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Accumulated Other Comprehensive Income/(Loss)
 12 Months Ended
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income/(Loss) 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 gain/(loss) 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 hedgesFair value
hedges		Cash flow hedgesDefined benefit pension and OPEB plansDVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at December 31, 2019$4,057 

$(707)$(131)$63 $(1,344)$(369)$1,569 
Net change4,123 234 19 2,320 212 (491)6,417 
Balance at December 31, 2020$8,180 
(a)
$(473)$(112)$2,383 $(1,132)$(860)$7,986 
Net change(5,540)(461)(19)(2,679)922 (293)(8,070)
Balance at December 31, 2021$2,640 
(a)
$(934)$(131)$(296)$(210)$(1,153)$(84)
Net change(11,764)(611)98 (5,360)(1,241)1,621 (17,257)
Balance at December 31, 2022$(9,124)
(a)
$(1,545)$(33)$(5,656)$(1,451)$468 $(17,341)
(a)Includes after-tax net unamortized unrealized gains/(losses) of $(1.3) billion, $2.4 billion, and $3.3 billion related to AFS securities that have been transferred to HTM for the years ended 2022, 2021 and 2020, respectively. Refer to Note 10 for further information.
The following table presents the pre-tax and after-tax changes in the components of OCI.
202220212020
Year ended December 31, (in millions)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities
Net unrealized gains/(losses) arising during the period
$(17,862)$4,290 $(13,572)$(7,634)$1,832 $(5,802)$6,228 $(1,495)$4,733 
Reclassification adjustment for realized (gains)/losses included in net income(a)
2,380 (572)1,808 345 (83)262 (802)192 (610)
Net change(15,482)3,718 (11,764)(7,289)1,749 (5,540)5,426 (1,303)4,123 
Translation adjustments(b)
Translation(3,574)265 (3,309)(2,447)125 (2,322)1,407 (103)1,304 
Hedges3,553 (855)2,698 2,452 (591)1,861 (1,411)341 (1,070)
Net change(21)(590)(611)5 (466)(461)(4)238 234 
Fair value hedges, net change(c)
130 (32)98 (26)7 (19)25 (6)19 
Cash flow hedges
Net unrealized gains/(losses) arising during the period
(7,473)1,794 (5,679)(2,303)553 (1,750)3,623 (870)2,753 
Reclassification adjustment for realized (gains)/losses included in net income(d)
420 (101)319 (1,222)293 (929)(570)137 (433)
Net change(7,053)1,693 (5,360)(3,525)846 (2,679)3,053 (733)2,320 
Defined benefit pension and OPEB plans, net change(e)
(1,459)218 (1,241)1,129 (207)922 214 (2)212 
DVA on fair value option elected liabilities, net change2,141 (520)1,621 (393)100 (293)(648)157 (491)
Total other comprehensive income/(loss)$(21,744)$4,487 $(17,257)$(10,099)$2,029 $(8,070)$8,066 $(1,649)$6,417 
(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, 2022, the Firm reclassified a net pre-tax loss of $8 million to other expense and other revenue related to the liquidation of certain legal entities, $38 million related to the net investment hedge gains and $46 million loss related to cumulative translation adjustment. During the year ended December 31, 2021, the Firm reclassified a net pre-tax loss of $7 million. During the year ended December 31, 2020, the Firm reclassified net pre-tax gain of $6 million.
(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.
(e)During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a pension settlement. The remeasurement resulted in a net decrease of $1.4 billion in pre-tax AOCI. Refer to Note 8 for further information.