Accumulated Other Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

Year ended December 31, (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at December 31, 2017		$	2,164			$	(470)	$	—		$	76		$	(1,521)		$	(368)		$	(119)
Cumulative effect of changes in accounting principles(a)		896				(277)		(54)			16			(414)			(79)			88
Net change		(1,858)				20		(107)			(201)			(373)			1,043			(1,476)
Balance at December 31, 2018		$	1,202			$	(727)	$	(161)		$	(109)		$	(2,308)		$	596		$	(1,507)
Net change		2,855				20		30			172			964			(965)			3,076
Balance at December 31, 2019		$	4,057			$	(707)	$	(131)		$	63		$	(1,344)		$	(369)		$	1,569
Net change		4,123				234		19			2,320			212			(491)			6,417
Balance at December 31, 2020		$	8,180	(b)		$	(473)	$	(112)		$	2,383		$	(1,132)		$	(860)		$	7,986

(a)Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018. Refer to Note 1 for additional information.

(b)Includes after-tax net unamortized unrealized gains of $3.3 billion related to AFS securities that have been transferred to HTM. Refer to Note 10 for further information.

Changes of the components of accumulated other comprehensive income (loss)

The following table presents the pre-tax and after-tax changes in the components of OCI.

	2020						2019						2018
Year ended December 31, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	6,228	$	(1,495)	$	4,733	$	4,025	$	(974)	$	3,051	$	(2,825)	$	665	$	(2,160)
Reclassification adjustment for realized (gains)/losses included in net income(a)	(802)		192		(610)		(258)		62		(196)		395		(93)		302
Net change	5,426		(1,303)		4,123		3,767		(912)		2,855		(2,430)		572		(1,858)
Translation adjustments(b):
Translation	1,407		(103)		1,304		(49)		33		(16)		(1,078)		156		(922)
Hedges	(1,411)		341		(1,070)		46		(10)		36		1,236		(294)		942
Net change	(4)		238		234		(3)		23		20		158		(138)		20
Fair value hedges, net change(c):	25		(6)		19		39		(9)		30		(140)		33		(107)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	3,623		(870)		2,753		122		(28)		94		(245)		58		(187)
Reclassification adjustment for realized (gains)/losses included in net income(d)	(570)		137		(433)		103		(25)		78		(18)		4		(14)
Net change	3,053		(733)		2,320		225		(53)		172		(263)		62		(201)
Defined benefit pension and OPEB plans, net change:	214		(2)		212		1,157		(193)		964		(450)		77		(373)
DVA on fair value option elected liabilities, net change:	$	(648)	$	157	$	(491)	$	(1,264)	$	299	$	(965)	$	1,364	$	(321)	$	1,043
Total other comprehensive income/(loss)	$	8,066	$	(1,649)	$	6,417	$	3,921	$	(845)	$	3,076	$	(1,761)	$	285	$	(1,476)

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the year ended December 31, 2020, the Firm reclassified a net pre-tax gain of $6 million to other income related to the liquidation of legal entities, $3 million related to net investment hedge gains and $3 million related to cumulative translation adjustments. During the year ended December 31, 2019, the Firm reclassified net pre-tax gains of $7 million to other income and $1 million to other expense, respectively. These amounts, which related to the liquidation of certain legal entities, are comprised of $18 million related to net investment hedge gains and $10 million related to cumulative translation adjustments. During the year ended December 31, 2018, the Firm reclassified a net pre-tax loss of $168 million to other expense related to the liquidation of certain legal entities, $17 million related to net investment hedge losses and $151 million related to cumulative translation adjustments.

(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swap.

(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.