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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 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.
 
December 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)
$
142

 
$
341

 
$
42

 
$
240

Bilateral OTC(2)
—

 
196

 
—

 
292

Interest rate contracts
142

 
537

 
42

 
532

Derivatives accounted for as cash flow hedges(1)
 
 
 
 
 
 
 
Foreign exchange contracts - bilateral OTC(2)
12

 
—

 
17

 
—

OTC-cleared(2)
6

 
57

 
6

 
16

Bilateral OTC(2)
—

 
94

 
—

 
137

Interest rate contracts
6

 
151

 
6

 
153

Total derivatives accounted for as hedges
160

 
688

 
65

 
685

Trading derivatives not accounted for as hedges(3)
 
 
 
 
 
 
 
Exchange-traded(2)
35

 
84

 
27

 
27

OTC-cleared(2)
15,248

 
14,189

 
15,717

 
14,723

Bilateral OTC(2)
16,045

 
17,480

 
18,716

 
19,906

Interest rate contracts
31,328

 
31,753

 
34,460

 
34,656

Exchange-traded(2)
24

 
6

 
—

 
15

Bilateral OTC(2)
24,020

 
22,645

 
24,160

 
22,324

Foreign exchange contracts
24,044

 
22,651

 
24,160

 
22,339

Equity contracts - bilateral OTC(2)
1,658

 
1,653

 
1,344

 
1,340

Exchange-traded(2)
81

 
13

 
38

 
39

Bilateral OTC(2)
1,038

 
867

 
891

 
552

Precious metals contracts
1,119

 
880

 
929

 
591

OTC-cleared(2)
227

 
289

 
899

 
1,212

Bilateral OTC(2)
1,291

 
1,076

 
2,913

 
2,565

Credit contracts
1,518

 
1,365

 
3,812

 
3,777

Other derivatives not accounted for as hedges(1)
 
 
 
 
 
 
 
OTC-cleared(2)
287

 
41

 
—

 
—

Bilateral OTC(2)
437

 
170

 
761

 
120

Interest rate contracts
724

 
211

 
761

 
120

Foreign exchange contracts - bilateral OTC(2)
—

 
31

 
—

 
97

Equity contracts - bilateral OTC(2)
672

 
222

 
462

 
422

Credit contracts - bilateral OTC(2)
32

 
4

 
73

 
6

Other contracts - bilateral OTC(2)(4)
5

 
14

 
—

 
—

Total derivatives
61,260

 
59,472

 
66,066

 
64,033

Less: Gross amounts of receivable / payable subject to enforceable master netting agreements(5)(7)
51,111

 
51,111

 
55,510

 
55,510

Less: Gross amounts of cash collateral received / posted subject to enforceable master netting agreements(6)(7)
5,145

 
3,826

 
4,942

 
1,530

Net amounts of derivative assets / liabilities presented in the balance sheet
5,004

 
4,535

 
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
787

 
1,050

 
1,114

 
3,674

Net amounts of derivative assets / liabilities
$
4,217

 
$
3,485

 
$
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) 
Consists of swap agreements entered into in conjunction with the sale of certain Visa Inc. ("Visa") Class B common shares ("Class B Shares").
(5) 
Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements.
(6) 
Represents the netting of cash collateral posted and received by counterparty under enforceable netting agreements.
(7) 
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)
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(178
)
 
$
59

 
$
374

 
$
(74
)
 
$
(15
)
Interest rate contracts/long-term debt
32

 
(82
)
 
(155
)
 
80

 
(2
)
Total
$
(146
)
 
$
(23
)
 
$
219

 
$
6

 
$
(17
)
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(202
)
 
$
(82
)
 
$
363

 
$
66

 
$
(16
)
Interest rate contracts/long-term debt
10

 
(18
)
 
(83
)
 
20

 
2

Total
$
(192
)
 
$
(100
)
 
$
280

 
$
86

 
$
(14
)
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
Interest rate contracts/AFS Securities
$
(246
)
 
$
(684
)
 
$
375

 
$
668

 
$
(16
)
Interest rate contracts/long-term debt
9

 
(4
)
 
(22
)
 
4

 
—

Total
$
(237
)
 
$
(688
)
 
$
353

 
$
672

 
$
(16
)
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
 
2014
 
 
2016
 
2015
 
2014
 
 
2016
 
2015
 
2014
 
(in millions)
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(1
)
 
$
(2
)
 
$
2

 
Interest income (expense)
 
$
—

 
$
—

 
$
—

 
Other income (loss)
 
$
—

 
$
—

 
$
—

Interest rate contracts
6

 
(21
)
 
(127
)
 
Interest income (expense)
 
(17
)
 
(11
)
 
(6
)
 
Other income (loss)
 
—

 
—

 
—

Total
$
5

 
$
(23
)
 
$
(125
)
 
 
 
$
(17
)
 
$
(11
)
 
$
(6
)
 
 
 
$
—

 
$
—

 
$
—
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
Year Ended December 31,
2016
 
2015
 
2014
 
 
 
 
(in millions)
 
 
Interest rate contracts
Trading revenue
$
(283
)
 
$
899

 
$
166

Interest rate contracts
Residential mortgage banking revenue
36

 
26

 
63

Foreign exchange contracts
Trading revenue
386

 
(472
)
 
21

Equity contracts
Trading revenue
6

 
4

 
—

Precious metals contracts
Trading revenue
(20
)
 
52

 
65

Credit contracts
Trading revenue
(71
)
 
(23
)
 
(253
)
Total
 
$
54

 
$
486

 
$
62
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 and other 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
Year Ended December 31,
2016
 
2015
 
2014
 
 
 
 
(in millions)
 
 
Interest rate contracts
Gain (loss) on instruments designated at fair value and related derivatives
$
(12
)
 
$
89

 
$
439

Interest rate contracts
Residential mortgage banking revenue
—

 
1

 
(1
)
Foreign exchange contracts
Gain (loss) on instruments designated at fair value and related derivatives
30

 
(10
)
 
20

Equity contracts
Gain (loss) on instruments designated at fair value and related derivatives
466

 
(110
)
 
442

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

 
—

 
11

Credit contracts
Gain (loss) on instruments designated at fair value and related derivatives
—

 
(3
)
 
1

Credit contracts
Other income (loss)
(70
)
 
42

 
32

Total
 
$
414

 
$
9

 
$
944
Credit-Risk Related Contingent Features
The following table presents the amount of additional collateral that we would be required to post (from the current collateral level) related to derivative instruments with credit-risk related contingent features if our long term ratings were downgraded by one or two notches. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another rating agency will generally not result in additional collateral.
 
One-notch downgrade
 
Two-notch downgrade
 
(in millions)
Amount of additional collateral to be posted upon downgrade
$
68

 
$
75
Notional Value of Derivative Contracts
The following table summarizes the notional values of derivative contracts:
At December 31,
2016
 
2015
 
(in millions)
Interest rate:
 
 
 
Futures and forwards
$
501,635

 
$
149,413

Swaps
2,142,183

 
2,453,526

Options written
74,741

 
65,747

Options purchased
87,020

 
80,092

 
2,805,579

 
2,748,778

Foreign exchange:
 
 
 
Swaps, futures and forwards
965,301

 
980,811

Options written
52,845

 
81,132

Options purchased
53,260

 
82,004

Spot
34,565

 
42,724

 
1,105,971

 
1,186,671

Commodities, equities and precious metals:
 
 
 
Swaps, futures and forwards
49,555

 
35,546

Options written
19,495

 
19,601

Options purchased
30,632

 
33,374

 
99,682

 
88,521

Credit derivatives
123,714

 
188,070

Other contracts(1)
184

 
—

Total
$
4,135,130

 
$
4,212,040

 
(1) 
Consists of swap agreements entered into in conjunction with the sale of certain Visa Class B Shares.