Trading Activities (Tables)

12 Months Ended

Dec. 31, 2020

Trading Activities [Abstract]

Trading Assets and Liabilities

Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 2.1: Trading Assets and Liabilities

(in millions)	Dec 31, 2020		Dec 31, 2019
Trading assets:
Debt securities	$	75,095	79,733
Equity securities	23,032		27,440
Loans held for sale	1,015		972
Gross trading derivative assets	58,767		34,825
Netting (1)	(34,301)		(21,463)
Total trading derivative assets	24,466		13,362
Total trading assets	123,608		121,507
Trading liabilities:
Short sale	22,441		17,430
Gross trading derivative liabilities	53,285		33,861
Netting (1)	(39,444)		(26,074)
Total trading derivative liabilities	13,841		7,787
Total trading liabilities	$	36,282	25,217

(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

Net Interest Income and Net Gains (Losses) on Trading Activities

Table 2.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.

Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.

Table 2.2: Net Interest Income and Net Gains (Losses) on Trading Activities

	Year ended December 31,
(in millions)	2020		2019	2018
Interest income:
Debt securities	$	2,530	3,130	2,831
Equity securities	366		579	587
Loans held for sale	30		78	62
Total interest income	2,926		3,787	3,480
Less: Interest expense	442		525	587
Net interest income	2,484		3,262	2,893
Net gains (losses) from trading activities (1):
Debt securities	2,697		1,053	(824)
Equity securities	(630)		4,795	(4,240)
Loans held for sale	28		12	(1)
Derivatives (2)	(923)		(4,867)	5,667
Total net gains from trading activities	1,172		993	602
Total trading-related net interest and noninterest income	$	3,656	4,255	3,495

(1)Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions.

(2)Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities.