Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2012

Carrying Amount and Fair Value of Financial Instruments

Summary of financial instruments	March 31, 2012										Dec. 31, 2011
(in millions)	Level 1		Level 2		Level 3		Total estimated fair value		Carrying amount		Estimated fair value		Carrying amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	-	$	62,030	$	-	$	62,030	$	62,030	$	90,243	$	90,243
Interest-bearing deposits with banks		-		34,902		-		34,902		34,854		36,381		36,321
Federal funds sold and securities purchased under resale agreements		-		5,437		-		5,437		5,437		4,510		4,510
Securities held-to-maturity		905		3,944		-		4,849		4,819		3,540		3,521
Loans		-		40,180		-		40,180		40,074		41,166		40,970
Other financial assets		4,333		1,156		-		5,489		5,489		5,336		5,336
Total	$	5,238	$	147,649	$	-	$	152,887	$	152,703	$	181,176	$	180,901
Liabilities:
Noninterest-bearing deposits	$	-	$	65,027	$	-	$	65,027	$	65,027	$	95,335	$	95,335
Interest-bearing deposits		-		127,436		-		127,436		127,435		123,759		123,759
Federal funds purchased and securities sold under repurchase agreements		-		8,285		-		8,285		8,285		6,267		6,267
Payables to customers and broker-dealers		-		12,959		-		12,959		12,959		12,671		12,671
Borrowings		-		3,365		-		3,365		3,365		2,376		2,376
Long-term debt		-		21,003		-		21,003		20,336		20,459		19,933
Total	$	-	$	238,075	$	-	$	238,075	$	237,407	$	260,867	$	260,341

Summary of Carrying Amount of Hedged Financial Instruments, Related Notional Amount of the Hedge and Estimated Fair Value of Derivatives

The table below summarizes the carrying amount of the hedged financial instruments, the notional amount of the hedge and the unrealized gain (loss) (estimated fair value) of the derivatives.

Hedged financial instruments	Carrying amount		Notional amount of hedge		Unrealized
(in millions)					Gain		(Loss)
At March 31, 2012:
Interest-bearing deposits with banks	$	9,211	$	9,211	$	42	$	-
Securities available-for-sale		4,642		4,540		84		(160	)
Deposits		10		10		1		-
Long-term debt		15,925		15,233		901		(18	)
At Dec. 31, 2011:
Interest-bearing deposits with banks	$	8,789	$	8,789	$	441	$	(17	)
Securities available-for-sale		4,354		4,009		-		(289	)
Deposits		10		10		1		-
Long-term debt		15,048		14,262		964		(9	)