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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)December 31, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$12,668 $8,683 
Foreign exchange contracts:
Forward, swap and spot2,528,115 2,267,221 
Options purchased851 607 
Options written544 445 
Futures197 1,550 
Other:
Futures125 — 
Stable value contracts(1)
28,704 31,391 
Deferred value awards(2)
289 300 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements20,333 22,566 
Foreign exchange contracts:
Forward and swap9,777 8,213 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to discussion in this note under “Derivatives Not Designated as Hedging Instruments.”
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,498 $26,081 $19,153 $25,407 
Other derivative contracts— — 182 216 
Total$19,498 $26,081 $19,335 $25,623 
Derivatives designated as hedging instruments:
Foreign exchange contracts$196 $105 $263 $342 
Interest rate contracts13 — 4 1 
Total$209 $105 $267 $343 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,498 $26,081 $19,153 $25,407 
Other derivative contracts— — 182 216 
Total$19,498 $26,081 $19,335 $25,623 
Derivatives designated as hedging instruments:
Foreign exchange contracts$196 $105 $263 $342 
Interest rate contracts13 — 4 1 
Total$209 $105 $267 $343 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Impact of Derivative Financial Instruments on Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,
202320222021
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$803 $938 $811 
Foreign exchange contractsInterest expense(54)(20)68 
Interest rate contractsForeign exchange trading services revenue(2)3 3 
Other Derivative contractsOther fee revenue(3)— — 
Interest rate contractsOther fee revenue— 1 — 
Other derivative contracts(1)
Compensation and employee benefits(121)(89)(332)
Total$623 $833 $550 
(1) Amount in 2021 reflects a deferred compensation expense acceleration of $147 million associated with an amendment of certain outstanding cash settled deferred incentive compensation awards.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202320222021202320222021
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$(164)$676 $14 Available-for-sale securities
Net interest income
$164 $(676)$(19)
Interest rate contractsNet interest income202 (1,160)(76)Long-term debtNet interest income(202)1,160 75 
Total$38 $(484)$(62)$(38)$484 $56 

Years Ended December 31,Years Ended December 31,
202320222021Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202320222021
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts$14 $(598)$(78)Net interest income$(210)$(43)$84 
Foreign exchange contracts91 156 91 Net interest income2 92 11 
Total derivatives designated as cash flow hedges$105 $(442)$13 $(208)$49 $95 
Derivatives designated as net investment hedges:
Foreign exchange contracts$(89)$291 $272 $— $— $— 
Total derivatives designated as net investment hedges(89)291 272 — — — 
Total$16 $(151)$285 $(208)$49 $95 
Schedule of Outstanding Hedges: (Notional Amount)
The following tables show the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
December 31, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,463 $(340)$156 
Available-for-sale securities(2)(3)
11,260 (503)3 
December 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,513 $(644)$362 
Available-for-sale securities(2)(3)
9,801 (675)8 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the financial assets designated in under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At December 31, 2023 and 2022, the amortized cost of the closed portfolios used in these hedging relationships was $685 million and $207 million, respectively, of which $400 million and $64 million, respectively, was designated under the portfolio layer hedging relationship. At December 31, 2023 and 2022, the cumulative adjustment associated with these hedging relationships was ($6) million and ($4) million, respectively.
(3) Carrying amount represents amortized cost.