Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the financial instruments carried at fair value at March 31, 2015 and Dec. 31, 2014, by caption on the consolidated balance sheet and by valuation hierarchy (as described above). We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during the first quarter of 2015.

Assets measured at fair value on a recurring basis at March 31, 2015
(dollar amounts in millions)	Level 1			Level 2			Level 3			Netting (a)			Total carrying value
Available-for-sale securities:
U.S. Treasury	$	18,586		$	—		$	—		$	—		$	18,586
U.S. Government agencies	—			385			—			—			385
Sovereign debt/sovereign guaranteed	40			15,203			—			—			15,243
State and political subdivisions (b)	—			5,128			11			—			5,139
Agency RMBS	—			25,183			—			—			25,183
Non-agency RMBS	—			920			—			—			920
Other RMBS	—			1,386			—			—			1,386
Commercial MBS	—			1,851			—			—			1,851
Agency commercial MBS	—			3,785			—			—			3,785
Asset-backed CLOs	—			2,258			—			—			2,258
Other asset-backed securities	—			3,400			—			—			3,400
Equity securities	92			—			—			—			92
Money market funds (b)	730			—			—			—			730
Corporate bonds	—			1,745			—			—			1,745
Other debt securities	—			2,068			—			—			2,068
Foreign covered bonds	2,338			470			—			—			2,808
Non-agency RMBS (c)	—			2,138			—			—			2,138
Total available-for-sale securities	21,786			65,920			11			—			87,717
Trading assets:
Debt and equity instruments (b)	1,579			2,288			—			—			3,867
Derivative assets not designated as hedging:
Interest rate	27			17,024			3			(13,365		)	3,689
Foreign exchange	—			6,199			—			(4,391		)	1,808
Equity	64			192			3			(118		)	141
Total derivative assets not designated as hedging	91			23,415			6			(17,874		)	5,638
Total trading assets	1,670			25,703			6			(17,874		)	9,505
Loans	—			140			—			—			140
Other assets:
Derivative assets designated as hedging:
Interest rate	—			574			—			—			574
Foreign exchange	—			464			—			—			464
Total derivative assets designated as hedging	—			1,038			—			—			1,038
Other assets (d)	234			897			54			—			1,185
Total other assets	234			1,935			54			—			2,223
Subtotal assets of operations at fair value	23,690			93,698			71			(17,874		)	99,585
Percentage of assets prior to netting	20		%	80		%	—		%
Assets of consolidated investment management funds:
Trading assets	170			7,682			—			—			7,852
Other assets	462			111			—			—			573
Total assets of consolidated investment management funds	632			7,793			—			—			8,425
Total assets	$	24,322		$	101,491		$	71		$	(17,874	)	$	108,010
Percentage of assets prior to netting	19		%	81		%	—		%

Liabilities measured at fair value on a recurring basis at March 31, 2015
(dollar amounts in millions)	Level 1			Level 2			Level 3			Netting (a)			Total carrying value
Trading liabilities:
Debt and equity instruments	$	412		$	235		$	—		$	—		$	647
Derivative liabilities not designated as hedging:
Interest rate	8			17,225			3			(13,836		)	3,400
Foreign exchange	—			6,073			—			(3,044		)	3,029
Equity and other contracts	28			354			3			(119		)	266
Total derivative liabilities not designated as hedging	36			23,652			6			(16,999		)	6,695
Total trading liabilities	448			23,887			6			(16,999		)	7,342
Long-term debt (b)	—			355			—			—			355
Other liabilities - derivative liabilities designated as hedging:
Interest rate	—			553			—			—			553
Foreign exchange	—			59			—			—			59
Total other liabilities - derivative liabilities designated as hedging	—			612			—			—			612
Subtotal liabilities of operations at fair value	448			24,854			6			(16,999		)	8,309
Percentage of liabilities prior to netting	2		%	98		%	—		%
Liabilities of consolidated investment management funds:
Trading liabilities	—			6,584			—			—			6,584
Other liabilities	27			9			—			—			36
Total liabilities of consolidated investment management funds	27			6,593			—			—			6,620
Total liabilities	$	475		$	31,447		$	6		$	(16,999	)	$	14,929
Percentage of liabilities prior to netting	1		%	99		%	—		%

(a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.

(b) Includes certain interests in securitizations.

(c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011.

(d) Includes private equity investments and seed capital.

Assets measured at fair value on a recurring basis at Dec. 31, 2014
(dollar amounts in millions)	Level 1			Level 2			Level 3			Netting (a)			Total carrying value
Available-for-sale securities:
U.S. Treasury	$	19,997		$	—		$	—		$	—		$	19,997
U.S. Government agencies	—			343			—			—			343
Sovereign debt/sovereign guaranteed	40			17,244			—			—			17,284
State and political subdivisions (b)	—			5,236			11			—			5,247
Agency RMBS	—			32,600			—			—			32,600
Non-agency RMBS	—			953			—			—			953
Other RMBS	—			1,551			—			—			1,551
Commercial MBS	—			1,959			—			—			1,959
Agency commercial MBS	—			3,132			—			—			3,132
Asset-backed CLOs	—			2,130			—			—			2,130
Other asset-backed securities	—			3,240			—			—			3,240
Equity securities	95			—			—			—			95
Money market funds (b)	763			—			—			—			763
Corporate bonds	—			1,785			—			—			1,785
Other debt securities	—			2,169			—			—			2,169
Foreign covered bonds	2,250			618			—			—			2,868
Non-agency RMBS (c)	—			2,214			—			—			2,214
Total available-for-sale securities	23,145			75,174			11			—			98,330
Trading assets:
Debt and equity instruments (b)	2,204			2,217			—			—			4,421
Derivative assets not designated as hedging:
Interest rate	7			17,137			6			(13,942		)	3,208
Foreign exchange	—			6,280			—			(4,246		)	2,034
Equity	96			278			3			(159		)	218
Total derivative assets not designated as hedging	103			23,695			9			(18,347		)	5,460
Total trading assets	2,307			25,912			9			(18,347		)	9,881
Loans	—			21			—			—			21
Other assets:
Derivative assets designated as hedging:
Interest rate	—			477			—			—			477
Foreign exchange	—			374			—			—			374
Total derivative assets designated as hedging	—			851			—			—			851
Other assets (d)	250			745			70			—			1,065
Total other assets	250			1,596			70			—			1,916
Subtotal assets of operations at fair value	25,702			102,703			90			(18,347		)	110,148
Percentage of assets prior to netting	20		%	80		%	—		%
Assets of consolidated investment management funds:
Trading assets	100			8,578			—			—			8,678
Other assets	457			147			—			—			604
Total assets of consolidated investment management funds	557			8,725			—			—			9,282
Total assets	$	26,259		$	111,428		$	90		$	(18,347	)	$	119,430
Percentage of assets prior to netting	19		%	81		%	—		%

Liabilities measured at fair value on a recurring basis at Dec. 31, 2014
(dollar amounts in millions)	Level 1			Level 2			Level 3			Netting (a)			Total carrying value
Trading liabilities:
Debt and equity instruments	$	367		$	294		$	—		$	—		$	661
Derivative liabilities not designated as hedging:
Interest rate	3			17,645			6			(14,467		)	3,187
Foreign exchange	—			6,367			—			(3,149		)	3,218
Equity and other contracts	47			499			3			(181		)	368
Total derivative liabilities not designated as hedging	50			24,511			9			(17,797		)	6,773
Total trading liabilities	417			24,805			9			(17,797		)	7,434
Long-term debt (b)	—			347			—			—			347
Other liabilities:
Derivative liabilities designated as hedging:
Interest rate	—			385			—			—			385
Foreign exchange	—			62			—			—			62
Total derivative liabilities designated as hedging	—			447			—			—			447
Other liabilities	4			—			—			—			4
Total other liabilities	4			447			—			—			451
Subtotal liabilities of operations at fair value	421			25,599			9			(17,797		)	8,232
Percentage of liabilities prior to netting	2		%	98		%	—		%
Liabilities of consolidated investment management funds:
Trading liabilities	—			7,660			—			—			7,660
Other liabilities	1			8			—			—			9
Total liabilities of consolidated investment management funds	1			7,668			—			—			7,669
Total liabilities	$	422		$	33,267		$	9		$	(17,797	)	$	15,901
Percentage of liabilities prior to netting	1		%	99		%	—		%

(a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.

(b) Includes certain interests in securitizations.

(c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011.

(d) Includes private equity investments and seed capital.

Details Of Certain Items Measured At Fair Value On Recurring Basis Table

Details of certain items measured at fair value  on a recurring basis	March 31, 2015										Dec. 31, 2014
	Total carrying value (a)		Ratings								Total carrying value (a)		Ratings
			AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower					AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower
(dollar amounts in millions)
Non-agency RMBS, originated in:
2007	$	76	—	%	—	%	—	%	100	%	$	78	—	%	—	%	—	%	100	%
2006	134		—		—		—		100		138		—		—		—		100
2005	276		—		21		18		61		284		—		21		19		60
2004 and earlier	434		3		5		27		65		453		3		5		27		65
Total non-agency RMBS	$	920	1	%	8	%	19	%	72	%	$	953	1	%	9	%	19	%	71	%
Commercial MBS - Domestic, originated in:
2009-2015	$	686	84	%	16	%	—	%	—	%	$	639	83	%	17	%	—	%	—	%
2008	19		100		—		—		—		19		100		—		—		—
2007	349		65		21		14		—		353		65		21		14		—
2006	545		82		18		—		—		599		83		17		—		—
2005	179		100		—		—		—		271		100		—		—		—
2004 and earlier	6		100		—		—		—		6		100		—		—		—
Total commercial MBS - Domestic	$	1,784	81	%	16	%	3	%	—	%	$	1,887	82	%	15	%	3	%	—	%
Foreign covered bonds:
Canada	$	1,394	100	%	—	%	—	%	—	%	$	1,266	100	%	—	%	—	%	—	%
United Kingdom	604		100		—		—		—		690		100		—		—		—
Netherlands	215		100		—		—		—		244		100		—		—		—
Other	595		100		—		—		—		668		100		—		—		—
Total foreign covered bonds	$	2,808	100	%	—	%	—	%	—	%	$	2,868	100	%	—	%	—	%	—	%
European floating rate notes - available-for-sale:
United Kingdom	$	1,052	83	%	17	%	—	%	—	%	$	1,172	83	%	17	%	—	%	—	%
Netherlands	250		100		—		—		—		296		100		—		—		—
Ireland	129		—		—		—		100		144		—		—		—		100
Other	21		100		—		—		—		25		99		1		—		—
Total European floating rate notes - available-for-sale	$	1,452	79	%	12	%	—	%	9	%	$	1,637	79	%	12	%	—	%	9	%
Sovereign debt/sovereign guaranteed:
France	$	4,252	100	%	—	%	—	%	—	%	$	3,550	100	%	—	%	—	%	—	%
United Kingdom	2,858		100		—		—		—		5,076		100		—		—		—
Spain	1,817		—		—		100		—		1,978		—		—		100		—
Germany	1,548		100		—		—		—		1,522		100		—		—		—
Italy	1,252		—		—		100		—		1,427		—		—		100		—
Netherlands	1,237		100		—		—		—		1,800		100		—		—		—
Belguim	1,058		100		—		—		—		829		100		—		—		—
Ireland	802		—		17		83		—		672		—		—		100		—
Other	419		83		—		17		—		430		81		—		19		—
Total sovereign debt/sovereign guaranteed	$	15,243	74	%	1	%	25	%	—	%	$	17,284	76	%	—	%	24	%	—	%
Non-agency RMBS (b), originated in:
2007	$	599	—	%	—	%	—	%	100	%	$	620	—	%	—	%	—	%	100	%
2006	627		—		—		1		99		653		—		—		1		99
2005	706		—		3		1		96		727		—		3		1		96
2004 and earlier	206		—		4		7		89		214		—		4		7		89
Total non-agency RMBS (b)	$	2,138	—	%	1	%	1	%	98	%	$	2,214	—	%	1	%	1	%	98	%

(a) At March 31, 2015 and Dec. 31, 2014, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy.

(b) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011.

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation

The tables below include a roll forward of the balance sheet amounts for the quarters ended March 31, 2015 and 2014 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy.

Fair value measurements for assets using significant unobservable inputs for the three months ended March 31, 2015
	Available-for-sale securities			Trading assets								Total assets
(in millions)	State and political subdivisions			Derivative assets			(a)	Other assets
Fair value at Dec. 31, 2014	$	11		$	9			$	70			$	90
Total gains or (losses) for the period:
Included in earnings (or changes in net assets)	—		(b)	(1		)	(c)	(2		)	(d)	(3		)
Purchases, sales and settlements:
Purchases	—			—				7				7
Sales	—			—				(21		)		(21		)
Settlements	—			(2		)		—				(2		)
Fair value at March 31, 2015	$	11		$	6			$	54			$	71
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period				$	(1	)		$	—			$	(1	)

(a) Derivative assets are reported on a gross basis.

(b) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses).

(c) Reported in foreign exchange and other trading revenue.

(d) Reported in investment and other income.

Fair value measurements for liabilities using significant unobservable inputs for the three months ended March 31, 2015
	Trading liabilities				Total liabilities
(in millions)	Derivative liabilities			(a)
Fair value at Dec. 31, 2014	$	9			$	9
Total (gains) or losses for the period:
Included in earnings (or changes in net liabilities)	(1		)	(b)	(1		)
Settlements	(2		)		(2		)
Fair value at March 31, 2015	$	6			$	6
Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period	$	1			$	1

(a) Derivative liabilities are reported on a gross basis.

(b) Reported in foreign exchange and other trading revenue.

Fair value measurements for assets using significant unobservable inputs for the three months ended March 31, 2014
	Available-for-sale securities			Trading assets
(in millions)	State and  political subdivisions			Debt and equity instruments			Derivative assets			(a)	Other assets				Total assets
Fair value at Dec. 31, 2013	$	11		$	1		$	22			$	105			$	139
Transfers out of Level 3	—			—			(1		)		—				(1		)
Total gains or (losses) for the period:
Included in earnings (or changes in net assets)	—		(b)	—		(c)	(2		)	(c)	2			(d)	—
Purchases and sales:
Purchases	—			—			—				8				8
Sales	—			—			—				(5		)		(5		)
Fair value at March 31, 2014	$	11		$	1		$	19			$	110			$	141
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period				$	—		$	(2	)		$	—			$	(2	)

(a) Derivative assets are reported on a gross basis.

(b) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses).

(c) Reported in foreign exchange and other trading revenue.

(d) Reported in investment and other income.

Fair value measurements for liabilities using significant unobservable inputs for the three months ended March 31, 2014
	Trading liabilities				Total liabilities
(in millions)	Derivative liabilities			(a)
Fair value at Dec. 31, 2013	$	75			$	75
Transfers out of Level 3	(37		)		(37		)
Total (gains) or losses for the period:
Included in earnings (or changes in net liabilities)	3			(b)	3
Fair value at March 31, 2014	$	41			$	41
Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period	$	3			$	3

(a) Derivative liabilities are reported on a gross basis.

(b) Reported in foreign exchange and other trading revenue.

Assets Measured at Fair Value on Nonrecurring Basis

The following tables present the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy as of March 31, 2015 and Dec. 31, 2014, for which a nonrecurring change in fair value has been recorded during the quarters ended March 31, 2015 and Dec. 31, 2014.

Assets measured at fair value on a nonrecurring basis at March 31, 2015							Total carrying value
(in millions)	Level 1		Level 2		Level 3
Loans (a)	$	—	$	108	$	2	$	110
Other assets (b)	—		7		—		7
Total assets at fair value on a nonrecurring basis	$	—	$	115	$	2	$	117

Assets measured at fair value on a nonrecurring basis at Dec. 31, 2014							Total carrying value
(in millions)	Level 1		Level 2		Level 3
Loans (a)	$	—	$	112	$	2	$	114
Other assets (b)	—		6		—		6
Total assets at fair value on a nonrecurring basis	$	—	$	118	$	2	$	120

(a) During the quarters ended March 31, 2015 and Dec. 31, 2014, the fair value of these loans increased less than $1 million and decreased $3 million, respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses.

(b) Includes other assets received in satisfaction of debt and loans held for sale. Loans held for sale are carried on the balance sheet at the lower of cost or fair value.

Fair Value Inputs, Assets, Quantitative Information

The following tables present the unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy.

Quantitative information about Level 3 fair value measurements of assets
(dollars in millions)	Fair value at March 31, 2015			Valuation techniques	Unobservable input	Range
Measured on a recurring basis:
Available-for-sale securities:
State and political subdivisions		$	11	Discounted cash flow	Expected credit loss	1	%
Trading assets - Derivative assets:
Interest rate contracts:
Structured foreign exchange swaptions		3		Option pricing model (a)	Correlation risk	0%-25%
					Long-term foreign exchange volatility	13%-15%
Equity:
Equity options		3		Option pricing model (a)	Long-term equity volatility	21%-22%
Measured on a nonrecurring basis:
Loans		2		Discounted cash flows	Timing of sale	0-15 months
					Cap rate	8	%
					Cost to complete/sell	0%-260%

Fair Value Inputs, Liabilities, Quantitative information

Quantitative information about Level 3 fair value measurements of liabilities
(dollars in millions)	Fair value at March 31, 2015			Valuation techniques	Unobservable input	Range
Measured on a recurring basis:
Trading liabilities - Derivative liabilities:
Interest rate contracts:
Structured foreign exchange swaptions		$	3	Option pricing model (a)	Correlation risk	0%-25%
					Long-term foreign exchange volatility	13%-15%
Equity:
Equity options		3		Option pricing model (a)	Long-term equity volatility	21%-22%

(a) The option pricing model uses market inputs such as foreign currency exchange rates, interest rates and volatility to calculate the fair value of the option.

Fair Value by Balance Sheet Grouping

The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at March 31, 2015 and Dec. 31, 2014, by caption on the consolidated balance sheet and by the valuation hierarchy (as described above).

Summary of financial instruments	March 31, 2015
(in millions)	Level 1		Level 2		Level 3		Total estimated fair value		Carrying amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	—	$	89,704	$	—	$	89,704	$	89,704
Interest-bearing deposits with banks	—		18,947		—		18,947		18,937
Federal funds sold and securities purchased under resale agreements	—		28,268		—		28,268		28,268
Securities held-to-maturity	10,462		31,214		—		41,676		41,237
Loans	—		60,088		—		60,088		59,906
Other financial assets	7,167		1,073		—		8,240		8,240
Total	$	17,629	$	229,294	$	—	$	246,923	$	246,292
Liabilities:
Noninterest-bearing deposits	$	—	$	111,622	$	—	$	111,622	$	111,622
Interest-bearing deposits	—		168,831		—		168,831		169,637
Federal funds purchased and securities sold under repurchase agreements	—		7,919		—		7,919		7,919
Payables to customers and broker-dealers	—		21,959		—		21,959		21,959
Borrowings	—		984		—		984		984
Long-term debt	—		20,711		—		20,711		20,046
Total	$	—	$	332,026	$	—	$	332,026	$	332,167

Summary of financial instruments	Dec. 31, 2014
(in millions)	Level 1		Level 2		Level 3		Total estimated fair value		Carrying amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	—	$	96,682	$	—	$	96,682	$	96,682
Interest-bearing deposits with banks	—		19,505		—		19,505		19,495
Federal funds sold and securities purchased under resale agreements	—		20,302		—		20,302		20,302
Securities held-to-maturity	5,063		16,064		—		21,127		20,933
Loans	—		56,840		—		56,840		56,749
Other financial assets	6,970		1,121		—		8,091		8,091
Total	$	12,033	$	210,514	$	—	$	222,547	$	222,252
Liabilities:
Noninterest-bearing deposits	$	—	$	104,240	$	—	$	104,240	$	104,240
Interest-bearing deposits	—		160,688		—		160,688		161,629
Federal funds purchased and securities sold under repurchase agreements	—		11,469		—		11,469		11,469
Payables to customers and broker-dealers	—		21,181		—		21,181		21,181
Borrowings	—		956		—		956		956
Long-term debt	—		20,401		—		20,401		19,917
Total	$	—	$	318,935	$	—	$	318,935	$	319,392

Summary Of Hedged Financial Instruments Disclosure

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)
March 31, 2015
Securities available-for-sale	$	7,233	$	6,966	$	4	$	(539	)
Long-term debt	16,623		16,100		568		(14		)
Dec. 31, 2014
Securities available-for-sale	$	7,294	$	7,045	$	4	$	(370	)
Long-term debt	16,469		16,100		470		(14		)