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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
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 also 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 following table. 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 following table.
March 31, 2022December 31, 2021
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in millions)
Derivatives accounted for as fair value hedges(1)
Interest rate contracts - bilateral OTC(2)
$53 $11 $— $5 
Derivatives accounted for as cash flow hedges(1)
Foreign exchange contracts - bilateral OTC(2)
49 — 29 — 
Interest rate contracts - bilateral OTC(2)
— 4 — 2 
Total derivatives accounted for as hedges102 15 29 7 
Trading derivatives not accounted for as hedges(3)
Exchange-traded(2)
17 10 8 10 
OTC-cleared(2)
32 — 37 — 
Bilateral OTC(2)
1,645 1,498 1,756 1,877 
Interest rate contracts1,694 1,508 1,801 1,887 
Exchange-traded(2)
— 1 — — 
OTC-cleared (2)
9 — — — 
Bilateral OTC(2)
14,008 13,421 11,321 11,125 
Foreign exchange contracts14,017 13,422 11,321 11,125 
Exchange-traded(2)
— 5 — — 
Bilateral OTC(2)
544 1,056 588 1,240 
Equity contracts544 1,061 588 1,240 
Exchange-traded(2)
— 3 4 — 
Bilateral OTC(2)
1,177 1,425 936 779 
Precious metals contracts1,177 1,428 940 779 
Credit contracts - bilateral OTC(2)
117 88 28 25 
Other non-qualifying derivatives not accounted for as hedges(1)
Interest rate contracts - bilateral OTC(2)
5 20 47 5 
Foreign exchange contracts - bilateral OTC(2)
— 1 — 1 
Equity contracts - bilateral OTC(2)
996 258 1,470 121 
OTC-cleared(2)
— 14 — 19 
Bilateral OTC(2)
— 31 — 38 
Credit contracts— 45 — 57 
Other contracts - bilateral OTC(2)(4)
3 27 5 38 
Total derivatives18,655 17,873 16,229 15,285 
Less: Gross amounts of receivable / payable subject to enforceable master netting agreements(5)(7)
14,064 14,064 11,991 11,991 
Less: Gross amounts of cash collateral received / posted subject to enforceable master netting agreements(6)(7)
2,656 1,610 2,797 1,296 
Net amounts of derivative assets / liabilities presented in the balance sheet1,935 2,199 1,441 1,998 
Less: Gross amounts of financial instrument collateral received / posted subject to enforceable master netting agreements but not offset in the consolidated balance sheet
221 63 179 194 
Net amounts of derivative assets / liabilities$1,714 $2,136 $1,262 $1,804 
(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 obtaining collateral and enforceable master netting agreements. 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 each of the original counterparties. Exchange traded derivatives are executed directly on an organized exchange. Credit risk is minimized for OTC-cleared derivatives and exchange traded derivatives through daily margining requirements. In addition, OTC-cleared interest rate and credit derivatives with certain central clearing counterparties are settled daily.
(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 sales of 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 allocated 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 the carrying amount of hedged items in fair value hedges recognized in the consolidated balance sheet at March 31, 2022 and December 31, 2021, along with the cumulative amount of fair value hedging adjustments included in the carrying amount of those hedged items:
 
Carrying Amount of Hedged Items(1)
Cumulative Amount of Fair Value Hedging Adjustments Increasing (Decreasing) the
Carrying Amount of Hedged Items
ActiveDiscontinuedTotal
 (in millions)
At March 31, 2022
Securities available-for-sale ("AFS")$14,637 $(697)$867 $170 
Deposits1,523 (95)118 23 
Long-term debt5,317 (322)139 (183)
At December 31, 2021
Securities AFS7,919 (72)1,010 938 
Deposits1,598 (27)125 98 
Long-term debt5,587 (61)148 87 
(1)The carrying amount of securities AFS represents the amortized cost basis.
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments and the hedged items in fair value hedges and their locations on the consolidated statement of income:
 Location of Gain (Loss)
Recognized in Income		Gain (Loss) on DerivativesGain (Loss) on Hedged Items
 (in millions)
Three Months Ended March 31, 2022
Interest rate contracts / Securities AFSNet interest income$659 $(642)
Interest rate contracts / DepositsNet interest income(65)51 
Interest rate contracts / Long-term debtNet interest income(236)226 
Total$358 $(365)
Three Months Ended March 31, 2021
Interest rate contracts / Securities AFSNet interest income$574 $(547)
Interest rate contracts / DepositsNet interest income(43)29 
Interest rate contracts / Long-term debtNet interest income(77)67 
Total$454 $(451)
Schedule of Gains and Losses on Cash Flow Hedging Instruments
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments in cash flow hedges (including amounts recognized in AOCI from discontinued cash flow hedges) and their locations on the consolidated statement of income:
 Gain (Loss) Recognized in
AOCI on Derivatives		Location of Gain (Loss)
Reclassified from AOCI into Income		Gain (Loss) Reclassified From
AOCI into Income
2022202120222021
 (in millions)
Three Months Ended March 31,
Foreign exchange contracts$— $(1)Net interest income$— $— 
Interest rate contracts(201)(16)Net interest income(1)(1)
Total$(201)$(17)$(1)$(1)
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		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended March 31,
20222021
 (in millions)
Interest rate contractsTrading revenue$226 $429 
Foreign exchange contractsTrading revenue150 116 
Equity contractsTrading revenue915 (279)
Precious metals contractsTrading revenue(63)(80)
Credit contractsTrading revenue32 215 
Total$1,260 $401 
Schedule of Gains and Losses on Derivative Instruments Held for Non-qualifying Hedging Activities
The following table presents information on gains and losses on derivative instruments held for non-qualifying hedging and other activities and their locations on the consolidated statement of income:
 Location of Gain (Loss)
Recognized in Income on Derivatives		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended March 31,
20222021
 (in millions)
Interest rate contractsGain on instruments designated at fair value and related derivatives$(123)$(117)
Interest rate contractsOther income (loss)4 2 
Equity contractsGain on instruments designated at fair value and related derivatives(350)486 
Credit contractsOther income (loss)5 (6)
Other contracts(1)
Other income (loss)(1)2 
Total$(465)$367 
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.
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 downgradeTwo-notch downgrade
 (in millions)
Amount of additional collateral to be posted upon downgrade$20 $84 
Notional Value of Derivative Contracts The following table summarizes the notional values of derivative contracts:
March 31, 2022December 31, 2021
 (in millions)
Interest rate:
Futures and forwards$84,163 $44,686 
Swaps144,554 177,876 
Options written8,461 10,842 
Options purchased8,365 12,688 
Total interest rate245,543 246,092 
Foreign exchange:
Swaps, futures and forwards1,005,887 974,725 
Options written28,700 28,577 
Options purchased29,281 28,678 
Spot53,934 31,319 
Total foreign exchange1,117,802 1,063,299 
Commodities, equities and precious metals:
Swaps, futures and forwards72,161 60,054 
Options written2,222 5,873 
Options purchased9,104 11,800 
Total commodities, equities and precious metals83,487 77,727 
Credit derivatives15,250 7,023 
Other contracts(1)
1,229 1,204 
Total$1,463,311 $1,395,345 
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.