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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Major Categories

The following table provides the amortized cost and fair value by major categories of available-for-sale securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for available-for-sale securities are reported on an after-tax basis as a component of cumulative OCI.
(in millions)
Amortized Cost

 
Gross
unrealized
gains

 
Gross
unrealized
losses

 
Fair
value

September 30, 2015
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
35,049

 
384

 
(10
)
 
35,423

Securities of U.S. states and political subdivisions
49,497

 
1,013

 
(1,087
)
 
49,423

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
102,660

 
2,730

 
(367
)
 
105,023

Residential
7,335

 
812

 
(19
)
 
8,128

Commercial
14,424

 
354

 
(70
)
 
14,708

Total mortgage-backed securities
124,419

 
3,896

 
(456
)
 
127,859

Corporate debt securities
15,350

 
451

 
(311
)
 
15,490

Collateralized loan and other debt obligations (1) 
29,988

 
248

 
(182
)
 
30,054

Other (2)  
6,126

 
140

 
(50
)
 
6,216

Total debt securities
260,429

 
6,132

 
(2,096
)
 
264,465

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
840

 
115

 
(15
)
 
940

Other marketable equity securities
278

 
729

 
(6
)
 
1,001

Total marketable equity securities
1,118

 
844

 
(21
)
 
1,941

Total available-for-sale securities
261,547

 
6,976

 
(2,117
)
 
266,406

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,653

 
1,333

 
(12
)
 
45,974

Securities of U.S. states and political subdivisions
2,187

 
28

 
(3
)
 
2,212

Federal agency mortgage-backed securities
26,828

 
194

 
(92
)
 
26,930

Collateralized loans and other debt obligations (1)
1,405

 
—

 
(14
)
 
1,391

Other (2)  
3,595

 
17

 
—

 
3,612

Total held-to-maturity securities
78,668

 
1,572

 
(121
)
 
80,119

Total
$
340,215

 
8,548

 
(2,238
)
 
346,525

December 31, 2014
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,898

 
44

 
(138
)
 
25,804

Securities of U.S. states and political subdivisions
43,939

 
1,504

 
(499
)
 
44,944

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
107,850

 
2,990

 
(751
)
 
110,089

Residential
8,213

 
1,080

 
(24
)
 
9,269

Commercial
16,248

 
803

 
(57
)
 
16,994

Total mortgage-backed securities
132,311

 
4,873

 
(832
)
 
136,352

Corporate debt securities
14,211

 
745

 
(170
)
 
14,786

Collateralized loan and other debt obligations (1)
25,137

 
408

 
(184
)
 
25,361

Other (2)
6,251

 
295

 
(27
)
 
6,519

Total debt securities
247,747

 
7,869

 
(1,850
)
 
253,766

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
1,622

 
148

 
(70
)
 
1,700

Other marketable equity securities
284

 
1,694

 
(2
)
 
1,976

Total marketable equity securities
1,906

 
1,842

 
(72
)
 
3,676

Total available-for-sale securities
249,653

 
9,711

 
(1,922
)
 
257,442

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
40,886

 
670

 
(8
)
 
41,548

Securities of U.S. states and political subdivisions
1,962

 
27

 
—

 
1,989

Federal agency mortgage-backed securities
5,476

 
165

 
—

 
5,641

Collateralized loans and other debt obligations (1)
1,404

 
—

 
(13
)
 
1,391

Other (2)  
5,755

 
35

 
—

 
5,790

Total held-to-maturity securities
55,483

 
897

 
(21
)
 
56,359

Total
$
305,136

 
10,608

 
(1,943
)
 
313,801

(1)
The available-for-sale portfolio includes collateralized debt obligations (CDOs) with a cost basis and fair value of $250 million and $316 million, respectively, at September 30, 2015, and $364 million and $500 million, respectively, at December 31, 2014. The held-to-maturity portfolio only includes collateralized loan obligations.
(2)
The “Other” category of available-for-sale securities mostly includes asset-backed securities collateralized by credit cards, student loans, home equity loans and auto leases or loans and cash. Included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by auto leases or loans and cash with both a cost basis and fair value of $2.2 billion at September 30, 2015, and $3.8 billion at December 31, 2014. Also included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by dealer floorplan loans with a cost basis and fair value of $1.4 billion at September 30, 2015, and cost basis of $1.9 billion and fair value of $2.0 billion at December 31, 2014.
Investment Securities Gross Unrealized Losses Over And Under 12 Months
The following table shows the gross unrealized losses and fair value of securities in the investment securities portfolio by length of time that individual securities in each category have been in a continuous loss position. Debt securities on which we have taken credit-related OTTI write-downs are categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the cost basis and not the period of time since the credit-related OTTI write-down.
  
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

September 30, 2015
  
 
  
 
  
 
  
 
  
 
  
Available-for-sale securities:
  
 
  
 
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
(4
)
 
1,332

 
(6
)
 
2,020

 
(10
)
 
3,352

Securities of U.S. states and political subdivisions
(559
)
 
19,812

 
(528
)
 
6,242

 
(1,087
)
 
26,054

Mortgage-backed securities:
 
 
 
 
 
 
 
 

 

Federal agencies
(173
)
 
21,559

 
(194
)
 
10,421

 
(367
)
 
31,980

Residential
(13
)
 
980

 
(6
)
 
272

 
(19
)
 
1,252

Commercial
(23
)
 
4,034

 
(47
)
 
2,030

 
(70
)
 
6,064

Total mortgage-backed securities
(209
)
 
26,573

 
(247
)
 
12,723

 
(456
)
 
39,296

Corporate debt securities
(179
)
 
3,963

 
(132
)
 
967

 
(311
)
 
4,930

Collateralized loan and other debt obligations
(116
)
 
18,075

 
(66
)
 
4,375

 
(182
)
 
22,450

Other
(27
)
 
2,532

 
(23
)
 
521

 
(50
)
 
3,053

Total debt securities
(1,094
)
 
72,287

 
(1,002
)
 
26,848

 
(2,096
)
 
99,135

Marketable equity securities:
 
 
 
 
 
 
 
 

 

Perpetual preferred securities
(1
)
 
45

 
(14
)
 
121

 
(15
)
 
166

Other marketable equity securities
(6
)
 
53

 
—

 
—

 
(6
)
 
53

Total marketable equity securities
(7
)
 
98

 
(14
)
 
121

 
(21
)
 
219

Total available-for-sale securities
(1,101
)
 
72,385

 
(1,016
)
 
26,969

 
(2,117
)
 
99,354

Held-to-maturity securities:
 
 
 
 
 
 
 
 

 

Securities of U.S. Treasury and federal agencies
(12
)
 
2,434

 
—

 
—

 
(12
)
 
2,434

Securities of U.S. states and political subdivisions
(3
)
 
454

 
—

 
—

 
(3
)
 
454

Federal agency mortgage-backed securities
(92
)
 
16,498

 
—

 
—

 
(92
)
 
16,498

Collateralized loan and other debt obligations
(11
)
 
1,158

 
(3
)
 
233

 
(14
)
 
1,391

Total held-to-maturity securities
(118
)
 
20,544

 
(3
)
 
233

 
(121
)
 
20,777

Total
$
(1,219
)
 
92,929

 
(1,019
)
 
27,202

 
(2,238
)
 
120,131

December 31, 2014
  
 
  
 
  
 
  
 
  
 
  
Available-for-sale securities:
  
 
  
 
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
(16
)
 
7,138

 
(122
)
 
5,719

 
(138
)
 
12,857

Securities of U.S. states and political subdivisions
(198
)
 
10,228

 
(301
)
 
3,725

 
(499
)
 
13,953

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
(16
)
 
1,706

 
(735
)
 
37,854

 
(751
)
 
39,560

Residential
(18
)
 
946

 
(6
)
 
144

 
(24
)
 
1,090

Commercial
(9
)
 
2,202

 
(48
)
 
1,532

 
(57
)
 
3,734

Total mortgage-backed securities
(43
)
 
4,854

 
(789
)
 
39,530

 
(832
)
 
44,384

Corporate debt securities
(102
)
 
1,674

 
(68
)
 
1,265

 
(170
)
 
2,939

Collateralized loan and other debt obligations
(99
)
 
12,755

 
(85
)
 
3,958

 
(184
)
 
16,713

Other
(23
)
 
708

 
(4
)
 
277

 
(27
)
 
985

Total debt securities
(481
)
 
37,357

 
(1,369
)
 
54,474

 
(1,850
)
 
91,831

Marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
Perpetual preferred securities
(2
)
 
92

 
(68
)
 
633

 
(70
)
 
725

Other marketable equity securities
(2
)
 
41

 
—

 
—

 
(2
)
 
41

Total marketable equity securities
(4
)
 
133

 
(68
)
 
633

 
(72
)
 
766

Total available-for-sale securities
(485
)
 
37,490

 
(1,437
)
 
55,107

 
(1,922
)
 
92,597

Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(8
)
 
1,889

 
—

 
—

 
(8
)
 
1,889

Collateralized loan and other debt obligations
(13
)
 
1,391

 
—

 
—

 
(13
)
 
1,391

Total held-to-maturity securities
(21
)
 
3,280

 
—

 
—

 
(21
)
 
3,280

Total
$
(506
)
 
40,770

 
(1,437
)
 
55,107

 
(1,943
)
 
95,877
Investment Securities Gross Unrealized Losses By Investment Grade
The following table shows the gross unrealized losses and fair value of debt and perpetual preferred investment securities by those rated investment grade and those rated less than investment grade, according to their lowest credit rating by Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade securities. We have also included securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated securities categorized as investment grade based on internal credit grades were $40 million and $2.6 billion, respectively, at September 30, 2015, and $25 million and $1.6 billion, respectively, at December 31, 2014. If an internal credit grade was not assigned, we categorized the security as non-investment grade.
 
  
Investment grade
 
 
Non-investment grade
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

September 30, 2015
  
 
  
 
  
 
  
Available-for-sale securities:
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
(10
)
 
3,352

 
—

 
—

Securities of U.S. states and political subdivisions
(1,042
)
 
25,619

 
(45
)
 
435

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(367
)
 
31,980

 
—

 
—

Residential
(9
)
 
722

 
(10
)
 
530

Commercial
(45
)
 
5,618

 
(25
)
 
446

Total mortgage-backed securities
(421
)
 
38,320

 
(35
)
 
976

Corporate debt securities
(83
)
 
2,952

 
(228
)
 
1,978

Collateralized loan and other debt obligations
(181
)
 
22,393

 
(1
)
 
57

Other
(46
)
 
2,761

 
(4
)
 
292

Total debt securities
(1,783
)
 
95,397

 
(313
)
 
3,738

Perpetual preferred securities
(15
)
 
166

 
—

 
—

Total available-for-sale securities
(1,798
)

95,563


(313
)

3,738

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(12
)
 
2,434

 
—

 
—

Securities of U.S. states and political subdivisions
(3
)
 
454

 
—

 
—

Federal agency mortgage-backed securities
(92
)
 
16,498

 
—

 
—

Collateralized loan and other debt obligations
(14
)
 
1,391

 
—

 
—

Total held-to-maturity securities
(121
)
 
20,777

 
—

 
—

Total
$
(1,919
)
 
116,340

 
(313
)
 
3,738

December 31, 2014
  
 
  
 
  
 
  
Available-for-sale securities:
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
(138
)
 
12,857

 
—

 
—

Securities of U.S. states and political subdivisions
(459
)
 
13,600

 
(40
)
 
353

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(751
)
 
39,560

 
—

 
—

Residential
—

 
139

 
(24
)
 
951

Commercial
(24
)
 
3,366

 
(33
)
 
368

Total mortgage-backed securities
(775
)
 
43,065

 
(57
)
 
1,319

Corporate debt securities
(39
)
 
1,807

 
(131
)
 
1,132

Collateralized loan and other debt obligations
(172
)
 
16,609

 
(12
)
 
104

Other
(23
)
 
782

 
(4
)
 
203

Total debt securities
(1,606
)
 
88,720

 
(244
)
 
3,111

Perpetual preferred securities
(70
)
 
725

 
—

 
—

Total available-for-sale securities
(1,676
)
 
89,445

 
(244
)
 
3,111

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(8
)
 
1,889

 
—

 
—

Collateralized loan and other debt obligations
(13
)
 
1,391

 
—

 
—

Total held-to-maturity securities
(21
)
 
3,280

 
—

 
—

Total
$
(1,697
)
 
92,725

 
(244
)
 
3,111
Debt Securities Contractual Maturities
The following table shows the remaining contractual maturities and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
 
  
  
 
 
Remaining contractual maturity
 
  
Total

 
  

 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)

amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

September 30, 2015
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
  
Available-for-sale securities (1): 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
35,423

 
1.50
%
 
$
128

 
0.72
%
 
$
30,972

 
1.46
%
 
$
4,323

 
1.82
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
49,423

 
5.71

 
2,386

 
1.72

 
7,767

 
2.05

 
3,165

 
5.21

 
36,105

 
6.80

Mortgage-backed securities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
105,023

 
3.29

 
5

 
6.53

 
335

 
1.80

 
1,223

 
3.94

 
103,460

 
3.29

Residential
8,128

 
4.44

 
—

 
—

 
37

 
5.11

 
37

 
6.03

 
8,054

 
4.43

Commercial
14,708

 
5.18

 
—

 
—

 
61

 
2.66

 
—

 
—

 
14,647

 
5.19

Total mortgage-backed securities
127,859

 
3.58

 
5

 
6.53

 
433

 
2.21

 
1,260

 
4.01

 
126,161

 
3.58

Corporate debt securities
15,490

 
4.74

 
1,431

 
4.21

 
7,459

 
4.58

 
5,263

 
4.91

 
1,337

 
5.54

Collateralized loan and other debt obligations
30,054

 
2.02

 
—

 
—

 
786

 
0.79

 
12,365

 
1.91

 
16,903

 
2.15

Other
6,216

 
1.85

 
309

 
1.69

 
1,191

 
2.49

 
999

 
1.74

 
3,717

 
1.68

Total available-for-sale debt securities at fair value
$
264,465

 
3.55
%
 
$
4,259

 
2.53
%
 
$
48,608

 
2.05
%
 
$
27,375

 
2.95
%
 
$
184,223

 
4.06
%
December 31, 2014
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities (1):
  
 
  
 
 
 
 
 
`
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,804

 
1.49
%
 
$
181

 
1.47
%
 
$
22,348

 
1.44
%
 
$
3,275

 
1.83
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
44,944

 
5.66

 
3,568

 
1.71

 
7,050

 
2.19

 
3,235

 
5.13

 
31,091

 
6.96

Mortgage-backed securities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
110,089

 
3.27

 
—

 
—

 
276

 
2.86

 
1,011

 
3.38

 
108,802

 
3.27

Residential
9,269

 
4.50

 
—

 
—

 
9

 
4.81

 
83

 
5.63

 
9,177

 
4.49

Commercial
16,994

 
5.16

 
1

 
0.28

 
62

 
2.71

 
5

 
1.30

 
16,926

 
5.17

Total mortgage-backed securities
136,352

 
3.59

 
1

 
0.28

 
347

 
2.88

 
1,099

 
3.54

 
134,905

 
3.59

Corporate debt securities
14,786

 
4.90

 
600

 
4.32

 
7,634

 
4.54

 
5,209

 
5.30

 
1,343

 
5.70

Collateralized loan and other debt obligations
25,361

 
1.83

 
23

 
1.95

 
944

 
0.71

 
8,472

 
1.67

 
15,922

 
1.99

Other
6,519

 
1.79

 
274

 
1.55

 
1,452

 
2.56

 
1,020

 
1.32

 
3,773

 
1.64

Total available-for-sale debt securities at fair value
$
253,766

 
3.60
%
 
$
4,647

 
2.03
%
 
$
39,775

 
2.20
%
 
$
22,310

 
3.12
%
 
$
187,034

 
3.99
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives.

The following table shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity.
  
  
 
 
Remaining contractual maturity
 
  
Total

 
  

 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)
amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
44,653

 
2.12
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
44,653

 
2.12
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
2,187

 
5.73

 
—

 
—

 
—

 
—

 
99

 
7.32

 
2,088

 
5.65

Federal agency mortgage-backed securities
26,828

 
3.47

 
—

 
—

 
—

 
—

 
—

 
—

 
26,828

 
3.47

Collateralized loan and other debt obligations
1,405

 
2.01

 
—

 
—

 
—

 
—

 
—

 
—

 
1,405

 
2.01

Other
3,595

 
1.61

 
—

 
—

 
2,560

 
1.68

 
1,035

 
1.43

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
78,668

 
2.66
%
 
$
—

 
—
%
 
$
2,560

 
1.68
%
 
$
45,787

 
2.11
%
 
$
30,321

 
3.56
%
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
40,886

 
2.12
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
40,886

 
2.12
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
1,962

 
5.60

 
—

 
—
%
 
—

 
—

 
9

 
6.60

 
1,953

 
5.59

Federal agency mortgage-backed securities
5,476

 
3.89

 
—

 
—
%
 
—

 
—

 
—

 
—

 
5,476

 
3.89

Collateralized loan and other debt obligations
1,404

 
1.96

 
—

 
—

 
—

 
—

 
—

 
—

 
1,404

 
1.96

Other
5,755

 
1.64

 
192

 
1.61

 
4,214

 
1.72

 
1,349

 
1.41

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
55,483

 
2.37
%
 
$
192

 
1.61
%
 
$
4,214

 
1.72
%
 
$
42,244

 
2.10
%
 
$
8,833

 
3.96
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates.

The following table shows the fair value of held-to-maturity debt securities by contractual maturity.
 
  
  

 
Remaining contractual maturity
 
  
Total

 
Within one year

 
After one year
through five years

 
After five years
through ten years

 
After ten years

(in millions)
amount

 
Amount

 
Amount

 
Amount

 
Amount

September 30, 2015
  
 
  
 
  
 
  
 
  
Held-to-maturity securities:
  
 
  
 
  
 
  
 
  
Fair value:
  
 
  
 
  
 
  
 
  
Securities of U.S. Treasury and federal agencies
$
45,974

 
—

 
—

 
45,974

 
—

Securities of U.S. states and political subdivisions
2,212

 
—

 
—

 
100

 
2,112

Federal agency mortgage-backed securities
26,930

 
—

 
—

 
—

 
26,930

Collateralized loan and other debt obligations
1,391

 
—

 
—

 
—

 
1,391

Other
3,612

 
—

 
2,572

 
1,040

 
—

Total held-to-maturity debt securities at fair value
$
80,119

 
—

 
2,572

 
47,114

 
30,433

December 31, 2014
  
 
 
 
 
 
 
 
 
Held-to-maturity securities:
  
 
 
 
 
 
 
 
 
Fair value:
  
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
41,548

 
—

 
—

 
41,548

 
—

Securities of U.S. states and political subdivisions
1,989

 
—

 
—

 
9

 
1,980

Federal agency mortgage-backed securities
5,641

 
—

 
—

 
—

 
5,641

Collateralized loan and other debt obligations
1,391

 
—

 
—

 
—

 
1,391

Other
5,790

 
193

 
4,239

 
1,358

 
—

Total held-to-maturity debt securities at fair value
$
56,359

 
193

 
4,239

 
42,915

 
9,012
Investment Securities Realized Gains And Losses
The following table shows the gross realized gains and losses on sales and OTTI write-downs related to the available-for-sale securities portfolio, which includes marketable equity securities, as well as net realized gains and losses on nonmarketable equity investments (see Note 6 (Other Assets)).
  
Quarter ended Sep 30,
 
 
Nine months ended Sep 30,
 
(in millions)
2015

 
2014

 
2015

 
2014

Gross realized gains
$
530

 
675

 
1,133

 
1,220

Gross realized losses
(21
)
 
(4
)
 
(57
)
 
(9
)
OTTI write-downs
(74
)
 
(15
)
 
(125
)
 
(37
)
Net realized gains from available-for-sale securities
435

 
656

 
951

 
1,174

Net realized gains from nonmarketable equity investments
632

 
309

 
1,462

 
1,241

Net realized gains from debt securities and equity investments
$
1,067

 
965

 
2,413

 
2,415
Investment Securities And Nonmarketable Equity Securities Other Than Temporary Impairment
The following table shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities, marketable equity securities and nonmarketable equity investments. There were no OTTI write-downs on held-to-maturity securities during the first nine months of 2015 and 2014.
 
Quarter ended Sep 30,
 
 
Nine months ended Sep 30,
 
(in millions)
2015

 
2014

 
2015

 
2014

OTTI write-downs included in earnings
  

 
  

 
  

 
  

Debt securities:
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
2

 
3

 
18

 
5

Mortgage-backed securities:
  

 
  

 
 
 
 
Residential
9

 
11

 
43

 
21

Commercial
3

 
1

 
3

 
7

Corporate debt securities
59

 
—

 
59

 
—

Collateralized loan and other debt obligations
—

 
—

 
—

 
2

Total debt securities
73

 
15

 
123

 
35

Equity securities:
  

 
  

 
 
 
 
Marketable equity securities:
  

 
  

 
 
 
 
Other marketable equity securities
1

 
—

 
2

 
2

Total marketable equity securities
1

 
—

 
2

 
2

Total investment securities
74

 
15

 
125

 
37

Nonmarketable equity investments
66

 
40

 
183

 
235

Total OTTI write-downs included in earnings
$
140

 
55

 
308

 
272
Debt Securities Other Than Temporary Impairment
The following table shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities.
  
Quarter ended Sep 30,
 
 
Nine months ended Sep 30,
 
(in millions)
2015

 
2014

 
2015

 
2014

OTTI on debt securities
  

 
  

 
  

 
  

Recorded as part of gross realized losses:
  

 
  

 
  

 
  

Credit-related OTTI
$
70

 
14

 
109

 
30

Intent-to-sell OTTI
3

 
1

 
14

 
5

Total recorded as part of gross realized losses
73

 
15

 
123

 
35

Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1):
  

 
  

 
 
 
 
Securities of U.S. states and political subdivisions
—

 
1

 
(1
)
 
2

Residential mortgage-backed securities
(6
)
 
(6
)
 
(37
)
 
(19
)
Commercial mortgage-backed securities
2

 
—

 
(13
)
 
(19
)
Corporate debt securities
1

 
—

 
1

 
—

Total changes to OCI for non-credit-related OTTI
(3
)
 
(5
)
 
(50
)
 
(36
)
Total OTTI losses (reversal of losses) recorded on debt securities
$
70

 
10

 
73

 
(1
)
(1)
Represents amounts recorded to OCI for impairment, due to factors other than credit, on debt securities that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of securities due to non-credit factors.
Credit Loss Component Of Credit-Impaired Debt Securities
The following table presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as "credit-impaired" debt securities) and do not intend to sell. Recognized credit loss represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss.





 
 
Quarter ended Sep 30,
 
 
Nine months ended Sep 30,
 
(in millions)
2015

 
2014

 
2015

 
2014

Credit loss recognized, beginning of period
$
993

 
1,107

 
1,025

 
1,171

Additions:
  
 
  
 
 
 
 
For securities with initial credit impairments
64

 
2

 
64

 
5

For securities with previous credit impairments
6

 
12

 
45

 
25

Total additions
70

 
14

 
109

 
30

Reductions:
  
 
  
 
 
 
 
For securities sold, matured, or intended/required to be sold
(23
)
 
(87
)
 
(89
)
 
(156
)
For recoveries of previous credit impairments (1)
(1
)
 
(4
)
 
(6
)
 
(15
)
Total reductions
(24
)
 
(91
)
 
(95
)
 
(171
)
Credit loss recognized, end of period
$
1,039

 
1,030

 
1,039

 
1,030

(1)
Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method.