Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investment Securities Disclosure [Abstract]

Note 7 Investment Securities

Table 73: Investment Securities Summary

			Amortized		Unrealized						Fair
In millions			Cost		Gains			Losses			Value
September 30, 2014

Securities Available for Sale
Debt securities
	U.S. Treasury and government agencies		$	5,176		$	167			$	5,343
	Residential mortgage-backed
		Agency		17,844			391	$	(75)		18,160
		Non-agency		4,904			336		(102)		5,138
	Commercial mortgage-backed
		Agency		1,787			22		(17)		1,792
		Non-agency		3,703			95		(10)		3,788
	Asset-backed			5,064			87		(28)		5,123
	State and municipal			1,978			80		(8)		2,050
	Other debt			1,792			44		(7)		1,829
		Total debt securities		42,248			1,222		(247)		43,223
Corporate stocks and other				391			7		(1)		397
	Total securities available for sale		$	42,639		$	1,229	$	(248)	$	43,620
Securities Held to Maturity (a)
Debt securities
	U.S. Treasury and government agencies		$	246		$	30			$	276
	Residential mortgage-backed
		Agency		5,427			122	$	(21)		5,528
		Non-agency		276			9				285
	Commercial mortgage-backed
		Agency		1,252			50				1,302
		Non-agency		1,068			14		(1)		1,081
	Asset-backed			772			2		(7)		767
	State and municipal			2,053			89				2,142
	Other debt			325			5				330
	Total securities held to maturity		$	11,419		$	321	$	(29)	$	11,711

December 31, 2013

Securities Available for Sale
Debt securities
	U.S. Treasury and government agencies		$	3,990		$	135	$	(7)	$	4,118
	Residential mortgage-backed
		Agency (b)		21,556			367		(209)		21,714
		Non-agency		5,457			308		(160)		5,605
	Commercial mortgage-backed
		Agency (b)		1,745			32		(14)		1,763
		Non-agency		3,937			123		(18)		4,042
	Asset-backed			5,754			66		(48)		5,772
	State and municipal			2,609			52		(44)		2,617
	Other debt			2,506			55		(18)		2,543
		Total debt securities		47,554			1,138		(518)		48,174
Corporate stocks and other				434					(1)		433
	Total securities available for sale		$	47,988		$	1,138	$	(519)	$	48,607
Securities Held to Maturity (a)
Debt securities
	U.S. Treasury and government agencies		$	239		$	8	$	(4)	$	243
	Residential mortgage-backed
		Agency		5,814			71		(64)		5,821
		Non-agency		293					(4)		289
	Commercial mortgage-backed
		Agency		1,251			49				1,300
		Non-agency		1,687			20		(5)		1,702
	Asset-backed			1,009			2		(10)		1,001
	State and municipal			1,055			10		(4)		1,061
	Other debt			339			9				348
	Total securities held to maturity		$	11,687		$	169	$	(91)	$	11,765
(a)	Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of transfer. The amortized cost of held to maturity securities included net unrealized gains of $134 million and $111 million at September 30, 2014 and December 31, 2013, respectively, related to securities transferred, which are offset in Accumulated Other Comprehensive Income, net of tax.
(b)	These line items were corrected for the prior period due to a misclassification of Government National Mortgage Association (GNMA) securities collateralized by project loans. $1.1 billion was previously reported as residential mortgage-backed agency securities and was reclassified to commercial mortgage-backed agency securities.

Gross Unrealized Loss and Fair Value of Securities Available for Sale

Table 74: Gross Unrealized Loss and Fair Value of Securities Available for Sale

				Unrealized loss position less						Unrealized loss position 12
In millions				than 12 months						months or more					Total
				Unrealized				Fair		Unrealized			Fair		Unrealized			Fair
				Loss				Value		Loss			Value		Loss			Value
September 30, 2014
Debt securities
	U.S. Treasury and government agencies						(a)	$	371								(a)	$	371
	Residential mortgage-backed
		Agency			$	(7)			977	$	(68)		$	2,283	$	(75)			3,260
		Non-agency				(2)			255		(100)			1,552		(102)			1,807
	Commercial mortgage-backed
		Agency				(4)			605		(13)			333		(17)			938
		Non-agency				(5)			651		(5)			211		(10)			862
	Asset-backed					(3)			814		(25)			1,002		(28)			1,816
	State and municipal						(a)		75		(8)			290		(8)			365
	Other debt					(3)			476		(4)			215		(7)			691
			Total debt securities			(24)			4,224		(223)			5,886		(247)			10,110
	Corporate stocks and other										(1)			15		(1)			15
			Total		$	(24)		$	4,224	$	(224)		$	5,901	$	(248)		$	10,125

December 31, 2013
Debt securities
	U.S. Treasury and government agencies				$	(7)		$	1,066						$	(7)		$	1,066
	Residential mortgage-backed
		Agency (b)				(198)			7,519	$	(11)		$	287		(209)			7,806
		Non-agency				(18)			855		(142)			1,719		(160)			2,574
	Commercial mortgage-backed
		Agency (b)				(13)			454		(1)			6		(14)			460
		Non-agency				(18)			1,315			(a)		14		(18)			1,329
	Asset-backed					(11)			1,752		(37)			202		(48)			1,954
	State and municipal					(23)			897		(21)			286		(44)			1,183
	Other debt					(17)			844		(1)			12		(18)			856
			Total debt securities			(305)			14,702		(213)			2,526		(518)			17,228
	Corporate stocks and other					(1)			15							(1)			15
			Total		$	(306)		$	14,717	$	(213)		$	2,526	$	(519)		$	17,243
(a)	The unrealized loss on these securities was less than $.5 million.
(b)	These line items were corrected for the prior period due to a misclassification of Government National Mortgage Association (GNMA) securities collateralized by project loans. $1.1 billion was previously reported as residential mortgage-backed agency securities and was reclassified to commercial mortgage-backed agency securities.

Credit Impairment Assessment Assumptions - Non Agency Residential Mortgage-Backed and Asset-Backed Securities

Table 75: Credit Impairment Assessment Assumptions - Non-Agency Residential Mortgage-Backed and Asset-Backed Securities

						Weighted-
September 30, 2014			Range			average (a)
Long-term prepayment rate (annual CPR)
	Prime			7 - 20	%	13	%
	Alt-A			5 - 12		6
	Option ARM			3 - 6		3
Remaining collateral expected to default
	Prime			1 - 34	%	13	%
	Alt-A			6 - 53		27
	Option ARM			11 - 56		37
Loss severity
	Prime			20 - 95	%	41	%
	Alt-A			30 - 82		59
	Option ARM			45 - 71		61
(a)		Calculated by weighting the relevant assumption for each individual security by the current outstanding cost basis of the security.

Rollforward of Cumulative OTTI Credit Losses Recognized in Earnings

Table 76: Rollforward of Cumulative OTTI Credit Losses Recognized in Earnings

Three months ended September 30,
In millions	2014			2013
Balance at beginning of period		$	(1,158)		$	(1,164)
Additional loss where credit impairment was previously recognized			(1)			(2)
Reduction due to credit impaired securities sold or matured						7
Balance at end of period		$	(1,159)		$	(1,159)

Nine months ended September 30,
In millions	2014			2013
Balance at beginning of period		$	(1,160)		$	(1,201)
Additional loss where credit impairment was previously recognized			(4)			(16)
Reduction due to credit impaired securities sold or matured			5			58
Balance at end of period		$	(1,159)		$	(1,159)

Gains (Losses) on Sales Of Securities Available for Sale

Table 77: Gains (Losses) on Sales of Securities Available for Sale

			Gross		Gross		Net		Tax
In millions	Proceeds		Gains		Losses		Gains		Expense
Nine months ended September 30
2014	$	3,606	$	29	$	(25)	$	4	$	1
2013		7,141		142		(46)		96		33

Contractual Maturity of Debt Securities

Table 78: Contractual Maturity of Debt Securities

September 30, 2014					After 1 Year			After 5 Years			After 10
Dollars in millions		1 Year or Less			through 5 Years			through 10 Years			Years			Total
Securities Available for Sale
U.S. Treasury and government agencies		$	2		$	1,311		$	3,387		$	476		$	5,176
Residential mortgage-backed
	Agency					115			455			17,274			17,844
	Non-agency					7			1			4,896			4,904
Commercial mortgage-backed
	Agency		121			253			20			1,393			1,787
	Non-agency											3,703			3,703
Asset-backed			12			906			1,889			2,257			5,064
State and municipal			4			116			331			1,527			1,978
Other debt			98			1,041			427			226			1,792
Total debt securities available for sale		$	237		$	3,749		$	6,510		$	31,752		$	42,248
Fair value		$	238		$	3,843		$	6,628		$	32,514		$	43,223
Weighted-average yield, GAAP basis			3.33	%		2.60	%		2.36	%		3.00	%		2.87	%
Securities Held to Maturity
U.S. Treasury and government agencies											$	246		$	246
Residential mortgage-backed
	Agency											5,427			5,427
	Non-agency											276			276
Commercial mortgage-backed
	Agency				$	1,047		$	146			59			1,252
	Non-agency					6						1,062			1,068
Asset-backed						17			414			341			772
State and municipal		$	20			21			739			1,273			2,053
Other debt									325						325
Total debt securities held to maturity		$	20		$	1,091		$	1,624		$	8,684		$	11,419
Fair value		$	20		$	1,130		$	1,679		$	8,882		$	11,711
Weighted-average yield, GAAP basis			4.42	%		3.43	%		3.24	%		3.71	%		3.62	%

Weighted-Average Expected Maturity of Mortgage and Other Asset-Backed Debt Securities

Table 79: Weighted-Average Expected Maturity of Mortgage and Other Asset-Backed Debt Securities

September 30, 2014		Years
Agency residential mortgage-backed securities		4.3
Non-agency residential mortgage-backed securities		5.8
Agency commercial mortgage-backed securities		3.2
Non-agency commercial mortgage-backed securities		3.1
Asset-backed securities		3.6

Fair Value of Securities Pledged and Accepted as Collateral

Table 80: Fair Value of Securities Pledged and Accepted as Collateral

		September 30			December 31
In millions		2014			2013
Pledged to others			$	17,934		$	18,772
Accepted from others:
	Permitted by contract or custom to sell or repledge			1,567			1,571
	Permitted amount repledged to others			1,358			1,343

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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