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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments that are Designated and their Location on the Balance Sheet
The following table presents the fair value of derivative instruments designated and qualifying as fair value hedges and their location on the balance sheet.
 
Derivative Assets(1)
 
Derivative Liabilities(1)
 
Balance Sheet
 
Fair Value as of
 
Balance Sheet
 
Fair Value as of
  
Location
 
March 31, 2013
 
December 31, 2012
 
Location
 
March 31, 2013
 
December 31, 2012
 
 
 
 
 
 
 
(in millions)
 
 
 
 
Interest rate contracts
Other assets
 
$
42

 
$
10

 
Interest, taxes and
other liabilities
 
$
668

 
$
875

 
(1) 
The derivative asset and derivative liabilities presented above may be eligible for netting and consequently may be shown net against a different line item on the consolidated balance sheet. Balance sheet categories in the above table represent the location of the assets and liabilities absent the netting of the balances.
Gains and Losses on the Hedged Items in Fair Value Hedges
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments in fair value hedges and the hedged items in fair value hedges and their location on the consolidated statement of income.
 
Gain (Loss) on Derivative
 
Gain (Loss) on Hedged Items
  
Interest Income
(Expense)
 
Other Income
 
Interest Income
(Expense)
 
Other Income
 
(in millions)
Three Months Ended March 31, 2013
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(56
)
 
$
170

 
$
112

 
$
(174
)
Interest rate contracts/subordinated debt
4

 
(1
)
 
(14
)
 
1

Total
$
(52
)
 
$
169

 
$
98

 
$
(173
)
Three Months Ended March 31, 2012
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(46
)
 
$
298

 
$
179

 
$
(287
)
Interest rate contracts/subordinated debt
(14
)
 
4

 
(15
)
 
(4
)
Total
$
(60
)
 
$
302

 
$
164

 
$
(291
)
Fair Value of Derivative Instruments, Designated and Qualifying as Cash Flow Hedges
The following table presents the fair value of derivative instruments that are designated and qualify as cash flow hedges and their location on the consolidated balance sheet.
 
Derivative Assets(1)
 
Derivative Liabilities(1)
 
Balance Sheet
 
Fair Value as of
 
Balance Sheet
 
Fair Value as of
  
Location
 
March 31, 2013
 
December 31, 2012
 
Location
 
March 31, 2013
 
December 31, 2012
 
(in millions)
Interest rate contracts
Other assets
 
$
17

 
$
47

 
Interest, taxes and
other liabilities
 
$
198

 
$
236

 
(1)
The derivative asset and derivative liabilities presented above may be eligible for netting and consequently may be shown net against a different line item on the consolidated balance sheet. Balance sheet categories in the above table represent the location of the assets and liabilities absent the netting of the balances.
Gains and Losses on Derivative Instruments Designated and Qualifying as Hedging Instruments in Cash Flow Hedges
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments in cash flow hedges (including amounts recognized in AOCI from all terminated cash flow hedges) and their locations on the consolidated statement of income.
 
Gain (Loss)
Recognized
in AOCI on
Derivative
(Effective
Portion)
 
Location of Gain
(Loss) Reclassified
from AOCI
into Income (Effective Portion)
 
Gain (Loss)
Reclassed
From AOCI
into Income
(Effective
Portion)
 
Location of Gain
(Loss)
Recognized
in Income
on the Derivative
(Ineffective Portion and
Amount Excluded from Effectiveness Testing)
 
Gain (Loss)
Recognized
in Income
on the
Derivative
(Ineffective
Portion)
Three Months Ended March 31,
2013
 
2012
 
 
 
2013
 
2012
 
 
 
2013
 
2012
 
(in millions)
Interest rate contracts
$
34

 
$
58

 
Interest income (expense)
 
$
(4
)
 
$
(4
)
 
Other income
 
$
—

 
$
(1
)
Fair Value of Derivative Instruments Held for Trading Purposes
The following table presents the fair value of derivative instruments held for trading purposes and their location on the consolidated balance sheet.
 
Derivative Assets(1)
 
Derivative Liabilities(1)
 
Balance Sheet
 
Fair Value as of
 
Balance Sheet
 
Fair Value as of
  
Location
 
March 31, 2013
 
December 31, 2012
 
Location
 
March 31, 2013
 
December 31, 2012
 
(in millions)
Interest rate contracts
Trading assets
 
$
63,052

 
$
70,865

 
Trading liabilities
 
$
63,355

 
$
70,450

Foreign exchange contracts
Trading assets
 
14,331

 
13,799

 
Trading liabilities
 
14,353

 
13,601

Equity contracts
Trading assets
 
1,304

 
1,287

 
Trading liabilities
 
1,310

 
1,291

Precious metals contracts
Trading assets
 
805

 
791

 
Trading liabilities
 
622

 
738

Credit contracts
Trading assets
 
6,685

 
7,128

 
Trading liabilities
 
6,700

 
7,347

Total
 
 
$
86,177

 
$
93,870

 
 
 
$
86,340

 
$
93,427

 
(1) 
The derivative asset and derivative liabilities presented above may be eligible for netting and consequently may be shown net against a different line item on the consolidated balance sheet. Balance sheet categories in the above table represent the location of the assets and liabilities absent the netting of the balances.
Fair Value of Derivative Instruments Held for other Purposes
s.
The following table presents the fair value of derivative instruments held for other purposes and their location on the consolidated balance sheet.
 
Derivative Assets(1)
 
Derivative Liabilities(1)
 
Balance Sheet
 
Fair Value as of
December 31,
 
Balance Sheet
 
Fair Value as of
December 31,
  
Location
 
March 31, 2013
 
December 31, 2012
 
Location
 
March 31, 2013
 
December 31, 2012
 
(in millions)
Interest rate contracts
Other assets
 
$
801

 
$
901

 
Interest, taxes and
other liabilities
 
$
90

 
$
97

Foreign exchange contracts
Other assets
 
37

 
52

 
Interest, taxes and
other liabilities
 
33

 
17

Equity contracts
Other assets
 
653

 
472

 
Interest, taxes and
other liabilities
 
116

 
126

Credit contracts
Other assets
 
5

 
1

 
Interest, taxes and
other liabilities
 
9

 
4

Total
 
 
$
1,496

 
$
1,426

 
 
 
$
248

 
$
244

(1) 
The derivative asset and derivative liabilities presented above may be eligible for netting and consequently may be shown net against a different line item on the consolidated balance sheet. Balance sheet categories in the above table represent the location of the assets and liabilities absent the netting of the balances.
Gains and Losses on Derivative Instruments Held for other Purposes
The following table presents information on gains and losses on derivative instruments held for trading purposes and their locations on the consolidated statement of income.
 
Location of Gain (Loss)
 
Amount of  Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended March 31,
Recognized in Income on Derivatives
 
2013
 
2012
 
(in millions)
Interest rate contracts
Trading revenue
 
$
86

 
$
18

Interest rate contracts
Residential mortgage banking revenue
 
(7
)
 
(16
)
Foreign exchange contracts
Trading revenue
 
(138
)
 
399

Equity contracts
Trading revenue
 
(2
)
 
18

Precious metals contracts
Trading revenue
 
42

 
35

Credit contracts
Trading revenue
 
147

 
(228
)
Total
 
 
$
128

 
$
226

The following table presents information on gains and losses on derivative instruments held for other purposes and their locations on the consolidated statement of income.
 
Location of Gain (Loss)
 
Amount of  Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended March 31,
Recognized in Income on Derivatives
 
2013
 
2012
 
(in millions)
Interest rate contracts
Other income
 
$
(62
)
 
$
(90
)
Interest rate contracts
Residential mortgage banking revenue
 
(1
)
 
7

Foreign exchange contracts
Other income
 
(31
)
 
14

Equity contracts
Other income
 
315

 
364

Credit contracts
Other income
 
—

 
(3
)
Total
 
 
$
221

 
$
292
Credit-Risk Related Contingent Features
The following tables summarize our obligation to post additional collateral (from the current collateral level) in certain hypothetical commercially reasonable downgrade scenarios. It is not appropriate to accumulate or extrapolate information presented in the tables below to determine our total obligation because the information presented to determine the obligation in hypothetical rating scenarios is not mutually exclusive.
Moody’s
Long-Term Ratings
Short-Term Ratings
A1
 
A2
 
A3
 
(in millions)
P-1
$
—

 
$
2

 
$
269

P-2
2

 
70

 
269

S&P
Long-Term Ratings
Short-Term Ratings
AA-
 
A+
 
A
 
(in millions)
A-1+
$
—

 
$
68

 
$
68

A-1
19

 
19

 
286
Notional Value of Derivative Contracts
 The following table summarizes the notional values of derivative contracts.

March 31, 2013
 
December 31, 2012
 
(in billions)
Interest rate:
 
 
 
Futures and forwards
$
242.7

 
$
313.9

Swaps
3,077.2

 
2,842.6

Options written
110.0

 
43.3

Options purchased
107.8

 
44.2

 
3,537.7

 
3,244.0

Foreign Exchange:
 
 
 
Swaps, futures and forwards
946.5

 
743.7

Options written
74.6

 
54.9

Options purchased
—

 
55.5

Spot
86.0

 
56.3

 
1,107.1

 
910.4

Commodities, equities and precious metals:
 
 
 
Swaps, futures and forwards
49.4

 
48.1

Options written
22.7

 
21.0

Options purchased
23.2

 
21.4

 
95.3

 
90.5

Credit derivatives
463.5

 
484.9

Total
$
5,203.6

 
$
4,729.8