Financial Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Total Gross Derivatives

Table 93: Total Gross Derivatives
			June 30, 2015						December 31, 2014
			Notional/		Asset		Liability		Notional/		Asset		Liability
			Contract		Fair		Fair		Contract		Fair		Fair
In millions			Amount		Value (a)		Value (b)		Amount		Value (a)		Value (b)
Derivatives designated as hedging instruments under GAAP		$	53,342	$	1,172	$	225	$	49,061	$	1,261	$	186
Derivatives not designated as hedging instruments under GAAP			318,207		3,679		3,602		291,256		3,973		3,841
Total gross derivatives		$	371,549	$	4,851	$	3,827	$	340,317	$	5,234	$	4,027
(a)	Included in Other assets on our Consolidated Balance Sheet.
(b)	Included in Other liabilities on our Consolidated Balance Sheet.

Derivatives Designated as Hedging Instruments under GAAP

Table 94: Derivatives Designated As Hedging Instruments under GAAP
					June 30, 2015						December 31, 2014
					Notional/		Asset		Liability		Notional/		Asset		Liability
					Contract		Fair		Fair		Contract		Fair		Fair
In millions					Amount		Value (a)		Value (b)		Amount		Value (a)		Value (b)
	Interest rate contracts:
		Fair value hedges:
			Receive-fixed swaps	$	23,713	$	733	$	59	$	20,930	$	827	$	38
			Pay-fixed swaps (c)		3,997		9		125		4,233		3		138
			Subtotal	$	27,710	$	742	$	184	$	25,163	$	830	$	176
		Cash flow hedges:
			Receive-fixed swaps	$	20,516	$	427	$	17	$	19,991	$	400	$	10
			Forward purchase commitments		3,959		3		19		2,778		25
			Subtotal	$	24,475	$	430	$	36	$	22,769	$	425	$	10
	Foreign exchange contracts:
		Net investment hedges		$	1,157			$	5	$	1,129	$	6
Total derivatives designated as hedging instruments				$	53,342	$	1,172	$	225	$	49,061	$	1,261	$	186
(a)		Included in Other assets on our Consolidated Balance Sheet.
(b)		Included in Other liabilities on our Consolidated Balance Sheet.
(c)		Includes zero-coupon swaps.

Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges

Table 95: Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges

Three months ended

Six months ended

June 30, 2015

June 30, 2014

June 30, 2015

June 30, 2014

Gain (Loss)

Gain (Loss)

Gain (Loss)

Gain (Loss)

Gain

on Related

Gain

on Related

Gain

on Related

Gain

on Related

(Loss) on

Hedged

(Loss) on

Hedged

(Loss) on

Hedged

(Loss) on

Hedged

Derivatives

Items

Derivatives

Items

Derivatives

Items

Derivatives

Items

Recognized

Recognized

Recognized

Recognized

Recognized

Recognized

Recognized

Recognized

in Income

in Income

in Income

in Income

in Income

in Income

in Income

in Income

In millions

Hedged Items

Location

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Interest rate

U.S. Treasury and

Investment

contracts

Government

securities

Agencies Securities

(interest

income)

$

63

$

(65)

$

(53)

$

55

$

12

$

(12)

$

(83)

$

86

Interest rate

Other Debt

Investment

contracts

Securities

securities

(interest

income)

1

(1)

(2)

1

(1)

1

Interest rate

Subordinated debt

Borrowed funds

contracts

(interest

expense)

(138)

130

51

(60)

(84)

67

74

(89)

Borrowed funds

Interest rate

Bank notes and

(interest

contracts

senior debt

expense)

(126)

129

50

(52)

(23)

20

59

(62)

Total (a)

$

(200)

$

193

$

46

$

(56)

$

(95)

$

75

$

49

$

(64)

(a) The ineffective portion of the change in value of our fair value hedge derivatives resulted in net losses of $7 million for the three months ended June 30, 2015 and net losses of $20 million for the six months ended June 30, 2015 compared with net losses of $10 million for the three months ended June 30, 2014 and net losses of $15 million for the six months ended June 30, 2014.

Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges

Table 96: Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges (a) (b)
				Three months ended				Six months ended
				June 30				June 30
In millions				2015		2014		2015		2014
Gains (losses) on derivatives recognized in OCI - (effective portion)			$	(102)	$	138	$	196	$	210
Less: Gains (losses) reclassified from accumulated OCI into income - (effective portion)
	Interest income			72		64		140		136
	Noninterest income			(4)		(7)		(13)		(2)
Total gains (losses) reclassified from accumulated OCI into income - (effective portion)				68		57		127		134
Net unrealized gains (losses) on cash flow hedge derivatives			$	(170)	$	81	$	69	$	76
(a)		All cash flow hedge derivatives are interest rate contracts as of June 30, 2015 and June 30, 2014.
(b)		The amount of cash flow hedge ineffectiveness recognized in income was not material for the periods presented.

Gains (Losses) on Derivatives - Net Investment Hedges

Table 97: Gains (Losses) on Derivatives - Net Investment Hedges
		Three months ended				Six months ended
		June 30				June 30
In millions			2015		2014		2015		2014
Gains (losses) on derivatives recognized in OCI (effective portion)
	Foreign exchange contracts	$	(65)	$	(26)	$	(11)	$	(33)

Derivatives Not Designated as Hedging Instruments under GAAP

Table 98: Derivatives Not Designated As Hedging Instruments under GAAP
					June 30, 2015						December 31, 2014
					Notional/		Asset		Liability		Notional/		Asset		Liability
					Contract		Fair		Fair		Contract		Fair		Fair
In millions					Amount		Value (a)		Value (b)		Amount		Value (a)		Value (b)
Derivatives used for residential mortgage banking activities:
Residential mortgage servicing
	Interest rate contracts:
		Swaps		$	35,043	$	709	$	396	$	32,459	$	777	$	394
		Swaptions			3,176		23		21		1,498		29		22
		Futures (c)			19,177						22,084
		Futures options			30,000		6		3		12,225		4
		Mortgage-backed securities commitments			2,390		4		8		710		4
			Subtotal		89,786		742		428		68,976		814		416
Loan sales
	Interest rate contracts:
		Futures (c)			40						58
		Bond options			300		4				300
		Mortgage-backed securities commitments			8,210		39		21		4,916		10		21
		Residential mortgage loan commitments			2,437		21				1,852		22
			Subtotal		10,987		64		21		7,126		32		21
			Subtotal	$	100,773	$	806	$	449	$	76,102	$	846	$	437
Derivatives used for commercial mortgage banking activities:
	Interest rate contracts:
		Swaps		$	3,793	$	62	$	49	$	3,801	$	67	$	48
		Swaptions			439		1		1		439		2		1
		Futures (c)			20,146						19,913
		Commercial mortgage loan commitments			1,295		10		6		2,042		16		10
			Subtotal		25,673		73		56		26,195		85		59
	Credit contracts:
		Credit default swaps			83						95
			Subtotal	$	25,756	$	73	$	56	$	26,290	$	85	$	59
Derivatives used for customer-related activities:
	Interest rate contracts:
		Swaps		$	149,054	$	2,455	$	2,350	$	146,008	$	2,632	$	2,559
		Caps/floors - Sold			5,142				15		4,846				16
		Caps/floors - Purchased			6,462		28				6,339		34
		Swaptions			4,496		59		17		3,361		62		12
		Futures (c)			2,433						3,112
		Mortgage-backed securities commitments			3,552		6		5		2,137		3		3
			Subtotal		171,139		2,548		2,387		165,803		2,731		2,590
	Foreign exchange contracts				10,895		215		202		12,547		223		240
	Credit contracts:
		Risk participation agreements			5,076		2		5		5,124		2		4
			Subtotal	$	187,110	$	2,765	$	2,594	$	183,474	$	2,956	$	2,834
Derivatives used for other risk management activities:
	Interest rate contracts									$	833	$	1
	Foreign exchange contracts			$	2,519	$	35	$	18		2,661		85	$	1
	Credit contracts:
		Credit default swaps			15						15
	Other contracts (d)				2,034				485		1,881				510
			Subtotal		4,568		35		503		5,390		86		511
Total derivatives not designated as hedging instruments				$	318,207	$	3,679	$	3,602	$	291,256	$	3,973	$	3,841
(a)		Included in Other assets on our Consolidated Balance Sheet.
(b)		Included in Other liabilities on our Consolidated Balance Sheet.
(c)		Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet.
(d)		Includes PNC's obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares.

Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP

Table 99: Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP
			Three months ended				Six months ended
			June 30				June 30
In millions				2015		2014		2015		2014
Derivatives used for residential mortgage banking activities:
Residential mortgage servicing
	Interest rate contracts		$	(83)	$	57	$	15	$	110
Loan sales
	Interest rate contracts			47		(10)		68		(12)
		Gains (losses) included in residential mortgage banking activities (a)	$	(36)	$	47	$	83	$	98
Derivatives used for commercial mortgage banking activities:
	Interest rate contracts (b) (c)		$	(25)	$	23	$	5	$	43
	Credit contracts (c)			1		(1)				(1)
		Gains (losses) from commercial mortgage banking activities	$	(24)	$	22	$	5	$	42
Derivatives used for customer-related activities:
	Interest rate contracts		$	30	$	11	$	34	$	10
	Foreign exchange contracts			32		22		33		48
	Credit contracts					(1)
		Gains (losses) from customer-related activities (c)	$	62	$	32	$	67	$	58
Derivatives used for other risk management activities:
	Interest rate contracts		$	1	$	(11)	$	1	$	(15)
	Foreign exchange contracts			(69)		(5)		114		(7)
	Other contracts (d)			14		(19)		7		(27)
		Gains (losses) from other risk management activities (c)	$	(54)	$	(35)	$	122	$	(49)
Total gains (losses) from derivatives not designated as hedging instruments			$	(52)	$	66	$	277	$	149
(a)		Included in Residential mortgage noninterest income.
(b)		Included in Corporate services noninterest income.
(c)		Included in Other noninterest income.
(d)		Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares.

Credit Default Swaps

Table 100: Credit Default Swaps (a)
		June 30, 2015			December 31, 2014
				Weighted-			Weighted-
				Average			Average
				Remaining			Remaining
		Notional		Maturity	Notional		Maturity
Dollars in millions		Amount		In Years	Amount		In Years
Credit Default Swaps – Purchased (b)
Single name		$	50	5.2	$	50	5.7
Index traded			48	33.7		60	34.2
Total		$	98	19.1	$	110	21.3
(a)	There were no credit default swaps sold as of June 30, 2015 and December 31, 2014.
(b)	The fair value of credit default swaps purchased was less than $1 million as of June 30, 2015 and December 31, 2014.

Credit Ratings of Credit Default Swaps

Table 101: Credit Ratings of Credit Default Swaps (a)
In millions		June 30, 2015		December 31, 2014
Credit Default Swaps – Purchased
Investment grade (b)		$	83	$	95
Subinvestment grade (c)			15		15
Total		$	98	$	110
(a)	There were no credit default swaps sold as of June 30, 2015 and December 31, 2014.
(b)	Investment grade with a rating of BBB-/Baa3 or above based on published rating agency information.
(c)	Subinvestment grade represents a rating below BBB-/Baa3 based on published rating agency information.

Referenced/Underlying Assets of Credit Default Swaps

Table 102: Referenced/Underlying Assets of Credit Default Swaps
	June 30, 2015		December 31, 2014
Corporate debt		51%	45%
Commercial mortgage-backed securities		49%	55%

Risk Participation Agreements Sold

Table 103: Risk Participation Agreements Sold
		June 30, 2015					December 31, 2014
					Weighted-					Weighted-
					Average					Average
					Remaining					Remaining
	Notional		Fair		Maturity	Notional		Fair		Maturity
Dollars in millions	Amount		Value		In Years	Amount		Value		In Years
Risk Participation Agreements Sold	$	2,669	$	(5)	5.0	$	2,796	$	(4)	5.4

Derivative Assets And Liabilities Offsetting

Table 104: Derivative Assets and Liabilities Offsetting
					Amounts							Securities
			Gross		Offset on the				Net			Collateral
			Fair Value		Consolidated Balance Sheet				Fair Value			Held Under
June 30, 2015			Derivative		Fair Value		Cash		Derivative			Master Netting		Net
In millions			Assets		Offset Amount		Collateral		Assets			Agreements		Amounts
Derivative assets
	Interest rate contracts	$	4,599	$	1,806	$	337	$	2,456		$	130	$	2,326
	Foreign exchange contracts		250		138		11		101			3		98
	Credit contracts		2		1		1
	Total derivative assets (a)	$	4,851	$	1,945	$	349	$	2,557	(b)	$	133	$	2,424
					Amounts							Securities
			Gross		Offset on the				Net			Collateral
			Fair Value		Consolidated Balance Sheet				Fair Value			Pledged Under
June 30, 2015			Derivative		Fair Value		Cash		Derivative			Master Netting		Net
In millions			Liabilities		Offset Amount		Collateral		Liabilities			Agreements		Amounts
Derivative liabilities
	Interest rate contracts	$	3,112	$	1,856	$	470	$	786				$	786
	Foreign exchange contracts		225		85		20		120					120
	Credit contracts		5		4		1
	Other contracts		485						485					485
	Total derivative liabilities (a)	$	3,827	$	1,945	$	491	$	1,391	(c)			$	1,391
					Amounts							Securities
			Gross		Offset on the				Net			Collateral
			Fair Value		Consolidated Balance Sheet				Fair Value			Held Under
December 31, 2014			Derivative		Fair Value		Cash		Derivative			Master Netting		Net
In millions			Assets		Offset Amount		Collateral		Assets			Agreements		Amounts
Derivative assets
	Interest rate contracts	$	4,918	$	1,981	$	458	$	2,479		$	143	$	2,336
	Foreign exchange contracts		314		159		47		108			1		107
	Credit contracts		2		1		1
	Total derivative assets (a)	$	5,234	$	2,141	$	506	$	2,587	(b)	$	144	$	2,443
					Amounts							Securities
			Gross		Offset on the				Net			Collateral
			Fair Value		Consolidated Balance Sheet				Fair Value			Pledged Under
December 31, 2014			Derivative		Fair Value		Cash		Derivative			Master Netting		Net
In millions			Liabilities		Offset Amount		Collateral		Liabilities			Agreements		Amounts
Derivative liabilities
	Interest rate contracts	$	3,272	$	2,057	$	483	$	732				$	732
	Foreign exchange contracts		241		80		20		141					141
	Credit contracts		4		4
	Other contracts		510						510					510
	Total derivative liabilities (a)	$	4,027	$	2,141	$	503	$	1,383	(c)			$	1,383
(a)	Included derivative assets and derivative liabilities as of June 30, 2015 totaling $889 million and $725 million, respectively, related to interest rate contracts executed bilaterally with counterparties in the U.S. over-the-counter market and novated to and cleared through a central clearing house. The comparable amounts as of December 31, 2014 totaled $807 million and $657 million, respectively. Derivative assets and liabilities as of June 30, 2015 and December 31, 2014 related to exchange-traded interest rate contracts were not material. As of June 30, 2015 and December 31, 2014, these contracts were not subject to offsetting. The remaining gross and net derivative assets and liabilities relate to contracts executed bilaterally with counterparties that are not settled through an organized exchange or central clearing house.
(b)	Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.
(c)	Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.