Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Positions

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	June 30, 2015
	Derivative Assets					Derivative Liabilities
(Dollars in millions)	Notional Amounts		Fair Value			Notional Amounts		Fair Value
Derivative instruments designated in cash flow hedging relationships 1
Interest rate contracts hedging floating rate loans		$17,600		$175			$850		$2
Derivative instruments designated in fair value hedging relationships 2
Interest rate contracts hedging fixed rate debt	2,775		28			600		—
Interest rate contracts hedging brokered CDs	30		—			—		—
Total	2,805		28			600		—
Derivative instruments not designated as hedging instruments 3
Interest rate contracts hedging:
MSRs	7,133		161			16,340		129
LHFS, IRLCs 4	5,100		33			3,474		8
Trading activity 5	69,746		2,163			68,062		1,975
Foreign exchange rate contracts hedging trading activity	3,308		132			2,707		126
Credit contracts hedging:
Loans	—		—			215		3
Trading activity 6	2,291		17			2,571		18
Equity contracts hedging trading activity 5	23,076		2,438			27,776		2,781
Other contracts:
IRLCs and other 7	2,706		24			759		10
Commodities	466		68			462		67
Total	113,826		5,036			122,366		5,117
Total derivative instruments		$134,231		$5,239			$123,816		$5,119
Total gross derivative instruments, before netting				$5,239					$5,119
Less: Legally enforceable master netting agreements			(3,620		)			(3,620		)
Less: Cash collateral received/paid			(411		)			(1,099		)
Total derivative instruments, after netting				$1,208					$400

¹ See “Cash Flow Hedges” in this Note for further discussion.

² See “Fair Value Hedges” in this Note for further discussion.

³ See “Economic Hedging and Trading Activities” in this Note for further discussion.

⁴ Amount includes $654 million of notional amounts related to interest rate futures. These futures contracts settle in cash daily, one day in arrears. The derivative asset or liability associated with the one day lag is included in the fair value column of this table.

⁵ Amounts include $14.2 billion and $1.2 billion of notional amounts related to interest rate futures and equity futures, respectively. These futures contracts settle in cash daily, one day in arrears. The derivative asset or liability associated with the one day lag is included in the fair value column of this table. Amounts also include notional amounts related to interest rate swaps hedging fixed rate debt.

⁶ Asset and liability amounts both include $6 million of notional amounts from purchased and written credit risk participation agreements, respectively, whose notional is calculated as the notional of the derivative participated adjusted by the relevant RWA conversion factor.

⁷ Includes $49 million notional amount that is based on the number of VisaClass B shares, 3.2 million, the conversion ratio from Class B shares to Class A shares, and the Class A share price at the derivative inception date of May 28, 2009. This derivative was established upon the sale of Class B shares in the second quarter of 2009. See Note 12, “Guarantees” for additional information.

	December 31, 2014
	Derivative Assets					Derivative Liabilities
(Dollars in millions)	Notional Amounts		Fair Value			Notional Amounts		Fair Value
Derivative instruments designated in cash flow hedging relationships 1
Interest rate contracts hedging floating rate loans		$18,150		$208			$2,850		$8
Derivative instruments designated in fair value hedging relationships 2
Interest rate contracts hedging fixed rate debt	2,700		30			2,600		1
Interest rate contracts hedging brokered CDs	30		—			—		—
Total	2,730		30			2,600		1
Derivative instruments not designated as hedging instruments 3
Interest rate contracts hedging:
MSRs	5,172		163			8,807		30
LHFS, IRLCs 4	1,840		4			4,923		23
Trading activity 5	61,049		2,405			61,065		2,225
Foreign exchange rate contracts hedging trading activity	2,429		104			2,414		100
Credit contracts hedging:
Loans	—		—			392		5
Trading activity 6	2,282		20			2,452		20
Equity contracts hedging trading activity 5	21,875		2,809			28,128		3,090
Other contracts:
IRLCs and other 7	2,231		25			139		5
Commodities	381		71			374		70
Total	97,259		5,601			108,694		5,568
Total derivative instruments		$118,139		$5,839			$114,144		$5,577
Total gross derivative instruments, before netting				$5,839					$5,577
Less: Legally enforceable master netting agreements			(4,083		)			(4,083		)
Less: Cash collateral received/paid			(449		)			(1,032		)
Total derivative instruments, after netting				$1,307					$462

¹ See “Cash Flow Hedges” in this Note for further discussion.

² See “Fair Value Hedges” in this Note for further discussion.

³ See “Economic Hedging and Trading Activities” in this Note for further discussion.

⁴ Amount includes $791 million of notional amounts related to interest rate futures. These futures contracts settle in cash daily, one day in arrears. The derivative asset or liability associated with the one day lag is included in the fair value column of this table.

⁵ Amounts include $10.3 billion and $563 million of notional amounts related to interest rate futures and equity futures, respectively. These futures contracts settle in cash daily, one day in arrears. The derivative asset or liability associated with the one day lag is included in the fair value column of this table. Amounts also include notional amounts related to interest rate swaps hedging fixed rate debt.

⁶ Asset and liability amounts both include $4 million of notional amounts from purchased and written interest rate swap risk participation agreements, respectively, whose notional is calculated as the notional of the interest rate swap participated adjusted by the relevant RWA conversion factor.

⁷ Includes $49 million notional amount that is based on the number of VisaClass B shares, 3.2 million, the conversion ratio from Class B shares to Class A shares, and the Class A share price at the derivative inception date of May 28, 2009. This derivative was established upon the sale of Class B shares in the second quarter of 2009. See Note 12, “Guarantees” for additional information.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

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	Three Months Ended June 30, 2015				Six Months Ended June 30, 2015
(Dollars in millions)	Amount of  Pre-tax Gain Recognized in OCI on Derivatives (Effective Portion)		Amount of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)		Amount of  Pre-tax Gain Recognized in OCI on Derivatives (Effective Portion)		Amount of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)		Classification of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)
Derivative instruments in cash flow hedging relationships:
Interest rate contracts hedging floating rate loans 1		$9		$44		$134		$79	Interest and fees on loans

¹ During the three and six months endedJune 30, 2015, the Company also reclassified $19 million and $38 million, respectively, of pre-tax gains from AOCI into net interest income. These gains related to hedging relationships that have been terminated or de-designated and are reclassified into earnings consistent with the pattern of net cash flows expected to be recognized.

	Three Months Ended June 30, 2015								Six Months Ended June 30, 2015
(Dollars in millions)	Amount of Loss on Derivatives Recognized in Income			Amount of Gain on Related Hedged Items Recognized in Income		Amount of Loss Recognized in Income on Hedges (Ineffective Portion)			Amount of Gain on Derivatives Recognized in Income		Amount of Loss on Related Hedged Items Recognized in Income			Amount of Gain/(Loss) Recognized in Income on Hedges (Ineffective Portion)
Derivative instruments in fair value hedging relationships:
Interest rate contracts hedging fixed rate debt 1		($8	)		$7		($1	)		$7		($7	)		$—
Interest rate contracts hedging brokered CDs 1	—			—		—			—		—			—
Total		($8	)		$7		($1	)		$7		($7	)		$—

¹ Amounts are recognized in trading income in the Consolidated Statements of Income.

(Dollars in millions)	Classification of (Loss)/Gain Recognized in Income on Derivatives	Amount of (Loss)/Gain Recognized in Income on Derivatives During the Three Months Ended June 30, 2015			Amount of (Loss)/Gain Recognized in Income on Derivatives During the Six Months Ended June 30, 2015
Derivative instruments not designated as hedging instruments:
Interest rate contracts hedging:
MSRs	Mortgage servicing related income		($163	)		($74	)
LHFS, IRLCs	Mortgage production related income	52			9
Trading activity	Trading income	25			40
Foreign exchange rate contracts hedging trading activity	Trading income	(20		)	36
Credit contracts hedging:
Loans	Other noninterest income	—			(1		)
Trading activity	Trading income	7			13
Equity contracts hedging trading activity	Trading income	—			3
Other contracts hedging:
IRLCs	Mortgage production related income	12			93
Commodities	Trading income	1			1
Total			($86	)		$120

	Three Months Ended June 30, 2014				Six Months Ended June 30, 2014
(Dollars in millions)	Amount of  Pre-tax Gain Recognized in OCI on Derivatives (Effective Portion)		Amount of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)		Amount of  Pre-tax Gain Recognized in OCI on Derivatives (Effective Portion)		Amount of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)		Classification of Pre-tax Gain Reclassified from AOCI into Income (Effective Portion)
Derivative instruments in cash flow hedging relationships:
Interest rate contracts hedging floating rate loans 1		$44		$74		$67		$149	Interest and fees on loans

¹ During the three and six months endedJune 30, 2014, the Company also reclassified $27 million and $54 million, respectively, of pre-tax gains from AOCI into net interest income. These gains related to hedging relationships that have been terminated or de-designated and are reclassified into earnings consistent with the pattern of net cash flows expected to be recognized.

	Three Months Ended June 30, 2014							Six Months Ended June 30, 2014
(Dollars in millions)	Amount of Gain on Derivatives Recognized in Income		Amount of Loss on Related Hedged Items Recognized in Income			Amount of Gain Recognized in Income on Hedges (Ineffective Portion)		Amount of Gain on Derivatives Recognized in Income		Amount of Loss on Related Hedged Items Recognized in Income			Amount of Gain Recognized in Income on Hedges (Ineffective Portion)
Derivative instruments in fair value hedging relationships:
Interest rate contracts hedging fixed rate debt 1		$8		($7	)		$1		$17		($16	)		$1

¹ Amounts are recognized in trading income in the Consolidated Statements of Income.

(Dollars in millions)	Classification of Gain/(Loss) Recognized in Income on Derivatives	Amount of Gain/(Loss) Recognized in Income on Derivatives During the Three Months Ended June 30, 2014			Amount of Gain/(Loss) Recognized in Income on Derivatives During the Six Months Ended June 30, 2014
Derivative instruments not designated as hedging instruments:
Interest rate contracts hedging:
MSRs	Mortgage servicing related income		$66			$120
LHFS, IRLCs	Mortgage production related income	(61		)	(95		)
Trading activity	Trading income	11			25
Foreign exchange rate contracts hedging trading activity	Trading income	(7		)	(1		)
Credit contracts hedging:
Loans	Other noninterest income	—			(1		)
Trading activity	Trading income	4			9
Equity contracts hedging trading activity	Trading income	2			3
Other contracts - IRLCs	Mortgage production related income	78			138
Total			$93			$198

Netting of financial instruments - derivatives [Table Text Block]

(Dollars in millions)	Gross Amount		Amount Offset		Net Amount Presented in Consolidated Balance Sheets			Held/Pledged Financial Instruments		Net Amount
June 30, 2015
Derivative instrument assets:
Derivatives subject to master netting arrangement or similar arrangement		$4,668		$3,669		$999			$61		$938
Derivatives not subject to master netting arrangement or similar arrangement	24		—		24			—		24
Exchange traded derivatives	547		362		185			—		185
Total derivative instrument assets		$5,239		$4,031		$1,208	1		$61		$1,147
Derivative instrument liabilities:
Derivatives subject to master netting arrangement or similar arrangement		$4,642		$4,357		$285			$28		$257
Derivatives not subject to master netting arrangement or similar arrangement	115		—		115			—		115
Exchange traded derivatives	362		362		—			—		—
Total derivative instrument liabilities		$5,119		$4,719		$400	2		$28		$372
December 31, 2014
Derivative instrument assets:
Derivatives subject to master netting arrangement or similar arrangement		$5,127		$4,095		$1,032			$63		$969
Derivatives not subject to master netting arrangement or similar arrangement	25		—		25			—		25
Exchange traded derivatives	687		437		250			—		250
Total derivative instrument assets		$5,839		$4,532		$1,307	1		$63		$1,244
Derivative instrument liabilities:
Derivatives subject to master netting arrangement or similar arrangement		$5,001		$4,678		$323			$12		$311
Derivatives not subject to master netting arrangement or similar arrangement	133		—		133			—		133
Exchange traded derivatives	443		437		6			—		6
Total derivative instrument liabilities		$5,577		$5,115		$462	2		$12		$450

¹ At June 30, 2015, $1.2 billion, net of $411 million offsetting cash collateral, is recognized in trading assets and derivative instruments within the Company's Consolidated Balance Sheets.

At December 31, 2014, $1.3 billion, net of $449 million offsetting cash collateral, is recognized in trading assets and derivative instruments within the Company's Consolidated Balance Sheets.

² At June 30, 2015, $400 million, net of $1.1 billion offsetting cash collateral, is recognized in trading liabilities and derivative instruments within the Company's Consolidated Balance Sheets. At December 31, 2014, $462 million, net of $1.0 billion offsetting cash collateral, is recognized in trading liabilities and derivative instruments within the Company's Consolidated Balance Sheets.

[1] Amounts are recognized in trading income in the Consolidated Statements of Income.

[2] During the three and six months ended June 30, 2014, the Company also reclassified $27 million and $54 million, respectively, of pre-tax gains from AOCI into net interest income. These gains related to hedging relationships that have been terminated or de-designated and are reclassified into earnings consistent with the pattern of net cash flows expected to be recognized.