Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investment Securities [Abstract]

Investments

	September 30, 2012								December 31, 2011
			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	$	20,264	$	4,242	$	(327)	$	24,179	$	20,748	$	3,432	$	(410)	$	23,770
State and municipal		4,032		579		(120)		4,491		3,027		350		(143)		3,234
Residential mortgage-backed(a)		2,360		205		(141)		2,424		2,711		184		(286)		2,609
Commercial mortgage-backed		2,975		230		(126)		3,079		2,913		162		(247)		2,828
Asset-backed		5,588		68		(111)		5,545		5,102		32		(164)		4,970
Corporate – non-U.S.		2,550		163		(134)		2,579		2,414		126		(207)		2,333
Government – non-U.S.		1,812		149		(4)		1,957		2,488		129		(86)		2,531
U.S. government and
federal agency		3,480		96		0		3,576		3,974		84		0		4,058
Retained interests		27		2		0		29		25		10		0		35
Equity
Available-for-sale		480		110		(17)		573		713		75		(38)		750
Trading		263		0		0		263		241		0		0		241
Total	$	43,831	$	5,844	$	(980)	$	48,695	$	44,356	$	4,584	$	(1,581)	$	47,359

• Substantially collateralized by U.S. mortgages. Of our total residential mortgage-backed securities (RMBS) portfolio at September 30, 2012, $1,529 million relates to securities issued by government sponsored entities and $895 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, 2012
Debt
U.S. corporate	$	266	$	(11)		$	942	$	(316)
State and municipal		81		(1)			316		(119)
Residential mortgage-backed		18		0			709		(141)
Commercial mortgage-backed		56		(1)			1,006		(125)
Asset-backed		9		(2)			746		(109)
Corporate – non-U.S.		138		(10)			622		(124)
Government – non-U.S.		142		(1)			94		(3)
U.S. government and federal agency		0		0			0		0
Retained interests		2		0			0		0
Equity		57		(16)			7		(1)
Total	$	769	$	(42)		$	4,442	$	(938)
December 31, 2011
Debt
U.S. corporate	$	1,435	$	(241)		$	836	$	(169)
State and municipal		87		(1)			307		(142)
Residential mortgage-backed		219		(9)			825		(277)
Commercial mortgage-backed		244		(23)			1,320		(224)
Asset-backed		100		(7)			850		(157)
Corporate – non-U.S.		330		(28)			607		(179)
Government – non-U.S.		906		(5)			203		(81)
U.S. government and federal agency		502		0			0		0
Retained interests		0		0			0		0
Equity		440		(38)			0		0
Total	$	4,263	$	(352)		$	4,948	$	(1,229)

• Includes gross unrealized losses at September 30, 2012 of $(137) million related to securities that had other-than-temporary impairments previously recognized.

Schedule of contractual maturities

(In millions)	Amortized		Estimated
	cost		fair value
Due in
2012	$	2,220	$	2,245
2013-2016		7,399		7,391
2017-2021		4,752		5,270
2022 and later		17,761		21,870

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

	Three months ended September 30,				Nine months ended September 30,
(In millions)	2012		2011		2012		2011
Gains	$	26	$	28	$	85	$	189
Losses, including impairments		(55)		(70)		(159)		(197)
Net	$	(29)	$	(42)	$	(74)	$	(8)