Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Asset and Liability Management Derivative Positions of Company

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
March 31, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	25		2.84	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		272		3		9.52		4,288		664		3.21
Receive fixed/pay floating swaps		7,000		39		1.60		–		–		–
Net investment hedges
Foreign exchange forward contracts		757		5		.05		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		8,397		66		.08		172		1		.04
Sell		3,301		25		.07		11,098		52		.11
Options
Purchased		4,325		–		.08		–		–		–
Written		5,506		97		.10		10		1		.06
Receive fixed/pay floating swaps		3,945		22		10.23		–		–		–
Foreign exchange forward contracts		1,360		3		.01		1,869		13		.02
Equity contracts		41		–		2.22		27		–		2.63
Credit contracts		1,096		4		4.70		2,012		11		3.02
Total	$	36,500	$	289			$	19,476	$	742
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

Customer-Related Derivative Positions of Company

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
March 31, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	16,441	$	985		4.93	$	1,383	$	18		7.09
Pay fixed/receive floating swaps		1,169		17		8.24		16,745		942		4.90
Options
Purchased		3,171		18		4.96		28		–		4.17
Written		28		–		4.17		3,124		18		5.02
Foreign exchange rate contracts
Forwards, spots and swaps		10,018		443		.56		9,827		415		.55
Options
Purchased		249		4		.48		–		–		–
Written		–		–		–		249		4		.48
Total	$	31,076	$	1,467			$	31,356	$	1,397
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the three months ended March 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)					Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013		2012			2013			2012
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	–	$	1		$	(33	)	$	(33	)
Net investment hedges
Foreign exchange forward contracts		23		(6	)		–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the three months ended March 31, 2013 and 2012.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the three months ended March 31:

(Dollars in Millions)	Location of Gains (Losses) Recognized in Earnings		2013			2012
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(2	)	$	–
Foreign exchange cross-currency swaps		Other noninterest income		–			42
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		236			169
Purchased and written options		Mortgage banking revenue		129			154
Receive fixed/pay floating swaps		Mortgage banking revenue		(40	)		(57	)
Foreign exchange forward contracts		Commercial products revenue		8			(17	)
Equity contracts		Compensation expense		–			(1	)
Credit contracts		Other noninterest income/expense		(1	)		(6	)
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(96	)		(140	)
Pay fixed/receive floating swaps		Other noninterest income		96			139
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		7			21

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $2 million and zero for the three months ended March 31, 2013, respectively, and less than $1 million and $(44) million for the three months ended March 31, 2012, respectively. The ineffective portion was immaterial for the three months ended March 31, 2013 and 2012.