Related Allowance | 82 | 82 | 34 | ||
Net Recorded Investment | 556 | 556 | 562 | ||
Unpaid Principal Balance | 763 | 763 | 723 | ||
Average Recorded Investment | 660 | 744 | 639 | 782 | |
Interest Income Recognized | 5 | 4 | 9 | 11 | |
Commercial Banking | Total commercial lending | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 491 | 491 | 393 | ||
Without an Allowance | 141 | 141 | 197 | ||
Total Recorded Investment | 632 | 632 | 590 | ||
Related Allowance | 82 | 82 | 34 | ||
Net Recorded Investment | 550 | 550 | 556 | ||
Unpaid Principal Balance | 754 | 754 | 714 | ||
Average Recorded Investment | 654 | 739 | 633 | 776 | |
Interest Income Recognized | 5 | 4 | 9 | 11 | |
Commercial Banking | Commercial and multifamily real estate | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 37 | 37 | 92 | ||
Without an Allowance | 42 | 42 | 28 | ||
Total Recorded Investment | 79 | 79 | 120 | ||
Related Allowance | 1 | 1 | 5 | ||
Net Recorded Investment | 78 | 78 | 115 | ||
Unpaid Principal Balance | 80 | 80 | 121 | ||
Average Recorded Investment | 93 | 60 | 102 | 86 | |
Interest Income Recognized | 1 | 0 | 1 | 1 | |
Commercial Banking | Commercial and industrial | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 454 | 454 | 301 | ||
Without an Allowance | 99 | 99 | 169 | ||
Total Recorded Investment | 553 | 553 | 470 | ||
Related Allowance | 81 | 81 | 29 | ||
Net Recorded Investment | 472 | 472 | 441 | ||
Unpaid Principal Balance | 674 | 674 | 593 | ||
Average Recorded Investment | 561 | 679 | 531 | 690 | |
Interest Income Recognized | 4 | 4 | 8 | 10 | |
Commercial Banking | Small-ticket commercial real estate | |||||
Impaired Financing Receivable: | |||||
With an Allowance | 0 | 0 | 0 | ||
Without an Allowance | 6 | 6 | 6 | ||
Total Recorded Investment | 6 | 6 | 6 | ||
Related Allowance | 0 | 0 | 0 | ||
Net Recorded Investment | 6 | 6 | 6 | ||
Unpaid Principal Balance | 9 | 9 | $ 9 | ||
Average Recorded Investment | 6 | 5 | 6 | 6 | |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - TDR Disclosures in Prog
Loans - TDR Disclosures in Progress Financial Impact of Modification (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | $ 186 | $ 290 | $ 459 | $ 538 |
Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 114 | 139 | 259 | 302 |
Consumer Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 57 | 48 | 130 | 118 |
Consumer Banking | Auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 52 | 44 | 124 | 106 |
Consumer Banking | Home loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 6 | |||
Consumer Banking | Retail banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 5 | 4 | 6 | 6 |
Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 15 | 103 | 70 | 118 |
Commercial Banking | Total commercial lending | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 14 | 103 | 69 | 116 |
Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 17 | 34 | 19 | |
Commercial Banking | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | 14 | 86 | 35 | 97 |
Commercial Banking | Small-ticket commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | $ 1 | $ 0 | $ 1 | $ 2 |
Reduced Interest Rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 75.00% | 58.00% | 75.00% | 68.00% |
Average Rate Reduction | 17.45% | 16.63% | 15.78% | 16.56% |
Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 20.32% | 19.22% | 20.17% | 19.19% |
Reduced Interest Rate | Consumer Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 42.00% | 60.00% | 39.00% | 53.00% |
Average Rate Reduction | 3.93% | 4.22% | 3.90% | 3.94% |
Reduced Interest Rate | Consumer Banking | Auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 46.00% | 64.00% | 41.00% | 57.00% |
Average Rate Reduction | 3.78% | 4.10% | 3.81% | 3.92% |
Reduced Interest Rate | Consumer Banking | Home loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 28.00% | |||
Average Rate Reduction | 1.78% | |||
Reduced Interest Rate | Consumer Banking | Retail banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 9.00% | 12.00% | 10.00% | 12.00% |
Average Rate Reduction | 10.55% | 11.56% | 10.91% | 11.11% |
Reduced Interest Rate | Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 49.00% | 0.00% |
Average Rate Reduction | 0.00% | 2.00% | 0.00% | 1.79% |
Reduced Interest Rate | Commercial Banking | Total commercial lending | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 49.00% | 0.00% |
Average Rate Reduction | 0.00% | 2.00% | 0.00% | 1.79% |
Reduced Interest Rate | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 100.00% | 0.00% | |
Average Rate Reduction | 0.00% | 0.00% | 0.00% | |
Reduced Interest Rate | Commercial Banking | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Rate Reduction | 0.00% | 2.00% | 0.00% | 1.79% |
Reduced Interest Rate | Commercial Banking | Small-ticket commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Rate Reduction | 0.00% | 0.00% | 0.00% | 0.00% |
Term Extension | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 34.00% | 37.00% | 28.00% | 34.00% |
Average Term Extension (Months) | 7 months | 13 months | 6 months | 16 months |
Term Extension | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
Term Extension | Consumer Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 86.00% | 81.00% | 89.00% | 86.00% |
Average Term Extension (Months) | 8 months | 9 months | 7 months | 18 months |
Term Extension | Consumer Banking | Auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 89.00% | 85.00% | 90.00% | 88.00% |
Average Term Extension (Months) | 8 months | 9 months | 7 months | 8 months |
Term Extension | Consumer Banking | Home loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 83.00% | |||
Average Term Extension (Months) | 214 months | |||
Term Extension | Consumer Banking | Retail banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 57.00% | 34.00% | 61.00% | 49.00% |
Average Term Extension (Months) | 3 months | 6 months | 3 months | 5 months |
Term Extension | Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 98.00% | 67.00% | 20.00% | 69.00% |
Average Term Extension (Months) | 3 months | 15 months | 0 months | 15 months |
Term Extension | Commercial Banking | Total commercial lending | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 67.00% | 20.00% | 71.00% |
Average Term Extension (Months) | 3 months | 15 months | 1 month | 15 months |
Term Extension | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 0.00% | 100.00% | |
Average Term Extension (Months) | 8 months | 0 months | 8 months | |
Term Extension | Commercial Banking | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 61.00% | 40.00% | 65.00% |
Average Term Extension (Months) | 3 months | 17 months | 1 month | 17 months |
Term Extension | Commercial Banking | Small-ticket commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
Balance Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 1 | $ 1 | ||
Balance Reduction | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Consumer Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 1.00% | 0.00% | ||
Gross Balance Reduction | $ 1 | $ 1 | ||
Balance Reduction | Consumer Banking | Auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 1.00% | 1.00% | ||
Gross Balance Reduction | $ 1 | $ 1 | ||
Balance Reduction | Consumer Banking | Home loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | |||
Gross Balance Reduction | $ 0 | |||
Balance Reduction | Consumer Banking | Retail banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Commercial Banking | Total commercial lending | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Commercial Banking | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Balance Reduction | Commercial Banking | Small-ticket commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
Domestic credit card | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | $ 74 | $ 96 | $ 172 | $ 209 |
Domestic credit card | Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 16.60% | 15.90% | 16.50% | 15.81% |
Domestic credit card | Term Extension | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
Domestic credit card | Balance Reduction | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 | ||
International card business | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Loans Modified | $ 40 | $ 43 | $ 87 | $ 93 |
International card business | Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 27.25% | 26.79% | 27.44% | 26.82% |
International card business | Term Extension | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
International card business | Balance Reduction | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | ||
Gross Balance Reduction | $ 0 | $ 0 |
Loans - TDR - Subsequent Defaul
Loans - TDR - Subsequent Defaults of Completed TDR Modifications (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 31,082 | 31,361 | 62,928 | 63,463 |
Total Loans | $ | $ 71 | $ 88 | $ 141 | $ 205 |
Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 29,766 | 29,560 | 60,499 | 59,838 |
Total Loans | $ | $ 54 | $ 57 | $ 111 | $ 117 |
Consumer Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1,316 | 1,794 | 2,429 | 3,612 |
Total Loans | $ | $ 17 | $ 21 | $ 30 | $ 43 |
Consumer Banking | Auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1,312 | 1,793 | 2,417 | 3,600 |
Total Loans | $ | $ 16 | $ 21 | $ 29 | $ 42 |
Consumer Banking | Home loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 3 |
Total Loans | $ | $ 0 | $ 0 | $ 0 | $ 1 |
Consumer Banking | Retail banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 4 | 1 | 12 | 9 |
Total Loans | $ | $ 1 | $ 0 | $ 1 | $ 0 |
Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 7 | 0 | 13 |
Total Loans | $ | $ 0 | $ 10 | $ 0 | $ 45 |
Commercial Banking | Total commercial lending | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 7 | 0 | 13 |
Total Loans | $ | $ 0 | $ 10 | $ 0 | $ 45 |
Commercial Banking | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 7 | 0 | 13 |
Total Loans | $ | $ 0 | $ 10 | $ 0 | $ 45 |
Domestic credit card | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 11,581 | 14,206 | 25,608 | 30,545 |
Total Loans | $ | $ 26 | $ 30 | $ 55 | $ 64 |
International card business | Credit Card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 18,185 | 15,354 | 34,891 | 29,293 |
Total Loans | $ | $ 28 | $ 27 | $ 56 | $ 53 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses - Summary of Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | $ 7,220 | |||
Balance at end of the period | $ 7,133 | 7,133 | ||
Provision for credit losses | 1,342 | $ 1,276 | 3,035 | $ 2,950 |
Allowance | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 7,313 | 7,567 | 7,220 | 7,502 |
Charge-offs | (2,157) | (2,109) | (4,430) | (4,385) |
Recoveries | 649 | 650 | 1,323 | 1,308 |
Net charge-offs | (1,508) | (1,459) | (3,107) | (3,077) |
Provision (benefit) for loan and lease losses | 1,329 | 1,273 | 3,013 | 2,957 |
Allowance build (release) for loan and lease losses | (179) | (186) | (94) | (120) |
Other changes | (1) | (13) | 7 | (14) |
Balance at end of the period | 7,133 | 7,368 | 7,133 | 7,368 |
Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 131 | 114 | 122 | 124 |
Provision (benefit) for loan and lease losses | 13 | 3 | 22 | (7) |
Balance at end of the period | 144 | 117 | 144 | 117 |
Combined allowance and reserve | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at end of the period | 7,277 | 7,485 | 7,277 | 7,485 |
Credit Card | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 5,568 | 5,726 | 5,535 | 5,648 |
Charge-offs | (1,711) | (1,679) | (3,493) | (3,504) |
Recoveries | 391 | 419 | 809 | 867 |
Net charge-offs | (1,320) | (1,260) | (2,684) | (2,637) |
Provision (benefit) for loan and lease losses | 1,095 | 1,171 | 2,484 | 2,627 |
Allowance build (release) for loan and lease losses | (225) | (89) | (200) | (10) |
Other changes | (1) | (13) | 7 | (14) |
Balance at end of the period | 5,342 | 5,624 | 5,342 | 5,624 |
Credit Card | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 0 | 0 | 0 | 0 |
Provision (benefit) for loan and lease losses | 0 | 0 | 0 | 0 |
Balance at end of the period | 0 | 0 | 0 | 0 |
Credit Card | Combined allowance and reserve | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at end of the period | 5,342 | 5,624 | 5,342 | 5,624 |
Consumer Banking | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 1,062 | 1,253 | 1,048 | 1,242 |
Charge-offs | (423) | (414) | (894) | (845) |
Recoveries | 251 | 216 | 501 | 424 |
Net charge-offs | (172) | (198) | (393) | (421) |
Provision (benefit) for loan and lease losses | 165 | 119 | 400 | 353 |
Allowance build (release) for loan and lease losses | (7) | (79) | 7 | (68) |
Other changes | 0 | (54) | 0 | (54) |
Balance at end of the period | 1,055 | 1,120 | 1,055 | 1,120 |
Consumer Banking | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 4 | 6 | 4 | 7 |
Provision (benefit) for loan and lease losses | 0 | (1) | 0 | (2) |
Balance at end of the period | 4 | 5 | 4 | 5 |
Consumer Banking | Combined allowance and reserve | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at end of the period | 1,059 | 1,125 | 1,059 | 1,125 |
Consumer Banking | Home loan | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Net charge-offs | 0 | 0 | 0 | 1 |
Commercial Banking | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 683 | 587 | 637 | 611 |
Charge-offs | (23) | (7) | (43) | (28) |
Recoveries | 7 | 14 | 13 | 16 |
Net charge-offs | (16) | 7 | (30) | (12) |
Provision (benefit) for loan and lease losses | 69 | 30 | 129 | 25 |
Allowance build (release) for loan and lease losses | 53 | 37 | 99 | 13 |
Other changes | 0 | 0 | 0 | 0 |
Balance at end of the period | 736 | 624 | 736 | 624 |
Commercial Banking | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 127 | 108 | 118 | 117 |
Provision (benefit) for loan and lease losses | 13 | 4 | 22 | (5) |
Balance at end of the period | 140 | 112 | 140 | 112 |
Commercial Banking | Combined allowance and reserve | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at end of the period | $ 876 | 736 | $ 876 | 736 |
Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 1 | 1 | ||
Charge-offs | (9) | (8) | ||
Recoveries | 1 | 1 | ||
Net charge-offs | (8) | (7) | ||
Provision (benefit) for loan and lease losses | (47) | (48) | ||
Allowance build (release) for loan and lease losses | (55) | (55) | ||
Other changes | 54 | 54 | ||
Balance at end of the period | 0 | 0 | ||
Other | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance as beginning of the period | 0 | 0 | ||
Provision (benefit) for loan and lease losses | 0 | 0 | ||
Balance at end of the period | 0 | 0 | ||
Other | Combined allowance and reserve | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at end of the period | 0 | $ 0 | ||
Other | Home loan | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | $ (46) |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses - Components of Allowance for Loan and Lease Losses by Impairment Methodology (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan and lease losses by impairment methodology: | ||||||
Collectively evaluated | $ 6,764 | $ 6,882 | ||||
Asset-specific | 369 | 338 | ||||
Total allowance for loan and lease losses | 7,133 | 7,220 | ||||
Loans held for investment by impairment methodology: | ||||||
Collectively evaluated | 242,573 | 243,920 | ||||
Asset-specific | 1,854 | 1,844 | ||||
Loans held for investment | $ 244,460 | $ 245,899 | $ 236,124 | |||
Allowance as a percentage of period-end loans held for investment | 2.92% | 2.94% | ||||
Credit Card | ||||||
Allowance for loan and lease losses by impairment methodology: | ||||||
Collectively evaluated | $ 5,087 | $ 5,258 | ||||
Asset-specific | 255 | 277 | ||||
Total allowance for loan and lease losses | 5,342 | $ 5,568 | 5,535 | 5,624 | $ 5,726 | $ 5,648 |
Loans held for investment by impairment methodology: | ||||||
Collectively evaluated | 111,315 | 115,505 | ||||
Asset-specific | 826 | 855 | ||||
Loans held for investment | $ 112,141 | $ 116,361 | ||||
Allowance as a percentage of period-end loans held for investment | 4.76% | 4.76% | ||||
Consumer Banking | ||||||
Allowance for loan and lease losses by impairment methodology: | ||||||
Collectively evaluated | $ 1,023 | $ 1,021 | ||||
Asset-specific | 32 | 27 | ||||
Total allowance for loan and lease losses | 1,055 | 1,062 | 1,048 | 1,120 | 1,253 | 1,242 |
Loans held for investment by impairment methodology: | ||||||
Collectively evaluated | 59,935 | 58,808 | ||||
Asset-specific | 390 | 393 | ||||
Loans held for investment | $ 60,327 | $ 59,205 | ||||
Allowance as a percentage of period-end loans held for investment | 1.75% | 1.77% | ||||
Commercial Banking | ||||||
Allowance for loan and lease losses by impairment methodology: | ||||||
Collectively evaluated | $ 654 | $ 603 | ||||
Asset-specific | 82 | 34 | ||||
Total allowance for loan and lease losses | 736 | $ 683 | 637 | 624 | 587 | 611 |
Loans held for investment by impairment methodology: | ||||||
Collectively evaluated | 71,323 | 69,607 | ||||
Asset-specific | 638 | 596 | ||||
Loans held for investment | $ 71,992 | $ 70,333 | ||||
Allowance as a percentage of period-end loans held for investment | 1.02% | 0.91% | ||||
Other | ||||||
Allowance for loan and lease losses by impairment methodology: | ||||||
Total allowance for loan and lease losses | $ 0 | $ 1 | $ 1 | |||
PCI loans | ||||||
Loans held for investment by impairment methodology: | ||||||
Loans held for investment | $ 33 | $ 135 | ||||
PCI loans | Credit Card | ||||||
Loans held for investment by impairment methodology: | ||||||
Loans held for investment | 0 | 1 | ||||
PCI loans | Consumer Banking | ||||||
Loans held for investment by impairment methodology: | ||||||
Loans held for investment | 2 | 4 | ||||
PCI loans | Commercial Banking | ||||||
Loans held for investment by impairment methodology: | ||||||
Loans held for investment | $ 31 | $ 130 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses - Loss Sharing Arrangements (Details) - Loss sharing agreements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Expected reimbursement from loss sharing partners, beginning balance | $ 442 | $ 388 | $ 379 | $ 380 |
Amounts due from partners which reduced net charge-offs | (105) | (92) | (213) | (189) |
Amounts estimated to be charged to partners which reduced provision for credit losses | 77 | 96 | 248 | 201 |
Expected reimbursement from loss sharing partners, ending balance | $ 414 | $ 392 | $ 414 | $ 392 |
Variable Interest Entities an_3
Variable Interest Entities and Securitizations - Carrying Amount of Assets and Liabilities of Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | $ 34,768 | $ 35,556 |
Carrying Amount of Liabilities, Consolidated | 17,359 | 19,019 |
Carrying Amount of Assets, Unconsolidated | 5,050 | 4,802 |
Carrying Amount of Liabilities, Unconsolidated | 1,231 | 1,377 |
Maximum Exposure to Loss | 5,352 | 5,145 |
Affordable housing entities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 241 | 243 |
Carrying Amount of Liabilities, Consolidated | 11 | 17 |
Carrying Amount of Assets, Unconsolidated | 4,350 | 4,238 |
Carrying Amount of Liabilities, Unconsolidated | 1,230 | 1,303 |
Maximum Exposure to Loss | 4,350 | 4,238 |
VIE, nonconsolidated, carrying amount of assets included in certain investment structures | 2,300 | 2,300 |
VIE, nonconsolidated, carrying amount of liabilities included in certain investment structures | 795 | 811 |
Entities that provide capital to low-income and rural communities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 1,779 | 1,739 |
Carrying Amount of Liabilities, Consolidated | 87 | 117 |
Carrying Amount of Assets, Unconsolidated | 0 | 0 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum Exposure to Loss | 0 | 0 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 523 | 353 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum Exposure to Loss | 523 | 353 |
Total other VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 2,020 | 1,982 |
Carrying Amount of Liabilities, Consolidated | 98 | 134 |
Carrying Amount of Assets, Unconsolidated | 4,873 | 4,591 |
Carrying Amount of Liabilities, Unconsolidated | 1,230 | 1,303 |
Maximum Exposure to Loss | 4,873 | 4,591 |
Credit card loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 31,509 | 33,574 |
Carrying Amount of Liabilities, Consolidated | 16,179 | 18,885 |
Carrying Amount of Assets, Unconsolidated | 0 | 0 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum Exposure to Loss | 0 | 0 |
Auto loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 1,239 | |
Carrying Amount of Liabilities, Consolidated | 1,082 | |
Carrying Amount of Assets, Unconsolidated | 0 | |
Carrying Amount of Liabilities, Unconsolidated | 0 | |
Maximum Exposure to Loss | 0 | |
Home loan | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 177 | 211 |
Carrying Amount of Liabilities, Unconsolidated | 1 | 74 |
Maximum Exposure to Loss | 479 | 554 |
Total securitization-related VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 32,748 | 33,574 |
Carrying Amount of Liabilities, Consolidated | 17,261 | 18,885 |
Carrying Amount of Assets, Unconsolidated | 177 | 211 |
Carrying Amount of Liabilities, Unconsolidated | 1 | 74 |
Maximum Exposure to Loss | $ 479 | $ 554 |
Variable Interest Entities an_4
Variable Interest Entities and Securitizations - External Debt and Receivable Balances of Securitization Programs (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Credit Card | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | $ 15,878 | $ 18,307 |
Receivables in the trust, non-mortgage | 31,710 | 34,197 |
Cash balance of spread or reserve accounts, non-mortgage | 0 | 0 |
Auto | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | 1,081 | |
Receivables in the trust, non-mortgage | 1,194 | |
Cash balance of spread or reserve accounts, non-mortgage | 3 | |
Home Loan | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 1,096 | 1,276 |
Receivables in the trust, mortgage | 1,145 | 1,305 |
Cash balance of spread or reserve accounts, mortgage | $ 121 | $ 116 |
Variable Interest Entities an_5
Variable Interest Entities and Securitizations - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Auto loan transferred for securitization | $ 1,200 | ||
Amortization method qualified affordable housing investments, amortization | 279 | $ 250 | |
Affordable housing tax credits | 355 | $ 321 | |
Amortization method qualified affordable housing investments | 4,300 | $ 4,200 | |
Qualified affordable housing investments, commitment | 1,400 | 1,500 | |
VIE, unconsolidated, carrying amount, assets | 5,050 | 4,802 | |
VIE, consolidated, carrying amount, assets | 34,768 | 35,556 | |
VIE, reporting entity involvement, maximum loss exposure | 5,352 | 5,145 | |
Affordable housing entities | |||
Variable Interest Entity [Line Items] | |||
VIE, unconsolidated, carrying amount, assets | 4,350 | 4,238 | |
Total assets of the unconsolidated VIE investment funds | 10,700 | 10,800 | |
VIE, consolidated, carrying amount, assets | 241 | 243 | |
VIE, reporting entity involvement, maximum loss exposure | 4,350 | 4,238 | |
Entities that provide capital to low-income and rural communities | |||
Variable Interest Entity [Line Items] | |||
VIE, unconsolidated, carrying amount, assets | 0 | 0 | |
VIE, consolidated, carrying amount, assets | 1,779 | 1,739 | |
VIE, reporting entity involvement, maximum loss exposure | 0 | 0 | |
Other | |||
Variable Interest Entity [Line Items] | |||
VIE, unconsolidated, carrying amount, assets | 523 | 353 | |
VIE, consolidated, carrying amount, assets | 0 | 0 | |
VIE, reporting entity involvement, maximum loss exposure | $ 523 | $ 353 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Components (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Goodwill, gross | $ 14,545 | $ 14,544 |
Goodwill | 14,545 | 14,544 |
Intangible Assets, Gross (Excluding Goodwill) | 2,320 | 3,522 |
Accumulated Amortization | (2,126) | (3,268) |
Intangible Assets, Net (Excluding Goodwill) | 194 | 254 |
Intangible Assets Gross Including Goodwill | 16,865 | 18,066 |
Total goodwill and other intangible assets, Net Carrying Value | 14,739 | 14,798 |
Commercial MSRs, Gross | 501 | 459 |
Commercial MSR, Accumulated Amortization | (215) | (185) |
Servicing Asset at Amortized Cost | 286 | 274 |
PCCR intangibles | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 2,102 | 2,102 |
Accumulated Amortization | (1,995) | (1,952) |
Intangible Assets, Net (Excluding Goodwill) | 107 | 150 |
Core deposit intangibles | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,149 | |
Accumulated Amortization | (1,148) | |
Intangible Assets, Net (Excluding Goodwill) | 1 | |
Other intangible assets | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 218 | 271 |
Accumulated Amortization | (131) | (168) |
Intangible Assets, Net (Excluding Goodwill) | $ 87 | $ 103 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for amortizable intangible assets | $ 29 | $ 43 | $ 59 | $ 87 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Goodwill Attributable to Each Business Segments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 14,544 |
Acquisitions | 2 |
Reductions in goodwill related to divestitures | (1) |
Goodwill, ending balance | 14,545 |
Credit Card | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 5,060 |
Acquisitions | 2 |
Reductions in goodwill related to divestitures | 0 |
Goodwill, ending balance | 5,062 |
Consumer Banking | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 4,600 |
Acquisitions | 0 |
Reductions in goodwill related to divestitures | (1) |
Goodwill, ending balance | 4,599 |
Commercial Banking | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 4,884 |
Acquisitions | 0 |
Reductions in goodwill related to divestitures | 0 |
Goodwill, ending balance | $ 4,884 |
Deposits and Borrowings - Depos
Deposits and Borrowings - Deposits and Short-term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Deposits: | |||
Non-interest-bearing deposits | $ 23,374 | $ 23,483 | |
Interest-bearing deposits | 231,161 | 226,281 | |
Total deposits | 254,535 | 249,764 | $ 248,225 |
Short-term borrowings | |||
Short-term borrowings | 359 | 9,402 | |
Time deposits, at or above FDIC insurance limit | 5,600 | 4,000 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||
Short-term borrowings | |||
Short-term borrowings | 359 | 352 | |
FHLB advances | |||
Short-term borrowings | |||
Short-term borrowings | $ 0 | $ 9,050 |
Deposits and Borrowings - Long-
Deposits and Borrowings - Long-Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
EUR denominated unsecured notes | $ 31,822 | $ 30,826 |
Total long-term debt | 48,874 | 49,503 |
Total short-term borrowings and long-term debt | 49,233 | 58,905 |
Euro | ||
Debt Instrument [Line Items] | ||
EUR denominated unsecured notes | $ 1,400 | |
Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.37% | |
Carrying value | $ 16,959 | 18,307 |
Total senior and subordinated notes | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 31,822 | 30,826 |
Senior notes | Total unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.07% | |
Carrying value | $ 27,070 | 26,283 |
Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.04% | |
Carrying value | $ 24,076 | 23,290 |
Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.32% | |
Carrying value | $ 2,994 | 2,993 |
Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.09% | |
Carrying value | $ 4,752 | 4,543 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 0.00% | |
Carrying value | $ 0 | 251 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.30% | |
Carrying value | $ 93 | 119 |
Total other long-term borrowings | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 93 | $ 370 |
Minimum | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 1.33% | |
Minimum | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.80% | |
Minimum | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.94% | |
Minimum | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 3.38% | |
Minimum | FHLB advances | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.00% | |
Minimum | Other borrowings | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.50% | |
Maximum | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 3.15% | |
Maximum | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.75% | |
Maximum | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 3.73% | |
Maximum | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 8.80% | |
Maximum | FHLB advances | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.00% | |
Maximum | Other borrowings | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 12.86% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Notional and Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | $ 229,742 | $ 212,505 |
Derivative assets, gross amount | 1,865 | 1,539 |
Derivative liabilities, gross amount | 1,096 | 1,201 |
Derivative asset, netting adjustments | (856) | (1,079) |
Derivative liability, netting adjustments | (456) | (287) |
Total derivative assets | 1,009 | 460 |
Total derivative liabilities | 640 | 914 |
Cumulative CVA balance | 11 | 3 |
Cumulative DVA balance | 1 | 1 |
Derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 150,819 | 142,965 |
Derivative assets, gross amount | 487 | 509 |
Derivative liabilities, gross amount | 169 | 100 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 140,997 | 134,613 |
Derivative assets, gross amount | 362 | 147 |
Derivative liabilities, gross amount | 73 | 98 |
Derivatives designated as accounting hedges | Interest rate contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 55,397 | 53,413 |
Derivative assets, gross amount | 28 | 64 |
Derivative liabilities, gross amount | 55 | 28 |
Derivatives designated as accounting hedges | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 85,600 | 81,200 |
Derivative assets, gross amount | 334 | 83 |
Derivative liabilities, gross amount | 18 | 70 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 9,822 | 8,352 |
Derivative assets, gross amount | 125 | 362 |
Derivative liabilities, gross amount | 96 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 1,421 | 0 |
Derivative assets, gross amount | 20 | 0 |
Derivative liabilities, gross amount | 0 | 0 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 5,741 | 5,745 |
Derivative assets, gross amount | 6 | 184 |
Derivative liabilities, gross amount | 91 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 2,660 | 2,607 |
Derivative assets, gross amount | 99 | 178 |
Derivative liabilities, gross amount | 5 | 0 |
Derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 78,923 | 69,540 |
Derivative assets, gross amount | 1,378 | 1,030 |
Derivative liabilities, gross amount | 927 | 1,101 |
Derivatives not designated as accounting hedges | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 70,303 | 61,477 |
Derivative assets, gross amount | 1,334 | 999 |
Derivative liabilities, gross amount | 870 | 1,053 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 55,113 | 49,386 |
Derivative assets, gross amount | 541 | 190 |
Derivative liabilities, gross amount | 133 | 256 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 7,208 | 6,427 |
Derivative assets, gross amount | 44 | 29 |
Derivative liabilities, gross amount | 47 | 36 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 2,352 | 1,418 |
Derivative assets, gross amount | 18 | 12 |
Derivative liabilities, gross amount | 18 | 11 |
Derivatives not designated as accounting hedges | Commodity contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 12,838 | 10,673 |
Derivative assets, gross amount | 775 | 797 |
Derivative liabilities, gross amount | 719 | 786 |
Derivatives not designated as accounting hedges | Other contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 1,412 | 1,636 |
Derivative assets, gross amount | 0 | 2 |
Derivative liabilities, gross amount | $ 10 | $ 12 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - Hedged Items in Fair Value Hedging Relationship (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Amortized cost of closed prepayment assets | $ 8,700 | $ 8,300 |
Amortized cost of closed prepayable assets, designated hedged items | 4,200 | 4,000 |
Hedged assets cumulative basis adjustment | 133 | 26 |
Available-for-sale securities | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount of Assets | 13,217 | 14,067 |
Hedged Assets, Fair Value Hedge, Cumulative Increase (Decrease) | 319 | (6) |
Hedged Assets, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 7 | (2) |
Interest-bearing deposits | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (14,000) | (13,101) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | 4 | 247 |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 |
Securitized debt obligations | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (7,510) | (5,887) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | 9 | 168 |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 95 | 143 |
Senior and subordinated notes | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (27,047) | (23,572) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | (514) | 315 |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ 323 | $ 392 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Derivative assets, gross amount | $ 1,865 | $ 1,539 |
Derivative assets, offsetting financial instruments | (326) | (205) |
Derivative assets, offsetting cash collateral | (530) | (874) |
Total derivative assets | 1,009 | 460 |
Derivative assets, securities not netted | 0 | 0 |
Net Exposure | 1,009 | 460 |
Derivative, collateral, obligation to return cash | 586 | 925 |
Derivative, collateral, obligation to return securities | 1 | 1 |
Derivative, collateral, right to reclaim cash | $ 707 | $ 633 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative liabilities | ||
Derivative liabilities, gross amount | $ 1,096 | $ 1,201 |
Derivative liabilities, offsetting financial instruments | (326) | (205) |
Derivative liabilities, offsetting cash collateral | (130) | (82) |
Total derivative liabilities | 640 | 914 |
Derivative liabilities, securities collateral not netted | 0 | 0 |
Net exposure | 640 | 914 |
Repurchase agreements | ||
Gross amounts | 359 | 352 |
Repurchase agreements, securities sold, offset | 0 | 0 |
Repurchase agreements, cash collateral pledged, offset | 0 | 0 |
Net amounts as recognized | 359 | 352 |
Repurchase agreements, securities collateral not netted | (359) | (352) |
Net exposure | 0 | 0 |
Derivative, collateral, obligation to return cash | 586 | 925 |
Derivative, collateral, obligation to return securities | 1 | 1 |
Derivative, collateral, right to reclaim cash | 707 | 633 |
Securities sold under repurchase agreements, fair value of collateral | $ 366 | $ 359 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Net Gains (Losses) Recognized in Earnings Related to Derivatives in Fair Value Hedging and Cash Flow Hedging (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and dividend income, securities | $ 629 | $ 539 | $ 1,284 | $ 991 |
Interest and fee income, loans | 6,383 | 5,989 | 12,751 | 12,123 |
Interest and dividend income, other | 64 | 68 | 133 | 119 |
Deposits | (870) | (622) | (1,687) | (1,161) |
Securitized debt obligations | (139) | (124) | (282) | (231) |
Senior and subordinated notes | (310) | (289) | (624) | (540) |
Non-interest income | 191 | 528 | 348 | 636 |
Amortization of basis adjustment | 56 | 16 | 117 | 6 |
Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized gains on foreign exchange contracts reclassified from AOCI | 123 | 101 | 295 | 176 |
Fair value hedges | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | (2) | (7) | (1) | (14) |
Fair value hedges | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 |
Fair value hedges | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 |
Fair value hedges | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | (30) | (26) | (63) | (33) |
Fair value hedges | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | (29) | (20) | (59) | (28) |
Fair value hedges | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | (50) | (21) | (100) | (23) |
Fair value hedges | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 1 | 1 | ||
Fair value hedges | Interest rate contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | (1) | (9) | 1 | (17) |
Gains (losses) recognized on derivatives | (175) | 83 | (286) | 183 |
Gains (losses) recognized on hedged items | 174 | (81) | 284 | (180) |
Fair value hedges | Interest rate contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on hedged items | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on hedged items | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | (33) | (21) | (69) | (23) |
Gains (losses) recognized on derivatives | 154 | (37) | 249 | (197) |
Gains (losses) recognized on hedged items | (151) | 32 | (243) | 187 |
Fair value hedges | Interest rate contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | (6) | (18) | (12) | (23) |
Gains (losses) recognized on derivatives | 79 | (17) | 112 | (118) |
Gains (losses) recognized on hedged items | (102) | 15 | (159) | 113 |
Fair value hedges | Interest rate contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | (10) | 4 | (21) | 14 |
Gains (losses) recognized on derivatives | 471 | (154) | 752 | (511) |
Gains (losses) recognized on hedged items | (511) | 129 | (831) | 474 |
Fair value hedges | Interest rate contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | ||
Gains (losses) recognized on derivatives | 11 | 11 | ||
Gains (losses) recognized on hedged items | (10) | (10) | ||
Cash flow hedges | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | (3) | (2) | (7) | (4) |
Cash flow hedges | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | (59) | (17) | (115) | (9) |
Cash flow hedges | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 13 | 11 | 25 | 19 |
Cash flow hedges | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | (1) | (1) | ||
Cash flow hedges | Interest rate contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | (3) | (2) | (7) | (4) |
Cash flow hedges | Interest rate contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | (59) | (17) | (115) | (9) |
Cash flow hedges | Interest rate contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | ||
Cash flow hedges | Foreign exchange contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 13 | 11 | 25 | 19 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | $ 0 | 0 | $ 0 |
Cash flow hedges | Foreign exchange contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | $ (1) | $ (1) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Loss (net after-tax) recorded in AOCI related to derivatives designated as cash flow hedges expected to be reclassified to earnings over the next 12 months | $ (36) |
Maximum length of time over which forecasted transactions were hedged, years | 7 years |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - Freestanding Derivative (Details) - Other non-interest income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | $ 1 | $ 25 | $ 10 | $ 27 |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 15 | 16 | 26 | 26 |
Interest rate contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 4 | 10 | 10 | 14 |
Interest rate contracts | Other interest rate exposures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | (14) | 9 | (14) | 21 |
Commodity contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 7 | 4 | 9 | 8 |
Foreign exchange contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 4 | 2 | 7 | 4 |
Other contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | $ 0 | $ 0 | $ (2) | $ (20) |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Stock (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | |
Class of Stock [Line Items] | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 4,360 | $ 4,360 |
Depository Share, Percent Interest in Preferred Stock | 0.025 | |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.00% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 875,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 853 | 853 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.25% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | 484 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.70% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 485 | 485 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 5.55% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 1,000,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 988 | 988 |
Preferred Stock, Dividend Payment Rate, Variable | Libor + 380 bps | |
Preferred Stock Dividend Rate, Variable | 3.80% | |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.20% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | 484 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 5.20% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 600,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 583 | 583 |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.00% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 483 | $ 483 |
Stockholders' Equity - Change i
Stockholders' Equity - Change in AOCI Gain (Loss) by Component (Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | $ (660) | $ (1,263) | $ (1,599) | $ (926) | $ (1,263) | $ (926) | |
Cumulative effects from adoption of new accounting standards | (11) | 0 | |||||
Other comprehensive income (loss) before reclassifications | 705 | (129) | 1,155 | (627) | |||
Net realized (gains) losses reclassified from AOCI into earnings | 125 | (65) | 278 | (121) | |||
Other comprehensive income (loss), net of tax | 830 | (194) | 1,433 | (666) | |||
AOCI ending balance | 170 | (660) | (1,793) | (1,599) | 170 | (1,793) | |
One time transfer of held to maturity securities | 35,475 | 35,475 | $ 36,771 | ||||
Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale securities | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (147) | (439) | (565) | 17 | (439) | 17 | |
Cumulative effects from adoption of new accounting standards | 3 | ||||||
Other comprehensive income (loss) before reclassifications | 284 | (65) | 594 | (319) | |||
Net realized (gains) losses reclassified from AOCI into earnings | (12) | 0 | (30) | (6) | |||
Other comprehensive income (loss), net of tax | 272 | (65) | 564 | (650) | |||
AOCI ending balance | 125 | (147) | (630) | (565) | 125 | (630) | |
Accumulated Net Unrealized Investment Gain (Loss) | Securities Held to Maturity | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (184) | (190) | (212) | (524) | (190) | (524) | |
Cumulative effects from adoption of new accounting standards | (113) | ||||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |||
Net realized (gains) losses reclassified from AOCI into earnings | 6 | 8 | 12 | 26 | |||
Other comprehensive income (loss), net of tax | 6 | 8 | 12 | 433 | |||
AOCI ending balance | (178) | (184) | (204) | (212) | (178) | (204) | |
Cash Flow Hedges | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (141) | (418) | (662) | (281) | (418) | (281) | |
Cumulative effects from adoption of new accounting standards | (63) | ||||||
Other comprehensive income (loss), transfers from held-to-maturity to available-for-sale securities, before tax | 0 | ||||||
Other comprehensive income (loss) before reclassifications | 406 | (41) | 517 | (292) | |||
Net realized (gains) losses reclassified from AOCI into earnings | 131 | (72) | 297 | (139) | |||
Other comprehensive income (loss), net of tax | 537 | (113) | 814 | (431) | |||
AOCI ending balance | 396 | (141) | (775) | (662) | 396 | (775) | |
Foreign Currency Translation Adjustments | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (147) | (177) | (131) | (138) | (177) | (138) | |
Cumulative effects from adoption of new accounting standards | 0 | ||||||
Other comprehensive income (loss), transfers from held-to-maturity to available-for-sale securities, before tax | 0 | ||||||
Other comprehensive income (loss) before reclassifications | 15 | (24) | 45 | (17) | |||
Net realized (gains) losses reclassified from AOCI into earnings | 0 | 0 | 0 | 0 | |||
Other comprehensive income (loss), net of tax | 15 | (24) | 45 | (17) | |||
AOCI ending balance | (132) | (147) | (155) | (131) | (132) | (155) | |
Other | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (41) | (39) | (29) | 0 | (39) | 0 | |
Cumulative effects from adoption of new accounting standards | (28) | ||||||
Other comprehensive income (loss), transfers from held-to-maturity to available-for-sale securities, before tax | 0 | ||||||
Other comprehensive income (loss) before reclassifications | 0 | 1 | (1) | 1 | |||
Net realized (gains) losses reclassified from AOCI into earnings | 0 | (1) | (1) | (2) | |||
Other comprehensive income (loss), net of tax | 0 | 0 | (2) | (1) | |||
AOCI ending balance | (41) | (41) | (29) | (29) | (41) | (29) | |
Accumulated Other Comprehensive Income (Loss) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Cumulative effects from adoption of new accounting standards | (201) | (201) | |||||
ASU 2017-12 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
One time transfer of held to maturity securities | 9,000 | ||||||
ASU 2017-12 | Accumulated Net Unrealized Investment Gain (Loss) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | 82 | ||||||
AOCI ending balance | 82 | ||||||
AOCI, pre-tax | 107 | ||||||
ASU 2017-12 | Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale securities | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | (325) | ||||||
AOCI ending balance | (325) | ||||||
ASU 2017-12 | Accumulated Net Unrealized Investment Gain (Loss) | Securities Held to Maturity | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
AOCI beginning balance | 407 | ||||||
AOCI ending balance | $ 407 | ||||||
Net investment hedges | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Gains (losses) recorded in AOCI | $ 53 | $ 123 | $ 19 | $ 63 |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications from AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income | $ 5,746 | $ 5,551 | $ 11,537 | $ 11,269 |
Non-interest income | 191 | 528 | 348 | 636 |
Income from continuing operations before income taxes | 2,003 | 2,492 | 3,722 | 4,154 |
Income tax provision (benefit) | 387 | 575 | 696 | 894 |
Net income | 1,625 | 1,906 | 3,037 | 3,252 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (125) | 65 | (278) | 121 |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Non-interest income | 15 | 0 | 39 | 8 |
Income tax provision (benefit) | 3 | 0 | 9 | 2 |
Net income | 12 | 0 | 30 | 6 |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Held to Maturity | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income | (8) | (10) | (16) | (34) |
Income tax provision (benefit) | (2) | (2) | (4) | (8) |
Net income | (6) | (8) | (12) | (26) |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income from continuing operations before income taxes | (172) | 94 | (392) | 183 |
Income tax provision (benefit) | (41) | 22 | (95) | 44 |
Net income | (131) | 72 | (297) | 139 |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income | (62) | (19) | (122) | (13) |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income | 13 | 12 | 25 | 20 |
Non-interest income | (123) | 101 | (295) | 176 |
Other | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income from continuing operations before income taxes | 0 | 1 | 1 | 2 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income | $ 0 | $ 1 | $ 1 | $ 2 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Other Comprehensive Income Loss and Related Tax Impact (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Before Tax | ||||
Net unrealized gains (losses) on securities available for sale | $ 358 | $ (86) | $ 742 | $ (857) |
Net changes in securities held to maturity | 9 | 10 | 16 | 569 |
Net unrealized gains (losses) on hedging relationships | 708 | (149) | 1,073 | (567) |
Foreign currency translation adjustments | 33 | 15 | 52 | 3 |
Other | (1) | (1) | (3) | (2) |
Other comprehensive income before taxes | 1,107 | (211) | 1,880 | (854) |
Provision (Benefit) | ||||
Net unrealized gains (losses) on securities available for sale | 86 | (21) | 178 | (207) |
Net changes in securities held to maturity | 3 | 2 | 4 | 136 |
Net unrealized gains (losses) on hedging relationships | 171 | (36) | 259 | (136) |
Foreign currency translation adjustments | 18 | 39 | 7 | 20 |
Other | (1) | (1) | (1) | (1) |
Other comprehensive income (loss), provision (benefit) | 277 | (17) | 447 | (188) |
After Tax | ||||
Net unrealized gains (losses) on securities available for sale | 272 | (65) | 564 | (650) |
Net changes in securities held to maturity | 6 | 8 | 12 | 433 |
Net unrealized gains (losses) on hedging relationships | 537 | (113) | 814 | (431) |
Foreign currency translation adjustments | 15 | (24) | 45 | (17) |
Other | 0 | 0 | (2) | (1) |
Other comprehensive income (loss), net of tax | $ 830 | $ (194) | $ 1,433 | $ (666) |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of tax | $ 1,616 | $ 1,917 | $ 3,026 | $ 3,260 |
Income (loss) from discontinued operations, net of tax | 9 | (11) | 11 | (8) |
Net income | 1,625 | 1,906 | 3,037 | 3,252 |
Dividends and undistributed earnings allocated to participating securities | (12) | (12) | (24) | (23) |
Preferred stock dividends | (80) | (80) | (132) | (132) |
Net income available to common stockholders | $ 1,533 | $ 1,814 | $ 2,881 | $ 3,097 |
Total weighted-average basic shares outstanding | 470.8 | 485.1 | 470.1 | 485.9 |
Effect of dilutive securities: | ||||
Stock options | 1.3 | 1.6 | 1.2 | 1.9 |
Other contingently issuable shares | 0.9 | 1 | 1 | 1.1 |
Warrants | 0 | 0.6 | 0 | 0.7 |
Total effect of dilutive securities | 2.2 | 3.2 | 2.2 | 3.7 |
Total weighted-average diluted shares outstanding | 473 | 488.3 | 472.3 | 489.6 |
Basic earnings per common share: | ||||
Net income from continuing operations (in dollars per share) | $ 3.24 | $ 3.76 | $ 6.11 | $ 6.39 |
Income (loss) from discontinued operations (in dollars per share) | 0.02 | (0.02) | 0.02 | (0.02) |
Net income per basic common share (in dollars per share) | 3.26 | 3.74 | 6.13 | 6.37 |
Diluted earnings per common share: | ||||
Net income from continuing operations (in dollars per share) | 3.22 | 3.73 | 6.08 | 6.35 |
Income (loss) from discontinued operations (in dollars per share) | 0.02 | (0.02) | 0.02 | (0.02) |
Net income per diluted common share (in dollars per share) | $ 3.24 | $ 3.71 | $ 6.10 | $ 6.33 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - Stock option - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options excluded from the computation of diluted earnings per share (in shares) | 24 | 137 | 65 |
Minimum exercise price range | $ 86.34 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Assets: | |||
Securities available for sale | $ 45,658 | $ 46,150 | |
Derivative assets, gross amount | 1,865 | 1,539 | |
Derivative asset, netting adjustments | (856) | (1,079) | |
Derivative asset | 1,009 | 460 | |
Liabilities: | |||
Derivative liabilities, gross amount | 1,096 | 1,201 | |
Derivative liability, netting adjustments | (456) | (287) | |
Derivative liability | 640 | 914 | |
Net valuation allowance | 10 | 2 | |
Recurring | |||
Assets: | |||
Securities available for sale | 45,658 | 46,150 | |
Derivative asset | 1,009 | 460 | |
Other assets | 495 | 423 | |
Total assets | 47,162 | 47,033 | |
Liabilities: | |||
Derivative liability | 640 | 914 | |
Recurring | Level 1 | |||
Assets: | |||
Securities available for sale | 4,414 | 6,363 | |
Derivative assets, gross amount | 6 | 0 | |
Other assets | 318 | 265 | |
Total assets | 4,738 | 6,628 | |
Other assets: | |||
Deferred compensation plan assets | 314 | 264 | |
Equity securities | 4 | 1 | |
Liabilities: | |||
Derivative liabilities, gross amount | 7 | 0 | |
Recurring | Level 2 | |||
Assets: | |||
Securities available for sale | 40,720 | 39,344 | |
Derivative assets, gross amount | 1,789 | 1,501 | |
Other assets | 0 | 0 | |
Total assets | 42,509 | 40,845 | |
Liabilities: | |||
Derivative liabilities, gross amount | 1,025 | 1,153 | |
Recurring | Level 3 | |||
Assets: | |||
Securities available for sale | 524 | 443 | |
Derivative assets, gross amount | 70 | 38 | $ 43 |
Other assets | 177 | 158 | |
Total assets | 771 | 639 | |
Other assets: | |||
Retained interests in securitizations | 177 | 158 | |
Liabilities: | |||
Derivative liabilities, gross amount | 64 | 48 | $ 48 |
U.S. Treasury securities | |||
Assets: | |||
Securities available for sale | 4,219 | 6,144 | |
U.S. Treasury securities | Recurring | |||
Assets: | |||
Securities available for sale | 4,219 | 6,144 | |
U.S. Treasury securities | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale | 4,219 | 6,144 | |
U.S. Treasury securities | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale | 0 | 0 | |
U.S. Treasury securities | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale | 0 | 0 | |
RMBS | |||
Assets: | |||
Securities available for sale | 34,707 | 33,645 | |
RMBS | Recurring | |||
Assets: | |||
Securities available for sale | 34,707 | 33,645 | |
RMBS | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale | 0 | 0 | |
RMBS | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale | 34,192 | 33,212 | |
RMBS | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale | 515 | 433 | |
CMBS | Recurring | |||
Assets: | |||
Securities available for sale | 5,389 | 4,739 | |
CMBS | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale | 0 | 0 | |
CMBS | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale | 5,380 | 4,729 | |
CMBS | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale | 9 | 10 | |
Other securities | |||
Assets: | |||
Securities available for sale | 1,343 | 1,622 | |
Other securities | Recurring | |||
Assets: | |||
Securities available for sale | 1,343 | 1,622 | |
Other securities | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale | 195 | 219 | |
Other securities | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale | 1,148 | 1,403 | |
Other securities | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value Measurement - Schedule of Level 3 Inputs Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative, Fair Value, Net [Abstract] | |||||
Derivative assets, gross amount | $ 1,865 | $ 1,865 | $ 1,539 | ||
Derivative liabilities, gross amount | 1,096 | 1,096 | 1,201 | ||
Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held | 3 | 13 | |||
Derivative, Fair Value, Net [Abstract] | |||||
Beginning balance | 6 | $ (9) | (10) | $ 13 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | (2) | 5 | (24) | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (7) | 6 | (13) | 7 | |
Settlements | 8 | (1) | 27 | (2) | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers Out of Level 3 | (1) | 1 | (3) | 1 | |
Ending balance | 6 | (5) | 6 | (5) | |
Derivative assets, gross amount | 70 | 43 | 70 | 43 | 38 |
Derivative liabilities, gross amount | 64 | 48 | 64 | 48 | $ 48 |
RMBS | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 434 | 614 | 433 | 614 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 9 | 9 | 17 | 18 | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 2 | 9 | 13 | 7 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (13) | (21) | (25) | (42) | |
Transfers Into Level 3 | 97 | 4 | 114 | 65 | |
Transfers Out of Level 3 | (14) | (173) | (37) | (220) | |
Ending balance | 515 | 442 | 515 | 442 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 10 | 7 | 20 | 13 | |
CMBS | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 9 | 13 | 10 | 14 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 0 | 0 | 0 | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (2) | (1) | (3) | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 | |
Ending balance | 9 | 11 | 9 | 11 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | 0 | 0 | |
Other securities | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 5 | 5 | |||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 0 | |||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Transfers Into Level 3 | 0 | 0 | |||
Transfers Out of Level 3 | 0 | 0 | |||
Ending balance | 5 | 5 | |||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | |||
Available-for-sale securities | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 443 | 632 | 443 | 633 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 9 | 9 | 17 | 18 | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 2 | 9 | 13 | 7 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (13) | (23) | (26) | (45) | |
Transfers Into Level 3 | 97 | 4 | 114 | 65 | |
Transfers Out of Level 3 | (14) | (173) | (37) | (220) | |
Ending balance | 524 | 458 | 524 | 458 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 10 | 7 | 20 | 13 | |
Consumer MSRs | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 92 | ||||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 3 | ||||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | ||||
Purchases | 0 | ||||
Sales | (97) | ||||
Issuances | 2 | ||||
Settlements | 0 | ||||
Transfers Into Level 3 | 0 | ||||
Transfers Out of Level 3 | 0 | ||||
Ending balance | 0 | 0 | |||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | ||||
Retained interest in securitizations | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 155 | 176 | 158 | 172 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 22 | (12) | 19 | (8) | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 | |
Ending balance | 177 | 164 | 177 | 164 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 22 | (12) | 19 | (8) | |
Net derivative assets (liabilities) | Recurring | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (2) | $ (2) | $ 4 | $ (24) |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quantitative Information about Level 3 Fair Value Measurements (Detail) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | $ 45,658 | $ 46,150 | ||||
Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 45,658 | 46,150 | ||||
Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 524 | 443 | ||||
Retained interests in securitizations | 177 | 158 | ||||
Net derivative assets (liabilities) | 6 | (10) | $ 6 | $ (5) | $ (9) | $ 13 |
RMBS | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 34,707 | 33,645 | ||||
RMBS | Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 34,707 | 33,645 | ||||
RMBS | Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 515 | 433 | ||||
CMBS | Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 5,389 | 4,739 | ||||
CMBS | Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 9 | 10 | ||||
Other securities | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 1,343 | 1,622 | ||||
Other securities | Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | 1,343 | 1,622 | ||||
Other securities | Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale | $ 0 | $ 0 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.02 | 0.03 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.15 | 0.11 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.04 | 0.05 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.03 | 0.03 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.03 | 0.03 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.03 | 0.03 | ||||
Constant prepayment rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.03 | 0.03 | ||||
Constant prepayment rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.15 | 0.14 | ||||
Constant prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0 | 0 | ||||
Constant prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.15 | 0.17 | ||||
Constant prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.07 | 0.05 | ||||
Default rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.02 | 0.02 | ||||
Default rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.03 | 0.04 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0 | 0 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.07 | 0.07 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.03 | 0.03 | ||||
Loss severity | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.53 | 0.50 | ||||
Loss severity | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 1.05 | 1.04 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0 | 0 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.85 | 0.75 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.68 | 0.65 | ||||
Life of receivables (months) | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input, life of receivables | 2 months | 3 months | ||||
Life of receivables (months) | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input, life of receivables | 54 months | 56 months | ||||
Discount rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.03 | 0.04 | ||||
Discount rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.06 | 0.06 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities) Net, measurement input | 0.02 | 0.03 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities) Net, measurement input | 0.02 | 0.03 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities) Net, measurement input | 0.02 | 0.03 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | $ 0 | $ 0 |
Loans held for sale | 1,846 | 1,218 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 239,295 | 241,556 |
Loans held for sale | 0 | 0 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 191 | 129 |
Loans held for sale | 180 | 38 |
Other assets | 83 | 100 |
Total assets | 454 | 267 |
Equity investments accounted for under measurement alternative | 16 | 24 |
Repossessed assets, fair value disclosure | 53 | |
Foreclosed property and repossessed assets, fair value disclosure | 57 | |
Long lived assets held for sale | 14 | 19 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Loans held for sale | 180 | 38 |
Other assets | 0 | 0 |
Total assets | 180 | 38 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 191 | 129 |
Loans held for sale | 0 | 0 |
Other assets | 83 | 100 |
Total assets | $ 274 | $ 229 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - Non-Recoverable Rate - Level 3 - Appraisal value | Jun. 30, 2019 | Dec. 31, 2018 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 0 | 0 |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 0.61 | 0.84 |
Weighted average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 0.04 | 0.33 |
Fair Value Measurement - Sche_4
Fair Value Measurement - Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ (132) | $ (65) |
Loans held for sale | (1) | (3) |
Other assets | (57) | (47) |
Total | $ (190) | $ (115) |
Fair Value Measurement - Sche_5
Fair Value Measurement - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Securities held to maturity | $ 36,541 | $ 36,619 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 5,184 | 4,768 |
Restricted cash for securitization investors | 710 | 303 |
Securities held to maturity | 0 | 0 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Other investments | 0 | 0 |
Financial liabilities: | ||
Deposits with defined maturities | 0 | 0 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | |
Interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 9,927 | 8,418 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 36,510 | 36,513 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 1,846 | 1,218 |
Interest receivable | 1,544 | 1,614 |
Other investments | 1,341 | 1,725 |
Financial liabilities: | ||
Deposits with defined maturities | 42,383 | 38,279 |
Securitized debt obligations | 17,071 | 18,359 |
Senior and subordinated notes | 32,259 | 30,635 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 359 | 352 |
Other borrowings | 9,354 | |
Interest payable | 437 | 458 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 31 | 106 |
Net loans held for investment | 239,295 | 241,556 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Other investments | 0 | 0 |
Financial liabilities: | ||
Deposits with defined maturities | 0 | 0 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | |
Interest payable | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 15,111 | 13,186 |
Restricted cash for securitization investors | 710 | 303 |
Securities held to maturity | 35,475 | 36,771 |
Net loans held for investment | 237,327 | 238,679 |
Loans held for sale | 1,829 | 1,192 |
Interest receivable | 1,544 | 1,614 |
Other investments | 1,341 | 1,725 |
Financial liabilities: | ||
Deposits with defined maturities | 42,291 | 38,471 |
Securitized debt obligations | 16,959 | 18,307 |
Senior and subordinated notes | 31,822 | 30,826 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 359 | 352 |
Other borrowings | 9,354 | |
Interest payable | 437 | 458 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 15,111 | 13,186 |
Restricted cash for securitization investors | 710 | 303 |
Securities held to maturity | 36,541 | 36,619 |
Net loans held for investment | 239,295 | 241,556 |
Loans held for sale | 1,846 | 1,218 |
Interest receivable | 1,544 | 1,614 |
Other investments | 1,341 | 1,725 |
Financial liabilities: | ||
Deposits with defined maturities | 42,383 | 38,279 |
Securitized debt obligations | 17,071 | 18,359 |
Senior and subordinated notes | 32,259 | 30,635 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 359 | 352 |
Other borrowings | 9,354 | |
Interest payable | $ 437 | $ 458 |
Business Segments and Revenue_3
Business Segments and Revenue from Contracts with Customers - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2019Segment | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 3 | ||
Operating segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Revenue change due to impact of federal tax rate | $ | $ (32) | $ (62) |
Business Segments and Revenue_4
Business Segments and Revenue from Contracts with Customers - Schedule of Segment Results and Reconciliation (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 5,746 | $ 5,551 | $ 11,537 | $ 11,269 | |
Non-interest income | 1,378 | 1,641 | 2,670 | 2,832 | |
Total net revenue | 7,124 | 7,192 | 14,207 | 14,101 | |
Provision (benefit) for credit losses | 1,342 | 1,276 | 3,035 | 2,950 | |
Total non-interest expense | 3,779 | 3,424 | 7,450 | 6,997 | |
Income (loss) from continuing operations before income taxes | 2,003 | 2,492 | 3,722 | 4,154 | |
Income tax provision (benefit) | 387 | 575 | 696 | 894 | |
Income (loss) from continuing operations, net of tax | 1,616 | 1,917 | 3,026 | 3,260 | |
Loans held for investment | 244,460 | 236,124 | 244,460 | 236,124 | $ 245,899 |
Total Deposits | 254,535 | 248,225 | 254,535 | 248,225 | $ 249,764 |
Operating segments | Credit Card | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 3,531 | 3,396 | 7,121 | 6,954 | |
Non-interest income | 1,038 | 884 | 1,988 | 1,741 | |
Total net revenue | 4,569 | 4,280 | 9,109 | 8,695 | |
Provision (benefit) for credit losses | 1,095 | 1,171 | 2,484 | 2,627 | |
Total non-interest expense | 2,253 | 1,904 | 4,424 | 3,943 | |
Income (loss) from continuing operations before income taxes | 1,221 | 1,205 | 2,201 | 2,125 | |
Income tax provision (benefit) | 283 | 282 | 512 | 495 | |
Income (loss) from continuing operations, net of tax | 938 | 923 | 1,689 | 1,630 | |
Loans held for investment | 112,141 | 109,777 | 112,141 | 109,777 | |
Total Deposits | 0 | 0 | 0 | 0 | |
Operating segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,709 | 1,609 | 3,388 | 3,224 | |
Non-interest income | 166 | 175 | 326 | 349 | |
Total net revenue | 1,875 | 1,784 | 3,714 | 3,573 | |
Provision (benefit) for credit losses | 165 | 118 | 400 | 351 | |
Total non-interest expense | 1,002 | 963 | 1,996 | 1,963 | |
Income (loss) from continuing operations before income taxes | 708 | 703 | 1,318 | 1,259 | |
Income tax provision (benefit) | 165 | 164 | 307 | 294 | |
Income (loss) from continuing operations, net of tax | 543 | 539 | 1,011 | 965 | |
Loans held for investment | 60,327 | 58,727 | 60,327 | 58,727 | |
Total Deposits | 205,220 | 194,962 | 205,220 | 194,962 | |
Operating segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 514 | 517 | 1,003 | 1,023 | |
Non-interest income | 200 | 209 | 387 | 396 | |
Total net revenue | 714 | 726 | 1,390 | 1,419 | |
Provision (benefit) for credit losses | 82 | 34 | 151 | 20 | |
Total non-interest expense | 427 | 409 | 844 | 812 | |
Income (loss) from continuing operations before income taxes | 205 | 283 | 395 | 587 | |
Income tax provision (benefit) | 48 | 66 | 92 | 137 | |
Income (loss) from continuing operations, net of tax | 157 | 217 | 303 | 450 | |
Loans held for investment | 71,992 | 67,609 | 71,992 | 67,609 | |
Total Deposits | 30,761 | 31,078 | 30,761 | 31,078 | |
Revenue change due to impact of federal tax rate | (32) | (62) | |||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (8) | 29 | 25 | 68 | |
Non-interest income | (26) | 373 | (31) | 346 | |
Total net revenue | (34) | 402 | (6) | 414 | |
Provision (benefit) for credit losses | 0 | (47) | 0 | (48) | |
Total non-interest expense | 97 | 148 | 186 | 279 | |
Income (loss) from continuing operations before income taxes | (131) | 301 | (192) | 183 | |
Income tax provision (benefit) | (109) | 63 | (215) | (32) | |
Income (loss) from continuing operations, net of tax | (22) | 238 | 23 | 215 | |
Loans held for investment | 0 | 11 | 0 | 11 | |
Total Deposits | $ 18,554 | $ 22,185 | $ 18,554 | $ 22,185 |
Business Segments and Revenue_5
Business Segments and Revenue from Contracts with Customers Business Segments and Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | $ 969 | $ 882 | $ 1,863 | $ 1,686 |
Revenue from other sources | 409 | 759 | 807 | 1,146 |
Non-interest income | 1,378 | 1,641 | 2,670 | 2,832 |
Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 777 | 671 | 1,491 | 1,267 |
Revenue from other sources | 261 | 213 | 497 | 474 |
Non-interest income | 1,038 | 884 | 1,988 | 1,741 |
Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 152 | 170 | 297 | 339 |
Revenue from other sources | 14 | 5 | 29 | 10 |
Non-interest income | 166 | 175 | 326 | 349 |
Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 42 | 43 | 78 | 82 |
Revenue from other sources | 158 | 166 | 309 | 314 |
Non-interest income | 200 | 209 | 387 | 396 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | (2) | (2) | (3) | (2) |
Revenue from other sources | (24) | 375 | (28) | 348 |
Non-interest income | (26) | 373 | (31) | 346 |
Interchange Fees, Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 820 | 723 | 1,578 | 1,366 |
Interchange Fees, Contracts | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 757 | 669 | 1,459 | 1,263 |
Interchange Fees, Contracts | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 52 | 47 | 98 | 89 |
Interchange Fees, Contracts | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 13 | 8 | 24 | 15 |
Interchange Fees, Contracts | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | (2) | (1) | (3) | (1) |
Service Charges And Other Customer Fees, Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 102 | 128 | 202 | 258 |
Service Charges And Other Customer Fees, Contracts | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | 0 | 0 | 0 |
Service Charges And Other Customer Fees, Contracts | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 74 | 95 | 149 | 193 |
Service Charges And Other Customer Fees, Contracts | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 28 | 34 | 53 | 66 |
Service Charges And Other Customer Fees, Contracts | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | (1) | 0 | (1) |
Other Contract Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 47 | 31 | 83 | 62 |
Other Contract Revenue | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 20 | 2 | 32 | 4 |
Other Contract Revenue | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 26 | 28 | 50 | 57 |
Other Contract Revenue | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 1 | 1 | 1 | 1 |
Other Contract Revenue | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments, Contingencies, G_3
Commitments, Contingencies, Guarantees, and Others Commitments, Contingencies, Guarantees, and Others - Schedule of Letter of Credit and Other Loan Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Unfunded lending commitments, contractual amount | $ 383,780 | $ 382,427 |
Off-balance sheet lending commitment, carrying value | 146 | 124 |
Credit Card | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit, contractual amount | 347,314 | 346,186 |
Other excluding credit card | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit, contractual amount | 34,768 | 34,449 |
Off-balance sheet lending commitment, carrying value | 117 | 95 |
Advised line of credit | 1,500 | 1,300 |
Letter of credit | ||
Loss Contingencies [Line Items] | ||
Standby letters of credit and commercial letters of credit, contractual amount | 1,698 | 1,792 |
Off-balance sheet lending commitment, carrying value | $ 29 | $ 29 |
Commitments, Contingencies, G_4
Commitments, Contingencies, Guarantees, and Others - Loss Sharing, U.K PPI and Cybersecuity Incident (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 29, 2019 | Dec. 31, 2018 | |
Insurance claims | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 71,000,000 | $ 133,000,000 | |
Loss contingency, estimate beyond reserve | 100,000,000 | ||
Loss contingency, period increase (decrease) | 0 | ||
Cybersecurity Incident | |||
Loss Contingencies [Line Items] | |||
Cyber risk event insurance coverage deductible | $ 10,000,000 | ||
Cyber risk event insurance coverage limit | 400,000,000 | ||
Loss sharing agreements | |||
Loss Contingencies [Line Items] | |||
Guarantee obligation | $ 66,000,000 | $ 59,000,000 |
Commitments, Contingencies, G_5
Commitments, Contingencies, Guarantees, and Others - Litigation (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2018 | Aug. 31, 2018 | Jun. 30, 2019 | |
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss | $ 1,100 | ||
Anti-money laundering | |||
Loss Contingencies [Line Items] | |||
Litigation settlement paid | $ 100 | ||
Pending litigation | Interchange litigation | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, attributable to reporting entity and third party | $ 6,200 |