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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting as well as collateral, and therefore are not representative of our exposure. The table below presents the amounts of counterparty netting and cash collateral that have been offset in the consolidated balance sheet, as well as cash and securities collateral posted and received under enforceable master netting agreements that do not meet the criteria for netting. Derivative assets and liabilities which are not subject to an enforceable master netting agreement, or are subject to a netting agreement where an appropriate legal opinion to determine such agreements are enforceable has not been either sought or obtained, have not been netted in the table below. Where we have received or posted collateral under netting agreements where an appropriate legal opinion to determine such agreements are enforceable has not been either sought or obtained, the related collateral also has not been netted in the table below.
 
March 31, 2016
 
December 31, 2015
 
Derivative assets
 
Derivative liabilities
 
Derivative assets
 
Derivative liabilities
 
(in millions)
Derivatives accounted for as fair value hedges(1)
 
 
 
 
 
 
 
OTC-cleared(2)
$
27

 
$
814

 
$
42

 
$
240

Bilateral OTC(2)
17

 
288

 
—

 
292

Interest rate contracts
44

 
1,102

 
42

 
532

 
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges(1)
 
 
 
 
 
 
 
Foreign exchange contracts - bilateral OTC(2)
7

 
—

 
17

 
—

 
 
 
 
 
 
 
 
OTC-cleared(2)
1

 
26

 
6

 
16

Bilateral OTC(2)
—

 
202

 
—

 
137

Interest rate contracts
1

 
228

 
6

 
153

 
 
 
 
 
 
 
 
Total derivatives accounted for as hedges
52

 
1,330

 
65

 
685

 
 
 
 
 
 
 
 
Trading derivatives not accounted for as hedges(3)
 
 
 
 
 
 
 
Exchange-traded(2)
54

 
65

 
27

 
27

OTC-cleared(2)
26,418

 
24,758

 
15,717

 
14,723

Bilateral OTC(2)
21,521

 
23,213

 
18,716

 
19,906

Interest rate contracts
47,993

 
48,036

 
34,460

 
34,656

 
 
 
 
 
 
 
 
Exchange-traded(2)
3

 
68

 
—

 
15

Bilateral OTC(2)
24,543

 
22,670

 
24,160

 
22,324

Foreign exchange contracts
24,546

 
22,738

 
24,160

 
22,339

 
 
 
 
 
 
 
 
Equity contracts - bilateral OTC(2)
1,465

 
1,461

 
1,344

 
1,340

 
 
 
 
 
 
 
 
Exchange-traded(2)
29

 
108

 
38

 
39

Bilateral OTC(2)
732

 
669

 
891

 
552

Precious metals contracts
761

 
777

 
929

 
591

 
 
 
 
 
 
 
 
OTC-cleared(2)
791

 
983

 
899

 
1,212

Bilateral OTC(2)
2,187

 
1,986

 
2,913

 
2,565

Credit contracts
2,978

 
2,969

 
3,812

 
3,777

 
 
 
 
 
 
 
 
Other derivatives not accounted for as hedges(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts - bilateral OTC(2)
957

 
135

 
761

 
120

 
 
 
 
 
 
 
 
Foreign exchange contracts - bilateral OTC(2)
—

 
70

 
—

 
97

 
 
 
 
 
 
 
 
Equity contracts - bilateral OTC(2)
434

 
422

 
462

 
422

 
 
 
 
 
 
 
 
Precious metals contracts - bilateral OTC(2)
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Credit contracts - bilateral OTC(2)
62

 
6

 
73

 
6

 
 
 
 
 
 
 
 
Total derivatives
79,248

 
77,944

 
66,066

 
64,033

 
 
 
 
 
 
 
 
Less: Gross amounts of receivable / payable subject to enforceable master netting agreements(4)(6)
68,335

 
68,335

 
55,510

 
55,510

Less: Gross amounts of cash collateral received / posted subject to enforceable master netting agreements(5)(6)
5,420

 
1,264

 
4,942

 
1,530

Net amounts of derivative assets / liabilities presented in the balance sheet
5,493

 
8,345

 
5,614

 
6,993

 
 
 
 
 
 
 
 
Less: Gross amounts of financial instrument collateral received / posted subject to enforceable master netting agreements but not offset in the consolidated balance sheet
1,370

 
4,405

 
1,114

 
3,674

Net amounts of derivative assets / liabilities
$
4,123

 
$
3,940

 
$
4,500

 
$
3,319

 
(1) 
Derivative assets / liabilities related to cash flow hedges, fair value hedges and derivative instruments held for purposes other than for trading are recorded in other assets / interest, taxes and other liabilities on the consolidated balance sheet.
(2) 
Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. The credit risk associated with bilateral OTC derivatives is managed through master netting agreements and obtaining collateral. OTC-cleared derivatives are executed bilaterally in the OTC market but then novated to a central clearing counterparty, whereby the central clearing counterparty becomes the counterparty to both of the original counterparties. Exchange traded derivatives are executed directly on an organized exchange that provides pre-trade price transparency. Credit risk is minimized for OTC-cleared derivatives and exchange traded derivatives through daily margining required by central clearing counterparties.
(3) 
Trading related derivative assets/liabilities are recorded in trading assets/trading liabilities on the consolidated balance sheet.
(4) 
Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements.
(5) 
Represents the netting of cash collateral posted and received by counterparty under enforceable netting agreements.
(6) 
Netting is performed at a counterparty level in cases where enforceable master netting agreements are in place, regardless of the type of derivative instrument. Therefore, we have not attempted to allocate netting to the different types of derivative instruments shown in the table above.
Schedule of Gains and Losses on Fair Value Hedging Instruments
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
 
Net Ineffective Gain (Loss) Recognized
  
Interest Income
(Expense)
 
Other Income (Loss)
 
Interest Income
(Expense)
 
Other Income (Loss)
 
Other Income (Loss)
 
(in millions)
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(48
)
 
$
(656
)
 
$
93

 
$
626

 
$
(30
)
Interest rate contracts/long-term debt
8

 
66

 
(30
)
 
(65
)
 
1

Total
$
(40
)
 
$
(590
)
 
$
63

 
$
561

 
$
(29
)
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(54
)
 
$
(249
)
 
$
88

 
$
240

 
$
(9
)
Interest rate contracts/long-term debt
3

 
—

 
(11
)
 
—

 
—

Total
$
(51
)
 
$
(249
)
 
$
77

 
$
240

 
$
(9
)
Schedule of Gains and Losses on Cash Flow Hedging Instruments
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)
 
2016
 
2015
 
 
2016
 
2015
 
 
2016
 
2015
 
(in millions)
Three Months Ended March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
(76
)
 
(33
)
 
Interest income (expense)
 
(4
)
 
(3
)
 
Other income (loss)
 
—

 
—

Total
$
(76
)
 
$
(33
)
 
 
 
$
(4
)
 
$
(3
)
 
 
 
$
—

 
$
—
Schedule of Gains and Losses on Derivative Instruments Included in Trading Activities
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)
Recognized in Income on Derivatives
Amount of Gain (Loss) Recognized in Income on Derivatives
 
Three Months Ended March 31,
 
2016
 
2015
 
 
(in millions)
Interest rate contracts
Trading revenue
$
(277
)
 
$
470

Interest rate contracts
Residential mortgage banking revenue
32

 
24

Foreign exchange contracts
Trading revenue
97

 
(356
)
Equity contracts
Trading revenue
—

 
(1
)
Precious metals contracts
Trading revenue
—

 
46

Credit contracts
Trading revenue
(37
)
 
(21
)
Total
 
$
(185
)
 
$
162
Schedule of Gains and Losses on Derivative Instruments Held for Non-qualifying Hedging Activities
The following table presents information on gains and losses on derivative instruments held for non-qualifying hedging activities and their locations on the consolidated statement of income:
 
Location of Gain (Loss)
Recognized in Income on Derivatives
Amount of Gain (Loss) Recognized in Income on Derivatives
 
Three Months Ended March 31,
 
2016
 
2015
 
 
(in millions)
Interest rate contracts
Gain on instruments designated at fair value and related derivatives
$
214

 
$
109

Foreign exchange contracts
Gain on instruments designated at fair value and related derivatives
12

 
(1
)
Equity contracts
Gain on instruments designated at fair value and related derivatives
(49
)
 
257

Precious metals contracts
Gain on instruments designated at fair value and related derivatives
—

 
1

Credit contracts
Other income (loss)
(12
)
 
22

Total
 
$
165

 
$
388
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 of our long term ratings. 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.
 
Single-notch downgrade
 
Two-notch downgrade
Moody’s
Aa3
 
A1
 
(in millions)
Amount of additional collateral to be posted upon downgrade
$
—

 
$
35


 
Single-notch downgrade
 
Two-notch downgrade
Standard & Poor's ("S&P")
A+
 
A
 
(in millions)
Amount of additional collateral to be posted upon downgrade
$
35

 
$
45
Notional Value of Derivative Contracts
The following table summarizes the notional values of derivative contracts:

March 31, 2016
 
December 31, 2015
 
(in millions)
Interest rate:
 
 
 
Futures and forwards
$
133,631

 
$
149,413

Swaps
2,428,463

 
2,453,526

Options written
83,275

 
65,747

Options purchased
97,593

 
80,092

 
2,742,962

 
2,748,778

Foreign exchange:
 
 
 
Swaps, futures and forwards
1,035,435

 
980,811

Options written
73,401

 
81,132

Options purchased
74,122

 
82,004

Spot
29,173

 
42,724

 
1,212,131

 
1,186,671

Commodities, equities and precious metals:
 
 
 
Swaps, futures and forwards
48,754

 
35,546

Options written
18,787

 
19,601

Options purchased
25,655

 
33,374

 
93,196

 
88,521

Credit derivatives
182,856

 
188,070

Total
$
4,231,145

 
$
4,212,040