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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional or Contractual Amounts and Fair Values of Derivatives
Table 14.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on our consolidated balance
sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined.

Table 14.1: Notional or Contractual Amounts and Fair Values of Derivatives
December 31, 2022December 31, 2021
Notional or contractual amountFair value Notional or contractual amountFair value 
Derivative assetsDerivative liabilitiesDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts$263,876 670 579 153,993 2,212 327 
Commodity contracts1,681 9 25 1,739 26 3 
Foreign exchange contracts15,544 161 1,015 24,949 281 669 
Total derivatives designated as qualifying hedging instruments840 1,619 2,519 999 
Derivatives not designated as hedging instruments
Economic hedges:
Interest rate contracts65,727 410 253 142,234 40 41 
Equity contracts (1)3,884 — 260 26,263 1,493 1,194 
Foreign exchange contracts38,139 490 968 28,192 395 88 
Credit contracts290 14 — 290 7 — 
Subtotal914 1,481 1,935 1,323 
Customer accommodation trading and other derivatives:
Interest rate contracts10,156,300 40,006 42,641 7,976,534 20,286 17,435 
Commodity contracts96,001 5,991 3,420 74,903 5,939 2,414 
Equity contracts (1)390,427 9,573 8,012 321,863 16,278 17,827 
Foreign exchange contracts1,475,224 21,562 24,703 560,049 5,912 5,915 
Credit contracts45,359 52 36 38,318 39 43 
Subtotal77,184 78,812 48,454 43,634 
Total derivatives not designated as hedging instruments78,098 80,293 50,389 44,957 
Total derivatives before netting78,938 81,912 52,908 45,956 
Netting(56,164)(61,827)(31,430)(36,532)
Total$22,774 20,085 21,478 9,424 
(1)    In first quarter 2022, we prospectively reclassified certain equity securities and related economic hedge derivatives from “not held for trading activities” to “held for trading activities” to better reflect the business activity of those financial instruments. For additional information on Trading Activities, see Note 1 (Summary of Significant Accounting Policies).
Fair Values of Derivative Assets and Liabilities Table 14.2 provides information on the fair values of derivative assets and liabilities subject to enforceable master netting arrangements, the balance sheet netting adjustments and the resulting net fair value amount recorded on our consolidated balance sheet, as well as the non-cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 18 (Pledged Assets and Collateral).
Table 14.2: Fair Values of Derivative Assets and Liabilities
December 31, 2022December 31, 2021
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
 Interest rate contracts
 Over-the-counter (OTC) $37,000 37,598 20,067 16,654 
 OTC cleared 649 845 168 192 
 Exchange traded 262 193 52 28 
 Total interest rate contracts37,911 38,636 20,287 16,874 
 Commodity contracts
 OTC 4,833 2,010 5,040 1,249 
 Exchange traded 876 1,134 557 1,047 
 Total commodity contracts5,709 3,144 5,597 2,296 
 Equity contracts
 OTC 4,269 4,475 6,132 9,730 
 Exchange traded 3,742 2,409 7,493 6,086 
 Total equity contracts8,011 6,884 13,625 15,816 
 Foreign exchange contracts
 OTC 21,537 26,127 6,335 6,221 
 Total foreign exchange contracts21,537 26,127 6,335 6,221 
 Credit contracts
 OTC 39 22 32 31 
 Total credit contracts39 22 32 31 
Total derivatives subject to enforceable master netting arrangements, gross 73,207 74,813 45,876 41,238 
 Less: Gross amounts offset
 Counterparty netting (1) (49,115)(49,073)(27,172)(27,046)
 Cash collateral netting (7,049)(12,754)(4,258)(9,486)
Total derivatives subject to enforceable master netting arrangements, net 17,043 12,986 14,446 4,706 
Derivatives not subject to enforceable master netting arrangements 5,731 7,099 7,032 4,718 
Total derivatives recognized in consolidated balance sheet, net 22,774 20,085 21,478 9,424 
 Non-cash collateral (3,517)(582)(1,432)(412)
Total Derivatives, net$19,257 19,503 20,046 9,012 
(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in our consolidated balance sheet, including portfolio level counterparty valuation adjustments related to customer accommodation and other trading derivatives. Counterparty valuation adjustments related to derivative assets were $372 million and $284 million and debit valuation adjustments related to derivative liabilities were $331 million and $158 million as of December 31, 2022 and 2021, respectively, and were primarily related to interest rate contracts.
Gains (Losses) Recognized on Cash Flow Hedging Relationships
Table 14.3 and Table 14.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.
Table 14.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships
Net interest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)LoansOther interest incomeLong-term debtDerivative gains (losses)Derivative gains (losses)
Year Ended December 31, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income$37,715 3,308 (5,505)N/A(1,448)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(20)24 — 4 (4)
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(1,524)
Total gains (losses) (pre-tax) on interest rate contracts(20)24 — 4 (1,528)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (10)(10)10 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(17)
Total gains (losses) (pre-tax) on foreign exchange contracts— — (10)(10)(7)
Total gains (losses) (pre-tax) recognized on cash flow hedges$(20)24 (10)(6)(1,535)
Year Ended December 31, 2021
Total amounts presented in the consolidated statement of income and other comprehensive income$28,634 334 (3,173)N/A212 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(137)— — (137)137 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A7 
Total gains (losses) (pre-tax) on interest rate contracts(137)— — (137)144 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (6)(6)6 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(19)
Total gains (losses) (pre-tax) on foreign exchange contracts— — (6)(6)(13)
Total gains (losses) (pre-tax) recognized on cash flow hedges$(137)— (6)(143)131 
Year ended December 31, 2020
Total amounts presented in the consolidated statement of income and other comprehensive income$34,230 954 (4,471)N/A198 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(215)— 4 (211)211 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A— 
Total gains (losses) (pre-tax) on interest rate contracts(215)— 4 (211)211 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (8)(8)8 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A10 
Total gains (losses) (pre-tax) on foreign exchange contracts— — (8)(8)18 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(215)— (4)(219)229 
Gains (Losses) Recognized on Fair Value Hedging Relationships Table 14.4: Gains (Losses) Recognized on Fair Value Hedging Relationships
Net interest incomeNoninterest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtOtherDerivative gains (losses)Derivative gains (losses)
Year Ended December 31, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income
$11,781 (2,349)(5,505)2,238 N/A(1,448)
Interest contracts
Amounts related to cash flows on derivatives143 65 313 — 521 N/A
Recognized on derivatives3,616 (345)(18,056)— (14,785)— 
Recognized on hedged items(3,576)350 17,919 — 14,693 N/A
Total gains (losses) (pre-tax) on interest rate contracts183 70 176 — 429 — 
Foreign exchange contracts
Amounts related to cash flows on derivatives— — (189)— (189)N/A
Recognized on derivatives— — (1,120)(1,021)(2,141)87 
Recognized on hedged items— — 1,097 1,005 2,102 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts— — (212)(16)(228)87 
Commodity contracts
Recognized on derivatives— — — 57 57 — 
Recognized on hedged items— — — (43)(43)N/A
Total gains (losses) (pre-tax) on commodity contracts— — — 14 14 — 
Total gains (losses) (pre-tax) recognized on fair value hedges
$183 70 (36)(2)215 87 
Year Ended December 31, 2021
Total amounts presented in the consolidated statement of income and other comprehensive income
$9,253 (388)(3,173)3,734 N/A212 
Interest contracts
Amounts related to cash flows on derivatives(253)289 2,136 — 2,172 N/A
Recognized on derivatives1,129 (336)(6,351)— (5,558)— 
Recognized on hedged items(1,117)333 6,288 — 5,504 N/A
Total gains (losses) (pre-tax) on interest rate contracts(241)286 2,073 — 2,118 — 
Foreign exchange contracts
Amounts related to cash flows on derivatives57 — 10 — 67 N/A
Recognized on derivatives4 — (516)(99)(611)81 
Recognized on hedged items(3)— 438 82 517 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts58 — (68)(17)(27)81 
Commodity contracts
Recognized on derivatives— — — 113 113 — 
Recognized on hedged items— — — (124)(124)N/A
Total gains (losses) (pre-tax) on commodity contracts— — — (11)(11)— 
Total gains (losses) (pre-tax) recognized on fair value hedges
$(183)286 2,005 (28)2,080 81 
Year ended December 31, 2020
Total amounts presented in the consolidated statement of income and other comprehensive income
$11,234 (2,804)(4,471)3,847 N/A198 
Interest contracts
Amounts related to cash flows on derivatives(338)503 1,704 — 1,869 N/A
Recognized on derivatives(1,261)161 6,691 — 5,591 — 
Recognized on hedged items1,317 (151)(6,543)— (5,377)N/A
Total gains (losses) (pre-tax) on interest rate contracts(282)513 1,852 — 2,083 — 
Foreign exchange contracts
Amounts related to cash flows on derivatives52 — (139)— (87)N/A
Recognized on derivatives(1)— 261 1,591 1,851 (31)
Recognized on hedged items2 — (201)(1,575)(1,774)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts53 — (79)16 (10)(31)
Commodity contracts
Recognized on derivatives— — — (11)(11)— 
Recognized on hedged items— — — 27 27 N/A
Total gains (losses) (pre-tax) on commodity contracts— — — 16 16 — 
Total gains (losses) (pre-tax) recognized on fair value hedges
$(229)513 1,773 32 2,089 (31)
Hedged Items in Fair Value Hedging Relationships
Table 14.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.

Table 14.5: Hedged Items in Fair Value Hedging Relationships
Hedged items currently designatedHedged items no longer designated
(in millions)Carrying amount of assets/(liabilities) (1)(2)Hedge accounting
basis adjustment
assets/(liabilities) (3)		Carrying amount of assets/(liabilities) (2)Hedge accounting basis adjustment
assets/(liabilities)
December 31, 2022
Available-for-sale debt securities (4)$39,423 (3,859)16,100 722 
Other assets1,663 38 — — 
Deposits(41,687)205 (10)— 
Long-term debt(130,997)13,862 (5)— 
December 31, 2021
Available-for-sale debt securities (4)$24,144 (559)17,962 965 
Other assets1,156 (58)— — 
Deposits(10,187)(144)— — 
Long-term debt(138,801)(5,192)— — 
(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded for debt securities is $739 million and for long-term debt is $0 million as of December 31, 2022, and $873 million for debt securities and $(2.7) billion for long-term debt as of December 31, 2021.
(2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.
(3)The balance includes $39 million and $334 million of debt securities and long-term debt cumulative basis adjustments as of December 31, 2022, respectively, and $136 million and $188 million of debt securities and long-term debt cumulative basis adjustments as of December 31, 2021, respectively, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)Carrying amount represents the amortized cost.
Gains (Losses) on Derivatives Not Designated as Hedging Instruments
Table 14.6 shows the net gains (losses), recognized by income statement lines, related to derivatives not designated as hedging instruments.
Table 14.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments
Noninterest incomeNoninterest expense
(in millions)Mortgage bankingNet gains from trading and securitiesOtherTotalPersonnel expense
Year Ended December 31, 2022
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)$(1,040)— (83)(1,123)— 
Equity contracts (2)— — 10 10 877 
Foreign exchange contracts— — 547 547 — 
Credit contracts— — 6 6 — 
Subtotal(1,040)— 480 (560)877 
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts(1,079)9,742 — 8,663 — 
Commodity contracts— 390 — 390 — 
Equity contracts (2)— 4,652 (286)4,366 — 
Foreign exchange contracts— 1,177 — 1,177 — 
Credit contracts— (27)— (27)— 
Subtotal(1,079)15,934 (286)14,569 — 
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(2,119)15,934 194 14,009 877 
Year Ended December 31, 2021
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)
$(51)— (11)(62)— 
Equity contracts — 495 (1)494 (611)
Foreign exchange contracts
— — 335 335 — 
Credit contracts
— — (12)(12)— 
Subtotal
(51)495 311 755 (611)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts
62 1,217 — 1,279 — 
Commodity contracts
— 133 — 133 — 
Equity contracts — (4,549)(444)(4,993)— 
Foreign exchange contracts
— 827 — 827 — 
Credit contracts
— (93)— (93)— 
Subtotal
62 (2,465)(444)(2,847)— 
Net gains (losses) recognized related to derivatives not designated as hedging instruments$11 (1,970)(133)(2,092)(611)
Year ended December 31, 2020
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)
$2,787 — (93)2,694 — 
Equity contracts
— (1,167)(25)(1,192)(778)
Foreign exchange contracts
— — (455)(455)— 
Credit contracts
— — 14 14 — 
Subtotal
2,787 (1,167)(559)1,061 (778)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts
1,964 (1,021)— 943 — 
Commodity contracts
— 446 — 446 — 
Equity contracts
— (436)(334)(770)— 
Foreign exchange contracts
— 89 — 89 — 
Credit contracts
— (1)— (1)— 
Subtotal
1,964 (923)(334)707 — 
Net gains (losses) recognized related to derivatives not designated as hedging instruments
$4,751 (2,090)(893)1,768 (778)
(1)Mortgage banking amounts for the years ended 2022, 2021 and 2020 are comprised of gains (losses) of $(3.5) billion, $(1.2) billion and $4.6 billion, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $2.5 billion, $1.2 billion and $(1.8) billion, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.
(2)In first quarter 2022, we prospectively reclassified certain equity securities and related economic hedge derivatives from “not held for trading activities” to “held for trading activities” to better reflect the business activity of those financial instruments. For additional information on Trading Activities, see Note 1 (Summary of Significant Accounting Policies).
Sold Credit Derivatives
Table 14.7 provides details of sold credit derivatives.

Table 14.7: Sold Credit Derivatives
Notional amount
(in millions)Protection soldProtection sold – non-investment grade
December 31, 2022
Credit default swaps$12,733 1,860 
Risk participation swaps6,728 6,518 
Total credit derivatives$19,461 8,378 
December 31, 2021
Credit default swaps$8,033 1,982 
Risk participation swaps6,756 6,012 
Total credit derivatives$14,789 7,994 
Credit-Risk Contingent Features Table 14.8 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade.
Table 14.8: Credit-Risk Contingent Features
(in billions)Dec 31,
2022		Dec 31,
2021
Net derivative liabilities with credit-risk contingent features
$20.7 12.2 
Collateral posted17.4 11.0 
Additional collateral to be posted upon a below investment grade credit rating (1)
3.3 1.2 
(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.