| Off-Balance Sheet Lending Related Financial Instruments, and Guarantees and Other Commitments |
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2013, and December 31, 2012. The amounts in the table below for lending-related commitments represent the total available credit, inclusive of certain non-legally binding lines of credit. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel these non-legally binding lines of credit by providing the borrower notice or, in some cases, without notice as permitted by law. The Firm may reduce or close home equity lines of credit when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Also, the Firm typically closes credit card lines when the borrower is 60 days or more past due. | | | | | | | | | | | | | | | | | | | | | | | | | | | Off–balance sheet lending-related financial instruments, guarantees and other commitments | | | Contractual amount | | Carrying value(g) | | Mar 31, 2013 | Dec 31,
2012 | | Mar 31,
2013 | Dec 31,
2012 | By remaining maturity (in millions) | Expires in 1 year or less | Expires after
1 year through
3 years | Expires after
3 years through
5 years | Expires after 5 years | Total | Total | | | | Lending-related | | | | | | | | | | Consumer, excluding credit card: | | | | | | | | | | Home equity – senior lien | $ | 2,240 |
| $ | 4,911 |
| $ | 4,820 |
| $ | 2,804 |
| $ | 14,775 |
| $ | 15,180 |
| | $ | — |
| $ | — |
| Home equity – junior lien | 3,876 |
| 7,933 |
| 6,110 |
| 2,973 |
| 20,892 |
| 21,796 |
| | — |
| — |
| Prime mortgage | 5,760 |
| — |
| — |
| — |
| 5,760 |
| 4,107 |
| | — |
| — |
| Subprime mortgage | — |
| — |
| — |
| — |
| — |
| — |
| | — |
| — |
| Auto | 7,317 |
| 137 |
| 154 |
| 45 |
| 7,653 |
| 7,185 |
| | 1 |
| 1 |
| Business banking | 10,009 |
| 583 |
| 100 |
| 356 |
| 11,048 |
| 11,092 |
| | 6 |
| 6 |
| Student and other | 108 |
| 158 |
| 7 |
| 473 |
| 746 |
| 796 |
| | — |
| — |
| Total consumer, excluding credit card | 29,310 |
| 13,722 |
| 11,191 |
| 6,651 |
| 60,874 |
| 60,156 |
| | 7 |
| 7 |
| Credit card | 537,455 |
| — |
| — |
| — |
| 537,455 |
| 533,018 |
| | — |
| — |
| Total consumer | 566,765 |
| 13,722 |
| 11,191 |
| 6,651 |
| 598,329 |
| 593,174 |
| | 7 |
| 7 |
| Wholesale: | | | | | | | | | | Other unfunded commitments to extend credit(a)(b) | 57,173 |
| 79,704 |
| 96,724 |
| 6,087 |
| 239,688 |
| 243,225 |
| | 431 |
| 377 |
| Standby letters of credit and other financial guarantees(a)(b)(c) | 27,229 |
| 31,513 |
| 37,798 |
| 1,659 |
| 98,199 |
| 100,929 |
| | 638 |
| 647 |
| Unused advised lines of credit | 78,932 |
| 11,304 |
| 792 |
| 421 |
| 91,449 |
| 85,087 |
| | — |
| — |
| Other letters of credit(a) | 4,176 |
| 1,407 |
| 309 |
| 53 |
| 5,945 |
| 5,573 |
| | 2 |
| 2 |
| Total wholesale | 167,510 |
| 123,928 |
| 135,623 |
| 8,220 |
| 435,281 |
| 434,814 |
| | 1,071 |
| 1,026 |
| Total lending-related | $ | 734,275 |
| $ | 137,650 |
| $ | 146,814 |
| $ | 14,871 |
| $ | 1,033,610 |
| $ | 1,027,988 |
| | $ | 1,078 |
| $ | 1,033 |
| Other guarantees and commitments | | | | | | | | | | Securities lending indemnification agreements and guarantees(d) | $ | 182,526 |
| $ | — |
| $ | — |
| $ | — |
| $ | 182,526 |
| $ | 166,493 |
| | NA |
| NA |
| Derivatives qualifying as guarantees | 2,217 |
| 1,419 |
| 18,452 |
| 37,171 |
| 59,259 |
| 61,738 |
| | $ | 64 |
| $ | 42 |
| Unsettled reverse repurchase and securities borrowing agreements(e) | 52,209 |
| — |
| — |
| — |
| 52,209 |
| 34,871 |
| | — |
| — |
| Loan sale and securitization-related indemnifications: | | | | | | | | | | Mortgage repurchase liability | NA |
| NA |
| NA |
| NA |
| NA |
| NA |
| | 2,674 |
| 2,811 |
| Loans sold with recourse | NA |
| NA |
| NA |
| NA |
| 9,022 |
| 9,305 |
| | 139 |
| 141 |
| Other guarantees and commitments(f) | 548 |
| 345 |
| 1,431 |
| 4,322 |
| 6,646 |
| 6,780 |
| | (73 | ) | (75 | ) |
| | (a) | At March 31, 2013, and December 31, 2012, reflects the contractual amount net of risk participations totaling $428 million and $473 million, respectively, for other unfunded commitments to extend credit; $16.6 billion and $16.6 billion, respectively, for standby letters of credit and other financial guarantees; and $1.1 billion and $690 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. |
| | (b) | At March 31, 2013, and December 31, 2012, included credit enhancements and bond and commercial paper liquidity commitments to U.S. states and municipalities, hospitals and other non profit entities of $43.2 billion and $44.5 billion, respectively. These commitments also include liquidity facilities to nonconsolidated municipal bond VIEs; for further information, see Note 15 on pages 151–158 of this Form 10-Q. |
| | (c) | At March 31, 2013, and December 31, 2012, included unissued standby letters of credit commitments of $42.2 billion and $44.4 billion, respectively. |
| | (d) | At March 31, 2013, and December 31, 2012, collateral held by the Firm in support of securities lending indemnification agreements was $183.2 billion and $165.1 billion, respectively. Securities lending collateral comprises primarily cash and securities issued by governments that are members of the Organisation for Economic Co-operation and Development (“OECD”) and U.S. government agencies. |
| | (e) | At March 31, 2013, and December 31, 2012, the amount of commitments related to forward-starting reverse repurchase agreements and securities borrowing agreements were $10.5 billion and $13.2 billion, respectively. Commitments related to unsettled reverse repurchase agreements and securities borrowing agreements with regular-way settlement periods were $41.7 billion and $21.7 billion, at March 31, 2013, and December 31, 2012, respectively. |
| | (f) | At March 31, 2013, and December 31, 2012, included unfunded commitments of $323 million and $370 million, respectively, to third-party private equity funds; and $1.4 billion and $1.5 billion, respectively, to other equity investments. These commitments included $236 million and $333 million, respectively, related to investments that are generally fair valued at net asset value as discussed in Note 3 on pages 96–107 of this Form 10-Q. In addition, at March 31, 2013, and December 31, 2012, included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.6 billion and $4.5 billion, respectively. |
| | (g) | For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value. |
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