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Fair value measurement (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis The following tables present the financial instruments carried at fair value at Sept. 30, 2020 and Dec. 31, 2019, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. 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.
Assets measured at fair value on a recurring basis at Sept. 30, 2020Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Available-for-sale securities:
Agency RMBS$— $24,733 $— $— $24,733 
U.S. Treasury24,733 — — — 24,733 
Sovereign debt/sovereign guaranteed7,179 6,914 — — 14,093 
Agency commercial MBS— 9,942 — — 9,942 
Supranational— 7,136 — — 7,136 
Foreign covered bonds— 5,841 — — 5,841 
CLOs— 4,657 — — 4,657 
Foreign government agencies— 3,970 — — 3,970 
U.S. government agencies— 3,478 — — 3,478 
Other ABS— 2,930 — — 2,930 
Non-agency commercial MBS— 2,711 — — 2,711 
Non-agency RMBS (b)
— 1,941 — — 1,941 
State and political subdivisions— 1,690 — — 1,690 
Corporate bonds— 1,030 — — 1,030 
Commercial paper/CDs— 357 — — 357 
Other debt securities— 1 — — 1 
Total available-for-sale securities31,912 77,331 — — 109,243 
Trading assets:
Debt instruments3,181 3,050 — — 6,231 
Equity instruments (c)
2,694 — — — 2,694 
Derivative assets not designated as hedging:
Interest rate4 4,958 — (2,133)2,829 
Foreign exchange— 4,410 — (3,102)1,308 
Equity and other contracts4 11 — (3)12 
Total derivative assets not designated as hedging8 9,379 — (5,238)4,149 
Total trading assets5,883 12,429 — (5,238)13,074 
Other assets:
Derivative assets designated as hedging:
Foreign exchange— 56 — — 56 
Total derivative assets designated as hedging— 56 — — 56 
Other assets (d)
113 174 — — 287 
Assets measured at NAV (d)
184 
Subtotal assets of operations at fair value
37,908 89,990 — (5,238)122,844 
Percentage of assets of operations prior to netting30 %70 %— %
Assets of consolidated investment management funds360 228 — — 588 
Total assets$38,268 $90,218 $— $(5,238)$123,432 
Percentage of total assets prior to netting
30 %70 %— %
Liabilities measured at fair value on a recurring basis at Sept. 30, 2020Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Trading liabilities:
Debt instruments$3,396 $66 $— $— $3,462 
Equity instruments26 — — — 26 
Derivative liabilities not designated as hedging:
Interest rate3 4,243 — (2,551)1,695 
Foreign exchange— 4,522 — (3,631)891 
Equity and other contracts— 11 — (1)10 
Total derivative liabilities not designated as hedging3 8,776 — (6,183)2,596 
Total trading liabilities3,425 8,842 — (6,183)6,084 
Long-term debt (c)
— 400 — — 400 
Other liabilities – derivative liabilities designated as hedging:
Interest rate— 803 — — 803 
Foreign exchange— 194 — — 194 
Total other liabilities – derivative liabilities designated as hedging
— 997 — — 997 
Subtotal liabilities of operations at fair value
3,425 10,239 — (6,183)7,481 
Percentage of liabilities of operations prior to netting25 %75 %— %
Liabilities of consolidated investment management funds— 4 — — 4 
Total liabilities$3,425 $10,243 $— $(6,183)$7,485 
Percentage of total liabilities prior to netting
25 %75 %— %
(a)    ASC 815, Derivatives and Hedging, 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 $512 million in Level 2 that was included in the former Grantor Trust.
(c)    Includes certain interests in securitizations.
(d)    Includes seed capital, private equity investments and other assets.
Assets measured at fair value on a recurring basis at Dec. 31, 2019Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Available-for-sale securities:
Agency RMBS$— $27,043 $— $— $27,043 
U.S. Treasury15,431 — — — 15,431 
Sovereign debt/sovereign guaranteed7,784 4,862 — — 12,646 
Agency commercial MBS— 9,417 — — 9,417 
Foreign covered bonds— 4,197 — — 4,197 
CLOs— 4,063 — — 4,063 
Supranational— 3,709 — — 3,709 
Foreign government agencies— 2,643 — — 2,643 
Non-agency commercial MBS— 2,178 — — 2,178 
Other ABS— 2,143 — — 2,143 
U.S. government agencies— 1,949 — — 1,949 
Non-agency RMBS (b)
— 1,233 — — 1,233 
State and political subdivisions— 1,044 — — 1,044 
Corporate bonds— 853 — — 853 
Other debt securities— 1 — — 1 
Total available-for-sale securities23,215 65,335 — — 88,550 
Trading assets:
Debt instruments1,568 4,243 — — 5,811 
Equity instruments (c)
4,539 — — — 4,539 
Derivative assets not designated as hedging:
Interest rate4 3,686 — (1,792)1,898 
Foreign exchange— 5,331 — (4,021)1,310 
Equity and other contracts— 19 — (6)13 
Total derivative assets not designated as hedging4 9,036 — (5,819)3,221 
Total trading assets6,111 13,279 — (5,819)13,571 
Other assets:
Derivative assets designated as hedging:
Foreign exchange— 21 — — 21 
Total derivative assets designated as hedging— 21 — — 21 
Other assets (d)
38 179 — — 217 
Assets measured at NAV (d)
181 
Subtotal assets of operations at fair value
29,364 78,814 — (5,819)102,540 
Percentage of assets of operations prior to netting27 %73 %— %
Assets of consolidated investment management funds212 33 — — 245 
Total assets$29,576 $78,847 $— $(5,819)$102,785 
Percentage of total assets prior to netting
27 %73 %— %
Liabilities measured at fair value on a recurring basis at Dec. 31, 2019Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Trading liabilities:
Debt instruments$1,477 $107 $— $— $1,584 
Equity instruments73 — — — 73 
Derivative liabilities not designated as hedging:
Interest rate6 3,244 — (1,986)1,264 
Foreign exchange— 5,340 — (3,428)1,912 
Equity and other contracts3 6 — (1)8 
Total derivative liabilities not designated as hedging9 8,590 — (5,415)3,184 
Total trading liabilities1,559 8,697 — (5,415)4,841 
Long-term debt (c)
— 387 — — 387 
Other liabilities – derivative liabilities designated as hedging:
Interest rate— 350 — — 350 
Foreign exchange— 257 — — 257 
Total other liabilities – derivative liabilities designated as hedging
— 607 — — 607 
Subtotal liabilities of operations at fair value
1,559 9,691 — (5,415)5,835 
Percentage of liabilities of operations prior to netting14 %86 %— %
Liabilities of consolidated investment management funds1 — — — 1 
Total liabilities$1,560 $9,691 $— $(5,415)$5,836 
Percentage of total liabilities prior to netting
14 %86 %— %
(a)    ASC 815, Derivatives and Hedging, 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 $640 million in Level 2 that was included in the former Grantor Trust.
(c)    Includes certain interests in securitizations.
(d)    Includes seed capital, private equity investments and other assets.
Details Of Certain Items Measured At Fair Value on Recurring Basis
Details of certain available-for-sale securities measured at fair value on a recurring basis
Sept. 30, 2020Dec. 31, 2019
Total
carrying
value
Ratings (a)
Total
carrying value
Ratings (a)
AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower
(dollars in millions)(b)(b)
Non-agency RMBS (c), originated in:
2007-2020$1,311 88 %— %— %12 %$464 55 %1 %— %44 %
2006244 — 23 — 77 291 — 21 — 79 
2005243 4 — 7 89 305 5 2 8 85 
2004 and earlier143 20 9 12 59 173 22 24 4 50 
Total non-agency RMBS$1,941 61 %4 %2 %33 %$1,233 25 %9 %3 %63 %
Non-agency commercial MBS originated in:
2009-2020$2,711 100 %— %— %— %$2,178 98 %2 %— %— %
Foreign covered bonds:
Canada$2,368 98 %2 %— %— %$1,798 100 %— %— %— %
UK1,130 100 — — — 984 100 — — — 
Australia775 100 — — — 431 100 — — — 
Norway609 100 — — — 287 100 — — — 
Germany479 100 — — — 357 100 — — — 
Other480 100 — — — 340 100 — — — 
Total foreign covered bonds$5,841 99 %1 %— %— %$4,197 100 %— %— %— %
Sovereign debt/sovereign guaranteed:
Germany$2,155 100 %— %— %— %$1,997 100 %— %— %— %
UK2,037 100 — — — 3,318 100 — — — 
Italy1,974 — — 100 — 1,260 — — 100 — 
France1,846 100 — — — 1,272 100 — — — 
Spain1,835 — 5 95 — 1,453 — 6 94 — 
Singapore949 100 — — — 742 100 — — — 
Canada732 100 — — — 271 100 — — — 
Ireland522 — 100 — — 301 — 100 — — 
Netherlands471 100 — — — 791 100 — — — 
Japan 437 — 100 — — 274 — 100 — — 
Austria294 100 — — — 240 100 — — — 
Belgium253 100 — — — 79 100 — — — 
Hong Kong206 100 — — — 411 100 — — — 
Other (d)
382 51 — 18 31 237 39 4 — 57 
Total sovereign debt/sovereign guaranteed$14,093 65 %7 %27 %1 %$12,646 73 %5 %21 %1 %
Foreign government agencies:
Germany$1,483 100 %— %— %— %$1,131 100 %— %— %— %
Netherlands800 100 — — — 678 100 — — — 
Canada442 72 28 — — 71 — 100 — — 
France293 100 — — — 42 100 — — — 
Sweden276 100 — — — 202 100 — — — 
Finland246 100 — — — 245 100 — — — 
Other430 77 23 — — 274 79 21 — — 
Total foreign government agencies$3,970 94 %6 %— %— %$2,643 95 %5 %— %— %
(a)    Represents ratings by S&P or the equivalent.
(b)    At Sept. 30, 2020 and Dec. 31, 2019, sovereign debt/sovereign guaranteed securities 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.
(c)    Includes $512 million at Sept. 30, 2020 and $640 million at Dec. 31, 2019 that were included in the former Grantor Trust.
(d)    Includes non-investment grade sovereign debt/sovereign guaranteed securities related to Brazil of $119 million at Sept. 30, 2020 and $134 million at Dec. 31, 2019.
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the financial instruments carried on the consolidated balance sheet by caption and level in the fair value hierarchy as of Sept. 30, 2020 and Dec. 31, 2019.

Assets measured at fair value on a nonrecurring basis
Sept. 30, 2020Dec. 31, 2019
Total carrying
value		Total carrying
value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Loans (a)
$— $52 $— $52 $— $58 $— $58 
Other assets (b)
— 113 — 113 — 64 — 64 
Total assets at fair value on a nonrecurring basis$— $165 $— $165 $— $122 $— $122 
(a)The fair value of these loans decreased less than $1 million in the third quarter of 2020 and the fourth quarter of 2019, based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses.
(b)Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt.
Summary of Financial Instruments Not Carried at Fair Value
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 Sept. 30, 2020 and Dec. 31, 2019, by caption on the consolidated balance sheet and by the valuation hierarchy.

Summary of financial instrumentsSept. 30, 2020
(in millions)Level 1Level 2Level 3Total
estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $106,185 $— $106,185 $106,185 
Interest-bearing deposits with banks— 19,037 — 19,037 19,027 
Federal funds sold and securities purchased under resale agreements— 29,647 — 29,647 29,647 
Securities held-to-maturity4,415 43,043 — 47,458 46,096 
Loans (a)
— 54,475 — 54,475 54,088 
Other financial assets4,104 1,121 — 5,225 5,225 
Total$8,519 $253,508 $— $262,027 $260,268 
Liabilities:
Noninterest-bearing deposits$— $79,470 $— $79,470 $79,470 
Interest-bearing deposits— 216,499 — 216,499 216,842 
Federal funds purchased and securities sold under repurchase agreements— 15,907 — 15,907 15,907 
Payables to customers and broker-dealers— 23,514 — 23,514 23,514 
Commercial paper— 671 — 671 671 
Borrowings— 607 — 607 607 
Long-term debt— 27,457 — 27,457 25,721 
Total$— $364,125 $— $364,125 $362,732 
(a)    Does not include the leasing portfolio.
Summary of financial instrumentsDec. 31, 2019
(in millions)Level 1Level 2Level 3Total estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $95,042 $— $95,042 $95,042 
Interest-bearing deposits with banks— 14,832 — 14,832 14,811 
Federal funds sold and securities purchased under resale agreements— 30,182 — 30,182 30,182 
Securities held-to-maturity4,630 30,175 — 34,805 34,483 
Loans (a)
— 54,194 — 54,194 53,718 
Other financial assets4,830 1,233 — 6,063 6,063 
Total$9,460 $225,658 $— $235,118 $234,299 
Liabilities:
Noninterest-bearing deposits$— $57,630 $— $57,630 $57,630 
Interest-bearing deposits— 200,846 — 200,846 201,836 
Federal funds purchased and securities sold under repurchase agreements— 11,401 — 11,401 11,401 
Payables to customers and broker-dealers— 18,758 — 18,758 18,758 
Commercial paper— 3,959 — 3,959 3,959 
Borrowings— 917 — 917 917 
Long-term debt— 27,858 — 27,858 27,114 
Total$— $321,369 $— $321,369 $321,615 
(a)    Does not include the leasing portfolio.