Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Summary Of Investment Securities Available-For-Sale

A summary of the Corporation’s investment securities available-for-sale follows:

(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2013
U.S. Treasury and other U.S. government agency securities	$	20	$	—	$	—	$	20
Residential mortgage-backed securities (a)	9,260		100		90		9,270
State and municipal securities	27		—		2		25
Corporate debt securities	56		—		—		56
Equity and other non-debt securities	273		—		13		260
Total investment securities available-for-sale (b)	$	9,636	$	100	$	105	$	9,631
December 31, 2012
U.S. Treasury and other U.S. government agency securities	$	20	$	—	$	—	$	20
Residential mortgage-backed securities (a)	9,687		248		—		9,935
State and municipal securities	27		—		4		23
Corporate debt securities	58		—		—		58
Equity and other non-debt securities	268		—		7		261
Total investment securities available-for-sale (b)	$	10,060	$	248	$	11	$	10,297

(a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

(b) Included auction-rate securities at amortized cost and fair value of $187 million and $172 million, respectively, as of June 30, 2013 and $191 million and $180 million, respectively, as of December 31, 2012.

Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions

A summary of the Corporation’s investment securities available-for-sale in an unrealized loss position as of June 30, 2013 and December 31, 2012 follows:

	Temporarily Impaired
	Less than 12 Months				12 Months or more					Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2013
Residential mortgage-backed securities (a)	$	4,503	$	90	$	—	$	—		$	4,503	$	90
State and municipal securities (b)	—		—		25		2			25		2
Corporate debt securities (b)	—		—		1		—		(c)	1		—		(c)
Equity and other non-debt securities (b)	—		—		146		13			146		13
Total impaired securities	$	4,503	$	90	$	172	$	15		$	4,675	$	105
December 31, 2012
State and municipal securities (b)	$	—	$	—	$	23	$	4		$	23	$	4
Corporate debt securities (b)	—		—		1		—		(c)	1		—		(c)
Equity and other non-debt securities (b)	—		—		156		7			156		7
Total impaired securities	$	—	$	—	$	180	$	11		$	180	$	11

(a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

(b) Auction-rate securities.

(c) Unrealized losses less than $0.5 million.

Summary of Net Securities Gains (Losses)

Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities (losses) gains” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security.

	Six Months Ended June 30,
(in millions)	2013			2012
Securities gains	$	—		$	11
Securities losses (a)	(2		)	—
Net securities (losses) gains	$	(2	)	$	11

(a) Charges related to a derivative contract tied to the conversion rate of Visa Class B shares.

Contractual Maturity Distribution Of Debt Securities

The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(in millions)
June 30, 2013	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	58	$	58
After one year through five years	267		266
After five years through ten years	104		103
After ten years	8,934		8,944
Subtotal	9,363		9,371
Equity and other non-debt securities	273		260
Total investment securities available-for-sale	$	9,636	$	9,631