Investment Securities (Tables)

9 Months Ended

Sep. 30, 2013

Investment Securities [Abstract]

Investments

	September 30, 2013								December 31, 2012
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In millions)	cost		gains		losses		fair value		cost		gains		losses		fair value
Debt
U.S. corporate	$	20,050	$	2,516	$	(209)	$	22,357	$	20,233	$	4,201	$	(302)	$	24,132
State and municipal		4,187		246		(189)		4,244		4,084		575		(113)		4,546
Residential mortgage-backed(a)		1,944		146		(59)		2,031		2,198		183		(119)		2,262
Commercial mortgage-backed		2,919		194		(88)		3,025		2,930		259		(95)		3,094
Asset-backed		6,533		8		(62)		6,479		5,784		31		(77)		5,738
Corporate – non-U.S.		1,893		101		(96)		1,898		2,391		150		(126)		2,415
Government – non-U.S.		2,370		86		(7)		2,449		1,617		149		(3)		1,763
U.S. government and
federal agency		839		52		(40)		851		3,462		103		-		3,565
Retained interests		67		11		-		78		76		7		-		83
Equity
Available-for-sale		208		46		(3)		251		513		86		(3)		596
Trading		142		-		-		142		245		-		-		245
Total	$	41,152	$	3,406	$	(753)	$	43,805	$	43,533	$	5,744	$	(838)	$	48,439

• Substantially collateralized by U.S. mortgages. Of our totalRMBSportfolio at September 30, 2013, $1,286 million relates to securities issued by government-sponsored entities and $745 million relates to securities of private label issuers. Securities issued by private label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.

Schedule of investments, by type and length in continuous loss position

	In loss position for
	Less than 12 months					12 months or more
			Gross					Gross
	Estimated		unrealized			Estimated		unrealized
(In millions)	fair value		losses		(a)	fair value		losses		(a)
September 30, 2013
Debt
U.S. corporate	$	2,120	$	(134)		$	416	$	(75)
State and municipal		996		(84)			313		(105)
Residential mortgage-backed		237		(9)			511		(50)
Commercial mortgage-backed		292		(26)			773		(62)
Asset-backed		5,950		(13)			404		(49)
Corporate – non-U.S.		140		(1)			495		(95)
Government – non-U.S.		1,474		(6)			40		(1)
U.S. government and federal agency		444		(40)			-		-
Retained interests		9		-			-		-
Equity		16		(3)			-		-
Total	$	11,678	$	(316)		$	2,952	$	(437)
December 31, 2012
Debt
U.S. corporate	$	434	$	(7)		$	813	$	(295)
State and municipal		146		(2)			326		(111)
Residential mortgage-backed		98		(1)			691		(118)
Commercial mortgage-backed		37		-			979		(95)
Asset-backed		18		(1)			658		(76)
Corporate – non-U.S.		167		(8)			602		(118)
Government – non-U.S.		201		(1)			37		(2)
U.S. government and federal agency		-		-			-		-
Retained interests		3		-			-		-
Equity		26		(3)			-		-
Total	$	1,130	$	(23)		$	4,106	$	(815)

• Includes gross unrealized losses at September 30, 2013 of $(131) million related to securities that had other-than-temporary impairments previously recognized.

Schedule of contractual maturities

(In millions)	Amortized		Estimated
	cost		fair value
Due
Within one year	$	2,771	$	2,786
After one year through five years		3,480		3,688
After five years through ten years		5,032		5,264
After ten years		18,056		20,061

Supplemental gross realized gains losses on available-for-sale investment securities

	Three months ended September 30,				Nine months ended September 30,
(In millions)	2013		2012		2013		2012
Gains	$	34	$	26	$	219	$	85
Losses, including impairments		(60)		(55)		(477)		(159)
Net	$	(26)	$	(29)	$	(258)	$	(74)