Delaware | 13-2614959 |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) |
incorporation or organization) |
Large accelerated filer [ X ] | Accelerated filer [ ] |
Non-accelerated filer [ ] (Do not check if a smaller reporting company) | Smaller reporting company [ ] |
Class | Outstanding as of | |||
Sept. 30, 2016 | ||||
Common Stock, $0.01 par value | 1,057,336,621 |
Page | |
Part I - Financial Information | |
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk: | |
Key third quarter 2016 and subsequent events | |
Highlights of third quarter 2016 results | |
Item 1. Financial Statements: | |
Page | |
Notes to Consolidated Financial Statements: | |
Part II - Other Information | |
Quarter ended | Year-to-date | |||||||||||||||
(dollar amounts in millions, except per common share amounts and unless otherwise noted) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | |||||||||||
Results applicable to common shareholders of The Bank of New York Mellon Corporation: | ||||||||||||||||
Net income | $ | 974 | $ | 825 | $ | 820 | $ | 2,603 | $ | 2,416 | ||||||
Basic earnings per share | 0.90 | 0.76 | 0.74 | 2.39 | 2.15 | |||||||||||
Diluted earnings per share | 0.90 | 0.75 | 0.74 | 2.38 | 2.13 | |||||||||||
Fee and other revenue | 3,150 | 2,999 | 3,053 | 9,119 | 9,132 | |||||||||||
Income (loss) from consolidated investment management funds | 17 | 10 | (22 | ) | 21 | 70 | ||||||||||
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 | |||||||||||
Total revenue | $ | 3,941 | $ | 3,776 | $ | 3,790 | $ | 11,447 | $ | 11,468 | ||||||
Return on common equity (annualized) (a) | 10.8 | % | 9.3 | % | 9.1 | % | 9.8 | % | 9.1 | % | ||||||
Adjusted return on common equity (annualized) – Non-GAAP (a)(b) | 11.3 | % | 9.7 | % | 9.7 | % | 10.3 | % | 9.7 | % | ||||||
Return on tangible common equity (annualized) – Non-GAAP (a) | 23.5 | % | 20.4 | % | 20.8 | % | 21.5 | % | 20.9 | % | ||||||
Adjusted return on tangible common equity (annualized) – Non-GAAP (a)(b)(c) | 23.6 | % | 20.5 | % | 21.0 | % | 21.7 | % | 21.2 | % | ||||||
Return on average assets (annualized) | 1.10 | % | 0.89 | % | 0.87 | % | 0.96 | % | 0.86 | % | ||||||
Fee revenue as a percentage of total revenue | 79 | % | 79 | % | 81 | % | 79 | % | 79 | % | ||||||
Percentage of non-U.S. total revenue | 36 | % | 34 | % | 37 | % | 34 | % | 36 | % | ||||||
Pre-tax operating margin (a) | 33 | % | 31 | % | 29 | % | 31 | % | 29 | % | ||||||
Adjusted pre-tax operating margin – Non-GAAP (a)(b) | 35 | % | 33 | % | 31 | % | 33 | % | 31 | % | ||||||
Net interest margin (FTE) | 1.06 | % | 0.98 | % | 0.98 | % | 1.02 | % | 0.98 | % | ||||||
Assets under management (“AUM”) at period end (in billions) (d) | $ | 1,715 | $ | 1,664 | $ | 1,625 | $ | 1,715 | $ | 1,625 | ||||||
Assets under custody and/or administration (“AUC/A”) at period end (in trillions) (e) | $ | 30.5 | $ | 29.5 | $ | 28.5 | $ | 30.5 | $ | 28.5 | ||||||
Market value of securities on loan at period end (in billions) (f) | $ | 288 | $ | 278 | $ | 288 | $ | 288 | $ | 288 | ||||||
Average common shares and equivalents outstanding (in thousands): | ||||||||||||||||
Basic | 1,062,248 | 1,072,583 | 1,098,003 | 1,071,457 | 1,110,056 | |||||||||||
Diluted | 1,067,682 | 1,078,271 | 1,105,645 | 1,077,150 | 1,117,975 | |||||||||||
Selected average balances: | ||||||||||||||||
Interest-earning assets | $ | 296,703 | $ | 318,433 | $ | 315,672 | $ | 308,560 | $ | 314,152 | ||||||
Assets of operations | $ | 350,190 | $ | 372,974 | $ | 371,328 | $ | 362,092 | $ | 371,156 | ||||||
Total assets | $ | 351,230 | $ | 374,220 | $ | 373,453 | $ | 363,290 | $ | 373,400 | ||||||
Interest-bearing deposits | $ | 155,109 | $ | 165,122 | $ | 169,753 | $ | 160,728 | $ | 166,700 | ||||||
Noninterest-bearing deposits | $ | 81,619 | $ | 84,033 | $ | 85,046 | $ | 82,861 | $ | 86,493 | ||||||
Preferred stock | $ | 3,284 | $ | 2,552 | $ | 2,552 | $ | 2,798 | $ | 2,146 | ||||||
Total The Bank of New York Mellon Corporation common shareholders’ equity | $ | 35,767 | $ | 35,827 | $ | 35,588 | $ | 35,616 | $ | 35,530 | ||||||
Other information at period end: | ||||||||||||||||
Cash dividends per common share | $ | 0.19 | $ | 0.17 | $ | 0.17 | $ | 0.53 | $ | 0.51 | ||||||
Common dividend payout ratio | 21 | % | 23 | % | 23 | % | 22 | % | 24 | % | ||||||
Common dividend yield (annualized) | 1.9 | % | 1.8 | % | 1.7 | % | 1.8 | % | 1.7 | % | ||||||
Closing stock price per common share | $ | 39.88 | $ | 38.85 | $ | 39.15 | $ | 39.88 | $ | 39.15 | ||||||
Market capitalization | $ | 42,167 | $ | 41,479 | $ | 42,789 | $ | 42,167 | $ | 42,789 | ||||||
Book value per common share – GAAP (a) | $ | 34.19 | $ | 33.72 | $ | 32.59 | $ | 34.19 | $ | 32.59 | ||||||
Tangible book value per common share – Non-GAAP (a)(c) | $ | 16.67 | $ | 16.25 | $ | 15.16 | $ | 16.67 | $ | 15.16 | ||||||
Full-time employees | 52,300 | 52,200 | 51,300 | 52,300 | 51,300 | |||||||||||
Common shares outstanding (in thousands) | 1,057,337 | 1,067,674 | 1,092,953 | 1,057,337 | 1,092,953 |
Capital ratios | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | |||
Consolidated regulatory capital ratios: (g) | ||||||
Standardized: | ||||||
Common equity Tier 1 (“CET1”) ratio | 12.2 | % | 11.8 | % | 11.5 | % |
Tier 1 capital ratio | 14.4 | 13.4 | 13.1 | |||
Total (Tier 1 plus Tier 2) capital ratio | 14.8 | 13.8 | 13.5 | |||
Advanced: | ||||||
CET1 ratio | 10.5 | 10.2 | 10.8 | |||
Tier 1 capital ratio | 12.5 | 11.5 | 12.3 | |||
Total (Tier 1 plus Tier 2) capital ratio | 12.6 | 11.7 | 12.5 | |||
Leverage capital ratio (g) | 6.6 | 5.8 | 6.0 | |||
Supplementary leverage ratio (“SLR”) (g) | 6.0 | 5.3 | 5.4 | |||
BNY Mellon shareholders’ equity to total assets ratio – GAAP (a) | 10.6 | 10.4 | 9.7 | |||
BNY Mellon common shareholders’ equity to total assets ratio – GAAP (a) | 9.7 | 9.7 | 9.0 | |||
BNY Mellon tangible common shareholders’ equity to tangible assets of operations ratio – Non-GAAP (a)(c) | 6.5 | 6.6 | 6.5 | |||
Selected regulatory capital ratios – fully phased-in – Non-GAAP: | ||||||
Estimated CET1 ratio: (h) | ||||||
Standardized Approach | 11.4 | 11.0 | 10.2 | |||
Advanced Approach | 9.8 | 9.5 | 9.5 | |||
Estimated SLR (i) | 5.7 | 5.0 | 4.9 |
(a) | See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 48 for a reconciliation of Non-GAAP measures. |
(b) | Non-GAAP information for all periods presented excludes the net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for the third quarter of 2016 also excludes a recovery of the previously impaired Sentinel loan. |
(c) | Tangible book value per common share - Non-GAAP and tangible common equity exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 48 for the reconciliation of Non-GAAP measures. |
(d) | Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. |
(e) | Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.2 trillion at Sept. 30, 2016, $1.1 trillion at June 30, 2016 and $1.0 trillion at Sept. 30, 2015. |
(f) | Represents the total amount of securities on loan managed by the Investment Services business. Excludes securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $64 billion at Sept. 30, 2016, $56 billion at June 30, 2016 and $61 billion at Sept. 30, 2015. |
(g) | For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. The leverage capital ratio is based on Tier I capital, as phased-in, and quarterly average total assets. The SLR is based on Tier 1 capital, as phased-in, and average quarterly assets and certain off-balance sheet exposures. For additional information on our capital ratios, see “Capital” beginning on page 37. |
(h) | The estimated fully phased-in CET1 ratios (Non-GAAP) are based on our interpretation of the U.S. capital rules, which are being gradually phased-in over a multi-year period. For additional information on these Non-GAAP ratios, see “Capital” beginning on page 37. |
(i) | The estimated fully phased-in SLR (Non-GAAP) is based on our interpretation of the U.S. capital rules. When the SLR becomes effective in 2018 as a required minimum ratio, we expect to maintain an SLR of over 5%. The minimum required SLR is 3% and there is a 2% buffer, in addition to the minimum, that is applicable to BNY Mellon and other U.S. global systemically important banks (“G-SIBs”). For additional information on these Non-GAAP ratios, see “Capital” beginning on page 37. |
Part I - Financial Information |
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk |
• | AUC/A totaled $30.5 trillion at Sept. 30, 2016 compared with $28.5 trillion at Sept. 30, 2015. The 7% increase primarily reflects higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar. (See “Investment Services business” beginning on page 19.) |
• | AUM totaled $1.72 trillion at Sept. 30, 2016 compared with $1.63 trillion at Sept. 30, 2015. The 6% increase primarily reflects higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). AUM excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. (See “Investment Management business” beginning on page 16.) |
• | Investment services fees totaled $1.89 billion, an increase of 2% compared with $1.85 billion in the third quarter of 2015. The increase primarily reflects higher money market fees, higher fees in Depositary Receipts and higher securities lending revenue, partially offset by the unfavorable impact of a stronger U.S. dollar. (See “Investment Services business” beginning on page 19.) |
• | Investment management and performance fees totaled $860 million, an increase of 4% compared with $829 million in the third quarter of 2015. The increase primarily reflects higher market values and money market fees, partially offset by the unfavorable impact of a stronger U.S. dollar |
• | Foreign exchange and other trading revenue totaled $183 million compared with $179 million in the third quarter of 2015. Foreign exchange revenue totaled $175 million, a decrease of 3% compared with $180 million in the third quarter of 2015. The decrease primarily reflects lower volumes and volatility, partially offset by the positive net impact of foreign currency hedging activity. (See “Fee and other revenue” beginning on page 7.) |
• | Financing-related fees totaled $58 million compared with $71 million in the third quarter of 2015. The decrease primarily reflects lower underwriting fees and lower fees related to secured intraday credit provided to dealers in connection with their tri-party repo activity. (See “Fee and other revenue” beginning on page 7.) |
• | Investment and other income totaled $92 million compared with $59 million in the third quarter of 2015. The increase primarily reflects higher asset-related and seed capital gains. (See “Fee and other revenue” beginning on page 7.) |
• | Net interest revenue totaled $774 million compared with $759 million in the third quarter of 2015. The increase primarily reflects the actions we have taken to reduce the levels of our lower yielding interest-earning assets and higher yielding interest-bearing deposits, as well as the impact of higher market interest rates. Net interest margin (FTE) was 1.06% in the third quarter of 2016 compared with 0.98% in the third quarter of 2015. (See “Net interest revenue” beginning on page 10.) |
• | The provision for credit losses was a credit of $19 million, driven by net recoveries of $13 million. The provision for credit losses was $1 million in the third quarter of 2015. (See “Asset quality and allowance for credit losses” beginning on page 29.) |
• | Noninterest expense totaled $2.64 billion compared with $2.68 billion in the third quarter of 2015. The decrease primarily reflects lower expenses in most expense categories, primarily driven by the favorable impact of a stronger U.S. dollar, lower other, furniture and equipment, legal, net occupancy and business development expenses, partially offset by higher staff and distribution and servicing expenses. (See “Noninterest expense” beginning on page 13.) |
• | The provision for income taxes was $324 million and the effective rate was 24.6% in the third quarter 2016 compared with an income tax provision of $282 million and an effective tax rate of 25.4% in the third quarter of 2015. (See “Income taxes” on page 14.) |
• | The net unrealized pre-tax gain on the total investment securities portfolio was $1.4 billion at Sept. 30, 2016 compared with $1.6 billion at June 30, 2016. The decrease primarily reflects an increase in market interest rates. (See “Investment securities” beginning on page 25.) |
• | Our CET1 ratio under the Advanced Approach was 10.5% at Sept. 30, 2016 and 10.2% at June 30, 2016. The increase reflects an increase in capital and a decrease in risk-weighted assets. Our CET1 ratio under the Standardized Approach was 12.2% at Sept. 30, 2016 and 11.8% at June 30, 2016. (See “Capital” beginning on page 37.) |
• | Our estimated CET1 ratio (Non-GAAP) calculated under the Advanced Approach on a fully phased-in basis was 9.8% at Sept. 30, 2016 and 9.5% at June 30, 2016. The increase reflects an increase in capital and a decrease in risk-weighted assets. Our estimated CET1 ratio (Non-GAAP) calculated under the Standardized Approach on a fully phased-in basis was 11.4% at Sept. 30, 2016 and 11.0% at June 30, 2016. (See “Capital” beginning on page 37.) |
Fee and other revenue | YTD16 | |||||||||||||||||||||
3Q16 vs. | vs. | |||||||||||||||||||||
(dollars in millions, unless otherwise noted) | 3Q16 | 2Q16 | 3Q15 | 2Q16 | 3Q15 | YTD16 | YTD15 | YTD15 | ||||||||||||||
Investment services fees: | ||||||||||||||||||||||
Asset servicing (a) | $ | 1,067 | $ | 1,069 | $ | 1,057 | — | % | 1 | % | $ | 3,176 | $ | 3,155 | 1 | % | ||||||
Clearing services | 349 | 350 | 345 | — | 1 | 1,049 | 1,036 | 1 | ||||||||||||||
Issuer services | 337 | 234 | 313 | 44 | 8 | 815 | 779 | 5 | ||||||||||||||
Treasury services | 137 | 139 | 137 | (1 | ) | — | 407 | 418 | (3 | ) | ||||||||||||
Total investment services fees | 1,890 | 1,792 | 1,852 | 5 | 2 | 5,447 | 5,388 | 1 | ||||||||||||||
Investment management and performance fees | 860 | 830 | 829 | 4 | 4 | 2,502 | 2,574 | (3 | ) | |||||||||||||
Foreign exchange and other trading revenue | 183 | 182 | 179 | 1 | 2 | 540 | 595 | (9 | ) | |||||||||||||
Financing-related fees | 58 | 57 | 71 | 2 | (18 | ) | 169 | 169 | — | |||||||||||||
Distribution and servicing | 43 | 43 | 41 | — | 5 | 125 | 121 | 3 | ||||||||||||||
Investment and other income | 92 | 74 | 59 | 24 | 56 | 271 | 223 | 22 | ||||||||||||||
Total fee revenue | 3,126 | 2,978 | 3,031 | 5 | 3 | 9,054 | 9,070 | — | ||||||||||||||
Net securities gains | 24 | 21 | 22 | N/M | N/M | 65 | 62 | 5 | ||||||||||||||
Total fee and other revenue | $ | 3,150 | $ | 2,999 | $ | 3,053 | 5 | % | 3 | % | $ | 9,119 | $ | 9,132 | — | % | ||||||
Fee revenue as a percentage of total revenue | 79 | % | 79 | % | 81 | % | 79 | % | 79 | % | ||||||||||||
AUM at period end (in billions) (b) | $ | 1,715 | $ | 1,664 | $ | 1,625 | 3 | % | 6 | % | $ | 1,715 | $ | 1,625 | 6 | % | ||||||
AUC/A at period end (in trillions) (c) | $ | 30.5 | $ | 29.5 | $ | 28.5 | 3 | % | 7 | % | $ | 30.5 | $ | 28.5 | 7 | % |
(a) | Asset servicing fees include securities lending revenue of $51 million in the third quarter of 2016, $52 million in the second quarter of 2016, $38 million in the third quarter of 2015, $153 million in the first nine months of 2016 and $130 million in the first nine months of 2015. |
(b) | Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. |
(c) | Includes the AUC/A of CIBC Mellon of $1.2 trillion at Sept. 30, 2016, $1.1 trillion at June 30, 2016 and $1.0 trillion at Sept. 30, 2015. |
• | Asset servicing fees increased 1% compared with the third quarter of 2015 and slightly decreased compared with the second quarter of 2016. The year-over-year increase primarily reflects higher money market fees and securities lending revenue, partially offset by the unfavorable |
• | Clearing services fees increased 1% compared with the third quarter of 2015 and decreased slightly compared with the second quarter of 2016. The year-over-year increase was primarily driven by higher money market fees, partially offset by the impact of the previously disclosed lost business. |
• | Issuer services fees increased 8% compared with the third quarter of 2015 and increased 44% (unannualized) compared with the second quarter of 2016. The year-over-year increase primarily reflects increased activity in Depositary Receipts and higher money market fees in Corporate Trust. The sequential increase primarily reflects seasonally higher fees in Depositary Receipts. |
• | Treasury services fees were unchanged compared with the third quarter of 2015 and decreased 1% (unannualized) compared with the second quarter of 2016. |
Foreign exchange and other trading revenue | |||||||||||||||
Year-to-date | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | 2016 | 2015 | ||||||||||
Foreign exchange | $ | 175 | $ | 166 | $ | 180 | $ | 512 | $ | 578 | |||||
Other trading revenue (loss) | 8 | 16 | (1 | ) | 28 | 17 | |||||||||
Total foreign exchange and other trading revenue | $ | 183 | $ | 182 | $ | 179 | $ | 540 | $ | 595 |
Investment and other income | |||||||||||||||
Year-to-date | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | 2016 | 2015 | ||||||||||
Corporate/bank-owned life insurance | $ | 34 | $ | 31 | $ | 32 | $ | 96 | $ | 96 | |||||
Expense reimbursements from joint venture | 18 | 17 | 16 | 52 | 47 | ||||||||||
Lease-related gains | — | — | — | 44 | 53 | ||||||||||
Seed capital gains (a) | 16 | 11 | 7 | 38 | 25 | ||||||||||
Asset-related gains (losses) | 8 | 1 | (9 | ) | 9 | (5 | ) | ||||||||
Equity investment (losses) | (1 | ) | (4 | ) | (6 | ) | (8 | ) | (17 | ) | |||||
Other income | 17 | 18 | 19 | 40 | 24 | ||||||||||
Total investment and other income | $ | 92 | $ | 74 | $ | 59 | $ | 271 | $ | 223 |
(a) | Does not include the gain (loss) on seed capital investments in consolidated investment management funds which are reflected in operations of consolidated investment management funds, net of noncontrolling interests. The gain (loss) on seed capital investments in consolidated investment management funds was $8 million in the third quarter of 2016, $6 million in the second quarter of 2016, $(17) million in the third quarter of 2015, $15 million in the first nine months of 2016 and $7 million in the first nine months of 2015. |
Net interest revenue | YTD16 | |||||||||||||||||||||
3Q16 vs. | Year-to-date | vs. | ||||||||||||||||||||
(dollars in millions) | 3Q16 | 2Q16 | 3Q15 | 2Q16 | 3Q15 | 2016 | 2015 | YTD15 | ||||||||||||||
Net interest revenue (non-FTE) | $ | 774 | $ | 767 | $ | 759 | 1% | 2% | $ | 2,307 | $ | 2,266 | 2% | |||||||||
Tax equivalent adjustment | 12 | 13 | 14 | (8 | ) | (14 | ) | 39 | 44 | (11 | ) | |||||||||||
Net interest revenue (FTE) | $ | 786 | $ | 780 | $ | 773 | 1% | 2% | $ | 2,346 | $ | 2,310 | 2% | |||||||||
Average interest-earning assets | $ | 296,703 | $ | 318,433 | $ | 315,672 | (7)% | (6)% | $ | 308,560 | $ | 314,152 | (2)% | |||||||||
Net interest margin (FTE) | 1.06 | % | 0.98 | % | 0.98 | % | 8 | bps | 8 | bps | 1.02 | % | 0.98 | % | 4 | bps |
Average balances and interest rates | Quarter ended | ||||||||||||||||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | |||||||||||||||||||||||||||
(dollar amounts in millions, presented on an FTE basis) | Average balance | Interest | Average rates | Average balance | Interest | Average rates | Average balance | Interest | Average rates | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks (primarily foreign banks) | $ | 14,066 | $ | 26 | 0.74 | % | $ | 14,394 | $ | 24 | 0.68 | % | $ | 20,549 | $ | 24 | 0.45 | % | |||||||||||
Interest-bearing deposits held at the Federal Reserve and other central banks | 74,102 | 37 | 0.20 | 97,788 | 72 | 0.30 | 84,175 | 43 | 0.20 | ||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 26,376 | 62 | 0.93 | 25,813 | 56 | 0.87 | 25,366 | 39 | 0.61 | ||||||||||||||||||||
Margin loans | 18,132 | 67 | 1.48 | 18,226 | 64 | 1.40 | 19,839 | 53 | 1.05 | ||||||||||||||||||||
Non-margin loans: | |||||||||||||||||||||||||||||
Domestic offices | 30,534 | 171 | 2.22 | 29,413 | 165 | 2.25 | 27,411 | 147 | 2.15 | ||||||||||||||||||||
Foreign offices | 12,912 | 47 | 1.45 | 12,645 | 49 | 1.57 | 14,407 | 41 | 1.13 | ||||||||||||||||||||
Total non-margin loans | 43,446 | 218 | 1.99 | 42,058 | 214 | 2.04 | 41,818 | 188 | 1.80 | ||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
U.S. Government obligations | 25,279 | 94 | 1.49 | 24,571 | 92 | 1.50 | 23,935 | 92 | 1.52 | ||||||||||||||||||||
U.S. Government agency obligations | 56,464 | 240 | 1.70 | 56,050 | 236 | 1.68 | 55,624 | 245 | 1.76 | ||||||||||||||||||||
State and political subdivisions – tax-exempt | 3,598 | 27 | 2.98 | 3,778 | 28 | 2.90 | 4,465 | 31 | 2.81 | ||||||||||||||||||||
Other securities | 33,064 | 102 | 1.23 | 33,603 | 104 | 1.24 | 37,164 | 119 | 1.28 | ||||||||||||||||||||
Trading securities | 2,176 | 13 | 2.62 | 2,152 | 13 | 2.45 | 2,737 | 18 | 2.74 | ||||||||||||||||||||
Total securities | 120,581 | 476 | 1.58 | 120,154 | 473 | 1.57 | 123,925 | 505 | 1.63 | ||||||||||||||||||||
Total interest-earning assets | $ | 296,703 | $ | 886 | (a) | 1.19 | % | $ | 318,433 | $ | 903 | (a) | 1.14 | % | $ | 315,672 | $ | 852 | (a) | 1.08 | % | ||||||||
Allowance for loan losses | (165 | ) | (163 | ) | (184 | ) | |||||||||||||||||||||||
Cash and due from banks | 4,189 | 4,141 | 6,140 | ||||||||||||||||||||||||||
Other assets | 49,463 | 50,563 | 49,700 | ||||||||||||||||||||||||||
Assets of consolidated investment management funds | 1,040 | 1,246 | 2,125 | ||||||||||||||||||||||||||
Total assets | $ | 351,230 | $ | 374,220 | $ | 373,453 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||
Money market rate accounts | $ | 7,346 | $ | 1 | 0.06 | % | $ | 7,280 | $ | 1 | 0.06 | % | $ | 7,518 | $ | 1 | 0.08 | % | |||||||||||
Savings | 1,201 | 1 | 0.41 | 1,175 | 1 | 0.39 | 1,279 | 1 | 0.27 | ||||||||||||||||||||
Demand deposits | 2,681 | 3 | 0.36 | 1,790 | 2 | 0.40 | 3,105 | 2 | 0.25 | ||||||||||||||||||||
Time deposits | 45,186 | 7 | 0.07 | 46,629 | 6 | 0.06 | 43,529 | 4 | 0.04 | ||||||||||||||||||||
Foreign offices | 98,695 | (18 | ) | (0.08 | ) | 108,248 | 2 | 0.01 | 114,322 | 1 | — | ||||||||||||||||||
Total interest-bearing deposits | 155,109 | (6 | ) | (0.02 | ) | 165,122 | 12 | 0.03 | 169,753 | 9 | 0.02 | ||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 9,585 | 6 | 0.24 | 18,204 | 13 | 0.28 | 14,796 | (1 | ) | (0.04 | ) | ||||||||||||||||||
Trading liabilities | 735 | 2 | 1.11 | 662 | 1 | 0.66 | 475 | 2 | 1.42 | ||||||||||||||||||||
Other borrowed funds | 874 | 1 | 0.76 | 847 | 2 | 0.97 | 628 | 2 | 1.18 | ||||||||||||||||||||
Commercial paper | 1,173 | 1 | 0.35 | 3,781 | 4 | 0.37 | 2,195 | 1 | 0.11 | ||||||||||||||||||||
Payables to customers and broker-dealers | 16,873 | 3 | 0.07 | 16,935 | 2 | 0.05 | 11,504 | 1 | 0.06 | ||||||||||||||||||||
Long-term debt | 23,930 | 93 | 1.54 | 22,838 | 89 | 1.54 | 21,070 | 65 | 1.21 | ||||||||||||||||||||
Total interest-bearing liabilities | $ | 208,279 | $ | 100 | 0.19 | % | $ | 228,389 | $ | 123 | 0.21 | % | $ | 220,421 | $ | 79 | 0.14 | % | |||||||||||
Total noninterest-bearing deposits | 81,619 | 84,033 | 85,046 | ||||||||||||||||||||||||||
Other liabilities | 21,343 | 22,345 | 27,880 | ||||||||||||||||||||||||||
Liabilities and obligations of consolidated investment management funds | 238 | 253 | 841 | ||||||||||||||||||||||||||
Total liabilities | 311,479 | 335,020 | 334,188 | ||||||||||||||||||||||||||
Temporary equity | |||||||||||||||||||||||||||||
Redeemable noncontrolling interests | 179 | 181 | 252 | ||||||||||||||||||||||||||
Permanent equity | |||||||||||||||||||||||||||||
Total BNY Mellon shareholders’ equity | 39,051 | 38,379 | 38,140 | ||||||||||||||||||||||||||
Noncontrolling interests | 521 | 640 | 873 | ||||||||||||||||||||||||||
Total permanent equity | 39,572 | 39,019 | 39,013 | ||||||||||||||||||||||||||
Total liabilities, temporary equity and permanent equity | $ | 351,230 | $ | 374,220 | $ | 373,453 | |||||||||||||||||||||||
Net interest margin (FTE) | 1.06 | % | 0.98 | % | 0.98 | % |
Note: | Interest and average rates were calculated on a taxable equivalent basis using dollar amounts in thousands and actual number of days in the year. |
(a) | The tax equivalent adjustment was $12 million in the third quarter of 2016, $13 million in the second quarter of 2016 and $14 million in the third quarter of 2015, and is based on the applicable tax rate (35%). |
Average balances and interest rates | Year-to-date | ||||||||||||||||||
Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||||||||
(dollar amounts in millions, presented on an FTE basis) | Average balance | Interest | Average rates | Average balance | Interest | Average rates | |||||||||||||
Assets | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Interest-bearing deposits with banks (primarily foreign banks) | $ | 14,455 | $ | 76 | 0.70 | % | $ | 20,946 | $ | 82 | 0.52 | % | |||||||
Interest-bearing deposits held at the Federal Reserve and other central banks | 86,947 | 170 | 0.26 | 82,405 | 131 | 0.21 | |||||||||||||
Federal funds sold and securities purchased under resale agreements | 25,275 | 167 | 0.88 | 23,127 | 105 | 0.61 | |||||||||||||
Margin loans | 18,420 | 194 | 1.41 | 20,118 | 154 | 1.02 | |||||||||||||
Non-margin loans: | |||||||||||||||||||
Domestic offices | 29,488 | 493 | 2.23 | 26,469 | 419 | 2.11 | |||||||||||||
Foreign offices | 13,112 | 144 | 1.47 | 13,649 | 121 | 1.18 | |||||||||||||
Total non-margin loans | 42,600 | 637 | 2.00 | 40,118 | 540 | 1.80 | |||||||||||||
Securities: | |||||||||||||||||||
U.S. Government obligations | 24,778 | 278 | 1.50 | 26,560 | 286 | 1.44 | |||||||||||||
U.S. Government agency obligations | 56,161 | 727 | 1.73 | 54,911 | 716 | 1.74 | |||||||||||||
State and political subdivisions – tax-exempt | 3,784 | 83 | 2.92 | 4,897 | 99 | 2.70 | |||||||||||||
Other securities | 33,592 | 309 | 1.23 | 38,059 | 366 | 1.28 | |||||||||||||
Trading securities | 2,548 | 45 | 2.37 | 3,011 | 57 | 2.61 | |||||||||||||
Total securities | 120,863 | 1,442 | 1.59 | 127,438 | 1,524 | 1.60 | |||||||||||||
Total interest-earning assets | $ | 308,560 | $ | 2,686 | (a) | 1.16 | % | $ | 314,152 | $ | 2,536 | (a) | 1.08 | % | |||||
Allowance for loan losses | (162 | ) | (188 | ) | |||||||||||||||
Cash and due from banks | 4,070 | 6,376 | |||||||||||||||||
Other assets | 49,624 | 50,816 | |||||||||||||||||
Assets of consolidated investment management funds | 1,198 | 2,244 | |||||||||||||||||
Total assets | $ | 363,290 | $ | 373,400 | |||||||||||||||
Liabilities | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||
Money market rate accounts | $ | 7,337 | $ | 3 | 0.06 | % | $ | 7,186 | $ | 5 | 0.09 | % | |||||||
Savings | 1,203 | 3 | 0.36 | 1,344 | 3 | 0.28 | |||||||||||||
Demand deposits | 1,782 | 5 | 0.40 | 3,138 | 5 | 0.22 | |||||||||||||
Time deposits | 44,832 | 19 | 0.06 | 44,533 | 11 | 0.03 | |||||||||||||
Foreign offices | 105,574 | (9 | ) | (0.01 | ) | 110,499 | 8 | 0.01 | |||||||||||
Total interest-bearing deposits | 160,728 | 21 | 0.02 | 166,700 | 32 | 0.03 | |||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 15,471 | 28 | 0.24 | 15,139 | (5 | ) | (0.04 | ) | |||||||||||
Trading liabilities | 650 | 5 | 1.05 | 633 | 7 | 1.41 | |||||||||||||
Other borrowed funds | 827 | 5 | 0.90 | 841 | 7 | 1.12 | |||||||||||||
Commercial paper | 1,657 | 5 | 0.37 | 2,071 | 2 | 0.10 | |||||||||||||
Payables to customers and broker-dealers | 16,870 | 9 | 0.07 | 11,225 | 5 | 0.06 | |||||||||||||
Long-term debt | 22,779 | 267 | 1.55 | 20,635 | 178 | 1.14 | |||||||||||||
Total interest-bearing liabilities | $ | 218,982 | $ | 340 | 0.21 | % | $ | 217,244 | $ | 226 | 0.14 | % | |||||||
Total noninterest-bearing deposits | 82,861 | 86,493 | |||||||||||||||||
Other liabilities | 21,993 | 30,004 | |||||||||||||||||
Liabilities and obligations of consolidated investment management funds | 250 | 900 | |||||||||||||||||
Total liabilities | 324,086 | 334,641 | |||||||||||||||||
Temporary equity | |||||||||||||||||||
Redeemable noncontrolling interests | 183 | 240 | |||||||||||||||||
Permanent equity | |||||||||||||||||||
Total BNY Mellon shareholders’ equity | 38,414 | 37,676 | |||||||||||||||||
Noncontrolling interests | 607 | 843 | |||||||||||||||||
Total permanent equity | 39,021 | 38,519 | |||||||||||||||||
Total liabilities, temporary equity and permanent equity | $ | 363,290 | $ | 373,400 | |||||||||||||||
Net interest margin (FTE) | 1.02 | % | 0.98 | % |
Note: | Interest and average rates were calculated on a taxable equivalent basis using dollar amounts in thousands and actual number of days in the year. |
(a) | The tax equivalent adjustment was $39 million in the first nine months of 2016 and $44 million in the first nine months of 2015, and is based on the applicable tax rate (35%). |
Noninterest expense | YTD16 | |||||||||||||||||||||
3Q16 vs. | vs. | |||||||||||||||||||||
(dollars in millions) | 3Q16 | 2Q16 | 3Q15 | 2Q16 | 3Q15 | YTD16 | YTD15 | YTD15 | ||||||||||||||
Staff | $ | 1,467 | $ | 1,412 | $ | 1,437 | 4 | % | 2 | % | $ | 4,338 | $ | 4,356 | — | % | ||||||
Professional, legal and other purchased services | 292 | 290 | 301 | 1 | (3 | ) | 860 | 902 | (5 | ) | ||||||||||||
Software | 156 | 160 | 154 | (3 | ) | 1 | 470 | 470 | — | |||||||||||||
Net occupancy | 143 | 152 | 152 | (6 | ) | (6 | ) | 437 | 452 | (3 | ) | |||||||||||
Distribution and servicing | 105 | 102 | 95 | 3 | 11 | 307 | 289 | 6 | ||||||||||||||
Sub-custodian | 59 | 70 | 65 | (16 | ) | (9 | ) | 188 | 210 | (10 | ) | |||||||||||
Furniture and equipment | 59 | 63 | 72 | (6 | ) | (18 | ) | 187 | 212 | (12 | ) | |||||||||||
Business development | 52 | 65 | 59 | (20 | ) | (12 | ) | 174 | 192 | (9 | ) | |||||||||||
Other | 231 | 240 | 268 | (4 | ) | (14 | ) | 712 | 760 | (6 | ) | |||||||||||
Amortization of intangible assets | 61 | 59 | 66 | 3 | (8 | ) | 177 | 197 | (10 | ) | ||||||||||||
M&I, litigation and restructuring charges | 18 | 7 | 11 | N/M | N/M | 42 | 67 | N/M | ||||||||||||||
Total noninterest expense – GAAP | $ | 2,643 | $ | 2,620 | $ | 2,680 | 1 | % | (1 | )% | $ | 7,892 | $ | 8,107 | (3 | )% | ||||||
Staff expense as a percentage of total revenue | 37 | % | 37 | % | 38 | % | 38 | % | 38 | % | ||||||||||||
Full-time employees at period end | 52,300 | 52,200 | 51,300 | — | 2% | 52,300 | 51,300 | 2 | % | |||||||||||||
Memo: | ||||||||||||||||||||||
Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges – Non-GAAP | $ | 2,564 | $ | 2,554 | $ | 2,603 | — | % | (1 | )% | $ | 7,673 | $ | 7,843 | (2 | )% |
Key market metrics | YTD16 | |||||||||||||||||||||||||||
3Q16 vs. | vs. | |||||||||||||||||||||||||||
3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | 2Q16 | 3Q15 | YTD16 | YTD15 | YTD15 | |||||||||||||||||||
S&P 500 Index (a) | 2168 | 2099 | 2060 | 2044 | 1920 | 3 | % | 13 % | 2168 | 1920 | 13 % | |||||||||||||||||
S&P 500 Index – daily average | 2162 | 2075 | 1951 | 2052 | 2027 | 4 | 7 | 2065 | 2064 | — | ||||||||||||||||||
FTSE 100 Index (a) | 6899 | 6504 | 6175 | 6242 | 6062 | 6 | 14 | 6899 | 6062 | 14 | ||||||||||||||||||
FTSE 100 Index – daily average | 6765 | 6204 | 5988 | 6271 | 6399 | 9 | 6 | 6326 | 6698 | (6 | ) | |||||||||||||||||
MSCI EAFE (a) | 1702 | 1608 | 1652 | 1716 | 1644 | 6 | 4 | 1702 | 1644 | 4 | ||||||||||||||||||
MSCI EAFE – daily average | 1677 | 1648 | 1593 | 1732 | 1785 | 2 | (6 | ) | 1640 | 1836 | (11 | ) | ||||||||||||||||
Barclays Capital Global Aggregate BondSM Index (a)(b) | 386 | 382 | 368 | 342 | 346 | 1 | 12 | 386 | 346 | 12 | ||||||||||||||||||
NYSE and NASDAQ share volume (in billions) | 186 | 203 | 218 | 198 | 206 | (8 | ) | (10 | ) | 608 | 578 | 5 | ||||||||||||||||
JPMorgan G7 Volatility Index – daily average (c) | 10.19 | 11.12 | 10.60 | 9.49 | 9.93 | (8 | ) | 3 | 10.63 | 10.13 | 5 | |||||||||||||||||
Average Fed Funds effective rate | 0.39 | % | 0.37 | % | 0.36 | % | 0.16 | % | 0.13 | % | 2 bps | 26 bps | 0.37 | % | 0.12 | % | 25 bps | |||||||||||
Foreign exchange rates vs. U.S. dollar: | ||||||||||||||||||||||||||||
British pound (a) | $ | 1.30 | $ | 1.34 | $ | 1.44 | $ | 1.48 | $ | 1.52 | (3)% | (14)% | $ | 1.30 | $ | 1.52 | (14) % | |||||||||||
British pound – average rate | 1.31 | 1.43 | 1.43 | 1.52 | 1.55 | (8 | ) | (15 | ) | 1.39 | 1.53 | (9 | ) | |||||||||||||||
Euro (a) | 1.12 | 1.11 | 1.14 | 1.09 | 1.12 | 1 | — | 1.12 | 1.12 | — | ||||||||||||||||||
Euro – average rate | 1.12 | 1.13 | 1.10 | 1.10 | 1.11 | (1 | ) | 1 | 1.12 | 1.11 | 1 |
(a) | Period end. |
(b) | Unhedged in U.S. dollar terms. |
(c) | The JPMorgan G7 Volatility Index is based on the implied volatility in 3-month currency options. |
YTD16 | ||||||||||||||||||||||||||||
(dollar amounts in millions) | 3Q16 vs. | vs. | ||||||||||||||||||||||||||
3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | 2Q16 | 3Q15 | YTD16 | YTD15 | YTD15 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Investment management fees: | ||||||||||||||||||||||||||||
Mutual funds | $ | 309 | $ | 304 | $ | 300 | $ | 294 | $ | 301 | 2 | % | 3 | % | $ | 913 | $ | 914 | — | % | ||||||||
Institutional clients | 362 | 344 | 334 | 350 | 347 | 5 | 4 | 1,040 | 1,075 | (3 | ) | |||||||||||||||||
Wealth management | 166 | 160 | 152 | 155 | 156 | 4 | 6 | 478 | 475 | 1 | ||||||||||||||||||
Investment management fees (a) | 837 | 808 | 786 | 799 | 804 | 4 | 4 | 2,431 | 2,464 | (1 | ) | |||||||||||||||||
Performance fees | 8 | 9 | 11 | 55 | 7 | N/M | 14 | 28 | 42 | (33 | ) | |||||||||||||||||
Investment management and performance fees | 845 | 817 | 797 | 854 | 811 | 3 | 4 | 2,459 | 2,506 | (2 | ) | |||||||||||||||||
Distribution and servicing | 49 | 49 | 46 | 39 | 37 | — | 32 | 144 | 113 | 27 | ||||||||||||||||||
Other (a) | (18 | ) | (10 | ) | (31 | ) | 22 | (5 | ) | N/M | N/M | (59 | ) | 53 | N/M | |||||||||||||
Total fee and other revenue (a) | 876 | 856 | 812 | 915 | 843 | 2 | 4 | 2,544 | 2,672 | (5 | ) | |||||||||||||||||
Net interest revenue | 82 | 82 | 83 | 84 | 83 | — | (1 | ) | 247 | 235 | 5 | |||||||||||||||||
Total revenue | 958 | 938 | 895 | 999 | 926 | 2 | 3 | 2,791 | 2,907 | (4 | ) | |||||||||||||||||
Provision for credit losses | — | 1 | (1 | ) | (4 | ) | 1 | N/M | N/M | — | 3 | N/M | ||||||||||||||||
Noninterest expense (ex. amortization of intangible assets) | 680 | 684 | 660 | 689 | 665 | (1 | ) | 2 | 2,024 | 2,073 | (2 | ) | ||||||||||||||||
Amortization of intangible assets | 22 | 19 | 19 | 24 | 24 | 16 | (8 | ) | 60 | 73 | (18 | ) | ||||||||||||||||
Total noninterest expense | 702 | 703 | 679 | 713 | 689 | — | 2 | 2,084 | 2,146 | (3 | ) | |||||||||||||||||
Income before taxes | $ | 256 | $ | 234 | $ | 217 | $ | 290 | $ | 236 | 9 | % | 8 | % | $ | 707 | $ | 758 | (7 | )% | ||||||||
Income before taxes (ex. amortization of intangible assets) – Non-GAAP | $ | 278 | $ | 253 | $ | 236 | $ | 314 | $ | 260 | 10 | % | 7 | % | $ | 767 | $ | 831 | (8 | )% | ||||||||
Pre-tax operating margin | 27 | % | 25 | % | 24 | % | 29 | % | 25 | % | 25 | % | 26 | % | ||||||||||||||
Adjusted pre-tax operating margin – Non-GAAP (b) | 33 | % | 31 | % | 30 | % | 36 | % | 34 | % | 32 | % | 34 | % | ||||||||||||||
Average balances: | ||||||||||||||||||||||||||||
Average loans | $ | 15,308 | $ | 14,795 | $ | 14,275 | $ | 13,447 | $ | 12,779 | 3 | % | 20 | % | $ | 14,795 | $ | 12,241 | 21 | % | ||||||||
Average deposits | $ | 15,600 | $ | 15,518 | $ | 15,971 | $ | 15,497 | $ | 15,282 | 1 | % | 2 | % | $ | 15,696 | $ | 15,046 | 4 | % |
(a) | Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. See page 51 for a breakdown of the revenue line items in the Investment Management business impacted by the consolidated investment management funds. Additionally, other revenue includes asset servicing, treasury services, foreign exchange and other trading revenue and investment and other income. |
(b) | Excludes the net negative impact of money market fee waivers, amortization of intangible assets and provision for credit losses and is net of distribution and servicing expense. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 48 for the reconciliation of this Non-GAAP measure. |
AUM trends (a) | 3Q16 vs. | ||||||||||||||||||
(dollar amounts in billions) | 3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | 2Q16 | 3Q15 | ||||||||||||
AUM at period end, by product type: | |||||||||||||||||||
Equity | $ | 228 | $ | 225 | $ | 222 | $ | 224 | $ | 224 | 1 | % | 2 | % | |||||
Fixed income | 221 | 218 | 219 | 216 | 216 | 1 | 2 | ||||||||||||
Index | 315 | 305 | 319 | 329 | 325 | 3 | (3 | ) | |||||||||||
Liability-driven investments (b) | 609 | 573 | 542 | 514 | 520 | 6 | 17 | ||||||||||||
Alternative investments | 70 | 68 | 66 | 63 | 62 | 3 | 13 | ||||||||||||
Cash | 272 | 275 | 271 | 279 | 278 | (1 | ) | (2 | ) | ||||||||||
Total AUM | $ | 1,715 | $ | 1,664 | $ | 1,639 | $ | 1,625 | $ | 1,625 | 3 | % | 6 | % | |||||
AUM at period end, by client type: | |||||||||||||||||||
Institutional | $ | 1,234 | $ | 1,182 | $ | 1,155 | $ | 1,127 | $ | 1,129 | 4 | % | 9 | % | |||||
Mutual funds | 396 | 398 | 405 | 420 | 419 | (1 | ) | (5 | ) | ||||||||||
Private client | 85 | 84 | 79 | 78 | 77 | 1 | 10 | ||||||||||||
Total AUM | $ | 1,715 | $ | 1,664 | $ | 1,639 | $ | 1,625 | $ | 1,625 | 3 | % | 6 | % | |||||
Changes in AUM: | |||||||||||||||||||
Beginning balance of AUM | $ | 1,664 | $ | 1,639 | $ | 1,625 | $ | 1,625 | $ | 1,700 | |||||||||
Net inflows (outflows): | |||||||||||||||||||
Long-term strategies: | |||||||||||||||||||
Equity | (3 | ) | (2 | ) | (3 | ) | (9 | ) | (4 | ) | |||||||||
Fixed income | — | (2 | ) | — | 1 | (3 | ) | ||||||||||||
Liability-driven investments (b) | 4 | 15 | 14 | 11 | 11 | ||||||||||||||
Alternative investments | 2 | 1 | 1 | 2 | 1 | ||||||||||||||
Total long-term active strategies inflows | 3 | 12 | 12 | 5 | 5 | ||||||||||||||
Index | (2 | ) | (17 | ) | (11 | ) | (16 | ) | (10 | ) | |||||||||
Total long-term strategies inflows (outflows) | 1 | (5 | ) | 1 | (11 | ) | (5 | ) | |||||||||||
Short term strategies: | |||||||||||||||||||
Cash | (1 | ) | 4 | (9 | ) | 2 | (10 | ) | |||||||||||
Total net (outflows) | — | (1 | ) | (8 | ) | (9 | ) | (15 | ) | ||||||||||
Net market impact/other | 80 | 71 | 41 | 24 | (35 | ) | |||||||||||||
Net currency impact | (29 | ) | (47 | ) | (19 | ) | (15 | ) | (25 | ) | |||||||||
Acquisition | — | 2 | — | — | — | ||||||||||||||
Ending balance of AUM | $ | 1,715 | $ | 1,664 | $ | 1,639 | $ | 1,625 | $ | 1,625 | 3 | % | 6 | % |
(a) | Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. |
(b) | Includes currency overlay AUM. |
(dollars in millions, unless otherwise noted) | YTD16 | |||||||||||||||||||||||||||
3Q16 vs. | vs. | |||||||||||||||||||||||||||
3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | 2Q16 | 3Q15 | YTD16 | YTD15 | YTD15 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Investment services fees: | ||||||||||||||||||||||||||||
Asset servicing | $ | 1,039 | $ | 1,043 | $ | 1,016 | $ | 1,009 | $ | 1,034 | — | % | — | % | $ | 3,098 | $ | 3,089 | — | % | ||||||||
Clearing services | 347 | 350 | 348 | 337 | 345 | (1 | ) | 1 | 1,045 | 1,033 | 1 | |||||||||||||||||
Issuer services | 336 | 233 | 244 | 199 | 312 | 44 | 8 | 813 | 777 | 5 | ||||||||||||||||||
Treasury services | 136 | 137 | 129 | 135 | 135 | (1 | ) | 1 | 402 | 411 | (2 | ) | ||||||||||||||||
Total investment services fees | 1,858 | 1,763 | 1,737 | 1,680 | 1,826 | 5 | 2 | 5,358 | 5,310 | 1 | ||||||||||||||||||
Foreign exchange and other trading revenue | 177 | 161 | 168 | 150 | 179 | 10 | (1 | ) | 506 | 572 | (12 | ) | ||||||||||||||||
Other (a) | 148 | 130 | 125 | 127 | 129 | 14 | 15 | 403 | 338 | 19 | ||||||||||||||||||
Total fee and other revenue | 2,183 | 2,054 | 2,030 | 1,957 | 2,134 | 6 | 2 | 6,267 | 6,220 | 1 | ||||||||||||||||||
Net interest revenue | 715 | 690 | 679 | 664 | 662 | 4 | 8 | 2,084 | 1,958 | 6 | ||||||||||||||||||
Total revenue | 2,898 | 2,744 | 2,709 | 2,621 | 2,796 | 6 | 4 | 8,351 | 8,178 | 2 | ||||||||||||||||||
Provision for credit losses | 1 | (7 | ) | 14 | 8 | 7 | N/M | N/M | 8 | 20 | N/M | |||||||||||||||||
Noninterest expense (ex. amortization of intangible assets) | 1,812 | 1,819 | 1,770 | 1,791 | 1,853 | — | (2 | ) | 5,401 | 5,549 | (3 | ) | ||||||||||||||||
Amortization of intangible assets | 39 | 40 | 38 | 40 | 41 | (3 | ) | (5 | ) | 117 | 122 | (4 | ) | |||||||||||||||
Total noninterest expense | 1,851 | 1,859 | 1,808 | 1,831 | 1,894 | — | (2 | ) | 5,518 | 5,671 | (3 | ) | ||||||||||||||||
Income before taxes | $ | 1,046 | $ | 892 | $ | 887 | $ | 782 | $ | 895 | 17 | % | 17 | % | $ | 2,825 | $ | 2,487 | 14 | % | ||||||||
Income before taxes (ex. amortization of intangible assets) – Non-GAAP | $ | 1,085 | $ | 932 | $ | 925 | $ | 822 | $ | 936 | 16 | % | 16 | % | $ | 2,942 | $ | 2,609 | 13 | % | ||||||||
Pre-tax operating margin | 36 | % | 33 | % | 33 | % | 30 | % | 32 | % | 34 | % | 30 | % | ||||||||||||||
Pre-tax operating margin (ex. provision for credit losses and amortization of intangible assets) - Non-GAAP | 37 | % | 34 | % | 35 | % | 32 | % | 34 | % | 35 | % | 32 | % | ||||||||||||||
Investment services fees as a percentage of noninterest expense (ex. amortization of intangible assets) | 103 | % | 97 | % | 98 | % | 94 | % | 99 | % | 99 | % | 96 | % | ||||||||||||||
Securities lending revenue | $ | 42 | $ | 42 | $ | 42 | $ | 39 | $ | 33 | — | % | 27 | % | $ | 126 | $ | 114 | 11 | % | ||||||||
Metrics: | ||||||||||||||||||||||||||||
Average loans | $ | 44,329 | $ | 43,786 | $ | 45,004 | $ | 45,844 | $ | 46,222 | 1 | % | (4 | )% | $ | 44,373 | $ | 45,709 | (3 | )% | ||||||||
Average deposits | $ | 220,316 | $ | 221,998 | $ | 215,707 | $ | 229,241 | $ | 232,250 | (1 | )% | (5 | )% | $ | 219,344 | $ | 235,381 | (7 | )% | ||||||||
AUC/A at period end (in trillions) (b) | $ | 30.5 | $ | 29.5 | $ | 29.1 | $ | 28.9 | $ | 28.5 | 3 | % | 7 | % | $ | 30.5 | $ | 28.5 | 7 | % | ||||||||
Market value of securities on loan at period end (in billions) (c) | $ | 288 | $ | 278 | $ | 300 | $ | 277 | $ | 288 | 4 | % | — | % | $ | 288 | $ | 288 | — | % | ||||||||
Asset servicing: | ||||||||||||||||||||||||||||
Estimated new business wins (AUC/A) (in billions) | $ | 150 | $ | 167 | $ | 40 | $ | 49 | $ | 84 | ||||||||||||||||||
Depositary Receipts: | ||||||||||||||||||||||||||||
Number of sponsored programs | 1,094 | 1,112 | 1,131 | 1,145 | 1,176 | (2 | )% | (7 | )% | |||||||||||||||||||
Clearing services: | ||||||||||||||||||||||||||||
Average active clearing accounts (U.S. platform) (in thousands) | 5,942 | 5,946 | 5,947 | 5,959 | 6,107 | — | % | (3 | )% | |||||||||||||||||||
Average long-term mutual fund assets (U.S. platform) | $ | 443,112 | $ | 431,150 | $ | 415,025 | $ | 437,260 | $ | 447,287 | 3 | % | (1 | )% | ||||||||||||||
Average investor margin loans (U.S. platform) | $ | 10,834 | $ | 10,633 | $ | 11,063 | $ | 11,575 | $ | 11,806 | 2 | % | (8 | )% | ||||||||||||||
Broker-Dealer: | ||||||||||||||||||||||||||||
Average tri-party repo balances (in billions) | $ | 2,212 | $ | 2,108 | $ | 2,104 | $ | 2,153 | $ | 2,142 | 5 | % | 3 | % |
(a) | Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue and investment and other income. |
(b) | Includes the AUC/A of CIBC Mellon of $1.2 trillion at Sept. 30, 2016, $1.1 trillion at June 30, 2016 and March 31, 2016 and $1.0 trillion at Dec. 31, 2015 and Sept. 30, 2015. |
(c) | Represents the total amount of securities on loan managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $64 billion at Sept. 30, 2016, $56 billion at June 30, 2016 and March 31, 2016, $55 billion at Dec. 31, 2015 and $61 billion at Sept. 30, 2015. |
• | Asset servicing fees (global custody, broker-dealer services and Global Collateral Services) were $1.039 billion compared with $1.034 billion in the third quarter of 2015 and $1.043 billion in the second quarter of 2016. The increase compared with the third quarter of 2015 primarily reflects higher money market fees and securities lending revenue, partially offset by the unfavorable impact of a stronger U.S. dollar and downsizing of the UK transfer agency business. |
• | Clearing services fees were $347 million compared with $345 million in the third quarter of 2015 and $350 million in the second quarter of 2016. The increase compared with the third quarter of 2015 was primarily driven by higher money market fees, partially offset by the impact of previously disclosed lost business. |
• | Issuer services fees (Corporate Trust and Depositary Receipts) were $336 million compared with $312 million in the third quarter of 2015 and $233 million in the second quarter of 2016. The increase compared with the third quarter of 2015 primarily reflects increased activity in Depositary Receipts and higher money market fees in Corporate Trust. The increase compared with the second quarter of 2016 primarily reflects seasonally higher fees in Depositary Receipts. |
• | Treasury services fees were $136 million compared with $135 million in the third quarter of 2015 and $137 million in the second quarter of 2016. |
(dollars in millions) | 3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | YTD16 | YTD15 | ||||||||||||||
Revenue: | |||||||||||||||||||||
Fee and other revenue | $ | 100 | $ | 95 | $ | 129 | $ | 89 | $ | 59 | $ | 324 | $ | 247 | |||||||
Net interest (expense) revenue | (23 | ) | (5 | ) | 4 | 12 | 14 | (24 | ) | 73 | |||||||||||
Total revenue | 77 | 90 | 133 | 101 | 73 | 300 | 320 | ||||||||||||||
Provision for credit losses | (20 | ) | (3 | ) | (3 | ) | 159 | (7 | ) | (26 | ) | (26 | ) | ||||||||
Noninterest expense (ex. amortization of intangible assets and M&I and restructuring charges (recoveries)) | 88 | 53 | 141 | 150 | 97 | 282 | 284 | ||||||||||||||
Amortization of intangible assets | — | — | — | — | 1 | — | 2 | ||||||||||||||
M&I and restructuring charges (recoveries) | — | 3 | (1 | ) | (4 | ) | (2 | ) | 2 | 2 | |||||||||||
Total noninterest expense | 88 | 56 | 140 | 146 | 96 | 284 | 288 | ||||||||||||||
Income (loss) before taxes | $ | 9 | $ | 37 | $ | (4 | ) | $ | (204 | ) | $ | (16 | ) | $ | 42 | $ | 58 | ||||
Income (loss) before taxes (ex. amortization of intangible assets and M&I and restructuring charges (recoveries)) – Non-GAAP | $ | 9 | $ | 40 | $ | (5 | ) | $ | (208 | ) | $ | (17 | ) | $ | 44 | $ | 62 | ||||
Average loans and leases | $ | 1,941 | $ | 1,703 | $ | 1,917 | $ | 2,673 | $ | 2,656 | $ | 1,853 | $ | 2,287 |
Critical policy | Reference |
Allowance for loan losses and allowance for lending-related commitments | 2015 Annual Report, pages 33 - 35. |
Fair value of financial instruments and derivatives | 2015 Annual Report, pages 35 - 37. |
OTTI | 2015 Annual Report, page 37. |
Goodwill and other intangibles | 2015 Annual Report, pages 37 - 38 and Note 5 beginning on page 74. |
Pension accounting | 2015 Annual Report, pages 38 - 40. |
Investment securities portfolio (dollars in millions) | June 30, 2016 | 3Q16 change in unrealized gain (loss) | Sept. 30, 2016 | Fair value as a % of amortized cost (a) | Unrealized gain (loss) | Ratings | ||||||||||||||||||||||||
BB+ and lower | ||||||||||||||||||||||||||||||
Fair value | Amortized cost | Fair value | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated | ||||||||||||||||||||||||
Agency RMBS | $ | 49,506 | $ | (70 | ) | $ | 48,498 | $ | 48,987 | 101 | % | $ | 489 | 100 | % | — | % | — | % | — | % | — | % | |||||||
U.S. Treasury | 23,893 | (154 | ) | 25,112 | 25,135 | 100 | 23 | 100 | — | — | — | — | ||||||||||||||||||
Sovereign debt/sovereign guaranteed (b) | 15,605 | 12 | 15,690 | 15,998 | 102 | 308 | 74 | 5 | 21 | — | — | |||||||||||||||||||
Non-agency RMBS (c) | 1,529 | 5 | 1,166 | 1,463 | 80 | 297 | — | 1 | 1 | 90 | 8 | |||||||||||||||||||
Non-agency RMBS | 797 | 8 | 741 | 757 | 94 | 16 | 8 | 4 | 16 | 71 | 1 | |||||||||||||||||||
European floating rate notes (d) | 1,104 | 15 | 869 | 851 | 98 | (18 | ) | 71 | 22 | 7 | — | — | ||||||||||||||||||
Commercial MBS | 6,316 | 8 | 7,236 | 7,310 | 101 | 74 | 98 | 2 | — | — | — | |||||||||||||||||||
State and political subdivisions | 3,765 | (24 | ) | 3,494 | 3,578 | 102 | 84 | 80 | 17 | — | — | 3 | ||||||||||||||||||
Foreign covered bonds (e) | 2,376 | (4 | ) | 2,395 | 2,433 | 102 | 38 | 100 | — | — | — | — | ||||||||||||||||||
Corporate bonds | 1,610 | (3 | ) | 1,585 | 1,638 | 103 | 53 | 16 | 68 | 16 | — | — | ||||||||||||||||||
CLOs | 2,482 | 16 | 2,530 | 2,534 | 100 | 4 | 100 | — | — | — | — | |||||||||||||||||||
U.S. Government agencies | 1,889 | 3 | 1,820 | 1,808 | 99 | (12 | ) | 100 | — | — | — | — | ||||||||||||||||||
Consumer ABS | 2,454 | 7 | 2,202 | 2,203 | 100 | 1 | 98 | — | 2 | — | — | |||||||||||||||||||
Other (f) | 4,002 | (23 | ) | 3,931 | 3,961 | 101 | 30 | 60 | — | 38 | — | 2 | ||||||||||||||||||
Total investment securities | $ | 117,328 | (g) | $ | (204 | ) | $ | 117,269 | $ | 118,656 | (g) | 101 | % | $ | 1,387 | (g)(h) | 91 | % | 2 | % | 5 | % | 2 | % | — | % |
(a) | Amortized cost before impairments. |
(b) | Primarily consists of exposure to UK, France, Germany, Spain and Italy. |
(c) | These RMBS were included in the former Grantor Trust and were marked-to-market in 2009. We believe these RMBS would receive higher credit ratings if these ratings incorporated, as additional credit enhancements, the difference between the written-down amortized cost and the current face amount of each of these securities. |
(d) | Includes RMBS and commercial MBS. Primarily consists of exposure to UK and Netherlands. |
(e) | Primarily consists of exposure to Canada, UK, Norway and Netherlands. |
(f) | Includes commercial paper with a fair value of $1.7 billion and $1.5 billion and money market funds with a fair value of $865 million and $931 million at June 30, 2016 and Sept. 30, 2016, respectively. |
(g) | Includes net unrealized losses on derivatives hedging securities available-for-sale of $1,023 million at June 30, 2016 and $1,001 million at Sept. 30, 2016. |
(h) | Unrealized gains of $728 million at Sept. 30, 2016 related to available-for-sale securities. |
Net premium amortization and discount accretion of investment securities (a) | |||||||||||||||
(dollars in millions) | 3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | ||||||||||
Amortizable purchase premium (net of discount) relating to investment securities: | |||||||||||||||
Balance at period end | $ | 2,267 | $ | 2,251 | $ | 2,233 | $ | 2,319 | $ | 2,433 | |||||
Estimated average life remaining at period end (in years) | 4.5 | 4.4 | 4.5 | 4.7 | 4.6 | ||||||||||
Amortization | $ | 163 | $ | 169 | $ | 163 | $ | 161 | $ | 176 | |||||
Accretable discount related to the prior restructuring of the investment securities portfolio: | |||||||||||||||
Balance at period end | $ | 331 | $ | 342 | $ | 325 | $ | 355 | $ | 401 | |||||
Estimated average life remaining at period end (in years) | 5.9 | 5.9 | 6.0 | 6.1 | 6.0 | ||||||||||
Accretion | $ | 24 | $ | 26 | $ | 27 | $ | 29 | $ | 33 |
(a) | Amortization of purchase premium decreases net interest revenue while accretion of discount increases net interest revenue. Both were recorded on a level yield basis. |
Net securities gains (losses) | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
Agency RMBS | $ | 9 | $ | 5 | $ | 7 | $ | 22 | $ | 8 | |||||
Foreign covered bonds | — | — | 1 | 10 | 2 | ||||||||||
U.S. Treasury | (1 | ) | 4 | 8 | 4 | 42 | |||||||||
Non-agency RMBS | (1 | ) | 4 | (1 | ) | 1 | (3 | ) | |||||||
Other | 17 | 8 | 7 | 28 | 13 | ||||||||||
Total net securities gains | $ | 24 | $ | 21 | $ | 22 | $ | 65 | $ | 62 |
European floating rate notes at Sept. 30, 2016 (a) | |||||||||
(in millions) | RMBS | Other | Total fair value | ||||||
United Kingdom | $ | 460 | $ | 59 | $ | 519 | |||
Netherlands | 270 | — | 270 | ||||||
Ireland | 62 | — | 62 | ||||||
Total fair value | $ | 792 | $ | 59 | $ | 851 |
(a) | 71% of these securities are in the AAA to AA- ratings category. |
Total exposure – consolidated | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||
(in billions) | Loans | Unfunded commitments | Total exposure | Loans | Unfunded commitments | Total exposure | |||||||||||||
Non-margin loans: | |||||||||||||||||||
Financial institutions | $ | 14.7 | $ | 36.1 | $ | 50.8 | $ | 15.9 | $ | 36.0 | $ | 51.9 | |||||||
Commercial | 2.7 | 16.7 | 19.4 | 2.3 | 18.2 | 20.5 | |||||||||||||
Subtotal institutional | 17.4 | 52.8 | 70.2 | 18.2 | 54.2 | 72.4 | |||||||||||||
Wealth management loans and mortgages | 15.1 | 1.3 | 16.4 | 13.3 | 1.6 | 14.9 | |||||||||||||
Commercial real estate | 4.7 | 3.3 | 8.0 | 3.9 | 3.3 | 7.2 | |||||||||||||
Lease financings | 1.8 | — | 1.8 | 1.9 | — | 1.9 | |||||||||||||
Other residential mortgages | 0.9 | — | 0.9 | 1.1 | — | 1.1 | |||||||||||||
Overdrafts | 7.3 | — | 7.3 | 4.5 | — | 4.5 | |||||||||||||
Other | 1.2 | — | 1.2 | 1.2 | — | 1.2 | |||||||||||||
Subtotal non-margin loans | 48.4 | 57.4 | 105.8 | 44.1 | 59.1 | 103.2 | |||||||||||||
Margin loans | 17.6 | 0.1 | 17.7 | 19.6 | 0.6 | 20.2 | |||||||||||||
Total | $ | 66.0 | $ | 57.5 | $ | 123.5 | $ | 63.7 | $ | 59.7 | $ | 123.4 |
Financial institutions portfolio exposure (dollar amounts in billions) | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||||||||
Loans | Unfunded commitments | Total exposure | % Inv. grade | % due <1 yr. | Loans | Unfunded commitments | Total exposure | ||||||||||||||||||
Securities industry | $ | 3.8 | $ | 20.9 | $ | 24.7 | 99 | % | 99 | % | $ | 3.1 | $ | 20.6 | $ | 23.7 | |||||||||
Banks | 7.8 | 2.0 | 9.8 | 70 | 86 | 9.4 | 2.1 | 11.5 | |||||||||||||||||
Asset managers | 1.5 | 6.2 | 7.7 | 99 | 82 | 2.0 | 5.6 | 7.6 | |||||||||||||||||
Insurance | 0.1 | 4.3 | 4.4 | 99 | 29 | 0.2 | 4.5 | 4.7 | |||||||||||||||||
Government | 0.1 | 1.1 | 1.2 | 93 | 47 | 0.1 | 1.9 | 2.0 | |||||||||||||||||
Other | 1.4 | 1.6 | 3.0 | 99 | 30 | 1.1 | 1.3 | 2.4 | |||||||||||||||||
Total | $ | 14.7 | $ | 36.1 | $ | 50.8 | 93 | % | 83 | % | $ | 15.9 | $ | 36.0 | $ | 51.9 |
Commercial portfolio exposure | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||||||||
(dollar amounts in billions) | Loans | Unfunded commitments | Total exposure | % Inv. grade | % due <1 yr. | Loans | Unfunded commitments | Total exposure | |||||||||||||||||
Manufacturing | $ | 1.1 | $ | 6.0 | $ | 7.1 | 93 | % | 12 | % | $ | 0.6 | $ | 6.3 | $ | 6.9 | |||||||||
Services and other | 0.7 | 4.7 | 5.4 | 94 | 20 | 0.8 | 5.5 | 6.3 | |||||||||||||||||
Energy and utilities | 0.6 | 4.7 | 5.3 | 94 | 9 | 0.6 | 4.9 | 5.5 | |||||||||||||||||
Media and telecom | 0.3 | 1.3 | 1.6 | 94 | 1 | 0.3 | 1.5 | 1.8 | |||||||||||||||||
Total | $ | 2.7 | $ | 16.7 | $ | 19.4 | 94 | % | 12 | % | $ | 2.3 | $ | 18.2 | $ | 20.5 |
Percentage of the portfolios that are investment grade | ||||||||||
Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||
Financial institutions | 93 | % | 92 | % | 93 | % | 96 | % | 96 | % |
Commercial | 94 | % | 94 | % | 93 | % | 94 | % | 94 | % |
Allowance for credit losses activity | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||||
(dollar amounts in millions) | ||||||||||||
Margin loans | $ | 17,557 | $ | 18,594 | $ | 19,573 | $ | 19,414 | ||||
Non-margin loans | 48,411 | 45,601 | 43,708 | 43,557 | ||||||||
Total loans | $ | 65,968 | $ | 64,195 | $ | 63,281 | $ | 62,971 | ||||
Beginning balance of allowance for credit losses | $ | 280 | $ | 287 | 280 | $ | 278 | |||||
Provision for credit losses | (19 | ) | (9 | ) | 163 | 1 | ||||||
Net recoveries (charge-offs): | ||||||||||||
Financial institutions | 13 | — | (170 | ) | — | |||||||
Other residential mortgages | — | 1 | 2 | 1 | ||||||||
Foreign | — | 1 | — | — | ||||||||
Net recoveries (charge-offs) | 13 | 2 | (168 | ) | 1 | |||||||
Ending balance of allowance for credit losses | $ | 274 | $ | 280 | $ | 275 | $ | 280 | ||||
Allowance for loan losses | $ | 148 | $ | 158 | $ | 157 | $ | 181 | ||||
Allowance for lending-related commitments | 126 | 122 | 118 | 99 | ||||||||
Allowance for loan losses as a percentage of total loans | 0.22 | % | 0.25 | % | 0.25 | % | 0.29 | % | ||||
Allowance for loan losses as a percentage of non-margin loans | 0.31 | 0.35 | 0.36 | 0.42 | ||||||||
Total allowance for credit losses as a percentage of total loans | 0.42 | 0.44 | 0.43 | 0.44 | ||||||||
Total allowance for credit losses as a percentage of non-margin loans | 0.57 | 0.61 | 0.63 | 0.64 |
Allocation of allowance | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | |||||
Commercial | 33 | % | 32 | % | 30 | % | 27 | % | |
Commercial real estate | 23 | 23 | 22 | 22 | |||||
Foreign | 11 | 13 | 13 | 14 | |||||
Other residential mortgages | 10 | 10 | 12 | 13 | |||||
Financial institutions | 11 | 10 | 11 | 10 | |||||
Wealth management (a) | 7 | 7 | 7 | 8 | |||||
Lease financing | 5 | 5 | 5 | 6 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
(a) | Includes the allowance for wealth management mortgages. |
Nonperforming assets | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | ||||||
(dollars in millions) | |||||||||
Nonperforming loans: | |||||||||
Other residential mortgages | $ | 93 | $ | 97 | $ | 102 | |||
Wealth management loans and mortgages | 7 | 10 | 11 | ||||||
Lease financings | 4 | 4 | — | ||||||
Commercial real estate | 1 | 2 | 2 | ||||||
Financial institutions | — | 171 | 171 | ||||||
Total nonperforming loans | 105 | 284 | 286 | ||||||
Other assets owned | 4 | 5 | 6 | ||||||
Total nonperforming assets | $ | 109 | $ | 289 | $ | 292 | |||
Nonperforming assets ratio | 0.17 | % | 0.45 | % | 0.46 | % | |||
Nonperforming assets ratio, excluding margin loans | 0.23 | 0.63 | 0.67 | ||||||
Allowance for loan losses/nonperforming loans | 141.0 | 55.6 | 54.9 | ||||||
Allowance for loan losses/nonperforming assets | 135.8 | 54.7 | 53.8 | ||||||
Total allowance for credit losses/nonperforming loans | 261.0 | 98.6 | 96.2 | ||||||
Total allowance for credit losses/nonperforming assets | 251.4 | 96.9 | 94.2 |
Nonperforming assets activity | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | ||||||
(in millions) | |||||||||
Balance at beginning of period | $ | 289 | $ | 292 | $ | 123 | |||
Additions | 3 | 4 | 347 | ||||||
Return to accrual status | — | (1 | ) | (1 | ) | ||||
Charge-offs | (1 | ) | — | (171 | ) | ||||
Paydowns/sales | (182 | ) | (6 | ) | (6 | ) | |||
Balance at end of period | $ | 109 | $ | 289 | $ | 292 |
Federal funds purchased and securities sold under repurchase agreements | |||||||||
Quarter ended | |||||||||
(dollars in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | ||||||
Maximum month-end balance during the quarter | $ | 11,184 | $ | 23,355 | $ | 12,367 | |||
Average daily balance | $ | 9,585 | $ | 18,204 | $ | 14,796 | |||
Weighted-average rate during the quarter | 0.24 | % | 0.28 | % | (0.04 | )% | |||
Ending balance | $ | 8,052 | $ | 7,611 | $ | 8,824 | |||
Weighted-average rate at period end | 0.25 | % | 0.34 | % | (0.08 | )% |
Payables to customers and broker-dealers | |||||||||
Quarter ended | |||||||||
(dollars in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | ||||||
Maximum month-end balance during the quarter | $ | 21,162 | $ | 21,642 | $ | 22,236 | |||
Average daily balance (a) | $ | 20,616 | $ | 21,144 | $ | 21,941 | |||
Weighted-average rate during the quarter (a) | 0.07 | % | 0.05 | % | 0.06 | % | |||
Ending balance | $ | 21,162 | $ | 21,172 | $ | 22,236 | |||
Weighted-average rate at period end | 0.07 | % | 0.06 | % | 0.06 | % |
(a) | The weighted-average rate is calculated based on, and is applied to, the average interest-bearing payables to customers and broker-dealers, which were $16,873 million in the third quarter of 2016, $16,935 million in the second quarter of 2016 and $11,504 million in the third quarter of 2015. |
Commercial paper | Quarter ended | ||||||||
(dollars in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | ||||||
Maximum month-end balance during the quarter | $ | 1,000 | $ | 4,950 | $ | 4,800 | |||
Average daily balance | $ | 1,173 | $ | 3,781 | $ | 2,195 | |||
Weighted-average rate during the quarter | 0.35 | % | 0.37 | % | 0.11 | % | |||
Ending balance | $ | — | $ | — | $ | — | |||
Weighted-average rate at period end | — | % | — | % | — | % |
Other borrowed funds | Quarter ended | ||||||||
(dollars in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | ||||||
Maximum month-end balance during the quarter | $ | 993 | $ | 1,098 | $ | 648 | |||
Average daily balance | $ | 874 | $ | 847 | $ | 628 | |||
Weighted-average rate during the quarter | 0.76 | % | 0.97 | % | 1.18 | % | |||
Ending balance | $ | 993 | $ | 1,098 | $ | 648 | |||
Weighted-average rate at period end | 0.75 | % | 0.44 | % | 1.15 | % |
Available and liquid funds | Sept. 30, 2016 | Dec. 31, 2015 | Average | |||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | |||||||||||||
Available funds: | ||||||||||||||||
Liquid funds: | ||||||||||||||||
Interest-bearing deposits with banks | $ | 14,416 | $ | 15,146 | $ | 14,066 | $ | 14,394 | $ | 20,549 | ||||||
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 | 26,376 | 25,813 | 25,366 | |||||||||||
Total liquid funds | 49,267 | 39,519 | 40,442 | 40,207 | 45,915 | |||||||||||
Cash and due from banks | 4,957 | 6,537 | 4,189 | 4,141 | 6,140 | |||||||||||
Interest-bearing deposits with the Federal Reserve and other central banks | 80,359 | 113,203 | 74,102 | 97,788 | 84,175 | |||||||||||
Total available funds | $ | 134,583 | $ | 159,259 | $ | 118,733 | $ | 142,136 | $ | 136,230 | ||||||
Total available funds as a percentage of total assets | 36 | % | 40 | % | 34 | % | 38 | % | 36 | % |
Credit ratings at Sept. 30, 2016 | |||||||
Moody’s | S&P | Fitch | DBRS | ||||
Parent: | |||||||
Long-term senior debt | A1 | A | AA- | AA (low) | |||
Subordinated debt | A2 | A- | A+ | A (high) | |||
Preferred stock | Baa1 | BBB | BBB | A (low) | |||
Trust preferred securities | A3 | BBB | BBB+ | A (high) | |||
Outlook - Parent: | Stable | Stable | Stable | Stable | |||
The Bank of New York Mellon: | |||||||
Long-term senior debt | Aa2 | AA- | AA | AA | |||
Subordinated debt | Aa3 | A | A+ | NR | |||
Long-term deposits | Aa1 | AA- | AA+ | AA | |||
Short-term deposits | P1 | A-1+ | F1+ | R-1 (high) | |||
Commercial paper | P1 | A-1+ | F1+ | R-1 (high) | |||
BNY Mellon, N.A.: | |||||||
Long-term senior debt | Aa2 | AA- | AA | (a) | AA | ||
Long-term deposits | Aa1 | AA- | AA+ | AA | |||
Short-term deposits | P1 | A-1+ | F1+ | R-1 (high) | |||
Outlook - Banks: | Stable | Stable | Stable | Stable |
(a) | Represents senior debt issuer default rating. |
Consolidated HQLA and LCR | Sept. 30, 2016 | ||
(in billions) | |||
Securities (a) | $ | 120 | |
Cash (b) | 75 | ||
Total consolidated HQLA (c) | $ | 195 | |
Liquidity coverage ratio (d) | 109 | % |
(a) | Primarily includes U.S. Treasury, U.S. agency, sovereign securities, securities of U.S. Government-sponsored enterprises, investment-grade corporate debt and publicly traded common equity. |
(b) | Primarily includes cash on deposit with central banks. |
(c) | Consolidated HQLA presented before haircuts. After haircuts, consolidated HQLA totaled $166 billion. |
(d) | Based on our interpretation of the final rule issued by the U.S. federal banking agencies to implement the LCR in the U.S. (“Final LCR Rule”). |
Capital data (dollar amounts in millions except per share amounts; common shares in thousands) | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | ||||||
Average common equity to average assets | 10.2 | % | 9.6 | % | 9.7 | % | |||
At period end: | |||||||||
BNY Mellon shareholders’ equity to total assets ratio – GAAP (a) | 10.6 | % | 10.4 | % | 9.7 | % | |||
BNY Mellon common shareholders’ equity to total assets ratio – GAAP (a) | 9.7 | % | 9.7 | % | 9.0 | % | |||
BNY Mellon tangible common shareholders’ equity to tangible assets of operations ratio – Non-GAAP (a) | 6.5 | % | 6.6 | % | 6.5 | % | |||
Total BNY Mellon shareholders’ equity – GAAP | $ | 39,695 | $ | 38,559 | $ | 38,037 | |||
Total BNY Mellon common shareholders’ equity – GAAP | $ | 36,153 | $ | 36,007 | $ | 35,485 | |||
BNY Mellon tangible common shareholders’ equity – Non-GAAP (a) | $ | 17,626 | $ | 17,349 | $ | 16,574 | |||
Book value per common share – GAAP (a) | $ | 34.19 | $ | 33.72 | $ | 32.69 | |||
Tangible book value per common share – Non-GAAP (a) | $ | 16.67 | $ | 16.25 | $ | 15.27 | |||
Closing stock price per common share | $ | 39.88 | $ | 38.85 | $ | 41.22 | |||
Market capitalization | $ | 42,167 | $ | 41,479 | $ | 44,738 | |||
Common shares outstanding | 1,057,337 | 1,067,674 | 1,085,343 | ||||||
Cash dividends per common share | $ | 0.19 | $ | 0.17 | $ | 0.17 | |||
Common dividend payout ratio | 21 | % | 23 | % | 30 | % | |||
Common dividend yield (annualized) | 1.9 | % | 1.8 | % | 1.6 | % |
(a) | See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 48 for a reconciliation of GAAP to Non-GAAP. |
Consolidated and largest bank subsidiary regulatory capital ratios | Sept. 30, 2016 | ||||||||||||
Well capitalized | Minimum required | Capital ratios | June 30, 2016 | Dec. 31, 2015 | |||||||||
(a) | |||||||||||||
Consolidated regulatory capital ratios: (b) | |||||||||||||
Standardized: | |||||||||||||
CET1 ratio | N/A | (c) | 5.5 | % | 12.2 | % | 11.8 | % | 11.5 | % | |||
Tier 1 capital ratio | 6 | % | 7 | % | 14.4 | % | 13.4 | % | 13.1 | % | |||
Total (Tier 1 plus Tier 2) capital ratio | 10 | % | 9 | % | 14.8 | % | 13.8 | % | 13.5 | % | |||
Advanced: | |||||||||||||
CET1 ratio | N/A | (c) | 5.5 | % | 10.5 | % | 10.2 | % | 10.8 | % | |||
Tier 1 capital ratio | 6 | % | 7 | % | 12.5 | % | 11.5 | % | 12.3 | % | |||
Total (Tier 1 plus Tier 2) capital ratio | 10 | % | 9 | % | 12.6 | % | 11.7 | % | 12.5 | % | |||
Leverage capital ratio (b) | N/A | (c) | 4 | % | 6.6 | % | 5.8 | % | 6.0 | % | |||
SLR (d) | 5 | % | (c)(e) | 3 | % | 6.0 | % | 5.3 | % | 5.4 | % | ||
Selected regulatory capital ratios – fully phased-in – Non-GAAP: (c)(e) | |||||||||||||
Estimated CET1 ratio: | |||||||||||||
Standardized Approach | 8.5 | % | 5.5 | % | 11.4 | % | 11.0 | % | 10.2 | % | |||
Advanced Approach | 8.5 | % | 5.5 | % | 9.8 | % | 9.5 | % | 9.5 | % | |||
Estimated SLR (d) | 5 | % | 3 | % | 5.7 | % | 5.0 | % | 4.9 | % | |||
The Bank of New York Mellon regulatory capital ratios: (b) | |||||||||||||
Advanced: | |||||||||||||
CET1 ratio | 6.5 | % | 5.125 | % | 12.7 | % | 12.0 | % | 11.8 | % | |||
Tier 1 capital ratio | 8 | % | 6.625 | % | 13.1 | % | 12.3 | % | 12.3 | % | |||
Total (Tier 1 plus Tier 2) capital ratio | 10 | % | 8.625 | % | 13.3 | % | 12.6 | % | 12.5 | % | |||
Leverage capital ratio | 5 | % | 4 | % | 6.9 | % | 6.1 | % | 5.9 | % | |||
SLR (d) | 6 | % | 3 | % | 6.2 | % | 5.6 | % | 5.3 | % | |||
Selected regulatory capital ratios – fully phased-in – Non-GAAP: | |||||||||||||
Estimated SLR (d) | 6 | % | 3 | % | 5.9 | % | 5.3 | % | 4.8 | % |
(a) | Minimum requirements for Sept. 30, 2016 and June 30, 2016 include Basel III minimum thresholds plus currently applicable buffers. |
(b) | For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. The leverage capital ratio is based on Tier 1 capital, as phased-in and quarterly average total assets. |
(c) | The Federal Reserve’s regulations do not establish well capitalized thresholds for these measures for bank holding companies. |
(d) | The SLR does not become a binding measure until the first quarter of 2018. The SLR is based on Tier 1 capital, as phased-in, and average quarterly assets and certain off-balance sheet exposures. |
(e) | Fully phased-in Basel III minimum with expected buffers. See page 41 for the capital ratios with the phase-in of the capital conservation buffer and the estimated U.S. G-SIB surcharge, as well as the introduction of the SLR buffer. |
Consolidated capital ratio requirements | Well capitalized | Minimum ratios | Minimum ratios with buffers, as phased-in (a) | |||||||||||||||
2016 | 2017 | 2018 | 2019 | |||||||||||||||
Capital conservation buffer (CET1) | 0.625 | % | 1.25 | % | 1.875 | % | 2.5 | % | ||||||||||
U.S. G-SIB surcharge (CET1) (b)(c) | 0.375 | % | 0.75 | % | 1.125 | % | 1.5 | % | ||||||||||
Consolidated: | ||||||||||||||||||
CET1 ratio | N/A | 4.5 | % | 5.5 | % | 6.5 | % | 7.5 | % | 8.5 | % | |||||||
Tier 1 capital ratio | 6.0 | % | 6.0 | % | 7.0 | % | 8.0 | % | 9.0 | % | 10.0 | % | ||||||
Total capital ratio | 10.0 | % | 8.0 | % | 9.0 | % | 10.0 | % | 11.0 | % | 12.0 | % | ||||||
Enhanced SLR buffer (Tier 1 capital) | N/A | N/A | N/A | 2.0 | % | 2.0 | % | |||||||||||
SLR | N/A | 3.0 | % | N/A | N/A | 5.0 | % | 5.0 | % | |||||||||
Bank subsidiaries: (c) | ||||||||||||||||||
CET1 ratio | 6.5 | % | 4.5 | % | 5.125 | % | 5.75 | % | 6.375 | % | 7.0 | % | ||||||
Tier 1 capital ratio | 8.0 | % | 6.0 | % | 6.625 | % | 7.25 | % | 7.875 | % | 8.5 | % | ||||||
Total capital ratio | 10.0 | % | 8.0 | % | 8.625 | % | 9.25 | % | 9.875 | % | 10.5 | % | ||||||
SLR | 6.0 | % | 3.0 | % | N/A | N/A | 6.0 | % | (d) | 6.0 | % | (d) |
(a) | Countercyclical capital buffer currently set to 0%. |
(b) | The U.S. G-SIB surcharge of 1.5% applicable to BNY Mellon is subject to change. |
(c) | The U.S. G-SIB surcharge is not applicable to the regulatory capital ratios of the bank subsidiaries. |
(d) | Well capitalized threshold. |
Estimated CET1 generation presented on a transitional and fully phased-in basis – Non-GAAP | Quarter ended Sept. 30, 2016 | ||||||
(in millions) | Transitional basis (b) | Fully phased-in Non-GAAP (c) | |||||
CET1 – Beginning of period | $ | 18,275 | $ | 16,873 | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP | 974 | 974 | |||||
Goodwill and intangible assets, net of related deferred tax liabilities | 109 | 131 | |||||
Gross CET1 generated | 1,083 | 1,105 | |||||
Capital deployed: | |||||||
Dividends | (205 | ) | (205 | ) | |||
Common stock repurchased | (464 | ) | (464 | ) | |||
Total capital deployed | (669 | ) | (669 | ) | |||
Other comprehensive income: | |||||||
Foreign currency translation | (181 | ) | (181 | ) | |||
Unrealized loss on assets available-for-sale | (41 | ) | (68 | ) | |||
Pension liabilities | 8 | 13 | |||||
Unrealized gain on cash flow hedges | 3 | 3 | |||||
Total other comprehensive income | (211 | ) | (233 | ) | |||
Additional paid-in capital (a) | 74 | 74 | |||||
Other additions (deductions): | |||||||
Net pension fund assets | — | — | |||||
Embedded goodwill | 8 | 9 | |||||
Other | (1 | ) | — | ||||
Total other additions | 7 | 9 | |||||
Net CET1 generated | 284 | 286 | |||||
CET1 – End of period | $ | 18,559 | $ | 17,159 |
(a) | Primarily related to stock awards, the exercise of stock options and stock issued for employee benefit plans. |
(b) | Reflects transitional adjustments to CET1 required under the U.S. capital rules. |
(c) | Estimated. |
Capital components and ratios | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | |||||||||||||||||
(dollars in millions) | Transitional Approach (a) | Fully phased-in - Non-GAAP (b) | Transitional Approach (a) | Fully phased-in - Non-GAAP (b) | Transitional Approach (a) | Fully phased-in - Non-GAAP (b) | ||||||||||||||
CET1: | ||||||||||||||||||||
Common shareholders’ equity | $ | 36,450 | $ | 36,153 | $ | 36,282 | $ | 36,007 | $ | 36,067 | $ | 35,485 | ||||||||
Goodwill and intangible assets | (17,505 | ) | (18,527 | ) | (17,614 | ) | (18,658 | ) | (17,295 | ) | (18,911 | ) | ||||||||
Net pension fund assets | (56 | ) | (94 | ) | (56 | ) | (94 | ) | (46 | ) | (116 | ) | ||||||||
Equity method investments | (314 | ) | (347 | ) | (322 | ) | (356 | ) | (296 | ) | (347 | ) | ||||||||
Deferred tax assets | (15 | ) | (25 | ) | (14 | ) | (23 | ) | (8 | ) | (20 | ) | ||||||||
Other | (1 | ) | (1 | ) | (1 | ) | (3 | ) | (5 | ) | (9 | ) | ||||||||
Total CET1 | 18,559 | 17,159 | 18,275 | 16,873 | 18,417 | 16,082 | ||||||||||||||
Other Tier 1 capital: | ||||||||||||||||||||
Preferred stock | 3,542 | 3,542 | 2,552 | 2,552 | 2,552 | 2,552 | ||||||||||||||
Trust preferred securities | — | — | — | — | 74 | — | ||||||||||||||
Deferred tax assets | (10 | ) | — | (9 | ) | — | (12 | ) | — | |||||||||||
Net pension fund assets | (38 | ) | — | (38 | ) | — | (70 | ) | — | |||||||||||
Other | (110 | ) | (109 | ) | (112 | ) | (110 | ) | (25 | ) | (22 | ) | ||||||||
Total Tier 1 capital | 21,943 | 20,592 | 20,668 | 19,315 | 20,936 | 18,612 | ||||||||||||||
Tier 2 capital: | ||||||||||||||||||||
Trust preferred securities | 156 | — | 161 | — | 222 | — | ||||||||||||||
Subordinated debt | 149 | 149 | 149 | 149 | 149 | 149 | ||||||||||||||
Allowance for credit losses | 274 | 274 | 280 | 280 | 275 | 275 | ||||||||||||||
Other | (6 | ) | (6 | ) | (6 | ) | (7 | ) | (12 | ) | (12 | ) | ||||||||
Total Tier 2 capital - Standardized Approach | 573 | 417 | 584 | 422 | 634 | 412 | ||||||||||||||
Excess of expected credit losses | 33 | 33 | 36 | 36 | 37 | 37 | ||||||||||||||
Less: Allowance for credit losses | 274 | 274 | 280 | 280 | 275 | 275 | ||||||||||||||
Total Tier 2 capital - Advanced Approach | $ | 332 | $ | 176 | $ | 340 | $ | 178 | $ | 396 | $ | 174 | ||||||||
Total capital: | ||||||||||||||||||||
Standardized Approach | $ | 22,516 | $ | 21,009 | $ | 21,252 | $ | 19,737 | $ | 21,570 | $ | 19,024 | ||||||||
Advanced Approach | $ | 22,275 | $ | 20,768 | $ | 21,008 | $ | 19,493 | $ | 21,332 | $ | 18,786 | ||||||||
Risk-weighted assets: | ||||||||||||||||||||
Standardized Approach | $ | 152,410 | $ | 151,173 | $ | 154,464 | $ | 153,198 | $ | 159,893 | $ | 158,015 | ||||||||
Advanced Approach: | ||||||||||||||||||||
Credit Risk | $ | 100,398 | $ | 99,078 | $ | 104,367 | $ | 103,024 | $ | 106,974 | $ | 105,099 | ||||||||
Market Risk | 3,009 | 3,009 | 2,080 | 2,080 | 2,148 | 2,148 | ||||||||||||||
Operational Risk | 72,825 | 72,825 | 72,725 | 72,725 | 61,262 | 61,262 | ||||||||||||||
Total Advanced Approach | $ | 176,232 | $ | 174,912 | $ | 179,172 | $ | 177,829 | $ | 170,384 | $ | 168,509 | ||||||||
Standardized Approach: | ||||||||||||||||||||
CET1 ratio | 12.2 | % | 11.4 | % | 11.8 | % | 11.0 | % | 11.5 | % | 10.2 | % | ||||||||
Tier 1 capital ratio | 14.4 | % | 13.6 | % | 13.4 | % | 12.6 | % | 13.1 | % | 11.8 | % | ||||||||
Total (Tier 1 plus Tier 2) capital ratio | 14.8 | % | 13.9 | % | 13.8 | % | 12.9 | % | 13.5 | % | 12.0 | % | ||||||||
Advanced Approach: | ||||||||||||||||||||
CET1 ratio | 10.5 | % | 9.8 | % | 10.2 | % | 9.5 | % | 10.8 | % | 9.5 | % | ||||||||
Tier 1 capital ratio | 12.5 | % | 11.8 | % | 11.5 | % | 10.9 | % | 12.3 | % | 11.0 | % | ||||||||
Total (Tier 1 plus Tier 2) capital ratio | 12.6 | % | 11.9 | % | 11.7 | % | 11.0 | % | 12.5 | % | 11.1 | % | ||||||||
Average assets for leverage capital purposes | $ | 333,487 | $ | 356,344 | $ | 351,435 | ||||||||||||||
Total leverage exposure for SLR purposes | $ | 362,302 | $ | 385,670 | $ | 382,810 |
(a) | Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required in 2016 and 2015 under the U.S. capital rules. |
(b) | Estimated. |
Capital above thresholds at Sept. 30, 2016 | |||||||
(in millions) | Consolidated | The Bank of New York Mellon (b) | |||||
CET1 | $ | 8,866 | (a) | $ | 8,904 | ||
Tier 1 capital | 9,607 | (a) | 7,254 | ||||
Total capital | 4,652 | (b) | 4,765 | ||||
Leverage capital | 8,604 | (a) | 5,105 |
(a) | Based on minimum required standards, with applicable buffers. |
(b) | Based on well capitalized standards. |
Sensitivity of consolidated capital ratios at Sept. 30, 2016 | ||||
Increase or decrease of | ||||
(in basis points) | $100 million in common equity | $1 billion in RWA, quarterly average assets, or total leverage exposure | ||
CET1: | ||||
Standardized Approach | 7 | bps | 8 | bps |
Advanced Approach | 6 | 6 | ||
Tier 1 capital: | ||||
Standardized Approach | 7 | 10 | ||
Advanced Approach | 6 | 7 | ||
Total capital: | ||||
Standardized Approach | 7 | 10 | ||
Advanced Approach | 6 | 7 | ||
Leverage capital | 3 | 2 | ||
SLR | 3 | 2 | ||
Estimated CET1 ratio, fully phased-in – Non-GAAP: | ||||
Standardized Approach | 7 | 8 | ||
Advanced Approach | 6 | 6 | ||
Estimated SLR, fully phased-in – Non-GAAP | 3 | 2 |
SLR | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | |||||||||||||||||
(dollars in millions) | Transitional basis | Fully phased-in Non-GAAP (a) | Transitional basis | Fully phased-in Non-GAAP (a) | Transitional basis | Fully phased-in Non-GAAP (a) | ||||||||||||||
Consolidated: | ||||||||||||||||||||
Total Tier 1 capital | $ | 21,943 | $ | 20,592 | $ | 20,668 | $ | 19,315 | $ | 20,936 | $ | 18,612 | ||||||||
Total leverage exposure: | ||||||||||||||||||||
Quarterly average total assets | $ | 351,230 | $ | 351,230 | $ | 374,220 | $ | 374,220 | $ | 368,590 | $ | 368,590 | ||||||||
Less: Amounts deducted from Tier 1 capital | 17,743 | 19,095 | 17,876 | 19,234 | 17,650 | 19,403 | ||||||||||||||
Total on-balance sheet assets, as adjusted | 333,487 | 332,135 | 356,344 | 354,986 | 350,940 | 349,187 | ||||||||||||||
Off-balance sheet exposures: | ||||||||||||||||||||
Potential future exposure for derivatives contracts (plus certain other items) | 6,149 | 6,149 | 6,125 | 6,125 | 7,158 | 7,158 | ||||||||||||||
Repo-style transaction exposures | 447 | 447 | 402 | 402 | 440 | 440 | ||||||||||||||
Credit-equivalent amount of other off-balance sheet exposures (less SLR exclusions) | 23,571 | 23,571 | 24,157 | 24,157 | 26,025 | 26,025 | ||||||||||||||
Total off-balance sheet exposures | 30,167 | 30,167 | 30,684 | 30,684 | 33,623 | 33,623 | ||||||||||||||
Total leverage exposure | $ | 363,654 | $ | 362,302 | $ | 387,028 | $ | 385,670 | $ | 384,563 | $ | 382,810 | ||||||||
SLR - Consolidated | 6.0 | % | 5.7 | % | 5.3 | % | 5.0 | % | 5.4 | % | 4.9 | % | ||||||||
The Bank of New York Mellon, our largest bank subsidiary: | ||||||||||||||||||||
Tier 1 capital | $ | 18,701 | $ | 17,592 | $ | 18,049 | $ | 16,948 | $ | 16,814 | $ | 15,142 | ||||||||
Total leverage exposure | $ | 299,641 | $ | 299,236 | $ | 322,978 | $ | 322,588 | $ | 316,812 | $ | 316,270 | ||||||||
SLR - The Bank of New York Mellon (b) | 6.2 | % | 5.9 | % | 5.6 | % | 5.3 | % | 5.3 | % | 4.8 | % |
(a) | Estimated. |
(b) | We expect our depository institutions to satisfy the 6% “well capitalized” threshold required for well-capitalized status when the SLR becomes effective as a binding ratio in 2018. |
VaR (a) | 3Q16 | Sept. 30, 2016 | ||||||||||
(in millions) | Average | Minimum | Maximum | |||||||||
Interest rate | $ | 7.3 | $ | 5.4 | $ | 8.9 | $ | 7.9 | ||||
Foreign exchange | 4.2 | 3.2 | 7.5 | 3.7 | ||||||||
Equity | 0.6 | 0.5 | 0.8 | 0.6 | ||||||||
Credit | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||
Diversification | (5.8 | ) | N/M | N/M | (5.7 | ) | ||||||
Overall portfolio | $ | 6.6 | $ | 5.0 | $ | 7.7 | $ | 6.9 |
VaR (a) | 2Q16 | June 30, 2016 | ||||||||||
(in millions) | Average | Minimum | Maximum | |||||||||
Interest rate | $ | 6.2 | $ | 5.5 | $ | 7.1 | $ | 6.4 | ||||
Foreign exchange | 2.5 | 1.9 | 11.1 | 2.8 | ||||||||
Equity | 0.6 | 0.4 | 0.7 | 0.6 | ||||||||
Credit | 0.3 | 0.2 | 0.4 | 0.3 | ||||||||
Diversification | (3.7 | ) | N/M | N/M | (3.6 | ) | ||||||
Overall portfolio | $ | 5.9 | $ | 5.0 | $ | 6.9 | $ | 6.5 |
VaR (a) | 3Q15 | Sept. 30, 2015 | ||||||||||
(in millions) | Average | Minimum | Maximum | |||||||||
Interest rate | $ | 5.0 | $ | 4.0 | $ | 5.9 | $ | 5.6 | ||||
Foreign exchange | 0.9 | 0.6 | 1.9 | 1.3 | ||||||||
Equity | 0.9 | 0.6 | 1.5 | 0.8 | ||||||||
Diversification | (1.8 | ) | N/M | N/M | (2.4 | ) | ||||||
Overall portfolio | $ | 5.0 | $ | 4.0 | $ | 6.1 | $ | 5.3 |
VaR (a) | YTD16 | ||||||||
(in millions) | Average | Minimum | Maximum | ||||||
Interest rate | $ | 6.3 | $ | 4.3 | $ | 8.9 | |||
Foreign exchange | 2.8 | 1.2 | 11.1 | ||||||
Equity | 0.6 | 0.4 | 0.8 | ||||||
Credit | 0.3 | 0.2 | 0.4 | ||||||
Diversification | (4.0 | ) | N/M | N/M | |||||
Overall portfolio | $ | 6.0 | $ | 4.3 | $ | 7.7 |
VaR (a) | YTD15 | ||||||||
(in millions) | Average | Minimum | Maximum | ||||||
Interest rate | $ | 5.2 | $ | 3.6 | $ | 8.0 | |||
Foreign exchange | 0.9 | 0.5 | 1.9 | ||||||
Equity | 1.1 | 0.6 | 1.9 | ||||||
Diversification | (1.9 | ) | N/M | N/M | |||||
Overall portfolio | $ | 5.3 | $ | 3.9 | $ | 8.5 |
(a) | VaR figures do not reflect the impact of the credit valuation adjustment (“CVA”) guidance in Accounting Standards Codification (“ASC”) 820. This is consistent with the regulatory treatment. VaR exposure does not include the impact of the Company’s consolidated investment management funds and seed capital investments. |
Distribution of trading revenue (loss) (a) | ||||||||||
(dollar amounts in millions) | Quarter ended | |||||||||
Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||
Revenue range: | Number of days | |||||||||
Less than $(2.5) | — | 1 | — | — | — | |||||
$(2.5) - $0 | 6 | 2 | 3 | 4 | 7 | |||||
$0 - $2.5 | 22 | 20 | 29 | 23 | 27 | |||||
$2.5 - $5.0 | 25 | 38 | 21 | 29 | 21 | |||||
More than $5.0 | 11 | 3 | 9 | 6 | 10 |
(a) | Trading revenue (loss) includes realized and unrealized gains and losses primarily related to spot and forward foreign exchange transactions, derivatives, and securities trades for our customers and excludes any associated commissions, underwriting fees and net interest revenue. |
Foreign exchange and other trading counterparty risk rating profile (a) | ||||||||||
Quarter ended | ||||||||||
Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||
Rating: | ||||||||||
AAA to AA- | 45 | % | 38 | % | 44 | % | 43 | % | 46 | % |
A+ to A- | 32 | 40 | 37 | 42 | 38 | |||||
BBB+ to BBB- | 19 | 18 | 14 | 13 | 14 | |||||
Non-investment grade (BB+ and lower) | 4 | 4 | 5 | 2 | 2 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
(a) | Represents credit rating agency equivalent of internal credit ratings. |
Estimated changes in net interest revenue (dollars in millions) | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||||||
up 200 bps parallel rate ramp vs. baseline (a) | $ | 62 | $ | 91 | $ | 103 | $ | 179 | $ | 275 | |||||
up 100 bps parallel rate ramp vs. baseline (a) | 147 | 158 | 189 | 191 | 290 | ||||||||||
Long-term up 50 bps, short-term unchanged (b) | 116 | 130 | 104 | 33 | 20 | ||||||||||
Long-term down 50 bps, short-term unchanged (b) | (128 | ) | (96 | ) | (93 | ) | (91 | ) | (81 | ) |
(a) | In the parallel rate ramp, both short-term and long-term rates move in four equal quarterly increments. |
(b) | Long-term is equal to or greater than one year. |
• | Monetary policy; |
• | Global economic uncertainty; |
• | Our ratings relative to other financial institutions’ ratings; and |
• | Money market mutual fund and other regulatory reform. |
Reconciliation of net income and diluted EPS – GAAP to | 3Q16 | 2Q16 | 3Q15 | ||||||||||||||||||
Non-GAAP (in millions, except per common share amounts) | Net income | Diluted EPS | Net income | Diluted EPS | Net income | Diluted EPS | |||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP | $ | 974 | $ | 0.90 | $ | 825 | $ | 0.75 | $ | 820 | $ | 0.74 | |||||||||
Add: M&I, litigation and restructuring charges | 18 | 7 | 11 | ||||||||||||||||||
Tax impact of the recovery related to Sentinel | 5 | N/A | N/A | ||||||||||||||||||
Less: Recovery related to Sentinel | 13 | N/A | N/A | ||||||||||||||||||
Tax impact of M&I, litigation and restructuring charges | 5 | 2 | 3 | ||||||||||||||||||
Non-GAAP adjustments – after-tax | 5 | — | 5 | — | 8 | 0.01 | |||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP | $ | 979 | $ | 0.90 | $ | 830 | $ | 0.76 | (a) | $ | 828 | $ | 0.74 | (a) |
(a) | Does not foot due to rounding. |
Reconciliation of income before income taxes – pre-tax operating margin | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
(dollars in millions) | |||||||||||||||
Income before income taxes – GAAP | $ | 1,317 | $ | 1,165 | $ | 1,109 | $ | 3,573 | $ | 3,364 | |||||
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds | 9 | 4 | (5 | ) | 6 | 63 | |||||||||
Add: Amortization of intangible assets | 61 | 59 | 66 | 177 | 197 | ||||||||||
M&I, litigation and restructuring charges | 18 | 7 | 11 | 42 | 67 | ||||||||||
Recovery related to Sentinel | (13 | ) | — | — | (13 | ) | — | ||||||||
Income before income taxes, as adjusted – Non-GAAP (a) | $ | 1,374 | $ | 1,227 | $ | 1,191 | $ | 3,773 | $ | 3,565 | |||||
Fee and other revenue – GAAP | $ | 3,150 | $ | 2,999 | $ | 3,053 | $ | 9,119 | $ | 9,132 | |||||
Income (loss) from consolidated investment management funds – GAAP | 17 | 10 | (22 | ) | 21 | 70 | |||||||||
Net interest revenue – GAAP | 774 | 767 | 759 | 2,307 | 2,266 | ||||||||||
Total revenue – GAAP | 3,941 | 3,776 | 3,790 | 11,447 | 11,468 | ||||||||||
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds | 9 | 4 | (5 | ) | 6 | 63 | |||||||||
Total revenue, as adjusted – Non-GAAP (a) | $ | 3,932 | $ | 3,772 | $ | 3,795 | $ | 11,441 | $ | 11,405 | |||||
Pre-tax operating margin – GAAP (b)(c) | 33 | % | 31 | % | 29 | % | 31 | % | 29 | % | |||||
Adjusted pre-tax operating margin – Non-GAAP (a)(b)(c) | 35 | % | 33 | % | 31 | % | 33 | % | 31 | % |
(a) | Non-GAAP information for all periods presented excludes the net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for the third quarter of 2016 also excludes a recovery of the previously impaired Sentinel loan. |
(b) | Income before taxes divided by total revenue. |
(c) | Our GAAP earnings include tax-advantaged investments such as low income housing, renewable energy, bank-owned life insurance and tax-exempt securities. The benefits of these investments are primarily reflected in tax expense. If reported on a tax-equivalent basis, these investments would increase revenue and income before taxes by $74 million for the third quarter of 2016, $74 million for the second quarter of 2016, $53 million for the third quarter of 2015, $225 million for the first nine months of 2016 and $169 million for the first nine months of 2015 and would increase our pre-tax operating margin by approximately 1.2% for the third quarter of 2016, 1.3% for the second quarter of 2016, 1.0% for the third quarter of 2015, 1.3% for the first nine months of 2016 and 1.0% for the first nine months of 2015. |
Operating leverage | 3Q16 | 2Q16 | 3Q15 | 3Q16 vs. | |||||||||
(dollars in millions) | 2Q16 | 3Q15 | |||||||||||
Total revenue – GAAP | $ | 3,941 | $ | 3,776 | $ | 3,790 | 4.37% | 3.98% | |||||
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds | 9 | 4 | (5 | ) | |||||||||
Total revenue, as adjusted – Non-GAAP | $ | 3,932 | $ | 3,772 | $ | 3,795 | 4.24% | 3.61% | |||||
Total noninterest expense – GAAP | $ | 2,643 | $ | 2,620 | $ | 2,680 | 0.88% | (1.38)% | |||||
Less: Amortization of intangible assets | 61 | 59 | 66 | ||||||||||
M&I, litigation and restructuring charges | 18 | 7 | 11 | ||||||||||
Total noninterest expense, as adjusted – Non-GAAP | $ | 2,564 | $ | 2,554 | $ | 2,603 | 0.39% | (1.50)% | |||||
Operating leverage – GAAP (a) | 349 | bps | 536 | bps | |||||||||
Adjusted operating leverage – Non-GAAP (a)(b) | 385 | bps | 511 | bps |
(a) | Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. |
(b) | Non-GAAP operating leverage for all periods presented excludes the net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. |
Return on common equity and tangible common equity | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
(dollars in millions) | |||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP | $ | 974 | $ | 825 | $ | 820 | $ | 2,603 | $ | 2,416 | |||||
Add: Amortization of intangible assets | 61 | 59 | 66 | 177 | 197 | ||||||||||
Less: Tax impact of amortization of intangible assets | 21 | 21 | 23 | 62 | 67 | ||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non-GAAP | 1,014 | 863 | 863 | 2,718 | 2,546 | ||||||||||
Add: M&I, litigation and restructuring charges | 18 | 7 | 11 | 42 | 67 | ||||||||||
Recovery related to Sentinel | (13 | ) | — | — | (13 | ) | — | ||||||||
Less: Tax impact of M&I, litigation and restructuring charges | 5 | 2 | 3 | 13 | 23 | ||||||||||
Tax impact of recovery related to Sentinel | (5 | ) | — | — | (5 | ) | — | ||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation, as adjusted – Non-GAAP (a) | $ | 1,019 | $ | 868 | $ | 871 | $ | 2,739 | $ | 2,590 | |||||
Average common shareholders’ equity | $ | 35,767 | $ | 35,827 | $ | 35,588 | $ | 35,616 | $ | 35,530 | |||||
Less: Average goodwill | 17,463 | 17,622 | 17,742 | 17,549 | 17,750 | ||||||||||
Average intangible assets | 3,711 | 3,789 | 3,962 | 3,770 | 4,027 | ||||||||||
Add: Deferred tax liability – tax deductible goodwill (b) | 1,477 | 1,452 | 1,379 | 1,477 | 1,379 | ||||||||||
Deferred tax liability – intangible assets (b) | 1,116 | 1,129 | 1,164 | 1,116 | 1,164 | ||||||||||
Average tangible common shareholders’ equity – Non-GAAP | $ | 17,186 | $ | 16,997 | $ | 16,427 | $ | 16,890 | $ | 16,296 | |||||
Return on common equity – GAAP (c) | 10.8 | % | 9.3 | % | 9.1 | % | 9.8 | % | 9.1 | % | |||||
Adjusted return on common equity – Non-GAAP (a)(c) | 11.3 | % | 9.7 | % | 9.7 | % | 10.3 | % | 9.7 | % | |||||
Return on tangible common equity – Non-GAAP (c) | 23.5 | % | 20.4 | % | 20.8 | % | 21.5 | % | 20.9 | % | |||||
Adjusted return on tangible common equity – Non-GAAP (a)(c) | 23.6 | % | 20.5 | % | 21.0 | % | 21.7 | % | 21.2 | % |
(a) | Non-GAAP information for all periods presented excludes the amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for the third quarter of 2016 also excludes a recovery of the previously impaired Sentinel loan. |
(b) | Deferred tax liabilities are based on fully phased-in Basel III rules. |
(c) | Annualized. |
Equity to assets and book value per common share | Sept. 30, 2016 | June 30, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | ||||||||
(dollars in millions, unless otherwise noted) | ||||||||||||
BNY Mellon shareholders’ equity at period end – GAAP | $ | 39,695 | $ | 38,559 | $ | 38,037 | $ | 38,170 | ||||
Less: Preferred stock | 3,542 | 2,552 | 2,552 | 2,552 | ||||||||
BNY Mellon common shareholders’ equity at period end – GAAP | 36,153 | 36,007 | 35,485 | 35,618 | ||||||||
Less: Goodwill | 17,449 | 17,501 | 17,618 | 17,679 | ||||||||
Intangible assets | 3,671 | 3,738 | 3,842 | 3,914 | ||||||||
Add: Deferred tax liability – tax deductible goodwill (a) | 1,477 | 1,452 | 1,401 | 1,379 | ||||||||
Deferred tax liability – intangible assets (a) | 1,116 | 1,129 | 1,148 | 1,164 | ||||||||
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP | $ | 17,626 | $ | 17,349 | $ | 16,574 | $ | 16,568 | ||||
Total assets at period end – GAAP | $ | 374,114 | $ | 372,351 | $ | 393,780 | $ | 377,371 | ||||
Less: Assets of consolidated investment management funds | 1,009 | 1,083 | 1,401 | 2,297 | ||||||||
Subtotal assets of operations – Non-GAAP | 373,105 | 371,268 | 392,379 | 375,074 | ||||||||
Less: Goodwill | 17,449 | 17,501 | 17,618 | 17,679 | ||||||||
Intangible assets | 3,671 | 3,738 | 3,842 | 3,914 | ||||||||
Cash on deposit with the Federal Reserve and other central banks (b) | 80,362 | 88,080 | 116,211 | 86,426 | ||||||||
Tangible total assets of operations at period end – Non-GAAP | $ | 271,623 | $ | 261,949 | $ | 254,708 | $ | 267,055 | ||||
BNY Mellon shareholders’ equity to total assets ratio – GAAP | 10.6 | % | 10.4 | % | 9.7 | % | 10.1 | % | ||||
BNY Mellon common shareholders’ equity to total assets ratio – GAAP | 9.7 | % | 9.7 | % | 9.0 | % | 9.4 | % | ||||
BNY Mellon tangible common shareholders’ equity to tangible assets of operations ratio – Non-GAAP | 6.5 | % | 6.6 | % | 6.5 | % | 6.2 | % | ||||
Period-end common shares outstanding (in thousands) | 1,057,337 | 1,067,674 | 1,085,343 | 1,092,953 | ||||||||
Book value per common share – GAAP | $ | 34.19 | $ | 33.72 | $ | 32.69 | $ | 32.59 | ||||
Tangible book value per common share – Non-GAAP | $ | 16.67 | $ | 16.25 | $ | 15.27 | $ | 15.16 |
(a) | Deferred tax liabilities are based on fully phased-in Basel III rules. |
(b) | Assigned a zero percentage risk-weighting by the regulators. |
Income (loss) from consolidated investment management funds, net of noncontrolling interests | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
Income (loss) from consolidated investment management funds | $ | 17 | $ | 10 | $ | (22 | ) | $ | 21 | $ | 70 | ||||
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds | 9 | 4 | (5 | ) | 6 | 63 | |||||||||
Income (loss) from consolidated investment management funds, net of noncontrolling interests | $ | 8 | $ | 6 | $ | (17 | ) | $ | 15 | $ | 7 |
Income (loss) from consolidated investment management funds, net of noncontrolling interests - Investment Management business | |||||||||||||||||||||
(in millions) | 3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | YTD16 | YTD15 | ||||||||||||||
Investment management fees | $ | 2 | $ | 3 | $ | 2 | $ | 7 | $ | 3 | $ | 7 | $ | 8 | |||||||
Other (Investment income (loss)) | 6 | 3 | (1 | ) | 4 | (20 | ) | 8 | (1 | ) | |||||||||||
Income (loss) from consolidated investment management funds, net of noncontrolling interests | $ | 8 | $ | 6 | $ | 1 | $ | 11 | $ | (17 | ) | $ | 15 | $ | 7 |
Pre-tax operating margin - Investment Management business | |||||||||||||||||||||
(dollars in millions) | 3Q16 | 2Q16 | 1Q16 | 4Q15 | 3Q15 | YTD16 | YTD15 | ||||||||||||||
Income before income taxes – GAAP | $ | 256 | $ | 234 | $ | 217 | $ | 290 | $ | 236 | $ | 707 | $ | 758 | |||||||
Add: Amortization of intangible assets | 22 | 19 | 19 | 24 | 24 | 60 | 73 | ||||||||||||||
Provision for credit losses | — | 1 | (1 | ) | (4 | ) | 1 | — | 3 | ||||||||||||
Money market fee waivers | 11 | 11 | 9 | 23 | 28 | 31 | 90 | ||||||||||||||
Income before income taxes excluding amortization of intangible assets, provision for credit losses and money market fee waivers – Non-GAAP | $ | 289 | $ | 265 | $ | 244 | $ | 333 | $ | 289 | $ | 798 | $ | 924 | |||||||
Total revenue – GAAP | $ | 958 | $ | 938 | $ | 895 | $ | 999 | $ | 926 | $ | 2,791 | $ | 2,907 | |||||||
Less: Distribution and servicing expense | 104 | 102 | 100 | 92 | 94 | 306 | 286 | ||||||||||||||
Money market fee waivers benefiting distribution and servicing expense | 15 | 15 | 23 | 27 | 35 | 53 | 110 | ||||||||||||||
Add: Money market fee waivers impacting total revenue | 26 | 26 | 32 | 50 | 63 | 84 | 200 | ||||||||||||||
Total revenue net of distribution and servicing expense and excluding money market fee waivers – Non-GAAP | $ | 865 | $ | 847 | $ | 804 | $ | 930 | $ | 860 | $ | 2,516 | $ | 2,711 | |||||||
Pre-tax operating margin – GAAP (a) | 27 | % | 25 | % | 24 | % | 29 | % | 25 | % | 25 | % | 26 | % | |||||||
Adjusted pre-tax operating margin, excluding amortization of intangible assets, provision for credit losses, money market fee waivers and net of distribution and servicing expense – Non-GAAP (a) | 33 | % | 31 | % | 30 | % | 36 | % | 34 | % | 32 | % | 34 | % |
(a) | Income before taxes divided by total revenue. |
• | cyber risk governance; |
• | cyber risk management; |
• | internal dependency management; |
• | external dependency management; |
• | incident response, cyber resilience, and situational awareness. |
• | All of our SEC filings, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to these reports, SEC Forms 3, 4 and 5 and any proxy statement mailed by us in connection with the solicitation of proxies; |
• | Financial statements and footnotes prepared using Extensible Business Reporting Language (“XBRL”); |
• | Our earnings materials and selected management conference calls and presentations; |
• | Other regulatory disclosures, including: Pillar 3 Disclosures (and Market Risk Disclosure contained therein); Federal Financial Institutions Examination Council - Consolidated Reports of Condition and Income for a Bank With Domestic and Foreign Offices; Consolidated Financial Statements for Bank Holding Companies; and the Dodd-Frank Act Stress Test Results for BNY Mellon and The Bank of New York Mellon; and |
• | Our Corporate Governance Guidelines, Amended and Restated By-laws, Directors Code of Conduct and the Charters of the Audit, Finance, Corporate Governance and Nominating, Corporate Social Responsibility, Human Resources and Compensation, Risk and Technology Committees of our Board of Directors. |
Item 1. Financial Statements |
The Bank of New York Mellon Corporation (and its subsidiaries) |
Quarter ended | Year-to-date | |||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||
(in millions) | ||||||||||||||||
Fee and other revenue | ||||||||||||||||
Investment services fees: | ||||||||||||||||
Asset servicing | $ | 1,067 | $ | 1,069 | $ | 1,057 | $ | 3,176 | $ | 3,155 | ||||||
Clearing services | 349 | 350 | 345 | 1,049 | 1,036 | |||||||||||
Issuer services | 337 | 234 | 313 | 815 | 779 | |||||||||||
Treasury services | 137 | 139 | 137 | 407 | 418 | |||||||||||
Total investment services fees | 1,890 | 1,792 | 1,852 | 5,447 | 5,388 | |||||||||||
Investment management and performance fees | 860 | 830 | 829 | 2,502 | 2,574 | |||||||||||
Foreign exchange and other trading revenue | 183 | 182 | 179 | 540 | 595 | |||||||||||
Financing-related fees | 58 | 57 | 71 | 169 | 169 | |||||||||||
Distribution and servicing | 43 | 43 | 41 | 125 | 121 | |||||||||||
Investment and other income | 92 | 74 | 59 | 271 | 223 | |||||||||||
Total fee revenue | 3,126 | 2,978 | 3,031 | 9,054 | 9,070 | |||||||||||
Net securities gains — including other-than-temporary impairment | 27 | 21 | 22 | 67 | 65 | |||||||||||
Noncredit-related portion of other-than-temporary impairment (recognized in other comprehensive income) | 3 | — | — | 2 | 3 | |||||||||||
Net securities gains | 24 | 21 | 22 | 65 | 62 | |||||||||||
Total fee and other revenue | 3,150 | 2,999 | 3,053 | 9,119 | 9,132 | |||||||||||
Operations of consolidated investment management funds | ||||||||||||||||
Investment income (loss) | 20 | 10 | (6 | ) | 27 | 96 | ||||||||||
Interest of investment management fund note holders | 3 | — | 16 | 6 | 26 | |||||||||||
Income (loss) from consolidated investment management funds | 17 | 10 | (22 | ) | 21 | 70 | ||||||||||
Net interest revenue | ||||||||||||||||
Interest revenue | 874 | 890 | 838 | 2,647 | 2,492 | |||||||||||
Interest expense | 100 | 123 | 79 | 340 | 226 | |||||||||||
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 | |||||||||||
Total revenue | 3,941 | 3,776 | 3,790 | 11,447 | 11,468 | |||||||||||
Provision for credit losses | (19 | ) | (9 | ) | 1 | (18 | ) | (3 | ) | |||||||
Noninterest expense | ||||||||||||||||
Staff | 1,467 | 1,412 | 1,437 | 4,338 | 4,356 | |||||||||||
Professional, legal and other purchased services | 292 | 290 | 301 | 860 | 902 | |||||||||||
Software | 156 | 160 | 154 | 470 | 470 | |||||||||||
Net occupancy | 143 | 152 | 152 | 437 | 452 | |||||||||||
Distribution and servicing | 105 | 102 | 95 | 307 | 289 | |||||||||||
Sub-custodian | 59 | 70 | 65 | 188 | 210 | |||||||||||
Furniture and equipment | 59 | 63 | 72 | 187 | 212 | |||||||||||
Business development | 52 | 65 | 59 | 174 | 192 | |||||||||||
Other | 231 | 240 | 268 | 712 | 760 | |||||||||||
Amortization of intangible assets | 61 | 59 | 66 | 177 | 197 | |||||||||||
Merger and integration, litigation and restructuring charges | 18 | 7 | 11 | 42 | 67 | |||||||||||
Total noninterest expense | 2,643 | 2,620 | 2,680 | 7,892 | 8,107 | |||||||||||
Income | ||||||||||||||||
Income before income taxes | 1,317 | 1,165 | 1,109 | 3,573 | 3,364 | |||||||||||
Provision for income taxes | 324 | 290 | 282 | 897 | 838 | |||||||||||
Net income | 993 | 875 | 827 | 2,676 | 2,526 | |||||||||||
Net (income) loss attributable to noncontrolling interests (includes $(9), $(4), $5, $(6) and $(63) related to consolidated investment management funds, respectively) | (6 | ) | (2 | ) | 6 | 1 | (61 | ) | ||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 987 | 873 | 833 | 2,677 | 2,465 | |||||||||||
Preferred stock dividends | (13 | ) | (48 | ) | (13 | ) | (74 | ) | (49 | ) | ||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 974 | $ | 825 | $ | 820 | $ | 2,603 | $ | 2,416 |
The Bank of New York Mellon Corporation (and its subsidiaries) |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | Year-to-date | ||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||
(in millions) | ||||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 974 | $ | 825 | $ | 820 | $ | 2,603 | $ | 2,416 | ||||||
Less: Earnings allocated to participating securities | 15 | 13 | 6 | 39 | 34 | |||||||||||
Net income applicable to the common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 959 | $ | 812 | $ | 814 | $ | 2,564 | $ | 2,382 |
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | Year-to-date | |||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | |||||||
(in thousands) | |||||||||||
Basic | 1,062,248 | 1,072,583 | 1,098,003 | 1,071,457 | 1,110,056 | ||||||
Common stock equivalents | 15,406 | 14,551 | 16,476 | 15,306 | 17,371 | ||||||
Less: Participating securities | (9,972 | ) | (8,863 | ) | (8,834 | ) | (9,613 | ) | (9,452 | ) | |
Diluted | 1,067,682 | 1,078,271 | 1,105,645 | 1,077,150 | 1,117,975 | ||||||
Anti-dilutive securities (a) | 32,232 | 32,974 | 28,119 | 32,699 | 29,378 |
Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation (b) | Quarter ended | Year-to-date | ||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||
(in dollars) | ||||||||||||||||
Basic | $ | 0.90 | $ | 0.76 | $ | 0.74 | $ | 2.39 | $ | 2.15 | ||||||
Diluted | $ | 0.90 | $ | 0.75 | $ | 0.74 | $ | 2.38 | $ | 2.13 |
(a) | Represents stock options, restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive. |
(b) | Basic and diluted earnings per share under the two-class method are determined on the net income applicable to common shareholders of The Bank of New York Mellon Corporation reported on the income statement less earnings allocated to participating securities, and the change in the excess of redeemable value over the fair value of noncontrolling interests, if applicable. |
The Bank of New York Mellon Corporation (and its subsidiaries) |
Quarter ended | Year-to-date | |||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||
(in millions) | ||||||||||||||||
Net income | $ | 993 | $ | 875 | $ | 827 | $ | 2,676 | $ | 2,526 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (186 | ) | (284 | ) | (163 | ) | (433 | ) | (435 | ) | ||||||
Unrealized (loss) gain on assets available-for-sale: | ||||||||||||||||
Unrealized (loss) gain arising during the period | (53 | ) | 117 | 7 | 227 | (217 | ) | |||||||||
Reclassification adjustment | (15 | ) | (13 | ) | (14 | ) | (43 | ) | (39 | ) | ||||||
Total unrealized (loss) gain on assets available-for-sale | (68 | ) | 104 | (7 | ) | 184 | (256 | ) | ||||||||
Defined benefit plans: | ||||||||||||||||
Net gain (loss) arising during the period | — | — | 2 | 2 | (107 | ) | ||||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 14 | 14 | 21 | 43 | 47 | |||||||||||
Total defined benefit plans | 14 | 14 | 23 | 45 | (60 | ) | ||||||||||
Net unrealized gain (loss) on cash flow hedges | 2 | (9 | ) | — | (4 | ) | 8 | |||||||||
Total other comprehensive (loss), net of tax (a) | (238 | ) | (175 | ) | (147 | ) | (208 | ) | (743 | ) | ||||||
Total comprehensive income | 755 | 700 | 680 | 2,468 | 1,783 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (6 | ) | (2 | ) | 6 | 1 | (61 | ) | ||||||||
Other comprehensive loss attributable to noncontrolling interests | 5 | 13 | 17 | 23 | 22 | |||||||||||
Comprehensive income applicable to The Bank of New York Mellon Corporation | $ | 754 | $ | 711 | $ | 703 | $ | 2,492 | $ | 1,744 |
(a) | Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(233) million for the quarter ended Sept. 30, 2016, $(162) million for the quarter ended June 30, 2016, $(130) million for the quarter ended Sept. 30, 2015, $(185) million for the nine months ended Sept. 30, 2016 and $(721) million for the nine months ended Sept. 30, 2015. |
The Bank of New York Mellon Corporation (and its subsidiaries) |
Sept. 30, 2016 | Dec. 31, 2015 | |||||
(dollars in millions, except per share amounts) | ||||||
Assets | ||||||
Cash and due from: | ||||||
Banks | $ | 4,957 | $ | 6,537 | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 80,359 | 113,203 | ||||
Interest-bearing deposits with banks | 14,416 | 15,146 | ||||
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 | ||||
Securities: | ||||||
Held-to-maturity (fair value of $41,387 and $43,204) | 40,728 | 43,312 | ||||
Available-for-sale | 78,270 | 75,867 | ||||
Total securities | 118,998 | 119,179 | ||||
Trading assets | 5,340 | 7,368 | ||||
Loans (includes $29 and $422, at fair value) | 65,997 | 63,703 | ||||
Allowance for loan losses | (148 | ) | (157 | ) | ||
Net loans | 65,849 | 63,546 | ||||
Premises and equipment | 1,338 | 1,379 | ||||
Accrued interest receivable | 522 | 562 | ||||
Goodwill | 17,449 | 17,618 | ||||
Intangible assets | 3,671 | 3,842 | ||||
Other assets (includes $1,702 and $1,087, at fair value) | 25,355 | 19,626 | ||||
Subtotal assets of operations | 373,105 | 392,379 | ||||
Assets of consolidated investment management funds, at fair value: | ||||||
Trading assets | 873 | 1,228 | ||||
Other assets | 136 | 173 | ||||
Subtotal assets of consolidated investment management funds, at fair value | 1,009 | 1,401 | ||||
Total assets | $ | 374,114 | $ | 393,780 | ||
Liabilities | ||||||
Deposits: | ||||||
Noninterest-bearing (principally U.S. offices) | $ | 105,632 | $ | 96,277 | ||
Interest-bearing deposits in U.S. offices | 56,713 | 51,704 | ||||
Interest-bearing deposits in Non-U.S. offices | 99,033 | 131,629 | ||||
Total deposits | 261,378 | 279,610 | ||||
Federal funds purchased and securities sold under repurchase agreements | 8,052 | 15,002 | ||||
Trading liabilities | 4,154 | 4,501 | ||||
Payables to customers and broker-dealers | 21,162 | 21,900 | ||||
Other borrowed funds | 993 | 523 | ||||
Accrued taxes and other expenses | 5,687 | 5,986 | ||||
Other liabilities (including allowance for lending-related commitments of $126 and $118, also includes $1,120 and $392, at fair value) | 7,709 | 5,490 | ||||
Long-term debt (includes $376 and $359, at fair value) | 24,374 | 21,547 | ||||
Subtotal liabilities of operations | 333,509 | 354,559 | ||||
Liabilities of consolidated investment management funds, at fair value: | ||||||
Trading liabilities | 219 | 229 | ||||
Other liabilities | 13 | 17 | ||||
Subtotal liabilities of consolidated investment management funds, at fair value | 232 | 246 | ||||
Total liabilities | 333,741 | 354,805 | ||||
Temporary equity | ||||||
Redeemable noncontrolling interests | 178 | 200 | ||||
Permanent equity | ||||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 35,826 and 25,826 shares | 3,542 | 2,552 | ||||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,325,167,583 and 1,312,941,113 shares | 13 | 13 | ||||
Additional paid-in capital | 25,637 | 25,262 | ||||
Retained earnings | 22,002 | 19,974 | ||||
Accumulated other comprehensive loss, net of tax | (2,785 | ) | (2,600 | ) | ||
Less: Treasury stock of 267,830,962 and 227,598,128 common shares, at cost | (8,714 | ) | (7,164 | ) | ||
Total The Bank of New York Mellon Corporation shareholders’ equity | 39,695 | 38,037 | ||||
Nonredeemable noncontrolling interests of consolidated investment management funds | 500 | 738 | ||||
Total permanent equity | 40,195 | 38,775 | ||||
Total liabilities, temporary equity and permanent equity | $ | 374,114 | $ | 393,780 |
The Bank of New York Mellon Corporation (and its subsidiaries) |
Nine months ended Sept. 30, | ||||||
(in millions) | 2016 | 2015 | ||||
Operating activities | ||||||
Net income | $ | 2,676 | $ | 2,526 | ||
Net loss (income) attributable to noncontrolling interests | 1 | (61 | ) | |||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 2,677 | 2,465 | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||
Provision for credit losses | (18 | ) | (3 | ) | ||
Pension plan contributions | (17 | ) | (41 | ) | ||
Depreciation and amortization | 1,118 | 1,084 | ||||
Deferred tax (benefit) | (282 | ) | (179 | ) | ||
Net securities (gains) and venture capital (income) | (68 | ) | (63 | ) | ||
Change in trading activities | 1,680 | 511 | ||||
Originations of loans held-for-sale | (350 | ) | — | |||
Proceeds from the sales of loans originated for sale | 802 | — | ||||
Change in accruals and other, net | (3,985 | ) | 211 | |||
Net cash provided by operating activities | 1,557 | 3,985 | ||||
Investing activities | ||||||
Change in interest-bearing deposits with banks | 880 | (522 | ) | |||
Change in interest-bearing deposits with the Federal Reserve and other central banks | 33,473 | 14,256 | ||||
Purchases of securities held-to-maturity | (4,169 | ) | (14,545 | ) | ||
Paydowns of securities held-to-maturity | 3,577 | 2,648 | ||||
Maturities of securities held-to-maturity | 2,933 | 961 | ||||
Purchases of securities available-for-sale | (21,491 | ) | (26,795 | ) | ||
Sales of securities available-for-sale | 5,624 | 16,085 | ||||
Paydowns of securities available-for-sale | 6,552 | 6,712 | ||||
Maturities of securities available-for-sale | 7,610 | 12,201 | ||||
Net change in loans | (2,884 | ) | (4,237 | ) | ||
Sales of loans and other real estate | 172 | 316 | ||||
Change in federal funds sold and securities purchased under resale agreements | (10,456 | ) | (8,599 | ) | ||
Net change in seed capital investments | (57 | ) | 367 | |||
Purchases of premises and equipment/capitalized software | (495 | ) | (427 | ) | ||
Proceeds from the sale of premises and equipment | 65 | 16 | ||||
Acquisitions, net of cash | (38 | ) | (9 | ) | ||
Dispositions, net of cash | 1 | 17 | ||||
Other, net | (239 | ) | 1,307 | |||
Net cash provided by (used for) investing activities | 21,058 | (248 | ) | |||
Financing activities | ||||||
Change in deposits | (18,378 | ) | (505 | ) | ||
Change in federal funds purchased and securities sold under repurchase agreements | (6,950 | ) | (2,645 | ) | ||
Change in payables to customers and broker-dealers | (743 | ) | 1,055 | |||
Change in other borrowed funds | 427 | (217 | ) | |||
Net proceeds from the issuance of long-term debt | 4,982 | 4,190 | ||||
Repayments of long-term debt | (2,453 | ) | (3,259 | ) | ||
Proceeds from the exercise of stock options | 129 | 263 | ||||
Issuance of common stock | 20 | 20 | ||||
Issuance of preferred stock | 990 | 990 | ||||
Treasury stock acquired | (1,550 | ) | (1,924 | ) | ||
Common cash dividends paid | (576 | ) | (574 | ) | ||
Preferred cash dividends paid | (74 | ) | (49 | ) | ||
Other, net | (2 | ) | 140 | |||
Net cash (used for) financing activities | (24,178 | ) | (2,515 | ) | ||
Effect of exchange rate changes on cash | (17 | ) | 42 | |||
Change in cash and due from banks | ||||||
Change in cash and due from banks | (1,580 | ) | 1,264 | |||
Cash and due from banks at beginning of period | 6,537 | 6,970 | ||||
Cash and due from banks at end of period | $ | 4,957 | $ | 8,234 | ||
Supplemental disclosures | ||||||
Interest paid | $ | 371 | $ | 285 | ||
Income taxes paid | 597 | 746 | ||||
Income taxes refunded | 293 | 893 |
The Bank of New York Mellon Corporation (and its subsidiaries) |
The Bank of New York Mellon Corporation shareholders | Non- redeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||
(in millions, except per share amounts) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income, net of tax | Treasury stock | ||||||||||||||||||||||
Balance at Dec. 31, 2015 | $ | 2,552 | $ | 13 | $ | 25,262 | $ | 19,974 | $ | (2,600 | ) | $ | (7,164 | ) | $ | 738 | $ | 38,775 | (a) | $ | 200 | |||||||
Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 42 | |||||||||||||||||||
Redemption of subsidiary shares from noncontrolling interests | — | — | — | — | — | — | — | — | (45 | ) | ||||||||||||||||||
Other net changes in noncontrolling interests | — | — | (8 | ) | — | — | — | (244 | ) | (252 | ) | 11 | ||||||||||||||||
Net income (loss) | — | — | — | 2,677 | — | — | 6 | 2,683 | (7 | ) | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (185 | ) | — | — | (185 | ) | (23 | ) | ||||||||||||||||
Dividends: | ||||||||||||||||||||||||||||
Common stock at $0.53 per share | — | — | — | (575 | ) | — | — | — | (575 | ) | — | |||||||||||||||||
Preferred stock | — | — | — | (74 | ) | — | — | — | (74 | ) | — | |||||||||||||||||
Repurchase of common stock | — | — | — | — | — | (1,550 | ) | — | (1,550 | ) | — | |||||||||||||||||
Common stock issued under: | ||||||||||||||||||||||||||||
Employee benefit plans | — | — | 22 | — | — | — | — | 22 | — | |||||||||||||||||||
Direct stock purchase and dividend reinvestment plan | — | — | 15 | — | — | — | — | 15 | — | |||||||||||||||||||
Preferred stock issued | 990 | — | — | — | — | — | — | 990 | — | |||||||||||||||||||
Stock awards and options exercised | — | — | 346 | — | — | — | — | 346 | — | |||||||||||||||||||
Balance at Sept. 30, 2016 | $ | 3,542 | $ | 13 | $ | 25,637 | $ | 22,002 | $ | (2,785 | ) | $ | (8,714 | ) | $ | 500 | $ | 40,195 | (a) | $ | 178 |
(a) | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,485 million at Dec. 31, 2015 and $36,153 million at Sept. 30, 2016. |
Notes to Consolidated Financial Statements |
Notes to Consolidated Financial Statements (continued) |
Securities at Sept. 30, 2016 | Gross unrealized | |||||||||||
Amortized cost | Fair value | |||||||||||
(in millions) | Gains | Losses | ||||||||||
Available-for-sale: | ||||||||||||
U.S. Treasury | $ | 13,947 | $ | 670 | $ | 8 | $ | 14,609 | ||||
U.S. Government agencies | 291 | 10 | — | 301 | ||||||||
State and political subdivisions | 3,475 | 99 | 15 | 3,559 | ||||||||
Agency RMBS | 23,447 | 290 | 229 | 23,508 | ||||||||
Non-agency RMBS | 659 | 28 | 14 | 673 | ||||||||
Other RMBS | 649 | 5 | 10 | 644 | ||||||||
Commercial MBS | 939 | 27 | 5 | 961 | ||||||||
Agency commercial MBS | 5,775 | 114 | 8 | 5,881 | ||||||||
CLOs | 2,530 | 5 | 1 | 2,534 | ||||||||
Other asset-backed securities | 2,202 | 9 | 8 | 2,203 | ||||||||
Foreign covered bonds | 2,316 | 40 | 1 | 2,355 | ||||||||
Corporate bonds | 1,585 | 54 | 1 | 1,638 | ||||||||
Sovereign debt/sovereign guaranteed | 13,657 | 348 | — | 14,005 | ||||||||
Other debt securities | 2,970 | 32 | — | 3,002 | ||||||||
Equity securities | 2 | 1 | — | 3 | ||||||||
Money market funds | 931 | — | — | 931 | ||||||||
Non-agency RMBS (a) | 1,166 | 304 | 7 | 1,463 | ||||||||
Total securities available-for-sale (b) | $ | 76,541 | $ | 2,036 | $ | 307 | $ | 78,270 | ||||
Held-to-maturity: | ||||||||||||
U.S. Treasury | $ | 11,165 | $ | 154 | $ | — | $ | 11,319 | ||||
U.S. Government agencies | 1,529 | 1 | — | 1,530 | ||||||||
State and political subdivisions | 19 | 1 | 1 | 19 | ||||||||
Agency RMBS | 25,051 | 433 | 5 | 25,479 | ||||||||
Non-agency RMBS | 82 | 4 | 2 | 84 | ||||||||
Other RMBS | 158 | — | 11 | 147 | ||||||||
Commercial MBS | 29 | — | — | 29 | ||||||||
Agency commercial MBS | 555 | 19 | — | 574 | ||||||||
Foreign covered bonds | 79 | 2 | — | 81 | ||||||||
Sovereign debt/sovereign guaranteed | 2,033 | 64 | — | 2,097 | ||||||||
Other debt securities | 28 | — | — | 28 | ||||||||
Total securities held-to-maturity | $ | 40,728 | $ | 678 | $ | 19 | $ | 41,387 | ||||
Total securities | $ | 117,269 | $ | 2,714 | $ | 326 | $ | 119,657 |
(a) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(b) | Includes gross unrealized gains of $68 million and gross unrealized losses of $204 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses primarily are related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. |
Securities at Dec. 31, 2015 | Gross unrealized | |||||||||||
Amortized cost | Fair value | |||||||||||
(in millions) | Gains | Losses | ||||||||||
Available-for-sale: | ||||||||||||
U.S. Treasury | $ | 12,693 | $ | 175 | $ | 36 | $ | 12,832 | ||||
U.S. Government agencies | 386 | 2 | 1 | 387 | ||||||||
State and political subdivisions | 3,968 | 91 | 13 | 4,046 | ||||||||
Agency RMBS | 23,549 | 239 | 287 | 23,501 | ||||||||
Non-agency RMBS | 782 | 31 | 20 | 793 | ||||||||
Other RMBS | 1,072 | 10 | 21 | 1,061 | ||||||||
Commercial MBS | 1,400 | 8 | 16 | 1,392 | ||||||||
Agency commercial MBS | 4,031 | 24 | 35 | 4,020 | ||||||||
CLOs | 2,363 | 1 | 13 | 2,351 | ||||||||
Other asset-backed securities | 2,909 | 1 | 17 | 2,893 | ||||||||
Foreign covered bonds | 2,125 | 46 | 3 | 2,168 | ||||||||
Corporate bonds | 1,740 | 26 | 14 | 1,752 | ||||||||
Sovereign debt/sovereign guaranteed | 13,036 | 211 | 30 | 13,217 | ||||||||
Other debt securities | 2,732 | 46 | 3 | 2,775 | ||||||||
Equity securities | 3 | 1 | — | 4 | ||||||||
Money market funds | 886 | — | — | 886 | ||||||||
Non-agency RMBS (a) | 1,435 | 362 | 8 | 1,789 | ||||||||
Total securities available-for-sale (b) | $ | 75,110 | $ | 1,274 | $ | 517 | $ | 75,867 | ||||
Held-to-maturity: | ||||||||||||
U.S. Treasury | $ | 11,326 | $ | 25 | $ | 51 | $ | 11,300 | ||||
U.S. Government agencies | 1,431 | — | 6 | 1,425 | ||||||||
State and political subdivisions | 20 | — | 1 | 19 | ||||||||
Agency RMBS | 26,036 | 134 | 205 | 25,965 | ||||||||
Non-agency RMBS | 118 | 5 | 2 | 121 | ||||||||
Other RMBS | 224 | 1 | 10 | 215 | ||||||||
Commercial MBS | 9 | — | — | 9 | ||||||||
Agency commercial MBS | 503 | — | 9 | 494 | ||||||||
Foreign covered bonds | 76 | — | — | 76 | ||||||||
Sovereign debt/sovereign guaranteed | 3,538 | 22 | 11 | 3,549 | ||||||||
Other debt securities | 31 | — | — | 31 | ||||||||
Total securities held-to-maturity | $ | 43,312 | $ | 187 | $ | 295 | $ | 43,204 | ||||
Total securities | $ | 118,422 | $ | 1,461 | $ | 812 | $ | 119,071 |
(a) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(b) | Includes gross unrealized gains of $84 million and gross unrealized losses of $248 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. |
Notes to Consolidated Financial Statements (continued) |
Net securities gains (losses) | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
Realized gross gains | $ | 26 | $ | 23 | $ | 23 | $ | 71 | $ | 66 | |||||
Realized gross losses | (1 | ) | — | — | (1 | ) | (1 | ) | |||||||
Recognized gross impairments | (1 | ) | (2 | ) | (1 | ) | (5 | ) | (3 | ) | |||||
Total net securities gains | $ | 24 | $ | 21 | $ | 22 | $ | 65 | $ | 62 |
Temporarily impaired securities at Sept. 30, 2016 | Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in millions) | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||
Available-for-sale: | ||||||||||||||||||||
U.S. Treasury | $ | 1,945 | $ | 8 | $ | — | $ | — | $ | 1,945 | $ | 8 | ||||||||
State and political subdivisions | 281 | 1 | 130 | 14 | 411 | 15 | ||||||||||||||
Agency RMBS | 6,580 | 21 | 1,490 | 208 | 8,070 | 229 | ||||||||||||||
Non-agency RMBS | 29 | — | 351 | 14 | 380 | 14 | ||||||||||||||
Other RMBS | 38 | 1 | 151 | 9 | 189 | 10 | ||||||||||||||
Commercial MBS | 99 | — | 172 | 5 | 271 | 5 | ||||||||||||||
Agency commercial MBS | 1,106 | 3 | 608 | 5 | 1,714 | 8 | ||||||||||||||
CLOs | 97 | — | 854 | 1 | 951 | 1 | ||||||||||||||
Other asset-backed securities | 12 | — | 434 | 8 | 446 | 8 | ||||||||||||||
Corporate bonds | 155 | 1 | — | — | 155 | 1 | ||||||||||||||
Non-agency RMBS (a) | 44 | — | 44 | 7 | 88 | 7 | ||||||||||||||
Foreign covered bonds | 179 | 1 | 64 | — | 243 | 1 | ||||||||||||||
Total securities available-for-sale (b) | $ | 10,565 | $ | 36 | $ | 4,298 | $ | 271 | $ | 14,863 | $ | 307 | ||||||||
Held-to-maturity: | ||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | 4 | $ | 1 | $ | 4 | $ | 1 | ||||||||
Agency RMBS | 1,601 | 4 | 75 | 1 | 1,676 | 5 | ||||||||||||||
Non-agency RMBS | 5 | — | 49 | 2 | 54 | 2 | ||||||||||||||
Other RMBS | 15 | 1 | 132 | 10 | 147 | 11 | ||||||||||||||
Total securities held-to-maturity | $ | 1,621 | $ | 5 | $ | 260 | $ | 14 | $ | 1,881 | $ | 19 | ||||||||
Total temporarily impaired securities | $ | 12,186 | $ | 41 | $ | 4,558 | $ | 285 | $ | 16,744 | $ | 326 |
(a) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(b) | Gross unrealized losses for 12 months or more of $204 million were recorded in accumulated other comprehensive income and related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. There were no gross unrealized losses for less than 12 months. |
Notes to Consolidated Financial Statements (continued) |
Temporarily impaired securities at Dec. 31, 2015 | Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in millions) | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||
Available-for-sale: | ||||||||||||||||||||
U.S. Treasury | $ | 6,343 | $ | 36 | $ | — | $ | — | $ | 6,343 | $ | 36 | ||||||||
U.S. Government agencies | 148 | 1 | 10 | — | 158 | 1 | ||||||||||||||
State and political subdivisions | 143 | 2 | 117 | 11 | 260 | 13 | ||||||||||||||
Agency RMBS | 8,500 | 44 | 1,316 | 243 | 9,816 | 287 | ||||||||||||||
Non-agency RMBS | 72 | — | 417 | 20 | 489 | 20 | ||||||||||||||
Other RMBS | 2 | — | 298 | 21 | 300 | 21 | ||||||||||||||
Commercial MBS | 567 | 9 | 224 | 7 | 791 | 16 | ||||||||||||||
Agency commercial MBS | 2,551 | 31 | 172 | 4 | 2,723 | 35 | ||||||||||||||
CLOs | 1,599 | 10 | 455 | 3 | 2,054 | 13 | ||||||||||||||
Other asset-backed securities | 2,001 | 10 | 546 | 7 | 2,547 | 17 | ||||||||||||||
Corporate bonds | 338 | 10 | 128 | 4 | 466 | 14 | ||||||||||||||
Sovereign debt/sovereign guaranteed | 2,063 | 30 | 43 | — | 2,106 | 30 | ||||||||||||||
Non-agency RMBS (a) | 45 | 1 | 52 | 7 | 97 | 8 | ||||||||||||||
Other debt securities | 505 | 3 | — | — | 505 | 3 | ||||||||||||||
Foreign covered bonds | 515 | 3 | — | — | 515 | 3 | ||||||||||||||
Total securities available-for-sale (b) | $ | 25,392 | $ | 190 | $ | 3,778 | $ | 327 | $ | 29,170 | $ | 517 | ||||||||
Held-to-maturity: | ||||||||||||||||||||
U.S. Treasury | $ | 9,121 | $ | 51 | $ | — | $ | — | $ | 9,121 | $ | 51 | ||||||||
U.S. Government agencies | 1,122 | 6 | — | — | 1,122 | 6 | ||||||||||||||
State and political subdivisions | 4 | 1 | — | — | 4 | 1 | ||||||||||||||
Agency RMBS | 16,491 | 171 | 1,917 | 34 | 18,408 | 205 | ||||||||||||||
Non-agency RMBS | 40 | — | 29 | 2 | 69 | 2 | ||||||||||||||
Other RMBS | 9 | — | 166 | 10 | 175 | 10 | ||||||||||||||
Agency commercial MBS | 494 | 9 | — | — | 494 | 9 | ||||||||||||||
Sovereign debt/sovereign guaranteed | 2,161 | 11 | — | — | 2,161 | 11 | ||||||||||||||
Total securities held-to-maturity | $ | 29,442 | $ | 249 | $ | 2,112 | $ | 46 | $ | 31,554 | $ | 295 | ||||||||
Total temporarily impaired securities | $ | 54,834 | $ | 439 | $ | 5,890 | $ | 373 | $ | 60,724 | $ | 812 |
(a) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(b) | Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. |
Maturity distribution and yield on investment securities at Sept. 30, 2016 | U.S. Treasury | U.S. Government agencies | State and political subdivisions | Other bonds, notes and debentures | Mortgage/ asset-backed and equity securities | ||||||||||||||||||||||||||||
(dollars in millions) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | Total | ||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||||||||||
One year or less | $ | 2,515 | 0.68 | % | $ | — | — | % | $ | 176 | 2.80 | % | $ | 5,842 | 0.93 | % | $ | — | — | % | $ | 8,533 | |||||||||||
Over 1 through 5 years | 5,810 | 1.44 | 40 | 1.25 | 1,822 | 2.85 | 12,256 | 1.05 | — | — | 19,928 | ||||||||||||||||||||||
Over 5 through 10 years | 2,445 | 1.72 | 261 | 2.34 | 1,363 | 3.52 | 2,679 | 1.18 | — | — | 6,748 | ||||||||||||||||||||||
Over 10 years | 3,839 | 3.11 | — | — | 198 | 1.48 | 223 | 1.69 | — | — | 4,260 | ||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | — | — | 33,130 | 2.66 | 33,130 | ||||||||||||||||||||||
Asset-backed securities | — | — | — | — | — | — | — | — | 4,737 | 1.73 | 4,737 | ||||||||||||||||||||||
Equity securities (b) | — | — | — | — | — | — | — | — | 934 | — | 934 | ||||||||||||||||||||||
Total | $ | 14,609 | 1.79 | % | $ | 301 | 2.19 | % | $ | 3,559 | 3.03 | % | $ | 21,000 | 1.04 | % | $ | 38,801 | 2.48 | % | $ | 78,270 | |||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||||||||||
One year or less | $ | 1,745 | 0.79 | % | $ | 75 | 0.68 | % | $ | — | — | % | $ | 541 | 0.57 | % | $ | — | — | % | $ | 2,361 | |||||||||||
Over 1 through 5 years | 6,922 | 1.19 | 1,454 | 1.11 | 1 | 7.12 | 862 | 0.62 | — | — | 9,239 | ||||||||||||||||||||||
Over 5 through 10 years | 2,498 | 1.90 | — | — | 4 | 6.76 | 737 | 0.69 | — | — | 3,239 | ||||||||||||||||||||||
Over 10 years | — | — | — | — | 14 | 5.31 | — | — | — | — | 14 | ||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | — | — | 25,875 | 2.73 | 25,875 | ||||||||||||||||||||||
Total | $ | 11,165 | 1.29 | % | $ | 1,529 | 1.09 | % | $ | 19 | 5.67 | % | $ | 2,140 | 0.63 | % | $ | 25,875 | 2.73 | % | $ | 40,728 |
(a) | Yields are based upon the amortized cost of securities. |
(b) | Includes money market funds. |
Notes to Consolidated Financial Statements (continued) |
• | Default rate - the number of mortgage loans expected to go into default over the life of the transaction, which is driven by the roll rate of loans in each performance bucket that will ultimately migrate to default; and |
• | Severity - the loss expected to be realized when a loan defaults. |
Projected weighted-average default rates and loss severities | |||||||||
Sept. 30, 2016 | Dec. 31, 2015 | ||||||||
Default rate | Severity | Default rate | Severity | ||||||
Alt-A | 31 | % | 56 | % | 33 | % | 57 | % | |
Subprime | 49 | % | 70 | % | 52 | % | 75 | % | |
Prime | 18 | % | 39 | % | 18 | % | 40 | % |
Net securities gains (losses) | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
Agency RMBS | $ | 9 | $ | 5 | $ | 7 | $ | 22 | $ | 8 | |||||
Foreign covered bonds | — | — | 1 | 10 | 2 | ||||||||||
U.S. Treasury | (1 | ) | 4 | 8 | 4 | 42 | |||||||||
Non-agency RMBS | (1 | ) | 4 | (1 | ) | 1 | (3 | ) | |||||||
Other | 17 | 8 | 7 | 28 | 13 | ||||||||||
Total net securities gains | $ | 24 | $ | 21 | $ | 22 | $ | 65 | $ | 62 |
Debt securities credit loss roll forward | ||||||
(in millions) | 3Q16 | 3Q15 | ||||
Beginning balance as of June 30 | $ | 91 | $ | 91 | ||
Add: Initial OTTI credit losses | — | — | ||||
Subsequent OTTI credit losses | 1 | 1 | ||||
Less: Realized losses for securities sold | 5 | — | ||||
Ending balance as of Sept. 30 | $ | 87 | $ | 92 |
Debt securities credit loss roll forward | Year-to-date | |||||
(in millions) | 2016 | 2015 | ||||
Beginning balance as of Jan. 1 | $ | 91 | $ | 93 | ||
Add: Initial OTTI credit losses | — | — | ||||
Subsequent OTTI credit losses | 5 | 2 | ||||
Less: Realized losses for securities sold | 9 | 3 | ||||
Ending balance as of Sept. 30 | $ | 87 | $ | 92 |
Notes to Consolidated Financial Statements (continued) |
Loans | Sept. 30, 2016 | Dec. 31, 2015 | ||||
(in millions) | ||||||
Domestic: | ||||||
Financial institutions | $ | 6,783 | $ | 6,640 | ||
Commercial | 2,292 | 2,115 | ||||
Wealth management loans and mortgages | 15,031 | 13,247 | ||||
Commercial real estate | 4,723 | 3,899 | ||||
Lease financings | 1,017 | 1,007 | ||||
Other residential mortgages | 901 | 1,055 | ||||
Overdrafts | 1,580 | 911 | ||||
Other | 1,122 | 1,137 | ||||
Margin loans | 17,487 | 19,340 | ||||
Total domestic | 50,936 | 49,351 | ||||
Foreign: | ||||||
Financial institutions | 7,963 | 9,259 | ||||
Commercial | 373 | 227 | ||||
Wealth management loans and mortgages | 97 | 100 | ||||
Commercial real estate | 17 | 46 | ||||
Lease financings | 731 | 850 | ||||
Other (primarily overdrafts) | 5,810 | 3,637 | ||||
Margin loans | 70 | 233 | ||||
Total foreign | 15,061 | 14,352 | ||||
Total loans (a) | $ | 65,997 | $ | 63,703 |
(a) | Net of unearned income of $563 million at Sept. 30, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. |
Notes to Consolidated Financial Statements (continued) |
Allowance for credit losses activity for the quarter ended Sept. 30, 2016 | Wealth management loans and mortgages | Other residential mortgages | ||||||||||||||||||||||||||
(in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | All Other | Foreign | Total | |||||||||||||||||||||
Beginning balance | $ | 90 | $ | 63 | $ | 29 | $ | 14 | $ | 18 | $ | 29 | $ | — | $ | 37 | $ | 280 | ||||||||||
Charge-offs | — | — | — | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||
Recoveries | — | — | 13 | — | — | 1 | — | — | 14 | |||||||||||||||||||
Net recoveries | — | — | 13 | — | — | — | — | — | 13 | |||||||||||||||||||
Provision | 1 | — | (13 | ) | — | — | (1 | ) | — | (6 | ) | (19 | ) | |||||||||||||||
Ending balance | $ | 91 | $ | 63 | $ | 29 | $ | 14 | $ | 18 | $ | 28 | $ | — | $ | 31 | $ | 274 | ||||||||||
Allowance for: | ||||||||||||||||||||||||||||
Loan losses | $ | 22 | $ | 45 | $ | 9 | $ | 14 | $ | 14 | $ | 28 | $ | — | $ | 16 | $ | 148 | ||||||||||
Lending-related commitments | 69 | 18 | 20 | — | 4 | — | — | 15 | 126 | |||||||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | — | $ | 1 | $ | — | $ | 4 | $ | 4 | $ | — | $ | — | $ | — | $ | 9 | ||||||||||
Allowance for loan losses | — | 1 | — | 2 | — | — | — | — | 3 | |||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | 2,292 | $ | 4,693 | $ | 6,783 | $ | 1,013 | $ | 15,027 | $ | 901 | $ | 20,189 | (a) | $ | 15,061 | $ | 65,959 | |||||||||
Allowance for loan losses | 22 | 44 | 9 | 12 | 14 | 28 | — | 16 | 145 |
(a) | Includes $1,580 million of domestic overdrafts, $17,487 million of margin loans and $1,122 million of other loans at Sept. 30, 2016. |
Allowance for credit losses activity for the quarter ended June 30, 2016 | Wealth management loans and mortgages | Other residential mortgages | ||||||||||||||||||||||||||
(in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | All Other | Foreign | Total | |||||||||||||||||||||
Beginning balance | $ | 88 | $ | 62 | $ | 32 | $ | 16 | $ | 18 | $ | 32 | $ | — | $ | 39 | $ | 287 | ||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Recoveries | — | — | — | — | — | 1 | — | 1 | 2 | |||||||||||||||||||
Net recoveries | — | — | — | — | — | 1 | — | 1 | 2 | |||||||||||||||||||
Provision | 2 | 1 | (3 | ) | (2 | ) | — | (4 | ) | — | (3 | ) | (9 | ) | ||||||||||||||
Ending balance | $ | 90 | $ | 63 | $ | 29 | $ | 14 | $ | 18 | $ | 29 | $ | — | $ | 37 | $ | 280 | ||||||||||
Allowance for: | ||||||||||||||||||||||||||||
Loan losses | $ | 25 | $ | 43 | $ | 9 | $ | 14 | $ | 15 | $ | 29 | $ | — | $ | 23 | $ | 158 | ||||||||||
Lending-related commitments | 65 | 20 | 20 | — | 3 | — | — | 14 | 122 | |||||||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | — | $ | 2 | $ | 171 | $ | 4 | $ | 8 | $ | — | $ | — | $ | — | $ | 185 | ||||||||||
Allowance for loan losses | — | 1 | — | 2 | 1 | — | — | — | 4 | |||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | 2,377 | $ | 4,222 | $ | 6,690 | $ | 1,023 | $ | 14,437 | $ | 945 | $ | 20,842 | (a) | $ | 13,474 | $ | 64,010 | |||||||||
Allowance for loan losses | 25 | 42 | 9 | 12 | 14 | 29 | — | 23 | 154 |
(a) | Includes $1,331 million of domestic overdrafts, $18,388 million of margin loans and $1,123 million of other loans at June 30, 2016. |
Notes to Consolidated Financial Statements (continued) |
Allowance for credit losses activity for the quarter ended Sept. 30, 2015 | Wealth management loans and mortgages | Other residential mortgages | All Other | Foreign | Total | |||||||||||||||||||||||
(in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | ||||||||||||||||||||||||
Beginning balance | $ | 75 | $ | 58 | $ | 30 | $ | 20 | $ | 22 | $ | 37 | $ | — | $ | 36 | $ | 278 | ||||||||||
Charge-offs | — | — | — | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||
Recoveries | — | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||
Net recoveries | — | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||
Provision | 1 | 4 | (2 | ) | (2 | ) | 1 | (3 | ) | — | 2 | 1 | ||||||||||||||||
Ending balance | $ | 76 | $ | 62 | $ | 28 | $ | 18 | $ | 23 | $ | 35 | $ | — | $ | 38 | $ | 280 | ||||||||||
Allowance for: | ||||||||||||||||||||||||||||
Loan losses | $ | 29 | $ | 40 | $ | 12 | $ | 18 | $ | 18 | $ | 35 | $ | — | $ | 29 | $ | 181 | ||||||||||
Lending-related commitments | 47 | 22 | 16 | — | 5 | — | — | 9 | 99 | |||||||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | 9 | ||||||||||
Allowance for loan losses | — | 1 | — | — | 1 | — | — | — | 2 | |||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
Loan balance | $ | 1,869 | $ | 3,328 | $ | 6,774 | $ | 1,106 | $ | 12,552 | $ | 1,080 | $ | 21,661 | (a) | $ | 14,592 | $ | 62,962 | |||||||||
Allowance for loan losses | 29 | 39 | 12 | 18 | 17 | 35 | — | 29 | 179 |
(a) | Includes $1,311 million of domestic overdrafts, $19,200 million of margin loans and $1,150 million of other loans at Sept. 30, 2015. |
Allowance for credit losses activity for the nine months ended Sept. 30, 2016 | Wealth management loans and mortgages | Other residential mortgages | All Other | Foreign | Total | ||||||||||||||||||||||
(in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | |||||||||||||||||||||||
Beginning balance | $ | 82 | $ | 59 | $ | 31 | $ | 15 | $ | 19 | $ | 34 | $ | — | $ | 35 | $ | 275 | |||||||||
Charge-offs | — | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||
Recoveries | — | — | 13 | — | — | 4 | — | 1 | 18 | ||||||||||||||||||
Net recoveries | — | — | 13 | — | — | 3 | — | 1 | 17 | ||||||||||||||||||
Provision | 9 | 4 | (15 | ) | (1 | ) | (1 | ) | (9 | ) | — | (5 | ) | (18 | ) | ||||||||||||
Ending balance | $ | 91 | $ | 63 | $ | 29 | $ | 14 | $ | 18 | $ | 28 | $ | — | $ | 31 | $ | 274 |
Allowance for credit losses activity for the nine months ended Sept. 30, 2015 | Wealth management loans and mortgages | Other residential mortgages | All Other | Foreign | Total | ||||||||||||||||||||||
(in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | |||||||||||||||||||||||
Beginning balance | $ | 60 | $ | 50 | $ | 31 | $ | 32 | $ | 22 | $ | 41 | $ | — | $ | 44 | $ | 280 | |||||||||
Charge-offs | — | — | — | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Recoveries | — | — | 1 | — | — | 4 | — | — | 5 | ||||||||||||||||||
Net recoveries | — | — | 1 | — | — | 2 | — | — | 3 | ||||||||||||||||||
Provision | 16 | 12 | (4 | ) | (14 | ) | 1 | (8 | ) | — | (6 | ) | (3 | ) | |||||||||||||
Ending balance | $ | 76 | $ | 62 | $ | 28 | $ | 18 | $ | 23 | $ | 35 | $ | — | $ | 38 | $ | 280 |
Notes to Consolidated Financial Statements (continued) |
Nonperforming assets (in millions) | Sept. 30, 2016 | Dec. 31, 2015 | |||||
Nonperforming loans: | |||||||
Other residential mortgages | $ | 93 | $ | 102 | |||
Wealth management loans and mortgages | 7 | 11 | |||||
Lease financings | 4 | — | |||||
Commercial real estate | 1 | 2 | |||||
Financial institutions | — | 171 | |||||
Total nonperforming loans | 105 | 286 | |||||
Other assets owned | 4 | 6 | |||||
Total nonperforming assets | $ | 109 | $ | 292 |
Lost interest | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | YTD16 | YTD15 | ||||||||||
Amount by which interest income recognized on nonperforming loans exceeded reversals | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
Amount by which interest income would have increased if nonperforming loans at period-end had been performing for the entire period | $ | 1 | $ | 1 | $ | 2 | $ | 4 | $ | 5 |
Impaired loans | Quarter ended | Year-to-date | |||||||||||||||||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | |||||||||||||||||||||||||||
(in millions) | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Impaired loans with an allowance: | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | |||||||||||
Wealth management loans and mortgages | 3 | — | 6 | — | 6 | — | 5 | — | 6 | — | |||||||||||||||||||||
Lease financings | 4 | — | 4 | — | — | — | 3 | — | — | — | |||||||||||||||||||||
Total impaired loans with an allowance | 8 | — | 11 | — | 6 | — | 9 | — | 6 | — | |||||||||||||||||||||
Impaired loans without an allowance: | |||||||||||||||||||||||||||||||
Commercial real estate | 1 | — | 1 | — | — | — | 1 | — | — | — | |||||||||||||||||||||
Financial institutions | 85 | — | 171 | — | — | — | 128 | — | — | — | |||||||||||||||||||||
Wealth management loans and mortgages | 3 | — | 2 | — | 2 | — | 2 | — | 2 | — | |||||||||||||||||||||
Total impaired loans without an allowance (a) | 89 | — | 174 | — | 2 | — | 131 | — | 2 | — | |||||||||||||||||||||
Total impaired loans | $ | 97 | $ | — | $ | 185 | $ | — | $ | 8 | $ | — | $ | 140 | $ | — | $ | 8 | $ | — |
(a) | When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. |
Notes to Consolidated Financial Statements (continued) |
Impaired loans | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||
(in millions) | Recorded investment | Unpaid principal balance | Related allowance (a) | Recorded investment | Unpaid principal balance | Related allowance (a) | |||||||||||||
Impaired loans with an allowance: | |||||||||||||||||||
Commercial real estate | $ | 1 | $ | 4 | $ | 1 | $ | 1 | $ | 3 | $ | 1 | |||||||
Wealth management loans and mortgages | 1 | 1 | — | 6 | 7 | 1 | |||||||||||||
Lease financings | 4 | 4 | 2 | — | — | — | |||||||||||||
Total impaired loans with an allowance | 6 | 9 | 3 | 7 | 10 | 2 | |||||||||||||
Impaired loans without an allowance: | |||||||||||||||||||
Commercial real estate | — | — | N/A | — | — | N/A | |||||||||||||
Financial institutions | — | — | N/A | 171 | 312 | N/A | |||||||||||||
Wealth management loans and mortgages | 3 | 3 | N/A | 2 | 2 | N/A | |||||||||||||
Total impaired loans without an allowance (b) | 3 | 3 | N/A | 173 | 314 | N/A | |||||||||||||
Total impaired loans (c) | $ | 9 | $ | 12 | $ | 3 | $ | 180 | $ | 324 | $ | 2 |
(a) | The allowance for impaired loans is included in the allowance for loan losses. |
(b) | When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. |
(c) | Excludes less than $1 million and an aggregate of $2 million of impaired loans in amounts individually less than $1 million at Sept. 30, 2016 and Dec. 31, 2015, respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both Sept. 30, 2016 and Dec. 31, 2015, respectively. |
Past due loans and still accruing interest | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||||||||
Days past due | Total past due | Days past due | Total past due | ||||||||||||||||||||||
(in millions) | 30-59 | 60-89 | >90 | 30-59 | 60-89 | >90 | |||||||||||||||||||
Financial institutions (a) | $ | 143 | $ | — | $ | — | $ | 143 | $ | — | $ | — | $ | — | $ | — | |||||||||
Wealth management loans and mortgages | 25 | 3 | — | 28 | 69 | 2 | 1 | 72 | |||||||||||||||||
Other residential mortgages | 17 | 5 | 6 | 28 | 22 | 5 | 4 | 31 | |||||||||||||||||
Commercial real estate | 23 | — | — | 23 | 57 | 11 | — | 68 | |||||||||||||||||
Commercial | 10 | — | — | 10 | — | — | — | — | |||||||||||||||||
Total past due loans | $ | 218 | $ | 8 | $ | 6 | $ | 232 | $ | 148 | $ | 18 | $ | 5 | $ | 171 |
(a) | Substantially all of these past due loans have been repaid subsequent to Sept 30, 2016. |
TDRs | 3Q16 | 2Q16 | 3Q15 | |||||||||||||||||||||||||||||
Outstanding recorded investment | Outstanding recorded investment | Outstanding recorded investment | ||||||||||||||||||||||||||||||
(dollars in millions) | Number of contracts | Pre-modification | Post-modification | Number of contracts | Pre-modification | Post-modification | Number of contracts | Pre-modification | Post-modification | |||||||||||||||||||||||
Other residential mortgages | 17 | $ | 4 | $ | 4 | 23 | $ | 4 | $ | 5 | 14 | $ | 2 | $ | 3 | |||||||||||||||||
Total TDRs | 17 | $ | 4 | $ | 4 | 23 | $ | 4 | $ | 5 | 14 | $ | 2 | $ | 3 |
Notes to Consolidated Financial Statements (continued) |
Commercial loan portfolio – Credit risk profile by creditworthiness category | |||||||||||||||||||||||
Commercial | Commercial real estate | Financial institutions | |||||||||||||||||||||
(in millions) | Sept. 30, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||
Investment grade | $ | 2,433 | $ | 2,026 | $ | 3,962 | $ | 2,678 | $ | 11,512 | $ | 13,965 | |||||||||||
Non-investment grade | 232 | 316 | 778 | 1,267 | 3,234 | 1,934 | |||||||||||||||||
Total | $ | 2,665 | $ | 2,342 | $ | 4,740 | $ | 3,945 | $ | 14,746 | $ | 15,899 |
Wealth management loans and mortgages – Credit risk profile by internally assigned grade | ||||||
(in millions) | Sept. 30, 2016 | Dec. 31, 2015 | ||||
Wealth management loans: | ||||||
Investment grade | $ | 7,136 | $ | 6,529 | ||
Non-investment grade | 112 | 171 | ||||
Wealth management mortgages | 7,880 | 6,647 | ||||
Total | $ | 15,128 | $ | 13,347 |
Notes to Consolidated Financial Statements (continued) |
Goodwill by business (in millions) | Investment Management | Investment Services | (a) | Other | (a) | Consolidated | |||||||||
Balance at Dec. 31, 2015 | $ | 9,207 | $ | 8,366 | $ | 45 | $ | 17,618 | |||||||
Acquisition/dispositions | 29 | (1 | ) | — | 28 | ||||||||||
Foreign currency translation | (167 | ) | (30 | ) | — | (197 | ) | ||||||||
Other (c) | 2 | (4 | ) | 2 | — | ||||||||||
Balance at Sept. 30, 2016 | $ | 9,071 | $ | 8,331 | $ | 47 | $ | 17,449 |
Notes to Consolidated Financial Statements (continued) |
Goodwill by business (in millions) | Investment Management | (b) | Investment Services | (a) | Other | (a)(b) | Consolidated | ||||||||
Balance at Dec. 31, 2014 | $ | 9,328 | $ | 8,471 | $ | 70 | $ | 17,869 | |||||||
Acquisitions/dispositions | 10 | — | (22 | ) | (12 | ) | |||||||||
Foreign currency translation | (93 | ) | (80 | ) | (2 | ) | (175 | ) | |||||||
Other (c) | (3 | ) | — | — | (3 | ) | |||||||||
Balance at Sept. 30, 2015 | $ | 9,242 | $ | 8,391 | $ | 46 | $ | 17,679 |
(a) | Includes the reclassification of goodwill associated with credit-related activities from the Other segment to Investment Services. |
(b) | Includes the reclassification of goodwill associated with Meriten from Investment Management to the Other segment. |
(c) | Other changes in goodwill include purchase price adjustments and certain other reclassifications. |
Intangible assets – net carrying amount by business (in millions) | Investment Management | Investment Services | Other | Consolidated | |||||||||||
Balance at Dec. 31, 2015 | $ | 1,807 | $ | 1,186 | $ | 849 | $ | 3,842 | |||||||
Acquisition | 30 | 2 | — | 32 | |||||||||||
Amortization (a) | (60 | ) | (117 | ) | — | (177 | ) | ||||||||
Foreign currency translation | (27 | ) | 1 | — | (26 | ) | |||||||||
Balance at Sept. 30, 2016 | $ | 1,750 | $ | 1,072 | $ | 849 | $ | 3,671 |
Intangible assets – net carrying amount by business (in millions) | Investment Management | (b) | Investment Services | Other | (b) | Consolidated | |||||||||
Balance at Dec. 31, 2014 | $ | 1,911 | $ | 1,355 | $ | 861 | $ | 4,127 | |||||||
Acquisitions/dispositions | 9 | — | (9 | ) | — | ||||||||||
Amortization | (73 | ) | (122 | ) | (2 | ) | (197 | ) | |||||||
Foreign currency translation | (10 | ) | (5 | ) | (1 | ) | (16 | ) | |||||||
Balance at Sept. 30, 2015 | $ | 1,837 | $ | 1,228 | $ | 849 | $ | 3,914 |
(a) | Includes a $3 million impairment charge related to the write-down of the value of a customer contract intangible in the Investment Management business to its fair value. |
(b) | Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. |
Intangible assets | Sept. 30, 2016 | Dec. 31, 2015 | ||||||||||||||||||
(in millions) | Gross carrying amount | Accumulated amortization | Net carrying amount | Remaining weighted- average amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||
Subject to amortization: (a) | ||||||||||||||||||||
Customer relationships—Investment Management | $ | 1,547 | $ | (1,224 | ) | $ | 323 | 11 years | $ | 1,593 | $ | (1,235 | ) | $ | 358 | |||||
Customer contracts—Investment Services | 2,258 | (1,559 | ) | 699 | 10 years | 2,260 | (1,450 | ) | 810 | |||||||||||
Other | 38 | (32 | ) | 6 | 2 years | 40 | (31 | ) | 9 | |||||||||||
Total subject to amortization | 3,843 | (2,815 | ) | 1,028 | 10 years | 3,893 | (2,716 | ) | 1,177 | |||||||||||
Not subject to amortization: (b) | ||||||||||||||||||||
Trade name | 1,353 | N/A | 1,353 | N/A | 1,358 | N/A | 1,358 | |||||||||||||
Customer relationships | 1,290 | N/A | 1,290 | N/A | 1,307 | N/A | 1,307 | |||||||||||||
Total not subject to amortization | 2,643 | N/A | 2,643 | N/A | 2,665 | N/A | 2,665 | |||||||||||||
Total intangible assets | $ | 6,486 | $ | (2,815 | ) | $ | 3,671 | N/A | $ | 6,558 | $ | (2,716 | ) | $ | 3,842 |
(a) | Excludes fully amortized intangible assets. |
(b) | Intangible assets not subject to amortization have an indefinite life. |
Notes to Consolidated Financial Statements (continued) |
For the year ended Dec. 31, | Estimated amortization expense (in millions) | |||
2016 | $ | 234 | ||
2017 | 209 | |||
2018 | 179 | |||
2019 | 108 | |||
2020 | 98 |
Other assets | Sept. 30, 2016 | Dec. 31, 2015 | ||||
(in millions) | ||||||
Fails to deliver | $ | 6,932 | $ | 1,494 | ||
Corporate/bank-owned life insurance | 4,770 | 4,704 | ||||
Accounts receivable | 4,332 | 3,535 | ||||
Equity in joint venture and other investments (a) | 3,516 | 3,329 | ||||
Software | 1,411 | 1,355 | ||||
Fair value of hedging derivatives | 1,139 | 716 | ||||
Income taxes receivable | 875 | 1,554 | ||||
Prepaid pension assets | 847 | 727 | ||||
Prepaid expenses | 401 | 464 | ||||
Due from customers on acceptances | 249 | 258 | ||||
Other | 883 | 1,490 | ||||
Total other assets | $ | 25,355 | $ | 19,626 |
(a) | Includes Federal Reserve Bank stock of $465 million and $453 million, respectively, at cost. |
Seed capital and private equity investments valued using NAV | |||||||||||||||||||
Sept. 30, 2016 | Dec. 31, 2015 | ||||||||||||||||||
(dollar amounts in millions) | Fair value | Unfunded commitments | Redemption frequency | Redemption notice period | Fair value | Unfunded commitments | Redemption frequency | Redemption notice period | |||||||||||
Seed capital and other funds (a) | $ | 172 | $ | 1 | Daily-quarterly | 1-180 days | $ | 83 | $ | 1 | Daily-quarterly | 1-180 days | |||||||
Private equity investments (SBICs) (b) | 40 | 49 | N/A | N/A | 34 | 58 | N/A | N/A | |||||||||||
Total | $ | 212 | $ | 50 | $ | 117 | $ | 59 |
(a) | Other funds include various leveraged loans, structured credit funds and hedge funds. Redemption notice periods vary by fund. |
(b) | Private equity investments primarily include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments are liquidated. |
Notes to Consolidated Financial Statements (continued) |
Net interest revenue | Quarter ended | Year-to-date | ||||||||||||||
(in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | |||||||||||
Interest revenue | ||||||||||||||||
Non-margin loans | $ | 218 | $ | 214 | $ | 188 | $ | 637 | $ | 540 | ||||||
Margin loans | 67 | 64 | 53 | 194 | 154 | |||||||||||
Securities: | ||||||||||||||||
Taxable | 434 | 429 | 453 | 1,307 | 1,360 | |||||||||||
Exempt from federal income taxes | 17 | 18 | 20 | 53 | 63 | |||||||||||
Total securities | 451 | 447 | 473 | 1,360 | 1,423 | |||||||||||
Deposits with banks | 26 | 24 | 24 | 76 | 82 | |||||||||||
Deposits with the Federal Reserve and other central banks | 37 | 72 | 43 | 170 | 131 | |||||||||||
Federal funds sold and securities purchased under resale agreements | 62 | 56 | 39 | 167 | 105 | |||||||||||
Trading assets | 13 | 13 | 18 | 43 | 57 | |||||||||||
Total interest revenue | 874 | 890 | 838 | 2,647 | 2,492 | |||||||||||
Interest expense | ||||||||||||||||
Deposits | (6 | ) | 12 | 9 | 21 | 32 | ||||||||||
Federal funds purchased and securities sold under repurchase agreements | 6 | 13 | (1 | ) | 28 | (5 | ) | |||||||||
Trading liabilities | 2 | 1 | 2 | 5 | 7 | |||||||||||
Other borrowed funds | 1 | 2 | 2 | 5 | 7 | |||||||||||
Customer payables | 3 | 2 | 1 | 9 | 5 | |||||||||||
Commercial paper | 1 | 4 | 1 | 5 | 2 | |||||||||||
Long-term debt | 93 | 89 | 65 | 267 | 178 | |||||||||||
Total interest expense | 100 | 123 | 79 | 340 | 226 | |||||||||||
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 | |||||||||||
Provision for credit losses | (19 | ) | (9 | ) | 1 | (18 | ) | (3 | ) | |||||||
Net interest revenue after provision for credit losses | $ | 793 | $ | 776 | $ | 758 | $ | 2,325 | $ | 2,269 |
Net periodic benefit (credit) cost | Quarter ended | ||||||||||||||||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | |||||||||||||||||||||||||||
(in millions) | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | ||||||||||||||||||||
Service cost | $ | — | $ | 8 | $ | 1 | $ | — | $ | 8 | $ | 1 | $ | — | $ | 8 | $ | 1 | |||||||||||
Interest cost | 45 | 9 | 2 | 45 | 9 | 2 | 42 | 10 | 2 | ||||||||||||||||||||
Expected return on assets | (82 | ) | (13 | ) | (2 | ) | (82 | ) | (13 | ) | (2 | ) | (83 | ) | (13 | ) | (2 | ) | |||||||||||
Other | 17 | 4 | (1 | ) | 17 | 5 | (1 | ) | 26 | 6 | — | ||||||||||||||||||
Net periodic benefit (credit) cost | $ | (20 | ) | $ | 8 | $ | — | $ | (20 | ) | $ | 9 | $ | — | $ | (15 | ) | $ | 11 | $ | 1 |
Notes to Consolidated Financial Statements (continued) |
Net periodic benefit (credit) cost | Year-to-date | ||||||||||||||||||
Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||||||||
(in millions) | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | |||||||||||||
Service cost | $ | — | $ | 24 | $ | 3 | $ | 30 | $ | 24 | $ | 3 | |||||||
Interest cost | 135 | 27 | 6 | 127 | 30 | 6 | |||||||||||||
Expected return on assets | (246 | ) | (39 | ) | (6 | ) | (249 | ) | (39 | ) | (6 | ) | |||||||
Curtailment (gain) | — | — | — | (30 | ) | — | — | ||||||||||||
Other | 52 | 13 | (3 | ) | 83 | 18 | — | ||||||||||||
Net periodic benefit (credit) cost | $ | (59 | ) | $ | 25 | $ | — | $ | (39 | ) | $ | 33 | $ | 3 |
Notes to Consolidated Financial Statements (continued) |
Investments consolidated at Sept. 30, 2016 | ||||||||||
(in millions) | Investment Management funds | Securitizations | Total consolidated investments | |||||||
Available-for-sale securities | $ | — | $ | 400 | $ | 400 | ||||
Trading assets | 873 | — | 873 | |||||||
Other assets | 136 | — | 136 | |||||||
Total assets | $ | 1,009 | (a) | $ | 400 | $ | 1,409 | |||
Trading liabilities | $ | 219 | $ | — | $ | 219 | ||||
Other liabilities | 13 | 376 | 389 | |||||||
Total liabilities | $ | 232 | (a) | $ | 376 | $ | 608 | |||
Nonredeemable noncontrolling interests | $ | 500 | (a) | $ | — | $ | 500 |
(a) | Includes VMEs with assets of $134 million, liabilities of $2 million and nonredeemable noncontrolling interests of $16 million. |
Investments consolidated at Dec. 31, 2015 | ||||||||||
(in millions) | Investment Management funds | Securitizations | Total consolidated investments | |||||||
Available-for-sale securities | $ | — | $ | 400 | $ | 400 | ||||
Trading assets | 1,228 | — | 1,228 | |||||||
Other assets | 173 | — | 173 | |||||||
Total assets | $ | 1,401 | (a) | $ | 400 | $ | 1,801 | |||
Trading liabilities | $ | 229 | $ | — | $ | 229 | ||||
Other liabilities | 17 | 359 | 376 | |||||||
Total liabilities | $ | 246 | (a) | $ | 359 | $ | 605 | |||
Nonredeemable noncontrolling interests | $ | 738 | (a) | $ | — | $ | 738 |
(a) | Includes VMEs with assets of $190 million, liabilities of $1 million and nonredeemable noncontrolling interests of $5 million. |
Non-consolidated VIEs at Sept. 30, 2016 | |||||||||
(in millions) | Assets | Liabilities | Maximum loss exposure | ||||||
Other | $ | 208 | $ | — | $ | 208 |
Non-consolidated VIEs at Dec. 31, 2015 | |||||||||
(in millions) | Assets | Liabilities | Maximum loss exposure | ||||||
Other | $ | 189 | $ | — | $ | 189 |
Notes to Consolidated Financial Statements (continued) |
Preferred stock summary | Liquidation preference per share (in dollars) | Total shares issued and outstanding | ||||||||||||||||
Carrying value (a) | ||||||||||||||||||
(dollars in millions, unless otherwise noted) | Per annum dividend rate | Sept. 30, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||
Series A | Noncumulative Perpetual Preferred Stock | Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% | $ | 100,000 | 5,001 | 5,001 | $ | 500 | $ | 500 | ||||||||
Series C | Noncumulative Perpetual Preferred Stock | 5.2 | % | $ | 100,000 | 5,825 | 5,825 | 568 | 568 | |||||||||
Series D | Noncumulative Perpetual Preferred Stock | 4.50% commencing Dec. 20, 2013 to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% | $ | 100,000 | 5,000 | 5,000 | 494 | 494 | ||||||||||
Series E | Noncumulative Perpetual Preferred Stock | 4.95% commencing Dec. 20, 2015 to and including June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% | $ | 100,000 | 10,000 | 10,000 | 990 | 990 | ||||||||||
Series F | Noncumulative Perpetual Preferred Stock | 4.625% commencing Mar. 20, 2017 to and including Sept. 20, 2026, then a floating rate equal to the three-month LIBOR plus 3.131% | $ | 100,000 | 10,000 | — | 990 | — | ||||||||||
Total | 35,826 | 25,826 | $ | 3,542 | $ | 2,552 |
(a) | The carrying value of the Series C, Series D, Series E and Series F preferred stock is recorded net of issuance costs. |
Notes to Consolidated Financial Statements (continued) |
• | $1,022.22 per share on the Series A Preferred Stock (equivalent to $10.2222 per Normal Preferred Capital Security of Mellon Capital IV, each representing a 1/100th interest in a share of the Series A Preferred Stock); and |
• | $1,300.00 per share on the Series C Preferred Stock (equivalent to $0.3250 per depositary share, each representing a 1/4,000th interest in a share of the Series C Preferred Stock). |
Components of other comprehensive income (loss) | Quarter ended | ||||||||||||||||||||||||||||
Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | |||||||||||||||||||||||||||
(in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | ||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments arising during the period (a) | $ | (104 | ) | $ | (82 | ) | $ | (186 | ) | $ | (164 | ) | $ | (120 | ) | $ | (284 | ) | $ | (132 | ) | $ | (31 | ) | $ | (163 | ) | ||
Total foreign currency translation | (104 | ) | (82 | ) | (186 | ) | (164 | ) | (120 | ) | (284 | ) | (132 | ) | (31 | ) | (163 | ) | |||||||||||
Unrealized gain (loss) on assets available-for-sale: | |||||||||||||||||||||||||||||
Unrealized gain (loss) arising during period | (87 | ) | 34 | (53 | ) | 182 | (65 | ) | 117 | (3 | ) | 10 | 7 | ||||||||||||||||
Reclassification adjustment (b) | (24 | ) | 9 | (15 | ) | (21 | ) | 8 | (13 | ) | (22 | ) | 8 | (14 | ) | ||||||||||||||
Net unrealized gain (loss) on assets available-for-sale | (111 | ) | 43 | (68 | ) | 161 | (57 | ) | 104 | (25 | ) | 18 | (7 | ) | |||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||||||||
Net gain (loss) arising during the period | — | — | — | — | — | — | 3 | (1 | ) | 2 | |||||||||||||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) | 22 | (8 | ) | 14 | 21 | (7 | ) | 14 | 32 | (11 | ) | 21 | |||||||||||||||||
Total defined benefit plans | 22 | (8 | ) | 14 | 21 | (7 | ) | 14 | 35 | (12 | ) | 23 | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges: | |||||||||||||||||||||||||||||
Unrealized hedge gain (loss) arising during period | (24 | ) | 7 | (17 | ) | (10 | ) | 4 | (6 | ) | (3 | ) | (6 | ) | (9 | ) | |||||||||||||
Reclassification adjustment (b) | 28 | (9 | ) | 19 | (4 | ) | 1 | (3 | ) | 3 | 6 | 9 | |||||||||||||||||
Net unrealized gain (loss) on cash flow hedges | 4 | (2 | ) | 2 | (14 | ) | 5 | (9 | ) | — | — | — | |||||||||||||||||
Total other comprehensive income (loss) | $ | (189 | ) | $ | (49 | ) | $ | (238 | ) | $ | 4 | $ | (179 | ) | $ | (175 | ) | $ | (122 | ) | $ | (25 | ) | $ | (147 | ) |
(a) | Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 for additional information. |
(b) | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 16 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Notes to Consolidated Financial Statements (continued) |
Components of other comprehensive income (loss) | Year-to-date | ||||||||||||||||||
Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||||||||||
(in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | |||||||||||||
Foreign currency translation: | |||||||||||||||||||
Foreign currency translation adjustments arising during the period (a) | $ | (223 | ) | $ | (210 | ) | $ | (433 | ) | $ | (396 | ) | $ | (39 | ) | $ | (435 | ) | |
Total foreign currency translation | (223 | ) | (210 | ) | (433 | ) | (396 | ) | (39 | ) | (435 | ) | |||||||
Unrealized gain (loss) on assets available-for-sale: | |||||||||||||||||||
Unrealized gain (loss) arising during period | 338 | (111 | ) | 227 | (300 | ) | 83 | (217 | ) | ||||||||||
Reclassification adjustment (b) | (65 | ) | 22 | (43 | ) | (62 | ) | 23 | (39 | ) | |||||||||
Net unrealized gain (loss) on assets available-for-sale | 273 | (89 | ) | 184 | (362 | ) | 106 | (256 | ) | ||||||||||
Defined benefit plans: | |||||||||||||||||||
Net gain (loss) arising during the period | 3 | (1 | ) | 2 | (182 | ) | 75 | (107 | ) | ||||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) | 65 | (22 | ) | 43 | 71 | (24 | ) | 47 | |||||||||||
Total defined benefit plans | 68 | (23 | ) | 45 | (111 | ) | 51 | (60 | ) | ||||||||||
Unrealized gain (loss) on cash flow hedges: | |||||||||||||||||||
Unrealized hedge gain (loss) arising during period | (115 | ) | 38 | (77 | ) | — | — | — | |||||||||||
Reclassification adjustment (b) | 110 | (37 | ) | 73 | 11 | (3 | ) | 8 | |||||||||||
Net unrealized gain (loss) on cash flow hedges | (5 | ) | 1 | (4 | ) | 11 | (3 | ) | 8 | ||||||||||
Total other comprehensive income (loss) | $ | 113 | $ | (321 | ) | $ | (208 | ) | $ | (858 | ) | $ | 115 | $ | (743 | ) |
(a) | Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 for additional information. |
(b) | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 16 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Notes to Consolidated Financial Statements (continued) |
Assets measured at fair value on a recurring basis at Sept. 30, 2016 | Total carrying value | ||||||||||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||
Available-for-sale securities: | |||||||||||||||
U.S. Treasury | $ | 14,609 | $ | — | $ | — | $ | — | $ | 14,609 | |||||
U.S. Government agencies | — | 301 | — | — | 301 | ||||||||||
Sovereign debt/sovereign guaranteed | 70 | 13,935 | — | — | 14,005 | ||||||||||
State and political subdivisions | — | 3,559 | — | — | 3,559 | ||||||||||
Agency RMBS | — | 23,508 | — | — | 23,508 | ||||||||||
Non-agency RMBS | — | 673 | — | — | 673 | ||||||||||
Other RMBS | — | 644 | — | — | 644 | ||||||||||
Commercial MBS | — | 961 | — | — | 961 | ||||||||||
Agency commercial MBS | — | 5,881 | — | — | 5,881 | ||||||||||
CLOs | — | 2,534 | — | — | 2,534 | ||||||||||
Other asset-backed securities | — | 2,203 | — | — | 2,203 | ||||||||||
Equity securities | 3 | — | — | — | 3 | ||||||||||
Money market funds (b) | 931 | — | — | — | 931 | ||||||||||
Corporate bonds | — | 1,638 | — | — | 1,638 | ||||||||||
Other debt securities | — | 3,002 | — | — | 3,002 | ||||||||||
Foreign covered bonds | 2,110 | 245 | — | — | 2,355 | ||||||||||
Non-agency RMBS (c) | — | 1,463 | — | — | 1,463 | ||||||||||
Total available-for-sale securities | 17,723 | 60,547 | — | — | 78,270 | ||||||||||
Trading assets: | |||||||||||||||
Debt and equity instruments (b) | 353 | 1,940 | — | — | 2,293 | ||||||||||
Derivative assets not designated as hedging: | |||||||||||||||
Interest rate | 7 | 12,353 | — | (10,408 | ) | 1,952 | |||||||||
Foreign exchange | — | 3,289 | — | (2,212 | ) | 1,077 | |||||||||
Equity and other contracts | 3 | 60 | — | (45 | ) | 18 | |||||||||
Total derivative assets not designated as hedging | 10 | 15,702 | — | (12,665 | ) | 3,047 | |||||||||
Total trading assets | 363 | 17,642 | — | (12,665 | ) | 5,340 | |||||||||
Loans | — | 29 | — | — | 29 | ||||||||||
Other assets: | |||||||||||||||
Derivative assets designated as hedging: | |||||||||||||||
Interest rate | — | 764 | — | — | 764 | ||||||||||
Foreign exchange | — | 375 | — | — | 375 | ||||||||||
Total derivative assets designated as hedging | — | 1,139 | — | — | 1,139 | ||||||||||
Other assets (d) | 302 | 49 | — | — | 351 | ||||||||||
Other assets measured at net asset value (d) | 212 | ||||||||||||||
Total other assets | 302 | 1,188 | — | — | 1,702 | ||||||||||
Subtotal assets of operations at fair value | 18,388 | 79,406 | — | (12,665 | ) | 85,341 | |||||||||
Percentage of assets prior to netting | 19 | % | 81 | % | — | % | |||||||||
Assets of consolidated investment management funds: | |||||||||||||||
Trading assets | 252 | 621 | — | — | 873 | ||||||||||
Other assets | 97 | 39 | — | — | 136 | ||||||||||
Total assets of consolidated investment management funds | 349 | 660 | — | — | 1,009 | ||||||||||
Total assets | $ | 18,737 | $ | 80,066 | $ | — | $ | (12,665 | ) | $ | 86,350 | ||||
Percentage of assets prior to netting | 19 | % | 81 | % | — | % |
Notes to Consolidated Financial Statements (continued) |
Liabilities measured at fair value on a recurring basis at Sept. 30, 2016 | Total carrying value | ||||||||||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||
Trading liabilities: | |||||||||||||||
Debt and equity instruments | $ | 800 | $ | 189 | $ | — | $ | — | $ | 989 | |||||
Derivative liabilities not designated as hedging: | |||||||||||||||
Interest rate | 24 | 12,308 | — | (10,541 | ) | 1,791 | |||||||||
Foreign exchange | — | 3,235 | — | (1,936 | ) | 1,299 | |||||||||
Equity and other contracts | — | 122 | — | (47 | ) | 75 | |||||||||
Total derivative liabilities not designated as hedging | 24 | 15,665 | — | (12,524 | ) | 3,165 | |||||||||
Total trading liabilities | 824 | 15,854 | — | (12,524 | ) | 4,154 | |||||||||
Long-term debt (b) | — | 376 | — | — | 376 | ||||||||||
Other liabilities - derivative liabilities designated as hedging: | |||||||||||||||
Interest rate | — | 1,077 | — | — | 1,077 | ||||||||||
Foreign exchange | — | 43 | — | — | 43 | ||||||||||
Total other liabilities - derivative liabilities designated as hedging | — | 1,120 | — | — | 1,120 | ||||||||||
Subtotal liabilities of operations at fair value | 824 | 17,350 | — | (12,524 | ) | 5,650 | |||||||||
Percentage of liabilities prior to netting | 5 | % | 95 | % | — | % | |||||||||
Liabilities of consolidated investment management funds: | |||||||||||||||
Trading liabilities | — | 219 | — | — | 219 | ||||||||||
Other liabilities | 2 | 11 | — | — | 13 | ||||||||||
Total liabilities of consolidated investment management funds | 2 | 230 | — | — | 232 | ||||||||||
Total liabilities | $ | 826 | $ | 17,580 | $ | — | $ | (12,524 | ) | $ | 5,882 | ||||
Percentage of liabilities prior to netting | 4 | % | 96 | % | — | % |
(a) | ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. |
(b) | Includes certain interests in securitizations. |
(c) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(d) | Includes private equity investments and seed capital. |
Notes to Consolidated Financial Statements (continued) |
Assets measured at fair value on a recurring basis at Dec. 31, 2015 | Total carrying value | ||||||||||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||
Available-for-sale securities: | |||||||||||||||
U.S. Treasury | $ | 12,832 | $ | — | $ | — | $ | — | $ | 12,832 | |||||
U.S. Government agencies | — | 387 | — | — | 387 | ||||||||||
Sovereign debt/sovereign guaranteed | 35 | 13,182 | — | — | 13,217 | ||||||||||
State and political subdivisions | — | 4,046 | — | — | 4,046 | ||||||||||
Agency RMBS | — | 23,501 | — | — | 23,501 | ||||||||||
Non-agency RMBS | — | 793 | — | — | 793 | ||||||||||
Other RMBS | — | 1,061 | — | — | 1,061 | ||||||||||
Commercial MBS | — | 1,392 | — | — | 1,392 | ||||||||||
Agency commercial MBS | — | 4,020 | — | — | 4,020 | ||||||||||
CLOs | — | 2,351 | — | — | 2,351 | ||||||||||
Other asset-backed securities | — | 2,893 | — | — | 2,893 | ||||||||||
Equity securities | 4 | — | — | — | 4 | ||||||||||
Money market funds (b) | 886 | — | — | — | 886 | ||||||||||
Corporate bonds | — | 1,752 | — | — | 1,752 | ||||||||||
Other debt securities | — | 2,775 | — | — | 2,775 | ||||||||||
Foreign covered bonds | 1,966 | 202 | — | — | 2,168 | ||||||||||
Non-agency RMBS (c) | — | 1,789 | — | — | 1,789 | ||||||||||
Total available-for-sale securities | 15,723 | 60,144 | — | — | 75,867 | ||||||||||
Trading assets: | |||||||||||||||
Debt and equity instruments (b) | 1,232 | 2,167 | — | — | 3,399 | ||||||||||
Derivative assets not designated as hedging: | |||||||||||||||
Interest rate | 10 | 10,034 | — | (8,071 | ) | 1,973 | |||||||||
Foreign exchange | — | 4,905 | — | (2,981 | ) | 1,924 | |||||||||
Equity and other contracts | 15 | 120 | — | (63 | ) | 72 | |||||||||
Total derivative assets not designated as hedging | 25 | 15,059 | — | (11,115 | ) | 3,969 | |||||||||
Total trading assets | 1,257 | 17,226 | — | (11,115 | ) | 7,368 | |||||||||
Loans | — | 422 | — | — | 422 | ||||||||||
Other assets: | |||||||||||||||
Derivative assets designated as hedging: | |||||||||||||||
Interest rate | — | 497 | — | — | 497 | ||||||||||
Foreign exchange | — | 219 | — | — | 219 | ||||||||||
Total derivative assets designated as hedging | — | 716 | — | — | 716 | ||||||||||
Other assets (d) | 192 | 62 | — | — | 254 | ||||||||||
Other assets measured at net asset value (d) | 117 | ||||||||||||||
Total other assets | 192 | 778 | — | — | 1,087 | ||||||||||
Subtotal assets of operations at fair value | 17,172 | 78,570 | — | (11,115 | ) | 84,744 | |||||||||
Percentage of assets prior to netting | 18 | % | 82 | % | — | % | |||||||||
Assets of consolidated investment management funds: | |||||||||||||||
Trading assets | 455 | 773 | — | — | 1,228 | ||||||||||
Other assets | 157 | 16 | — | — | 173 | ||||||||||
Total assets of consolidated investment management funds | 612 | 789 | — | — | 1,401 | ||||||||||
Total assets | $ | 17,784 | $ | 79,359 | $ | — | $ | (11,115 | ) | $ | 86,145 | ||||
Percentage of assets prior to netting | 18 | % | 82 | % | — | % |
Notes to Consolidated Financial Statements (continued) |
Liabilities measured at fair value on a recurring basis at Dec. 31, 2015 | Total carrying value | ||||||||||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||
Trading liabilities: | |||||||||||||||
Debt and equity instruments | $ | 422 | $ | 152 | $ | — | $ | — | $ | 574 | |||||
Derivative liabilities not designated as hedging: | |||||||||||||||
Interest rate | 5 | 9,957 | — | (8,235 | ) | 1,727 | |||||||||
Foreign exchange | — | 4,682 | — | (2,567 | ) | 2,115 | |||||||||
Equity and other contracts | 5 | 147 | — | (67 | ) | 85 | |||||||||
Total derivative liabilities not designated as hedging | 10 | 14,786 | — | (10,869 | ) | 3,927 | |||||||||
Total trading liabilities | 432 | 14,938 | — | (10,869 | ) | 4,501 | |||||||||
Long-term debt (b) | — | 359 | — | — | 359 | ||||||||||
Other liabilities - derivative liabilities designated as hedging: | |||||||||||||||
Interest rate | — | 372 | — | — | 372 | ||||||||||
Foreign exchange | — | 20 | — | — | 20 | ||||||||||
Total other liabilities - derivative liabilities designated as hedging | — | 392 | — | — | 392 | ||||||||||
Subtotal liabilities of operations at fair value | 432 | 15,689 | — | (10,869 | ) | 5,252 | |||||||||
Percentage of liabilities prior to netting | 3 | % | 97 | % | — | % | |||||||||
Liabilities of consolidated investment management funds: | |||||||||||||||
Trading liabilities | — | 229 | — | — | 229 | ||||||||||
Other liabilities | 1 | 16 | — | — | 17 | ||||||||||
Total liabilities of consolidated investment management funds | 1 | 245 | — | — | 246 | ||||||||||
Total liabilities | $ | 433 | $ | 15,934 | $ | — | $ | (10,869 | ) | $ | 5,498 | ||||
Percentage of liabilities prior to netting | 3 | % | 97 | % | — | % |
(a) | ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. |
(b) | Includes certain interests in securitizations. |
(c) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
(d) | Includes private equity investments and seed capital. |
Notes to Consolidated Financial Statements (continued) |
Details of certain items measured at fair value on a recurring basis | Sept. 30, 2016 | Dec. 31, 2015 | |||||||||||||||||||||||
Total carrying value (a) | Ratings | Total carrying value (a) | Ratings | ||||||||||||||||||||||
AAA/ AA- | A+/ A- | BBB+/ BBB- | BB+ and lower | AAA/ AA- | A+/ A- | BBB+/ BBB- | BB+ and lower | ||||||||||||||||||
(dollar amounts in millions) | |||||||||||||||||||||||||
Non-agency RMBS, originated in: | |||||||||||||||||||||||||
2007 | $ | 59 | — | % | — | % | — | % | 100 | % | $ | 66 | — | % | — | % | — | % | 100 | % | |||||
2006 | 101 | — | — | — | 100 | 115 | — | — | — | 100 | |||||||||||||||
2005 | 194 | 24 | 4 | 9 | 63 | 234 | 19 | 9 | 13 | 59 | |||||||||||||||
2004 and earlier | 319 | 5 | 3 | 25 | 67 | 378 | 4 | 4 | 26 | 66 | |||||||||||||||
Total non-agency RMBS | $ | 673 | 9 | % | 3 | % | 14 | % | 74 | % | $ | 793 | 8 | % | 4 | % | 16 | % | 72 | % | |||||
Commercial MBS - Domestic, originated in: | |||||||||||||||||||||||||
2009-2016 | $ | 632 | 83 | % | 17 | % | — | % | — | % | $ | 626 | 83 | % | 17 | % | — | % | — | % | |||||
2008 | 14 | 100 | — | — | — | 16 | 100 | — | — | — | |||||||||||||||
2007 | 258 | 75 | 25 | — | — | 304 | 62 | 22 | 16 | — | |||||||||||||||
2006 | 6 | 96 | 4 | — | — | 384 | 76 | 24 | — | — | |||||||||||||||
Total commercial MBS - Domestic | $ | 910 | 81 | % | 19 | % | — | % | — | % | $ | 1,330 | 76 | % | 20 | % | 4 | % | — | % | |||||
Foreign covered bonds: | |||||||||||||||||||||||||
Canada | $ | 1,460 | 100 | % | — | % | — | % | — | % | $ | 1,014 | 100 | % | — | % | — | % | — | % | |||||
United Kingdom | 323 | 100 | — | — | — | 363 | 100 | — | — | — | |||||||||||||||
Norway | 181 | 100 | — | — | — | 191 | 100 | — | — | — | |||||||||||||||
Other | 391 | 100 | — | — | — | 600 | 100 | — | — | — | |||||||||||||||
Total foreign covered bonds | $ | 2,355 | 100 | % | — | % | — | % | — | % | $ | 2,168 | 100 | % | — | % | — | % | — | % | |||||
European floating rate notes - available-for-sale: | |||||||||||||||||||||||||
United Kingdom | $ | 494 | 91 | % | 9 | % | — | % | — | % | $ | 780 | 85 | % | 15 | % | — | % | — | % | |||||
Netherlands | 139 | 100 | — | — | — | 222 | 100 | — | — | — | |||||||||||||||
Ireland | 62 | — | — | 100 | — | 121 | — | 45 | 55 | — | |||||||||||||||
Total European floating rate notes - available-for-sale | $ | 695 | 85 | % | 6 | % | 9 | % | — | % | $ | 1,123 | 79 | % | 15 | % | 6 | % | — | % | |||||
Sovereign debt/sovereign guaranteed: | |||||||||||||||||||||||||
United Kingdom | $ | 3,413 | 100 | % | — | % | — | % | — | % | $ | 2,941 | 100 | % | — | % | — | % | — | % | |||||
France | 2,151 | 100 | — | — | — | 2,008 | 100 | — | — | — | |||||||||||||||
Spain | 2,030 | — | — | 100 | — | 1,955 | — | — | 100 | — | |||||||||||||||
Germany | 1,889 | 100 | — | — | — | 1,683 | 100 | — | — | — | |||||||||||||||
Italy | 1,335 | — | — | 100 | — | 1,398 | — | — | 100 | — | |||||||||||||||
Netherlands | 1,087 | 100 | — | — | — | 1,055 | 100 | — | — | — | |||||||||||||||
Belgium | 975 | 100 | — | — | — | 1,108 | 100 | — | — | — | |||||||||||||||
Ireland | 791 | — | 100 | — | — | 772 | — | — | 100 | — | |||||||||||||||
Other (b) | 334 | 79 | — | — | 21 | 297 | 68 | — | 32 | — | |||||||||||||||
Total sovereign debt/sovereign guaranteed | $ | 14,005 | 70 | % | 5 | % | 24 | % | 1 | % | $ | 13,217 | 68 | % | — | % | 32 | % | — | % | |||||
Non-agency RMBS (c), originated in: | |||||||||||||||||||||||||
2007 | $ | 411 | — | % | — | % | — | % | 100 | % | $ | 502 | — | % | — | % | — | % | 100 | % | |||||
2006 | 418 | — | — | — | 100 | 530 | — | 1 | — | 99 | |||||||||||||||
2005 | 483 | — | 2 | 1 | 97 | 580 | — | 2 | 1 | 97 | |||||||||||||||
2004 and earlier | 151 | 2 | 2 | 9 | 87 | 177 | — | 3 | 9 | 88 | |||||||||||||||
Total non-agency RMBS (c) | $ | 1,463 | — | % | 1 | % | 1 | % | 98 | % | $ | 1,789 | — | % | 1 | % | 1 | % | 98 | % |
(a) | At Sept. 30, 2016 and Dec. 31, 2015, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy. |
(b) | Includes $71 million of noninvestment grade sovereign debt at Sept. 30, 2016 and $95 million of investment grade sovereign debt at Dec. 31, 2015 related to Brazil. |
(c) | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Notes to Consolidated Financial Statements (continued) |
Fair value measurements for assets using significant unobservable inputs for the three months ended Sept. 30, 2016 | ||||
(in millions) | Loans | |||
Fair value at June 30, 2016 | $ | 101 | ||
Transfers into Level 3 | — | |||
Total gains or (losses) for the period included in earnings | — | (a) | ||
Issuances and sales: | ||||
Issuances | 1 | |||
Sales | (102 | ) | ||
Fair value at Sept. 30, 2016 | $ | — | ||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ | — |
(a) | Reported in investment and other income. |
Fair value measurements for assets using significant unobservable inputs for the three months ended Sept. 30, 2015 | ||||||||||||||||
Available-for-sale securities | Trading assets | |||||||||||||||
(in millions) | State and political subdivisions | Derivative assets | (a) | Other assets | Total assets | |||||||||||
Fair value at June 30, 2015 | $ | 11 | $ | 1 | $ | 28 | $ | 40 | ||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Total gains or (losses) for the period | ||||||||||||||||
Included in earnings (or changes in net assets) | — | (b) | — | (c) | 10 | (d) | 10 | |||||||||
Sales and settlements: | ||||||||||||||||
Sales | — | — | (38 | ) | (38 | ) | ||||||||||
Settlements | — | (1 | ) | — | (1 | ) | ||||||||||
Fair value at Sept. 30, 2015 | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ | — | $ | — | $ | — |
(a) | Derivative assets are reported on a gross basis. |
(b) | Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). |
(c) | Reported in foreign exchange and other trading revenue. |
(d) | Reported in investment and other income. |
Fair value measurements for liabilities using significant unobservable inputs for the three months ended Sept. 30, 2015 | |||||
Trading liabilities | |||||
(in millions) | Derivative liabilities | (a) | |||
Fair value at June 30, 2015 | $ | 1 | |||
Transfers out of Level 3 | — | ||||
Total (gains) or losses for the period included in earnings | — | (b) | |||
Settlements | (1 | ) | |||
Fair value at Sept. 30, 2015 | $ | — | |||
Change in unrealized (gains) or losses for the period included in earnings for liabilities held at the end of the reporting period | $ | — |
(a) | Derivative liabilities are reported on a gross basis. |
(b) | Reported in foreign exchange and other trading revenue. |
Notes to Consolidated Financial Statements (continued) |
Fair value measurements for assets using significant unobservable inputs for the nine months ended Sept. 30, 2016 | ||||
(in millions) | Loans | |||
Fair value at Dec. 31, 2015 | $ | — | ||
Transfers into Level 3 | 19 | |||
Total gains or (losses) for the period included in earnings | 2 | (a) | ||
Purchases, issuances and sales: | ||||
Purchases | 113 | |||
Issuances | 1 | |||
Sales | (135 | ) | ||
Fair value at Sept. 30, 2016 | $ | — | ||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ | — |
(a) | Reported in investment and other income. |
Fair value measurements for assets using significant unobservable inputs for the nine months ended Sept. 30, 2015 | ||||||||||||||||
Available-for-sale securities | Trading assets | |||||||||||||||
(in millions) | State and political subdivisions | Derivative assets | (a) | Other assets | Total assets | |||||||||||
Fair value at Dec. 31, 2014 | $ | 11 | $ | 9 | $ | 35 | $ | 55 | ||||||||
Transfers out of Level 3 | — | (3 | ) | — | (3 | ) | ||||||||||
Total gains or (losses) for the period | ||||||||||||||||
Included in earnings (or changes in net assets) | — | (b) | (1 | ) | (c) | 10 | (d) | 9 | ||||||||
Purchases, sales and settlements: | ||||||||||||||||
Purchases | — | — | 3 | 3 | ||||||||||||
Sales | — | — | (48 | ) | (48 | ) | ||||||||||
Settlements | — | (5 | ) | — | (5 | ) | ||||||||||
Fair value at Sept. 30, 2015 | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ | — | $ | — | $ | — |
(a) | Derivative assets are reported on a gross basis. |
(b) | Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). |
(c) | Reported in foreign exchange and other trading revenue. |
(d) | Reported in investment and other income. |
Fair value measurements for liabilities using significant unobservable inputs for the nine months ended Sept. 30, 2015 | |||||
Trading liabilities | |||||
(in millions) | Derivative liabilities | (a) | |||
Fair value at Dec. 31, 2014 | $ | 9 | |||
Transfers out of Level 3 | (3 | ) | |||
Total (gains) or losses for the period included in earnings | (1 | ) | (b) | ||
Settlements | (5 | ) | |||
Fair value at Sept. 30, 2015 | $ | — | |||
Change in unrealized (gains) or losses for the period included in earnings for liabilities held at the end of the reporting period | $ | — |
(a) | Derivative liabilities are reported on a gross basis. |
(b) | Reported in foreign exchange and other trading revenue. |
Notes to Consolidated Financial Statements (continued) |
Assets measured at fair value on a nonrecurring basis at Sept. 30, 2016 | Total carrying value | |||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | |||||||||
Loans (a) | $ | — | $ | 87 | $ | 7 | $ | 94 | ||||
Other assets (b) | — | 5 | — | 5 | ||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 92 | $ | 7 | $ | 99 |
Assets measured at fair value on a nonrecurring basis at Dec. 31, 2015 | Total carrying value | |||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | |||||||||
Loans (a) | $ | — | $ | 97 | $ | 174 | $ | 271 | ||||
Other assets (b) | — | 6 | — | 6 | ||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 103 | $ | 174 | $ | 277 |
(a) | During the quarters ended Sept. 30, 2016 and Dec. 31, 2015, the fair value of these loans decreased $1 million and $1 million, respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses. |
(b) | Includes other assets received in satisfaction of debt. |
Summary of financial instruments | Sept. 30, 2016 | ||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||
Assets: | |||||||||||||||
Interest-bearing deposits with the Federal Reserve and other central banks | $ | — | $ | 80,359 | $ | — | $ | 80,359 | $ | 80,359 | |||||
Interest-bearing deposits with banks | — | 14,420 | — | 14,420 | 14,416 | ||||||||||
Federal funds sold and securities purchased under resale agreements | — | 34,851 | — | 34,851 | 34,851 | ||||||||||
Securities held-to-maturity | 11,400 | 29,987 | — | 41,387 | 40,728 | ||||||||||
Loans | — | 64,360 | — | 64,360 | 64,072 | ||||||||||
Other financial assets | 4,957 | 1,060 | — | 6,017 | 6,017 | ||||||||||
Total | $ | 16,357 | $ | 225,037 | $ | — | $ | 241,394 | $ | 240,443 | |||||
Liabilities: | |||||||||||||||
Noninterest-bearing deposits | $ | — | $ | 105,632 | $ | — | $ | 105,632 | $ | 105,632 | |||||
Interest-bearing deposits | — | 154,591 | — | 154,591 | 155,746 | ||||||||||
Federal funds purchased and securities sold under repurchase agreements | — | 8,052 | — | 8,052 | 8,052 | ||||||||||
Payables to customers and broker-dealers | — | 21,162 | — | 21,162 | 21,162 | ||||||||||
Borrowings | — | 1,137 | — | 1,137 | 1,137 | ||||||||||
Long-term debt | — | 24,690 | — | 24,690 | 23,998 | ||||||||||
Total | $ | — | $ | 315,264 | $ | — | $ | 315,264 | $ | 315,727 |
Notes to Consolidated Financial Statements (continued) |
Summary of financial instruments | Dec. 31, 2015 | ||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||
Assets: | |||||||||||||||
Interest-bearing deposits with the Federal Reserve and other central banks | $ | — | $ | 113,203 | $ | — | $ | 113,203 | $ | 113,203 | |||||
Interest-bearing deposits with banks | — | 15,150 | — | 15,150 | 15,146 | ||||||||||
Federal funds sold and securities purchased under resale agreements | — | 24,373 | — | 24,373 | 24,373 | ||||||||||
Securities held-to-maturity | 11,376 | 31,828 | — | 43,204 | 43,312 | ||||||||||
Loans | — | 61,421 | — | 61,421 | 61,267 | ||||||||||
Other financial assets | 6,537 | 1,096 | — | 7,633 | 7,633 | ||||||||||
Total | $ | 17,913 | $ | 247,071 | $ | — | $ | 264,984 | $ | 264,934 | |||||
Liabilities: | |||||||||||||||
Noninterest-bearing deposits | $ | — | $ | 96,277 | $ | — | $ | 96,277 | $ | 96,277 | |||||
Interest-bearing deposits | — | 182,410 | — | 182,410 | 183,333 | ||||||||||
Federal funds purchased and securities sold under repurchase agreements | — | 15,002 | — | 15,002 | 15,002 | ||||||||||
Payables to customers and broker-dealers | — | 21,900 | — | 21,900 | 21,900 | ||||||||||
Borrowings | — | 698 | — | 698 | 698 | ||||||||||
Long-term debt | — | 21,494 | — | 21,494 | 21,188 | ||||||||||
Total | $ | — | $ | 337,781 | $ | — | $ | 337,781 | $ | 338,398 |
Hedged financial instruments | Carrying amount | Notional amount of hedge | ||||||||||
Unrealized | ||||||||||||
(in millions) | Gain | (Loss) | ||||||||||
Sept. 30, 2016 | ||||||||||||
Securities available-for-sale | $ | 8,717 | $ | 8,016 | $ | — | $ | (1,034 | ) | |||
Long-term debt | 20,645 | 19,950 | 761 | (43 | ) | |||||||
Dec. 31, 2015 | ||||||||||||
Securities available-for-sale | $ | 7,978 | $ | 7,918 | $ | 16 | $ | (359 | ) | |||
Long-term debt | 18,231 | 17,850 | 479 | (14 | ) |
Notes to Consolidated Financial Statements (continued) |
Assets and liabilities of consolidated investment management funds, at fair value | ||||||
Sept. 30, 2016 | Dec. 31, 2015 | |||||
(in millions) | ||||||
Assets of consolidated investment management funds: | ||||||
Trading assets | $ | 873 | $ | 1,228 | ||
Other assets | 136 | 173 | ||||
Total assets of consolidated investment management funds | $ | 1,009 | $ | 1,401 | ||
Liabilities of consolidated investment management funds: | ||||||
Trading liabilities | $ | 219 | $ | 229 | ||
Other liabilities | 13 | 17 | ||||
Total liabilities of consolidated investment management funds | $ | 232 | $ | 246 |
Impact of changes in fair value in the income statement (a) | ||||||||||||||||
Quarter ended | Year-to-date | |||||||||||||||
(in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | |||||||||||
Loans: | ||||||||||||||||
Investment and other income | $ | (1 | ) | $ | 5 | $ | 6 | $ | 13 | $ | 5 | |||||
Long-term debt: | ||||||||||||||||
Foreign exchange and other trading revenue | $ | 2 | $ | (6 | ) | $ | (11 | ) | $ | (17 | ) | $ | (15 | ) |
(a) | The changes in fair value of the loans and long-term debt are approximately offset by economic hedges included in foreign exchange and other trading revenue. |
Notes to Consolidated Financial Statements (continued) |
Ineffectiveness | Nine months ended | |||||
(in millions) | Sept. 30, 2016 | Sept. 30, 2015 | ||||
Fair value hedges of securities | $ | (19.4 | ) | $ | 2.8 | |
Fair value hedges of long-term debt | (9.0 | ) | (4.8 | ) | ||
Cash flow hedges | — | — | ||||
Other (a) | — | — | ||||
Total | $ | (28.4 | ) | $ | (2.0 | ) |
(a) | Includes ineffectiveness recorded on foreign exchange hedges. |
Notes to Consolidated Financial Statements (continued) |
Impact of derivative instruments on the balance sheet | Notional value | Asset derivatives fair value | Liability derivatives fair value | |||||||||||||||||
(in millions) | Sept. 30, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2015 | ||||||||||||||
Derivatives designated as hedging instruments: (a) | ||||||||||||||||||||
Interest rate contracts | $ | 27,966 | $ | 25,768 | $ | 764 | $ | 497 | $ | 1,077 | $ | 372 | ||||||||
Foreign exchange contracts | 7,493 | 6,839 | 375 | 219 | 43 | 20 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,139 | $ | 716 | $ | 1,120 | $ | 392 | ||||||||||||
Derivatives not designated as hedging instruments: (b) | ||||||||||||||||||||
Interest rate contracts | $ | 401,827 | $ | 519,428 | $ | 12,360 | $ | 10,044 | $ | 12,332 | $ | 9,962 | ||||||||
Foreign exchange contracts | 589,769 | 576,253 | 3,289 | 4,905 | 3,235 | 4,682 | ||||||||||||||
Equity contracts | 1,247 | 1,923 | 62 | 127 | 120 | 151 | ||||||||||||||
Credit contracts | 178 | 319 | 1 | 8 | 2 | 1 | ||||||||||||||
Total derivatives not designated as hedging instruments | $ | 15,712 | $ | 15,084 | $ | 15,689 | $ | 14,796 | ||||||||||||
Total derivatives fair value (c) | $ | 16,851 | $ | 15,800 | $ | 16,809 | $ | 15,188 | ||||||||||||
Effect of master netting agreements (d) | (12,665 | ) | (11,115 | ) | (12,524 | ) | (10,869 | ) | ||||||||||||
Fair value after effect of master netting agreements | $ | 4,186 | $ | 4,685 | $ | 4,285 | $ | 4,319 |
(a) | The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the balance sheet. |
(b) | The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the balance sheet. |
(c) | Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. |
(d) | Effect of master netting agreements includes cash collateral received and paid of $920 million and $779 million, respectively, at Sept. 30, 2016, and $792 million and $546 million, respectively, at Dec. 31, 2015. |
Impact of derivative instruments on the income statement (in millions) | |||||||||||||||||||||||||||
Derivatives in fair value hedging relationships | Location of gain or (loss) recognized in income on derivatives | Gain or (loss) recognized in income on derivatives | Location of gain or(loss) recognized in income on hedged item | Gain or (loss) recognized in hedged item | |||||||||||||||||||||||
3Q16 | 2Q16 | 3Q15 | 3Q16 | 2Q16 | 3Q15 | ||||||||||||||||||||||
Interest rate contracts | Net interest revenue | $ | (174 | ) | $ | (123 | ) | $ | (93 | ) | Net interest revenue | $ | 168 | $ | 115 | $ | 87 |
Derivatives in cash flow hedging relationships | Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||
3Q16 | 2Q16 | 3Q15 | 3Q16 | 2Q16 | 3Q15 | 3Q16 | 2Q16 | 3Q15 | |||||||||||||||||||||||||
FX contracts | $ | (7 | ) | $ | (15 | ) | $ | — | Net interest revenue | $ | (6 | ) | $ | (15 | ) | $ | — | Net interest revenue | $ | — | $ | — | $ | — | |||||||||
FX contracts | — | — | — | Other revenue | — | — | — | Other revenue | — | — | — | ||||||||||||||||||||||
FX contracts | (19 | ) | 19 | — | Trading revenue | (19 | ) | 19 | — | Trading revenue | — | — | — | ||||||||||||||||||||
FX contracts | 2 | (14 | ) | (3 | ) | Salary expense | (3 | ) | — | (3 | ) | Salary expense | — | — | — | ||||||||||||||||||
Total | $ | (24 | ) | $ | (10 | ) | $ | (3 | ) | $ | (28 | ) | $ | 4 | $ | (3 | ) | $ | — | $ | — | $ | — |
Derivatives in net investment hedging relationships | Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||
3Q16 | 2Q16 | 3Q15 | 3Q16 | 2Q16 | 3Q15 | 3Q16 | 2Q16 | 3Q15 | |||||||||||||||||||||||||
FX contracts | $ | 47 | $ | 331 | $ | 213 | Net interest revenue | $ | — | $ | — | $ | 1 | Other revenue | $ | — | $ | — | $ | — |
Notes to Consolidated Financial Statements (continued) |
Impact of derivative instruments on the income statement (in millions) | |||||||||||||||||||
Derivatives in fair value hedging relationships | Location of gain or (loss) recognized in income on derivatives | Gain or (loss) recognized in income on derivatives | Location of gain or(loss) recognized in income on hedged item | Gain or (loss) recognized in hedged item | |||||||||||||||
YTD16 | YTD15 | YTD16 | YTD15 | ||||||||||||||||
Interest rate contracts | Net interest revenue | $ | (445 | ) | $ | 10 | Net interest revenue | $ | 417 | $ | (12 | ) |
Derivatives in cash flow hedging relationships | Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | |||||||||||||||||||
YTD16 | YTD15 | YTD16 | YTD15 | YTD16 | YTD15 | |||||||||||||||||||
FX contracts | $ | (16 | ) | $ | (1 | ) | Net interest revenue | $ | (16 | ) | $ | (1 | ) | Net interest revenue | $ | — | $ | — | ||||||
FX contracts | — | — | Other revenue | — | — | Other revenue | — | — | ||||||||||||||||
FX contracts | (89 | ) | 9 | Trading revenue | (89 | ) | 9 | Trading revenue | — | — | ||||||||||||||
FX contracts | (10 | ) | (8 | ) | Salary expense | (5 | ) | (19 | ) | Salary expense | — | — | ||||||||||||
Total | $ | (115 | ) | $ | — | $ | (110 | ) | $ | (11 | ) | $ | — | $ | — |
Derivatives in net investment hedging relationships | Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | |||||||||||||||||||
YTD16 | YTD15 | YTD16 | YTD15 | YTD16 | YTD15 | |||||||||||||||||||
FX contracts | $ | 320 | $ | 326 | Net interest revenue | $ | — | $ | 1 | Other revenue | $ | — | $ | — |
Foreign exchange and other trading revenue | |||||||||||||||
Year-to-date | |||||||||||||||
(in millions) | 3Q16 | 2Q16 | 3Q15 | 2016 | 2015 | ||||||||||
Foreign exchange | $ | 175 | $ | 166 | $ | 180 | $ | 512 | $ | 578 | |||||
Other trading revenue (loss) | 8 | 16 | (1 | ) | 28 | 17 | |||||||||
Total foreign exchange and other trading revenue | $ | 183 | $ | 182 | $ | 179 | $ | 540 | $ | 595 |
Notes to Consolidated Financial Statements (continued) |
If The Bank of New York Mellon’s rating was changed to (Moody’s/S&P) | Potential close-out exposures (fair value) (a) | |||
A3/A- | $ | 48 | million | |
Baa2/BBB | $ | 782 | million | |
Ba1/BB+ | $ | 2,813 | million |
(a) | The amounts represent potential total close-out values if The Bank of New York Mellon’s rating were to immediately drop to the indicated levels. |
Notes to Consolidated Financial Statements (continued) |
Offsetting of derivative assets and financial assets at Sept. 30, 2016 | |||||||||||||||||||
Gross assets recognized | Gross amounts offset in the balance sheet | Net assets recognized on the balance sheet | Gross amounts not offset in the balance sheet | ||||||||||||||||
(in millions) | (a) | Financial instruments | Cash collateral received | Net amount | |||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||
Interest rate contracts | $ | 11,962 | $ | 10,408 | $ | 1,554 | $ | 493 | $ | — | $ | 1,061 | |||||||
Foreign exchange contracts | 2,753 | 2,212 | 541 | 102 | — | 439 | |||||||||||||
Equity and other contracts | 60 | 45 | 15 | — | — | 15 | |||||||||||||
Total derivatives subject to netting arrangements | 14,775 | 12,665 | 2,110 | 595 | — | 1,515 | |||||||||||||
Total derivatives not subject to netting arrangements | 2,076 | — | 2,076 | — | — | 2,076 | |||||||||||||
Total derivatives | 16,851 | 12,665 | 4,186 | 595 | — | 3,591 | |||||||||||||
Reverse repurchase agreements | 27,955 | 1,640 | (b) | 26,315 | 26,240 | — | 75 | ||||||||||||
Securities borrowing | 8,536 | — | 8,536 | 8,307 | — | 229 | |||||||||||||
Total | $ | 53,342 | $ | 14,305 | $ | 39,037 | $ | 35,142 | $ | — | $ | 3,895 |
(a) | Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions. |
(b) | Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Offsetting of derivative assets and financial assets at Dec. 31, 2015 | |||||||||||||||||||
Gross assets recognized | Gross amounts offset in the balance sheet | Net assets recognized on the balance sheet | Gross amounts not offset in the balance sheet | ||||||||||||||||
(in millions) | (a) | Financial instruments | Cash collateral received | Net amount | |||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||
Interest rate contracts | $ | 9,554 | $ | 8,071 | $ | 1,483 | $ | 432 | $ | — | $ | 1,051 | |||||||
Foreign exchange contracts | 3,981 | 2,981 | 1,000 | 63 | — | 937 | |||||||||||||
Equity and other contracts | 123 | 63 | 60 | — | — | 60 | |||||||||||||
Total derivatives subject to netting arrangements | 13,658 | 11,115 | 2,543 | 495 | — | 2,048 | |||||||||||||
Total derivatives not subject to netting arrangements | 2,142 | — | 2,142 | — | — | 2,142 | |||||||||||||
Total derivatives | 15,800 | 11,115 | 4,685 | 495 | — | 4,190 | |||||||||||||
Reverse repurchase agreements | 17,088 | 357 | (b) | 16,731 | 16,726 | — | 5 | ||||||||||||
Securities borrowing | 7,630 | — | 7,630 | 7,373 | — | 257 | |||||||||||||
Total | $ | 40,518 | $ | 11,472 | $ | 29,046 | $ | 24,594 | $ | — | $ | 4,452 |
(a) | Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions. |
(b) | Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Notes to Consolidated Financial Statements (continued) |
Offsetting of derivative liabilities and financial liabilities at Sept. 30, 2016 | |||||||||||||||||||
Gross liabilities recognized | Gross amounts offset in the balance sheet | Net liabilities recognized on the balance sheet | Gross amounts not offset in the balance sheet | ||||||||||||||||
(in millions) | (a) | Financial instruments | Cash collateral pledged | Net amount | |||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||
Interest rate contracts | $ | 13,217 | $ | 10,541 | $ | 2,676 | $ | 2,524 | $ | — | $ | 152 | |||||||
Foreign exchange contracts | 2,706 | 1,936 | 770 | 242 | — | 528 | |||||||||||||
Equity and other contracts | 111 | 47 | 64 | 63 | — | 1 | |||||||||||||
Total derivatives subject to netting arrangements | 16,034 | 12,524 | 3,510 | 2,829 | — | 681 | |||||||||||||
Total derivatives not subject to netting arrangements | 775 | — | 775 | — | — | 775 | |||||||||||||
Total derivatives | 16,809 | 12,524 | 4,285 | 2,829 | — | 1,456 | |||||||||||||
Repurchase agreements | 7,868 | 1,640 | (b) | 6,228 | 6,226 | — | 2 | ||||||||||||
Securities lending | 1,507 | — | 1,507 | 1,443 | — | 64 | |||||||||||||
Total | $ | 26,184 | $ | 14,164 | $ | 12,020 | $ | 10,498 | $ | — | $ | 1,522 |
(a) | Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions. |
(b) | Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2015 | |||||||||||||||||||
Gross liabilities recognized | Gross amounts offset in the balance sheet | Net liabilities recognized on the balance sheet | Gross amounts not offset in the balance sheet | ||||||||||||||||
(in millions) | (a) | Financial instruments | Cash collateral pledged | Net amount | |||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||
Interest rate contracts | $ | 10,188 | $ | 8,235 | $ | 1,953 | $ | 1,795 | $ | — | $ | 158 | |||||||
Foreign exchange contracts | 3,409 | 2,567 | 842 | 274 | — | 568 | |||||||||||||
Equity and other contracts | 145 | 67 | 78 | 71 | — | 7 | |||||||||||||
Total derivatives subject to netting arrangements | 13,742 | 10,869 | 2,873 | 2,140 | — | 733 | |||||||||||||
Total derivatives not subject to netting arrangements | 1,446 | — | 1,446 | — | — | 1,446 | |||||||||||||
Total derivatives | 15,188 | 10,869 | 4,319 | 2,140 | — | 2,179 | |||||||||||||
Repurchase agreements | 7,737 | 357 | (b) | 7,380 | 7,380 | — | — | ||||||||||||
Securities lending | 1,801 | — | 1,801 | 1,727 | — | 74 | |||||||||||||
Total | $ | 24,726 | $ | 11,226 | $ | 13,500 | $ | 11,247 | $ | — | $ | 2,253 |
(a) | Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions. |
(b) | Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Notes to Consolidated Financial Statements (continued) |
Repurchase agreements and securities lending transactions accounted for as secured borrowings at Sept. 30, 2016 | ||||||||||||
Remaining contractual maturity of the agreements | ||||||||||||
(in millions) | Overnight and continuous | Up to 30 days | 30 days or more | Total | ||||||||
Repurchase agreements: | ||||||||||||
U.S. Treasury | $ | 2,366 | $ | 13 | $ | — | $ | 2,379 | ||||
U.S. Government agencies | 313 | — | — | 313 | ||||||||
Agency RMBS | 2,867 | 87 | — | 2,954 | ||||||||
Corporate bonds | 242 | — | 862 | 1,104 | ||||||||
Other debt securities | 174 | — | 407 | 581 | ||||||||
Equity securities | 506 | — | 31 | 537 | ||||||||
Total | $ | 6,468 | $ | 100 | $ | 1,300 | $ | 7,868 | ||||
Securities lending: | ||||||||||||
U.S. Government agencies | $ | 43 | $ | — | $ | — | $ | 43 | ||||
Other debt securities | 363 | — | — | 363 | ||||||||
Equity securities | 1,101 | — | — | 1,101 | ||||||||
Total | $ | 1,507 | $ | — | $ | — | $ | 1,507 | ||||
Total borrowings | $ | 7,975 | $ | 100 | $ | 1,300 | $ | 9,375 |
Repurchase agreements and securities lending transactions accounted for as secured borrowings at Dec. 31, 2015 | ||||||||||||
Remaining contractual maturity of the agreements | ||||||||||||
(in millions) | Overnight and continuous | Up to 30 days | 30 days or more | Total | ||||||||
Repurchase agreements: | ||||||||||||
U.S. Treasury | $ | 2,226 | $ | — | $ | — | $ | 2,226 | ||||
U.S. Government agencies | 319 | 42 | 5 | 366 | ||||||||
Agency RMBS | 3,158 | — | — | 3,158 | ||||||||
Corporate bonds | 372 | — | 665 | 1,037 | ||||||||
Other debt securities | 106 | — | 149 | 255 | ||||||||
Equity securities | 664 | — | 31 | 695 | ||||||||
Total | $ | 6,845 | $ | 42 | $ | 850 | $ | 7,737 | ||||
Securities lending: | ||||||||||||
U.S. Government agencies | $ | 35 | $ | — | $ | — | $ | 35 | ||||
Other debt securities | 254 | — | — | 254 | ||||||||
Equity securities | 1,512 | — | — | 1,512 | ||||||||
Total | $ | 1,801 | $ | — | $ | — | $ | 1,801 | ||||
Total borrowings | $ | 8,646 | $ | 42 | $ | 850 | $ | 9,538 |
Notes to Consolidated Financial Statements (continued) |
Financial institutions portfolio exposure (in billions) | Sept. 30, 2016 | ||||||||
Loans | Unfunded commitments | Total exposure | |||||||
Securities industry | $ | 3.8 | $ | 20.9 | $ | 24.7 | |||
Banks | 7.8 | 2.0 | 9.8 | ||||||
Asset managers | 1.5 | 6.2 | 7.7 | ||||||
Insurance | 0.1 | 4.3 | 4.4 | ||||||
Government | 0.1 | 1.1 | 1.2 | ||||||
Other | 1.4 | 1.6 | 3.0 | ||||||
Total | $ | 14.7 | $ | 36.1 | $ | 50.8 |
Commercial portfolio exposure (in billions) | Sept. 30, 2016 | ||||||||
Loans | Unfunded commitments | Total exposure | |||||||
Manufacturing | $ | 1.1 | $ | 6.0 | $ | 7.1 | |||
Services and other | 0.7 | 4.7 | 5.4 | ||||||
Energy and utilities | 0.6 | 4.7 | 5.3 | ||||||
Media and telecom | 0.3 | 1.3 | 1.6 | ||||||
Total | $ | 2.7 | $ | 16.7 | $ | 19.4 |
Off-balance sheet credit risks | Sept. 30, 2016 | Dec. 31, 2015 | ||||
(in millions) | ||||||
Lending commitments | $ | 52,807 | $ | 54,505 | ||
Standby letters of credit (a) | 4,388 | 4,915 | ||||
Commercial letters of credit | 266 | 303 | ||||
Securities lending indemnifications (b) | 309,420 | 294,108 |
(a) | Net of participations totaling $776 million at Sept. 30, 2016 and $809 million at Dec. 31, 2015. |
(b) | Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $62 billion at Sept. 30, 2016 and $54 billion at Dec. 31, 2015. |
Notes to Consolidated Financial Statements (continued) |
Standby letters of credit | Sept. 30, 2016 | Dec. 31, 2015 | ||
Investment grade | 87 | % | 86 | % |
Non-investment grade | 13 | % | 14 | % |
Notes to Consolidated Financial Statements (continued) |
Notes to Consolidated Financial Statements (continued) |
Notes to Consolidated Financial Statements (continued) |
Notes to Consolidated Financial Statements (continued) |
Business | Primary types of revenue |
Investment Management | • Investment management and performance fees from: Mutual funds Institutional clients Private clients High net worth individuals and families, endowments and foundations and related entities • Distribution and servicing fees |
Investment Services | • Asset servicing fees, including institutional trust and custody fees, broker-dealer services, global collateral services and securities lending • Issuer services fees, including Corporate Trust and Depositary Receipts • Clearing services fees, including broker-dealer services, registered investment advisor services and prime brokerage services • Treasury services fees, including global payment services and working capital solutions • Foreign exchange • Credit-related activities |
Other segment | • Leasing operations • Corporate treasury activities • Derivatives business • Global markets • Business exits |
• | Revenue amounts reflect fee and other revenue generated by each business. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other revenue in each business. |
• | Revenues and expenses associated with specific client bases are included in those businesses. For example, foreign exchange activity associated with clients using custody products is included in Investment Services. |
• | Net interest revenue is allocated to businesses based on the yields on the assets and liabilities generated by each business. We employ a funds transfer pricing system that matches funds with the specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics. |
• | The provision for credit losses associated with the respective credit portfolios is reflected in each business segment. |
• | Incentive expense related to restricted stock is allocated to the businesses. |
• | Support and other indirect expenses are allocated to businesses based on internally developed methodologies. |
• | Recurring FDIC expense is allocated to the businesses based on average deposits generated within each business. |
• | Litigation expense is generally recorded in the business in which the charge occurs. |
• | Management of the investment securities portfolio is a shared service contained in the Other segment. As a result, gains and losses associated with the valuation of the securities portfolio are included in the Other segment. |
• | Client deposits serve as the primary funding source for our investment securities portfolio. We typically allocate all interest revenue to the businesses generating the deposits. Accordingly, accretion related to the portion of the investment securities portfolio restructured in 2009 has been included in the results of the businesses. |
• | M&I expense is a corporate level item and is recorded in the Other segment. |
Notes to Consolidated Financial Statements (continued) |
• | Restructuring charges relate to corporate-level initiatives and were therefore recorded in the Other segment. |
• | Balance sheet assets and liabilities and their related income or expense are specifically |
• | Goodwill and intangible assets are reflected within individual businesses. |
For the quarter ended Sept. 30, 2016 | Investment Management | Investment Services | Other | Consolidated | ||||||||||||
(dollar amounts in millions) | ||||||||||||||||
Fee and other revenue | $ | 876 | (a) | $ | 2,183 | $ | 100 | $ | 3,159 | (a) | ||||||
Net interest revenue | 82 | 715 | (23 | ) | 774 | |||||||||||
Total revenue | 958 | (a) | 2,898 | 77 | 3,933 | (a) | ||||||||||
Provision for credit losses | — | 1 | (20 | ) | (19 | ) | ||||||||||
Noninterest expense | 702 | 1,851 | 88 | 2,641 | (b) | |||||||||||
Income before taxes | $ | 256 | (a) | $ | 1,046 | $ | 9 | $ | 1,311 | (a)(b) | ||||||
Pre-tax operating margin (c) | 27 | % | 36 | % | N/M | 33 | % | |||||||||
Average assets | $ | 30,392 | $ | 275,714 | $ | 45,124 | $ | 351,230 |
(a) | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $8 million, representing $17 million of income and noncontrolling interests of $9 million. Income before taxes is net of noncontrolling interests of $9 million. |
(b) | Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. |
(c) | Income before taxes divided by total revenue. |
For the quarter ended June 30, 2016 | Investment Management | Investment Services | Other | Consolidated | ||||||||||||
(dollar amounts in millions) | ||||||||||||||||
Fee and other revenue | $ | 856 | (a) | $ | 2,054 | $ | 95 | $ | 3,005 | (a) | ||||||
Net interest revenue | 82 | 690 | (5 | ) | 767 | |||||||||||
Total revenue | 938 | (a) | 2,744 | 90 | 3,772 | (a) | ||||||||||
Provision for credit losses | 1 | (7 | ) | (3 | ) | (9 | ) | |||||||||
Noninterest expense | 703 | 1,859 | 56 | 2,618 | (b) | |||||||||||
Income before taxes | $ | 234 | (a) | $ | 892 | $ | 37 | $ | 1,163 | (a)(b) | ||||||
Pre-tax operating margin (c) | 25 | % | 33 | % | N/M | 31 | % | |||||||||
Average assets | $ | 30,229 | $ | 277,225 | $ | 66,766 | $ | 374,220 |
(a) | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $6 million, representing $10 million of income and noncontrolling interests of $4 million. Income before taxes is net of noncontrolling interests of $4 million. |
(b) | Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. |
(c) | Income before taxes divided by total revenue. |
For the quarter ended Sept. 30, 2015 | Investment Management | Investment Services | Other | Consolidated | ||||||||||||
(dollar amounts in millions) | ||||||||||||||||
Fee and other revenue | $ | 843 | (a) | $ | 2,134 | $ | 59 | $ | 3,036 | (a) | ||||||
Net interest revenue | 83 | 662 | 14 | 759 | ||||||||||||
Total revenue | 926 | (a) | 2,796 | 73 | 3,795 | (a) | ||||||||||
Provision for credit losses | 1 | 7 | (7 | ) | 1 | |||||||||||
Noninterest expense | 689 | 1,894 | 96 | 2,679 | (b) | |||||||||||
Income (loss) before taxes | $ | 236 | (a) | $ | 895 | $ | (16 | ) | $ | 1,115 | (a)(b) | |||||
Pre-tax operating margin (c) | 25 | % | 32 | % | N/M | 29 | % | |||||||||
Average assets | $ | 30,960 | $ | 285,195 | $ | 57,298 | $ | 373,453 |
(a) | Both fee and other revenue and total revenue include net loss from consolidated investment management funds of $17 million, representing $22 million of losses and a loss attributable to noncontrolling interests of $5 million. Income (loss) before taxes is net of a loss attributable to noncontrolling interests of $5 million. |
(b) | Noninterest expense includes a loss attributable to noncontrolling interest of $1 million related to other consolidated subsidiaries. |
(c) | Income before taxes divided by total revenue. |
Notes to Consolidated Financial Statements (continued) |
For the nine months ended Sept. 30, 2016 | Investment Management | Investment Services | Other | Consolidated | ||||||||||||
(dollar amounts in millions) | ||||||||||||||||
Fee and other revenue | $ | 2,544 | (a) | $ | 6,267 | $ | 324 | $ | 9,135 | (a) | ||||||
Net interest revenue | 247 | 2,084 | (24 | ) | 2,307 | |||||||||||
Total revenue | 2,791 | (a) | 8,351 | 300 | 11,442 | (a) | ||||||||||
Provision for credit losses | — | 8 | (26 | ) | (18 | ) | ||||||||||
Noninterest expense | 2,084 | 5,518 | 284 | 7,886 | (b) | |||||||||||
Income before taxes | $ | 707 | (a) | $ | 2,825 | $ | 42 | $ | 3,574 | (a)(b) | ||||||
Pre-tax operating margin (c) | 25 | % | 34 | % | N/M | 31 | % | |||||||||
Average assets | $ | 30,048 | $ | 275,410 | $ | 57,832 | $ | 363,290 |
(a) | Both total fee and other revenue and total revenue include net income from consolidated investment management funds of $15 million, representing $21 million of income and noncontrolling interests of $6 million. Income before taxes is net of noncontrolling interests of $6 million. |
(b) | Noninterest expense includes a loss attributable to noncontrolling interest of $6 million related to other consolidated subsidiaries. |
(c) | Income before taxes divided by total revenue. |
For the nine months ended Sept. 30, 2015 | Investment Management | Investment Services | Other | Consolidated | ||||||||||||
(dollar amounts in millions) | ||||||||||||||||
Fee and other revenue | $ | 2,672 | (a) | $ | 6,220 | $ | 247 | $ | 9,139 | (a) | ||||||
Net interest revenue | 235 | 1,958 | 73 | 2,266 | ||||||||||||
Total revenue | 2,907 | (a) | 8,178 | 320 | 11,405 | (a) | ||||||||||
Provision for credit losses | 3 | 20 | (26 | ) | (3 | ) | ||||||||||
Noninterest expense | 2,146 | 5,671 | 288 | 8,105 | (b) | |||||||||||
Income before taxes | $ | 758 | (a) | $ | 2,487 | $ | 58 | $ | 3,303 | (a)(b) | ||||||
Pre-tax operating margin (c) | 26 | % | 30 | % | N/M | 29 | % | |||||||||
Average assets | $ | 30,910 | $ | 288,252 | $ | 54,238 | $ | 373,400 |
(a) | Both total fee and other revenue and total revenue include net income from consolidated investment management funds of $7 million, representing $70 million of income and noncontrolling interests of $63 million. Income before taxes is net of noncontrolling interests of $63 million. |
(b) | Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. |
(c) | Income before taxes divided by total revenue. |
Noncash investing and financing transactions | Nine months ended Sept. 30, | |||||
(in millions) | 2016 | 2015 | ||||
Transfers from loans to other assets for other real estate owned (“OREO”) | $ | 4 | $ | 6 | ||
Change in assets of consolidated VIEs | 392 | 6,985 | ||||
Change in liabilities of consolidated VIEs | 14 | 6,506 | ||||
Change in nonredeemable noncontrolling interests of consolidated investment management funds | 238 | 251 | ||||
Securities purchased not settled | 229 | 222 | ||||
Securities sales not settled | 218 | 676 | ||||
Available-for-sale securities transferred to held-to-maturity | — | 11,602 | ||||
Held-to-maturity securities transferred to available-for-sale | 10 | — | ||||
Premises and equipment/capitalized software funded by capital lease obligations | 12 | 48 |
Item 4. Controls and Procedures |
Forward-looking Statements |
Forward-looking Statements (continued) |
Part II - Other Information |
Part II - Other Information (continued) |
Part II - Other Information (continued) |
(c) | The following table discloses repurchases of our common stock made in the third quarter of 2016. All of the Company’s preferred stock outstanding has preference over the Company’s common stock with respect to the payment of dividends. |
Share repurchases - third quarter of 2016 | ||||||||||||||
(dollars in millions, except per share information; common shares in thousands) | Total shares repurchased | Average price per share | Total shares repurchased as part of a publicly announced plan or program | Maximum approximate dollar value of shares that may yet be purchased under the publicly announced plans or programs at Sept. 30, 2016 | ||||||||||
July 2016 | 6,850 | $ | 39.92 | 6,850 | $ | 2,432 | ||||||||
August 2016 | 14 | $ | 39.55 | 14 | 2,432 | |||||||||
September 2016 | 4,700 | $ | 40.55 | 4,700 | 2,241 | |||||||||
Third quarter of 2016 (a) | 11,564 | $ | 40.18 | 11,564 | $ | 2,241 | (b) |
(a) | Includes 36 thousand shares repurchased at a purchase price of $1 million from employees, primarily in connection with the employees’ payment of taxes upon the vesting of restricted stock. The average price per share of open market purchases was $40.18. |
(b) | Represents the maximum value of the shares authorized to be repurchased through the second quarter of 2017, including employee benefit plan repurchases, in connection with the Federal Reserve’s non-objection to our 2016 capital plan. |
THE BANK OF NEW YORK MELLON CORPORATION | |
(Registrant) |
Date: November 8, 2016 | By: | /s/ Kurtis R. Kurimsky | |
Kurtis R. Kurimsky | |||
Corporate Controller | |||
(Duly Authorized Officer and | |||
Principal Accounting Officer of | |||
the Registrant) |
Index to Exhibits |
Exhibit No. | Description | Method of Filing | ||
2.1 | Amended and Restated Agreement and Plan of Merger, dated as of Dec. 3, 2006, as amended and restated as of Feb. 23, 2007, and as further amended and restated as of March 30, 2007, between The Bank of New York Company, Inc., Mellon Financial Corporation and The Bank of New York Mellon Corporation (the “Company”). | Previously filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 000-52710) as filed with the Commission on July 2, 2007, and incorporated herein by reference. | ||
3.1 | Restated Certificate of Incorporation of The Bank of New York Mellon Corporation. | Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-52710) as filed with the Commission on July 2, 2007, and incorporated herein by reference. | ||
3.2 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to Series A Noncumulative Preferred Stock, dated June 15, 2007. | Previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 000-52710) as filed with the Commission on July 5, 2007, and incorporated herein by reference. | ||
3.3 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to Series C Noncumulative Perpetual Preferred Stock, dated Sept. 13, 2012. | Previously filed as Exhibit 3.2 to the Company’s Registration Statement on Form 8A12B (File No. 001-35651) as filed with the Commission on Sept. 14, 2012, and incorporated herein by reference. | ||
3.4 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series D Noncumulative Perpetual Preferred Stock, dated May 16, 2013. | Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-35651) as filed with the Commission on May 16, 2013, and incorporated herein by reference. | ||
3.5 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series E Noncumulative Perpetual Preferred Stock, dated April 27, 2015. | Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-35651) as filed with the Commission on April 28, 2015, and incorporated herein by reference. | ||
3.6 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series F Noncumulative Perpetual Preferred Stock, dated July 29, 2016. | Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-35651) as filed with the Commission on Aug. 1, 2016, and incorporated herein by reference. | ||
3.7 | Amended and Restated By-Laws of The Bank of New York Mellon Corporation, as amended and restated on Oct. 13, 2015. | Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-35651) as filed with the Commission on Oct. 19, 2015, and incorporated herein by reference. |
Index to Exhibits (continued) |
Exhibit No. | Description | Method of Filing | ||
4.1 | None of the instruments defining the rights of holders of long-term debt of the Parent or any of its subsidiaries represented long-term debt in excess of 10% of the total assets of the Company as of Sept. 30, 2016. The Company hereby agrees to furnish to the Commission, upon request, a copy of any such instrument. | N/A | ||
10.1 | * | The Bank of New York Mellon Corporation Executive Severance Plan, as amended. | Filed herewith. | |
12.1 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends. | Filed herewith. | ||
31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. | ||
31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. | ||
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. | ||
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. | ||
101.INS | XBRL Instance Document. | Filed herewith. | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | Filed herewith. | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith. | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith. | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith. |
* | Management contract or compensatory plan, contract or arrangement. |
Corporation | Executive | ||
By: | |||
Date: | Date: |
Quarter ended | Year-to-date | ||||||||||||||
(dollar amounts in millions) | Sept. 30, 2016 | June 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Sept. 30, 2015 | ||||||||||
Earnings | |||||||||||||||
Income before income taxes | $ | 1,317 | $ | 1,165 | $ | 1,109 | $ | 3,573 | $ | 3,364 | |||||
Net (income) loss attributable to noncontrolling interests | (6 | ) | (2 | ) | 6 | 1 | (61 | ) | |||||||
Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation | 1,311 | 1,163 | 1,115 | 3,574 | 3,303 | ||||||||||
Fixed charges, excluding interest on deposits | 130 | 136 | 97 | 394 | 276 | ||||||||||
Income before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation | 1,441 | 1,299 | 1,212 | 3,968 | 3,579 | ||||||||||
Interest on deposits | (6 | ) | 12 | 9 | 21 | 32 | |||||||||
Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,435 | $ | 1,311 | $ | 1,221 | $ | 3,989 | $ | 3,611 | |||||
Fixed charges | |||||||||||||||
Interest expense, excluding interest on deposits | $ | 106 | $ | 111 | $ | 70 | $ | 319 | $ | 194 | |||||
One-third net rental expense (a) | 24 | 25 | 27 | 75 | 82 | ||||||||||
Total fixed charges, excluding interest on deposits | 130 | 136 | 97 | 394 | 276 | ||||||||||
Interest on deposits | (6 | ) | 12 | 9 | 21 | 32 | |||||||||
Total fixed charges, including interests on deposits | $ | 124 | $ | 148 | $ | 106 | $ | 415 | $ | 308 | |||||
Preferred stock dividends | $ | 13 | $ | 48 | $ | 13 | $ | 74 | $ | 49 | |||||
Total fixed charges and preferred stock dividends, excluding interest on deposits | $ | 143 | $ | 184 | $ | 110 | $ | 468 | $ | 325 | |||||
Total fixed charges and preferred stock dividends, including interest on deposits | $ | 137 | $ | 196 | $ | 119 | $ | 489 | $ | 357 | |||||
Earnings to fixed charges ratios | |||||||||||||||
Excluding interest on deposits | 11.08 | 9.55 | 12.49 | 10.07 | 12.97 | ||||||||||
Including interest on deposits | 11.57 | 8.86 | 11.52 | 9.61 | 11.72 | ||||||||||
Earnings to fixed charges and preferred stock dividends ratios | |||||||||||||||
Excluding interest on deposits | 10.08 | 7.06 | 11.02 | 8.48 | 11.01 | ||||||||||
Including interest on deposits | 10.47 | 6.69 | 10.26 | 8.16 | 10.11 |
(a) | The proportion deemed representative of the interest factor. |
1. | I have reviewed this quarterly report on Form 10-Q of The Bank of New York Mellon Corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Gerald L. Hassell | |
Name: Gerald L. Hassell | |
Title: Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of The Bank of New York Mellon Corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas P. Gibbons | |
Name: Thomas P. Gibbons | |
Title: Chief Financial Officer |
Dated: November 8, 2016 | /s/ Gerald L. Hassell | |||
Name: | Gerald L. Hassell | |||
Title: | Chief Executive Officer |
Dated: November 8, 2016 | /s/ Thomas P. Gibbons | |||
Name: | Thomas P. Gibbons | |||
Title: | Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2016
shares
| |
Documentand Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | BK |
Entity Registrant Name | Bank of New York Mellon CORP |
Entity Central Index Key | 0001390777 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding (shares) | 1,057,336,621 |
Consolidated Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net (income) loss attributable to noncontrolling interests | $ (6) | $ (2) | $ 6 | $ 1 | $ (61) |
Investment Management | |||||
Net (income) loss attributable to noncontrolling interests | $ (9) | $ (4) | $ 5 | $ (6) | $ (63) |
Consolidated Comprehensive Income Statement (unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Statement of Comprehensive Income [Abstract] | |||||||
Net income | $ 993 | $ 875 | $ 827 | $ 2,676 | $ 2,526 | ||
Other comprehensive income (loss), net of tax: | |||||||
Foreign currency translation adjustments | (186) | (284) | (163) | (433) | (435) | ||
Unrealized (loss) gain on assets available-for-sale: | |||||||
Unrealized (loss) gain arising during the period | (53) | 117 | 7 | 227 | (217) | ||
Reclassification adjustment | (15) | (13) | (14) | (43) | (39) | ||
Total unrealized (loss) gain on assets available-for-sale | (68) | 104 | (7) | 184 | (256) | ||
Defined benefit plans: | |||||||
Net gain (loss) arising during the period | 0 | 0 | 2 | 2 | (107) | ||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 14 | 14 | 21 | 43 | 47 | ||
Total defined benefit plans | 14 | 14 | 23 | 45 | (60) | ||
Net unrealized gain (loss) on cash flow hedges | 2 | (9) | 0 | (4) | 8 | ||
Total other comprehensive (loss), net of tax | [1] | (238) | (175) | (147) | (208) | (743) | |
Total comprehensive income | 755 | 700 | 680 | 2,468 | 1,783 | ||
Net (income) loss attributable to noncontrolling interests | (6) | (2) | 6 | 1 | (61) | ||
Other comprehensive loss attributable to noncontrolling interests | 5 | 13 | 17 | 23 | 22 | ||
Comprehensive income applicable to The Bank of New York Mellon Corporation | $ 754 | $ 711 | $ 703 | $ 2,492 | $ 1,744 | ||
|
Consolidated Comprehensive Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | |||||
Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders | $ (233) | $ (162) | $ (130) | $ (185) | $ (721) |
Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Securities: | |||||||||
Held-to-maturity (fair value of $41,387 and $43,204) | $ 40,728 | ||||||||
Loans (includes $29 and $422, at fair value) | [1] | 65,997 | $ 63,703 | ||||||
Allowance for loan losses | (148) | ||||||||
Goodwill | 17,449 | 17,618 | |||||||
Intangible assets | 3,671 | 3,842 | |||||||
Other assets (includes $1,702 and $1,087, at fair value) | 25,355 | 19,626 | |||||||
Total assets | 374,114 | 393,780 | |||||||
Deposits: | |||||||||
Total liabilities | 333,741 | 354,805 | |||||||
Temporary equity | |||||||||
Redeemable noncontrolling interests | 178 | 200 | |||||||
Permanent equity | |||||||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 35,826 and 25,826 shares | [2] | 3,542 | 2,552 | ||||||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,325,167,583 and 1,312,941,113 shares | 13 | 13 | |||||||
Additional paid-in capital | 25,637 | 25,262 | |||||||
Retained earnings | 22,002 | 19,974 | |||||||
Accumulated other comprehensive loss, net of tax | (2,785) | (2,600) | |||||||
Less: Treasury stock of 267,830,962 and 227,598,128 common shares, at cost | (8,714) | (7,164) | |||||||
Total The Bank of New York Mellon Corporation shareholders’ equity | 39,695 | 38,037 | |||||||
Nonredeemable noncontrolling interests of consolidated investment management funds | 500 | 738 | |||||||
Total permanent equity | [3] | 40,195 | 38,775 | ||||||
Total liabilities, temporary equity and permanent equity | 374,114 | 393,780 | |||||||
Investment Management | |||||||||
Securities: | |||||||||
Goodwill | 9,071 | 9,207 | |||||||
Intangible assets | 1,750 | 1,807 | |||||||
Operating segments | |||||||||
Cash and due from: | |||||||||
Banks | 4,957 | 6,537 | |||||||
Interest-bearing deposits with the Federal Reserve and other central banks | 80,359 | 113,203 | |||||||
Interest-bearing deposits with banks | 14,416 | 15,146 | |||||||
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 | |||||||
Securities: | |||||||||
Held-to-maturity (fair value of $41,387 and $43,204) | 40,728 | 43,312 | |||||||
Available-for-sale | 78,270 | 75,867 | |||||||
Total securities | 118,998 | 119,179 | |||||||
Trading assets | 5,340 | 7,368 | |||||||
Loans (includes $29 and $422, at fair value) | 65,997 | 63,703 | |||||||
Allowance for loan losses | (148) | (157) | |||||||
Net loans | 65,849 | 63,546 | |||||||
Premises and equipment | 1,338 | 1,379 | |||||||
Accrued interest receivable | 522 | 562 | |||||||
Goodwill | 17,449 | 17,618 | |||||||
Intangible assets | 3,671 | 3,842 | |||||||
Other assets (includes $1,702 and $1,087, at fair value) | 25,355 | 19,626 | |||||||
Other assets | 1,702 | 1,087 | |||||||
Total assets | 373,105 | 392,379 | |||||||
Deposits: | |||||||||
Noninterest-bearing (principally U.S. offices) | 105,632 | 96,277 | |||||||
Interest-bearing deposits in U.S. offices | 56,713 | 51,704 | |||||||
Interest-bearing deposits in Non-U.S. offices | 99,033 | 131,629 | |||||||
Total deposits | 261,378 | 279,610 | |||||||
Federal funds purchased and securities sold under repurchase agreements | 8,052 | 15,002 | |||||||
Trading liabilities | 4,154 | 4,501 | |||||||
Payables to customers and broker-dealers | 21,162 | 21,900 | |||||||
Other borrowed funds | 993 | 523 | |||||||
Accrued taxes and other expenses | 5,687 | 5,986 | |||||||
Other liabilities (including allowance for lending-related commitments of $126 and $118, also includes $1,120 and $392, at fair value) | 7,709 | 5,490 | |||||||
Long-term debt (includes $376 and $359, at fair value) | 24,374 | 21,547 | |||||||
Other liabilities | 1,120 | 392 | |||||||
Total liabilities | 333,509 | 354,559 | |||||||
Operating segments | Investment Management | |||||||||
Securities: | |||||||||
Trading assets | 873 | 1,228 | |||||||
Other assets | 136 | 173 | |||||||
Subtotal assets of consolidated investment management funds, at fair value | 1,009 | 1,401 | |||||||
Deposits: | |||||||||
Trading liabilities | 219 | 229 | |||||||
Other liabilities | 13 | 17 | |||||||
Subtotal liabilities of consolidated investment management funds, at fair value | $ 232 | $ 246 | |||||||
|
Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Loans, fair value | $ 29 | $ 422 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (shares) | 35,826 | 25,826 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 |
Common stock, issued (shares) | 1,325,167,583 | 1,312,941,113 |
Treasury stock, common shares (shares) | 267,830,962 | 227,598,128 |
Operating segments | ||
Held-to-maturity, fair value | $ 41,387 | $ 43,204 |
Loans, fair value | 29 | 422 |
Other assets | 1,702 | 1,087 |
Other liabilities, allowance for lending related commitments | 126 | 118 |
Other liabilities, fair value, | 1,120 | 392 |
Long-term debt, fair value | $ 376 | $ 359 |
Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Operating activities | ||
Net income | $ 2,676 | $ 2,526 |
Net loss (income) attributable to noncontrolling interests | 1 | (61) |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 2,677 | 2,465 |
Provision for credit losses | (18) | (3) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Provision for credit losses | (2,325) | (2,269) |
Pension plan contributions | (17) | (41) |
Depreciation and amortization | 1,118 | 1,084 |
Deferred tax (benefit) | (282) | (179) |
Net securities (gains) and venture capital (income) | (68) | (63) |
Change in trading activities | 1,680 | 511 |
Originations of loans held-for-sale | (350) | 0 |
Proceeds from the sales of loans originated for sale | 802 | 0 |
Change in accruals and other, net | (3,985) | 211 |
Net cash provided by operating activities | 1,557 | 3,985 |
Investing activities | ||
Change in interest-bearing deposits with banks | 880 | (522) |
Change in interest-bearing deposits with the Federal Reserve and other central banks | 33,473 | 14,256 |
Purchases of securities held-to-maturity | (4,169) | (14,545) |
Paydowns of securities held-to-maturity | 3,577 | 2,648 |
Maturities of securities held-to-maturity | 2,933 | 961 |
Purchases of securities available-for-sale | (21,491) | (26,795) |
Sales of securities available-for-sale | 5,624 | 16,085 |
Paydowns of securities available-for-sale | 6,552 | 6,712 |
Maturities of securities available-for-sale | 7,610 | 12,201 |
Net change in loans | (2,884) | (4,237) |
Sales of loans and other real estate | 172 | 316 |
Change in federal funds sold and securities purchased under resale agreements | (10,456) | (8,599) |
Net change in seed capital investments | (57) | 367 |
Purchases of premises and equipment/capitalized software | (495) | (427) |
Proceeds from the sale of premises and equipment | 65 | 16 |
Acquisitions, net of cash | (38) | (9) |
Dispositions, net of cash | 1 | 17 |
Other, net | (239) | 1,307 |
Net cash provided by (used for) investing activities | 21,058 | (248) |
Financing activities | ||
Change in deposits | (18,378) | (505) |
Change in federal funds purchased and securities sold under repurchase agreements | (6,950) | (2,645) |
Change in payables to customers and broker-dealers | (743) | 1,055 |
Change in other borrowed funds | 427 | (217) |
Net proceeds from the issuance of long-term debt | 4,982 | 4,190 |
Repayments of long-term debt | (2,453) | (3,259) |
Proceeds from the exercise of stock options | 129 | 263 |
Issuance of common stock | 20 | 20 |
Issuance of preferred stock | 990 | 990 |
Treasury stock acquired | (1,550) | (1,924) |
Common cash dividends paid | (576) | (574) |
Preferred cash dividends paid | (74) | (49) |
Other, net | (2) | 140 |
Net cash (used for) financing activities | (24,178) | (2,515) |
Effect of exchange rate changes on cash | (17) | 42 |
Change in cash and due from banks | ||
Change in cash and due from banks | (1,580) | 1,264 |
Cash and due from banks at beginning of period | 6,537 | 6,970 |
Cash and due from banks at end of period | 4,957 | 8,234 |
Supplemental disclosures | ||
Interest paid | 371 | 285 |
Income taxes paid | 597 | 746 |
Income taxes refunded | $ 293 | $ 893 |
Consolidated Statement of Changes in Equity (unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Millions |
Total |
Preferred stock |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive (loss) income, net of tax |
Treasury stock |
Non- redeemable noncontrolling interests of consolidated investment management funds |
Redeemable non- controlling interests/ temporary equity |
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 38,775 | [1] | $ 2,552 | $ 13 | $ 25,262 | $ 19,974 | $ (2,600) | $ (7,164) | $ 738 | $ 200 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Shares issued to shareholders of noncontrolling interests | 42 | |||||||||||
Redemption of subsidiary shares from noncontrolling interests | (45) | |||||||||||
Other net changes in noncontrolling interests | (252) | (8) | (244) | 11 | ||||||||
Net income (loss) | 2,683 | 2,677 | 6 | (7) | ||||||||
Other comprehensive income (loss) | (185) | (185) | (23) | |||||||||
Dividends: | ||||||||||||
Common stock at $0.53 per share | (575) | (575) | ||||||||||
Preferred stock | (74) | (74) | ||||||||||
Repurchase of common stock | (1,550) | (1,550) | ||||||||||
Common stock issued under: | ||||||||||||
Employee benefit plans | 22 | 22 | ||||||||||
Direct stock purchase and dividend reinvestment plan | 15 | 15 | ||||||||||
Preferred stock issued | 990 | 990 | ||||||||||
Stock awards and options exercised | 346 | 346 | ||||||||||
Ending Balance at Sep. 30, 2016 | $ 40,195 | [1] | $ 3,542 | $ 13 | $ 25,637 | $ 22,002 | $ (2,785) | $ (8,714) | $ 500 | $ 178 | ||
|
Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
The Bank of New York Mellon Corporation shareholders’ equity | $ 39,695 | $ 38,037 |
Dividends on common stock, cash paid (dollars per share) | $ 0.53 | |
Common stock | ||
The Bank of New York Mellon Corporation shareholders’ equity | $ 36,153 | $ 35,485 |
Basis of presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. The accompanying consolidated financial statements are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to estimates are items such as the allowance for loan losses and lending-related commitments, the fair value of financial instruments and derivatives, other-than-temporary impairment, goodwill and other intangibles and pension accounting. Among other effects, such changes in estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending-related commitments as well as changes in pension and post-retirement expense. |
Acquisitions and dispositions |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Business Acquisitions and Dispositions [Abstract] | |
Acquisitions and dispositions | Acquisitions and dispositions We sometimes structure our acquisitions with both an initial payment and later contingent payments tied to post-closing revenue or income growth. There were no contingent payments in the third quarter of 2016 and $4 million in the first nine months of 2016. At Sept. 30, 2016, we are potentially obligated to pay additional consideration which, using reasonable assumptions, could range from $0 million to $20 million over the next three years, but could be higher as certain of the arrangements do not contain a contractual maximum. The acquisitions and disposition described below did not have a material impact on BNY Mellon’s results of operations. Acquisition in 2016 On April 1, 2016, BNY Mellon acquired the assets of Atherton Lane Advisers, LLC, a U.S.-based investment manager with approximately $2.45 billion in assets under management and servicer for approximately 700 high net worth clients, for cash of $38 million, plus contingent payments measured at $22 million. Goodwill related to this acquisition totaled $29 million and is included in the Investment Management business. The customer relationship intangible assets related to this acquisition is included in the Investment Management business, with an estimated life of 14 years, and totaled $30 million at acquisition. Acquisition in 2015 On Jan. 2, 2015, BNY Mellon acquired Cutwater Asset Management, a U.S.-based, fixed income and solutions specialist with approximately $23 billion in assets under management. Disposition in 2015 On July 31, 2015, BNY Mellon sold Meriten Investment Management GmbH (“Meriten”), a German-based investment management boutique, for $40 million. As a result of this sale, we recorded an after-tax loss of $12 million. Goodwill of $22 million and customer relationship intangible assets of $9 million were removed from the balance sheet as a result of this sale. |
Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Sept. 30, 2016 and Dec. 31, 2015.
The following table presents the gross securities gains, losses and impairments.
Temporarily impaired securities At Sept. 30, 2016, the unrealized losses on the investment securities portfolio were primarily attributable to an increase in interest rates from date of purchase, and for certain securities that were transferred from available-for-sale to held-to-maturity, an increase in interest rates through the date they were transferred. Specifically, $204 million of the unrealized losses at Sept. 30, 2016 and $248 million at Dec. 31, 2015 reflected in the available-for-sale sections of the tables below relate to certain securities (primarily Agency RMBS) that were transferred from available-for-sale to held-to-maturity. The unrealized losses will be amortized into net interest revenue over the estimated lives of the securities. The transfer created a new cost basis for the securities. As a result, if these securities have experienced unrealized losses since the date of transfer, the corresponding fair value and unrealized losses would be reflected in the held-to-maturity sections of the following tables. We do not intend to sell these securities and it is not more likely than not that we will have to sell these securities. The following tables show the aggregate related fair value of investments with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more at Sept. 30, 2016 and Dec. 31, 2015.
The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio at Sept. 30, 2016.
Other-than-temporary impairment We routinely conduct periodic reviews of all securities to determine whether OTTI has occurred. Such reviews may incorporate the use of economic models. Various inputs to the economic models are used to determine if an unrealized loss on securities is other-than-temporary. For example, the most significant inputs related to non-agency RMBS are:
To determine if an unrealized loss is other-than-temporary, we project total estimated defaults of the underlying assets (mortgages) and multiply that calculated amount by an estimate of realizable value upon sale of these assets in the marketplace (severity) in order to determine the projected collateral loss. In determining estimated default rate and severity assumptions, we review the performance of the underlying securities, industry studies, market forecasts, as well as our view of the economic outlook affecting collateral. We also evaluate the current credit enhancement underlying the bond to determine the impact on cash flows. If we determine that a given security will be subject to a write-down or loss, we record the expected credit loss as a charge to earnings. The table below shows the projected weighted-average default rates and loss severities for the 2007, 2006 and late 2005 non-agency RMBS and the securities previously held in the Grantor Trust that we established in connection with the restructuring of our investment securities portfolio in 2009, at Sept. 30, 2016 and Dec. 31, 2015.
The following table provides pre-tax net securities gains (losses) by type.
The following tables reflect investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. The additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred. The deductions represent credit losses on securities that have been sold, are required to be sold, or for which it is our intention to sell.
Pledged assets At Sept. 30, 2016, BNY Mellon had pledged assets of $104 billion, including $86 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window. The components of the assets pledged at Sept. 30, 2016 included $90 billion of securities, $8 billion of loans, $4 billion of interest-bearing deposits with banks and $2 billion of trading assets. If there has been no borrowing at the Federal Reserve Discount Window, the Federal Reserve generally allows banks to freely move assets in and out of their pledged assets account to sell or repledge the assets for other purposes. BNY Mellon regularly moves assets in and out of its pledged assets account at the Federal Reserve. At Dec. 31, 2015, BNY Mellon had pledged assets of $101 billion, including $84 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window. The components of the assets pledged at Dec. 31, 2015 included $88 billion of securities, $8 billion of loans, $3 billion of trading assets and $2 billion of interest-bearing deposits with banks. At Sept. 30, 2016 and Dec. 31, 2015, pledged assets included $6 billion and $7 billion, respectively, for which the recipients were permitted to sell or repledge the assets delivered. We also obtain securities as collateral including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements on terms which permit us to sell or repledge the securities to others. At Sept. 30, 2016 and Dec. 31, 2015, the market value of the securities received that can be sold or repledged was $60 billion and $52 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of Sept. 30, 2016 and Dec. 31, 2015, the market value of securities collateral sold or repledged was $20 billion and $17 billion, respectively. Restricted cash and securities Cash and securities may also be segregated under federal and other regulations or requirements. At Sept. 30, 2016 and Dec. 31, 2015, cash segregated under federal and other regulations or requirements was $3 billion and $4 billion, respectively. Segregated cash is included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated for these purposes were $2 billion at Sept. 30, 2016 and $1 billion at Dec. 31, 2015. Segregated securities were sourced from securities purchased under resale agreements at Sept. 30, 2016 and are included in federal funds sold and securities purchased under resale agreements on the consolidated balance sheet. Segregated securities are included in trading assets on the consolidated balance sheet at Dec. 31, 2015. |
Loans and asset quality |
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Loans and asset quality | Loans and asset quality Loans The table below provides the details of our loan portfolio and industry concentrations of credit risk at Sept. 30, 2016 and Dec. 31, 2015.
Our loan portfolio consists of three portfolio segments: commercial, lease financings and mortgages. We manage our portfolio at the class level which consists of six classes of financing receivables: commercial, commercial real estate, financial institutions, lease financings, wealth management loans and mortgages and other residential mortgages. The following tables are presented for each class of financing receivable, and provide additional information about our credit risks and the adequacy of our allowance for credit losses. Allowance for credit losses Transactions in the allowance for credit losses are summarized as follows:
Nonperforming assets The table below presents the distribution of our nonperforming assets.
At Sept. 30, 2016, undrawn commitments to borrowers whose loans were classified as nonaccrual or reduced rate were not material. Nonperforming loans decreased primarily reflecting the settlement agreement in the bankruptcy proceedings of Sentinel. Lost interest The table below presents the amount of lost interest income.
Impaired loans The tables below provide information about our impaired loans. We use the discounted cash flow method as the primary method for valuing impaired loans.
Past due loans The table below sets forth information about our past due loans.
Troubled debt restructurings (“TDRs”) A modified loan is considered a TDR if the debtor is experiencing financial difficulties and the creditor grants a concession to the debtor that would not otherwise be considered. A TDR may include a transfer of real estate or other assets from the debtor to the creditor, or a modification of the term of the loan. Not all modified loans are considered TDRs. The following table presents TDRs that occurred in the third quarter of 2016, second quarter of 2016 and third quarter of 2015.
Other residential mortgages The modifications of the other residential mortgage loans in the third quarter of 2016, second quarter of 2016 and third quarter of 2015 consisted of reducing the stated interest rates and, in certain cases, a forbearance of default and extending the maturity dates. The modified loans are primarily collateral dependent for which the value is based on the fair value of the collateral. TDRs that subsequently defaulted There were eight residential mortgage loans and one wealth management loan that had been restructured in a TDR during the previous 12 months and have subsequently defaulted in the third quarter of 2016. The total recorded investment of these loans was $3 million. Credit quality indicators Our credit strategy is to focus on investment grade clients that are active users of our non-credit services. Each customer is assigned an internal credit rating which is mapped to an external rating agency grade equivalent, if possible, based upon a number of dimensions which are continually evaluated and may change over time. The following tables set forth information about credit quality indicators. Commercial loan portfolio
The commercial loan portfolio is divided into investment grade and non-investment grade categories based on rating criteria largely consistent with those of the public rating agencies. Each customer in the portfolio is assigned an internal credit rating. These internal credit ratings are generally consistent with the ratings categories of the public rating agencies. Customers with ratings consistent with BBB- (S&P)/Baa3 (Moody’s) or better are considered to be investment grade. Those clients with ratings lower than this threshold are considered to be non-investment grade. Wealth management loans and mortgages
Wealth management non-mortgage loans are not typically rated by external rating agencies. A majority of the wealth management loans are secured by the customers’ investment management accounts or custody accounts. Eligible assets pledged for these loans are typically investment grade, fixed-income securities, equities and/or mutual funds. Internal ratings for this portion of the wealth management portfolio, therefore, would equate to investment grade external ratings. Wealth management loans are provided to select customers based on the pledge of other types of assets, including business assets, fixed assets or a modest amount of commercial real estate. For the loans collateralized by other assets, the credit quality of the obligor is carefully analyzed, but we do not consider this portfolio of loans to be investment grade. Credit quality indicators for wealth management mortgages are not correlated to external ratings. Wealth management mortgages are typically loans to high net worth individuals, which are secured primarily by residential property. These loans are primarily interest-only, adjustable rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. In the wealth management portfolio, less than 1% of the mortgages were past due at Sept. 30, 2016. At Sept. 30, 2016, the wealth management mortgage portfolio consisted of the following geographic concentrations: California - 24%; New York - 20%; Massachusetts - 12%; Florida - 7%; and other - 37%. Other residential mortgages The other residential mortgage portfolio primarily consists of 1-4 family residential mortgage loans and totaled $901 million at Sept. 30, 2016 and $1,055 million at Dec. 31, 2015. These loans are not typically correlated to external ratings. Included in this portfolio at Sept. 30, 2016 are $236 million of mortgage loans purchased in 2005, 2006 and the first quarter of 2007 that are predominantly prime mortgage loans, with a small portion of Alt-A loans. As of Sept. 30, 2016, the purchased loans in this portfolio had a weighted-average loan-to-value ratio of 76% at origination and 13% of the serviced loan balance was at least 60 days delinquent. The properties securing the prime and Alt-A mortgage loans were located (in order of concentration) in California, Florida, Virginia, the tri-state area (New York, New Jersey and Connecticut) and Maryland. Overdrafts Overdrafts primarily relate to custody and securities clearance clients and totaled $7,323 million at Sept. 30, 2016 and $4,483 million at Dec. 31, 2015. Overdrafts occur on a daily basis in the custody and securities clearance business and are generally repaid within two business days. Other loans Other loans primarily include loans to consumers that are fully collateralized with equities, mutual funds and fixed income securities. Margin loans We had $17,557 million of secured margin loans on our balance sheet at Sept. 30, 2016 compared with $19,573 million at Dec. 31, 2015. Margin loans are collateralized with marketable securities and borrowers are required to maintain a daily collateral margin in excess of 100% of the value of the loan. We have rarely suffered a loss on these types of loans and do not allocate any of our allowance for credit losses to margin loans. Reverse repurchase agreements Reverse repurchase agreements are transactions fully collateralized with high-quality liquid securities. These transactions carry minimal credit risk and therefore are not allocated an allowance for credit losses. |
Goodwill and intangible assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets Impairment testing The goodwill impairment test is performed at least annually at the reporting unit level. Intangible assets not subject to amortization are tested for impairment annually or more often if events or circumstances indicate they may be impaired. BNY Mellon’s three business segments include eight reporting units for which goodwill impairment testing is performed on an annual basis. In the second quarter of 2016, BNY Mellon conducted an annual goodwill impairment test on all eight reporting units. The estimated fair value of the eight reporting units exceeded the carrying value and no goodwill impairment was recognized. Goodwill The tables below provide a breakdown of goodwill by business.
Intangible assets The tables below provide a breakdown of intangible assets by business.
The table below provides a breakdown of intangible assets by type.
Estimated annual amortization expense for current intangibles for the next five years is as follows:
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Other assets |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets
Certain seed capital and private equity investments valued using net asset value per share In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity, we make seed capital investments in certain funds. BNY Mellon also holds private equity investments, specifically in small business investment companies (“SBICs”), which are compliant with the Volcker Rule. Seed capital and private equity investments are included in other assets. The fair value of certain of these investments has been estimated using the net asset value (“NAV”) per share of BNY Mellon’s ownership interest in the funds. The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV.
N/A - Not applicable. Qualified affordable housing project investments We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. Our total investment in qualified affordable housing projects totaled $890 million at Sept. 30, 2016 and $918 million at Dec. 31, 2015. Commitments to fund future investments in qualified affordable housing projects totaled $366 million at Sept. 30, 2016 and $393 million at Dec. 31, 2015. A summary of the commitments to fund future investments is as follows: 2016—$146 million; 2017—$57 million; 2018—$113 million; 2019—$33 million; 2020—$5 million and 2021 and thereafter—$12 million. Tax credits and other tax benefits recognized were $39 million in the third quarter of 2016, $33 million in the third quarter of 2015, $38 million in the second quarter of 2016, $115 million in the first nine months of 2016 and $98 million in the first nine months of 2015. Amortization expense included in the provision for income taxes was $30 million in the third quarter of 2016, $23 million in the third quarter of 2015, $28 million in the second quarter of 2016, $86 million in the first nine months of 2016 and $74 million in the first nine months of 2015. |
Net interest revenue |
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Interest Revenue (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | Net interest revenue The following table provides the components of net interest revenue presented on the consolidated income statement.
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Employee benefit plans |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefit plans | Employee benefit plans The components of net periodic benefit (credit) cost are as follows.
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Restructuring charges |
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Sep. 30, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring charges | Restructuring charges BNY Mellon initiated two restructuring programs, Streamlining actions in 2014 and Operational Excellence Initiatives in 2011. Additional details regarding these programs are presented in Note 9 - Restructuring charges, in our 2015 Annual Report. Aggregate charges are included in M&I, litigation and restructuring charges on the consolidated income statement. Restructuring charges related to corporate-level initiatives and were therefore recorded in the Other segment. Severance payments are primarily paid over the salary continuance period in accordance with the separation plan. The following summarizes the restructuring activity for the third quarter of 2016. There were no additional restructuring charges recorded in the third quarter of 2016. For the Streamlining actions program, we utilized $4 million of the reserve in the third quarter of 2016. The remaining reserve balance for the Streamlining actions program was $7 million at Sept. 30, 2016. For the Operational Excellence Initiatives program, we utilized $1 million of the reserve in the third quarter of 2016. The remaining reserve balance for the Operational Excellence Initiatives program was $3 million at Sept. 30, 2016. |
Income taxes |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes BNY Mellon recorded an income tax provision of $324 million (24.6% effective tax rate) in the third quarter of 2016 and $282 million (25.4% effective tax rate) in the third quarter of 2015. Both effective tax rates primarily reflect benefits from foreign operations, tax-exempt income and tax credits. Our total tax reserves as of Sept. 30, 2016 were $144 million compared with $178 million at June 30, 2016. If these tax reserves were unnecessary, $144 million would affect the effective tax rate in future periods. We recognize accrued interest and penalties, if applicable, related to income taxes in income tax expense. Included in the balance sheet at Sept. 30, 2016 is accrued interest, where applicable, of $18 million. The additional tax expense related to interest for the nine months ended Sept. 30, 2016 was $2 million compared with $4 million for the nine months ended Sept. 30, 2015. It is reasonably possible the total reserve for uncertain tax positions could decrease within the next 12 months by approximately $23 million as a result of adjustments related to tax years that are still subject to examination. Our federal income tax returns are closed to examination through 2013. Our New York State tax returns are closed to examination through 2012. Our New York City income tax returns are closed to examination through 2010. Our UK income tax returns are closed to examination through 2012. |
Securitizations and variable interest entities |
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Securitizations And Variable Interest Entities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations and variable interest entities | Securitizations and variable interest entities BNY Mellon’s VIEs generally include retail, institutional and alternative investment funds, including collateralized loan obligation structures in which we provide asset management services. The funds are offered to our retail and institutional clients to provide them with access to investment vehicles with specific investment objectives and strategies that address the client’s investment needs. BNY Mellon earns management fees from these funds as well as performance fees in certain funds and may also provide start-up capital for its new funds. The VIEs are primarily financed by our customers’ investments in the funds’ equity or debt. These VIEs are included in the scope of ASU 2015-02 and are reviewed for consolidation based on the guidance in ASC 810. We reconsider and reassess whether or not we are the primary beneficiary of a VIE when governing documents or contractual arrangements are changed which would reallocate the obligation to absorb expected losses or receive expected residual returns between BNY Mellon and the other investors, when BNY Mellon disposes of its variable interests in the fund or when additional variable interests are issued to other investors and when we acquire additional variable interests in the VIE. The following tables present the incremental assets and liabilities included in BNY Mellon’s consolidated financial statements, after applying intercompany eliminations, as of Sept. 30, 2016 and Dec. 31, 2015, based on the assessments performed in accordance with ASC 810, as amended by ASU 2015-02. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital invested in the VIE by BNY Mellon.
BNY Mellon is not contractually required to provide financial or any other support to any of our VIEs. Additionally, creditors of any consolidated VIEs do not have any recourse to the general credit of BNY Mellon. Non-consolidated VIEs As of Sept. 30, 2016 and Dec. 31, 2015, the following assets related to the VIEs where BNY Mellon is not the primary beneficiary are included in our consolidated financial statements.
The maximum loss exposure indicated in the above tables relates solely to BNY Mellon’s seed capital or residual interests invested in the VIEs. |
Preferred stock |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock BNY Mellon has 100 million authorized shares of preferred stock with a par value of $0.01. The following table summarizes BNY Mellon’s preferred stock issued and outstanding at Sept. 30, 2016 and Dec. 31, 2015.
Holders of both the Series A and Series C preferred stock are entitled to receive dividends on each dividend payment date (March 20, June 20, September 20 and December 20 of each year), if declared by BNY Mellon’s Board of Directors. Holders of the Series D preferred stock are entitled to receive dividends, if declared by our board of directors, on each June 20 and December 20, to but excluding June 20, 2023; and on each March 20, June 20, September 20 and December 20, from and including June 20, 2023. Holders of the Series E preferred stock are entitled to receive dividends, if declared by our board of directors, on each June 20 and December 20, to and including June 20, 2020; and on each March 20, June 20, September 20 and December 20, from and including September 20, 2020. Holders of the Series F preferred stock are entitled to receive dividends, if declared by our board of directors, on each March 20 and September. 20, commencing March 20, 2017, to and including Sept. 20, 2026; and on each March 20, June 20, September 20 and December 20, commencing Dec. 20, 2026. BNY Mellon’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of our common stock or any of our shares that rank junior to the preferred stock as to the payment of dividends and/or the distribution of any assets on any liquidation, dissolution or winding-up of BNY Mellon will be prohibited, subject to certain restrictions, in the event that we do not declare and pay in full preferred dividends for the then current dividend period of the Series A preferred stock or the last preceding dividend period of the Series C, Series D, Series E and Series F preferred stock. All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, which will pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. All of the outstanding shares of the Series C, Series D, Series E and Series F preferred stock are held by the depositary of the depositary shares, which will pass through the applicable portion of any dividend on the Series C, Series D, Series E and Series F preferred stock to the holders of record of their respective depositary shares. On Sept. 20, 2016, The Bank of New York Mellon Corporation paid the following dividends for the noncumulative perpetual preferred stock for the dividend period ending in September 2016 to holders of record as of the close of business on Sept. 5, 2016:
The preferred stock is not subject to the operation of a sinking fund and is not convertible into, or exchangeable for, shares of our common stock or any other class or series of our other securities. Subject to the restrictions in BNY Mellon’s 2007 replacement capital covenant, subsequently amended on May 8 and Sept. 11, 2012, we may redeem the Series A preferred stock, in whole or in part, at our option. We may also, at our option, redeem the shares of the Series C preferred stock, in whole or in part, on or after the dividend payment date in September 2017, the Series D preferred stock, in whole or in part, on or after the dividend payment date in June 2023, the Series E preferred stock, in whole or in part, on or after the dividend payment date in June 2020 and the Series F preferred stock, in whole or in part, on or after the dividend payment date in September 2026. The Series C, Series D, Series E or Series F preferred stock can be redeemed, in whole but not in part, at any time within 90 days following a regulatory capital treatment event (as defined in each of the Series C, Series D, Series E and Series F’s Certificates of Designation). Terms of the Series A, Series C, Series D, Series E and Series F preferred stock are more fully described in each of their Certificate of Designations, each of which is filed as an Exhibit to this Form 10-Q. |
Other comprehensive income (loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss)
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Fair value measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for information on how we determine fair value and the fair value hierarchy. The following tables present the financial instruments carried at fair value at Sept. 30, 2016 and Dec. 31, 2015, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during the third quarter of 2016.
Changes in Level 3 fair value measurements Our classification of a financial instrument in Level 3 of the valuation hierarchy is based on the significance of the unobservable factors to the overall fair value measurement. However, these instruments generally include other observable components that are actively quoted or validated to third-party sources; accordingly, the gains and losses in the table below include changes in fair value due to observable parameters as well as the unobservable parameters in our valuation methodologies. We also frequently manage the risks of Level 3 financial instruments using securities and derivatives positions that are Level 1 or 2 instruments which are not included in the table; accordingly, the gains or losses below do not reflect the effect of our risk management activities related to the Level 3 instruments. The Company has a Level 3 Pricing Committee which evaluates the valuation techniques used in determining the fair value of Level 3 assets and liabilities. The tables below include a roll forward of the balance sheet amounts for the three and nine months ended Sept. 30, 2016 and 2015 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy.
Assets and liabilities measured at fair value on a nonrecurring basis Under certain circumstances, we make adjustments to fair value our assets, liabilities and unfunded lending-related commitments although they are not measured at fair value on an ongoing basis. An example would be the recording of an impairment of an asset. The following tables present the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy as of Sept. 30, 2016 and Dec. 31, 2015, for which a nonrecurring change in fair value has been recorded during the quarters ended Sept. 30, 2016 and Dec. 31, 2015.
Estimated fair value of financial instruments The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Sept. 30, 2016 and Dec. 31, 2015, by caption on the consolidated balance sheet and by the valuation hierarchy. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value.
The table below summarizes the carrying amount of the hedged financial instruments, the notional amount of the hedge and the unrealized gain (loss) (estimated fair value) of the derivatives.
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Fair value option |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value option | Fair value option We elected fair value as an alternative measurement for selected financial assets and financial liabilities. The following table presents the assets and liabilities, by type, of consolidated investment management funds recorded at fair value.
BNY Mellon values the assets and liabilities of its consolidated asset management funds using quoted prices for identical assets or liabilities in active markets or observable inputs such as quoted prices for similar assets or liabilities. Quoted prices for either identical or similar assets or liabilities in inactive markets may also be used. Accordingly, fair value best reflects the interests BNY Mellon holds in the economic performance of the consolidated asset management funds. Changes in the value of the assets and liabilities are recorded in the income statement as investment income of consolidated investment management funds and in the interest of investment management fund note holders, respectively. We have elected the fair value option on $29 million and $419 million of loans at Sept. 30, 2016 and Dec. 31, 2015, respectively. The fair value of these loans was $29 million at Sept. 30, 2016 and $422 million at Dec. 31, 2015. The loans were valued using observable market inputs to discount expected loan cash flows and are included in Level 2 of the valuation hierarchy. We have elected the fair value option on $240 million of long-term debt. The fair value of this long-term debt was $376 million at Sept. 30, 2016 and $359 million at Dec. 31, 2015. The long-term debt is valued using observable market inputs and is included in Level 2 of the valuation hierarchy. The following table presents the changes in fair value of the loans and long-term debt and the location of the changes in the consolidated income statement.
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Derivative instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments We use derivatives to manage exposure to market risk including interest rate risk, equity price risk and foreign currency risk, as well as credit risk. Our trading activities are focused on acting as a market-maker for our customers and facilitating customer trades in compliance with the Volcker Rule. The notional amounts for derivative financial instruments express the dollar volume of the transactions; however, credit risk is much smaller. We perform credit reviews and enter into netting agreements and collateral arrangements to minimize the credit risk of derivative financial instruments. We enter into offsetting positions to reduce exposure to foreign currency, interest rate and equity price risk. Use of derivative financial instruments involves reliance on counterparties. Failure of a counterparty to honor its obligation under a derivative contract is a risk we assume whenever we engage in a derivative contract. There were no counterparty default losses in the third quarter of 2016 or the third quarter of 2015. Hedging derivatives We utilize interest rate swap agreements to manage our exposure to interest rate fluctuations. For hedges of available-for-sale investment securities, deposits and long-term debt, the hedge documentation specifies the terms of the hedged items and the interest rate swaps and indicates that the derivative is hedging a fixed rate item and is a fair value hedge, that the hedge exposure is to the changes in the fair value of the hedged item due to changes in benchmark interest rates, and that the strategy is to eliminate fair value variability by converting fixed rate interest payments to LIBOR. The available-for-sale investment securities hedged consist of sovereign debt, U.S. Treasury bonds, agency commercial mortgage-backed securities and covered bonds that had original maturities of 30 years or less at initial purchase. The swaps on all of these investment securities are not callable. All of these securities are hedged with “pay fixed rate, receive variable rate” swaps of similar maturity, repricing and fixed rate coupon. At Sept. 30, 2016, $7.9 billion face amount of securities were hedged with interest rate swaps that had notional values of $8.0 billion. The fixed rate long-term debt instruments hedged generally have original maturities of five to 30 years. We issue both callable and non-callable debt. The non-callable debt is hedged with “receive fixed rate, pay variable rate” swaps with similar maturity, repricing and fixed rate coupon. Callable debt is hedged with callable swaps where the call dates of the swaps exactly match the call dates of the debt. At Sept. 30, 2016, $20.0 billion par value of debt was hedged with interest rate swaps that had notional values of $20.0 billion. In addition, we enter into foreign exchange hedges. We use forward foreign exchange contracts with maturities of nine months or less to hedge our British pound, euro, Hong Kong dollar, Indian rupee and Singapore dollar foreign exchange exposure with respect to foreign currency forecasted revenue and expense transactions in entities that have the U.S. dollar as their functional currency. As of Sept. 30, 2016, the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $434 million (notional), with a pre-tax gain of $5 million recorded in accumulated other comprehensive income. This gain will be reclassified to income or expense over the next nine months. Forward foreign exchange contracts are also used to hedge the value of our net investments in foreign subsidiaries. These forward foreign exchange contracts have maturities of less than two years. The derivatives employed are designated as hedges of changes in value of our foreign investments due to exchange rates. Changes in the value of the forward foreign exchange contracts offset the changes in value of the foreign investments due to changes in foreign exchange rates. The change in fair market value of these forward foreign exchange contracts is deferred and reported within accumulated translation adjustments in shareholders’ equity, net of tax. At Sept. 30, 2016, forward foreign exchange contracts with notional amounts totaling $7.1 billion were designated as hedges. In addition to forward foreign exchange contracts, we also designate non-derivative financial instruments as hedges of our net investments in foreign subsidiaries. Those non-derivative financial instruments designated as hedges of our net investments in foreign subsidiaries were all long-term liabilities of BNY Mellon in various currencies, and, at Sept. 30, 2016, had a combined U.S. dollar equivalent value of $432 million. Ineffectiveness related to derivatives and hedging relationships was recorded in income as follows:
The following table summarizes the notional amount and credit exposure of our total derivative portfolio at Sept. 30, 2016 and Dec. 31, 2015.
Trading activities (including trading derivatives) We manage trading risk through a system of position limits, a VaR methodology based on Monte Carlo simulations and other market sensitivity measures. Risk is monitored and reported to senior management by a separate unit on a daily basis. Based on certain assumptions, the VaR methodology is designed to capture the potential overnight pre-tax dollar loss from adverse changes in fair values of all trading positions. The calculation assumes a one-day holding period for most instruments, utilizes a 99% confidence level and incorporates the non-linear characteristics of options. The VaR model is one of several statistical models used to develop economic capital results, which is allocated to lines of business for computing risk-adjusted performance. As the VaR methodology does not evaluate risk attributable to extraordinary financial, economic or other occurrences, the risk assessment process includes a number of stress scenarios based upon the risk factors in the portfolio and management’s assessment of market conditions. Additional stress scenarios based upon historical market events are also performed. Stress tests, by their design, incorporate the impact of reduced liquidity and the breakdown of observed correlations. The results of these stress tests are reviewed weekly with senior management. Revenue from foreign exchange and other trading included the following:
Foreign exchange includes income from purchasing and selling foreign currencies and currency forwards, futures and options. Other trading revenue reflects results from futures and forward contracts, interest rate swaps, structured foreign currency swaps, options, equity derivatives and fixed income and equity securities. Counterparty credit risk and collateral We assess credit risk of our counterparties through regular examination of their financial statements, confidential communication with the management of those counterparties and regular monitoring of publicly available credit rating information. This and other information is used to develop proprietary credit rating metrics used to assess credit quality. Collateral requirements are determined after a comprehensive review of the credit quality of each counterparty. Collateral is generally held or pledged in the form of cash or highly liquid government securities. Collateral requirements are monitored and adjusted daily. Additional disclosures concerning derivative financial instruments are provided in Note 14 of the Notes to Consolidated Financial Statements. Disclosure of contingent features in over-the-counter (“OTC”) derivative instruments Certain OTC derivative contracts and/or collateral agreements of The Bank of New York Mellon, our largest banking subsidiary and the subsidiary through which BNY Mellon enters into the substantial majority of its OTC derivative contracts and/or collateral agreements, contain provisions that may require us to take certain actions if The Bank of New York Mellon’s public debt rating fell to a certain level. Early termination provisions, or “close-out” agreements, in those contracts could trigger immediate payment of outstanding contracts that are in net liability positions. Certain collateral agreements would require The Bank of New York Mellon to immediately post additional collateral to cover some or all of The Bank of New York Mellon’s liabilities to a counterparty. The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions as of Sept. 30, 2016 for three key ratings triggers:
The aggregated fair value of contracts impacting potential trade close-out amounts and collateral obligations can fluctuate from quarter to quarter due to changes in market conditions, changes in the composition of counterparty trades, new business or changes to the agreement definitions establishing close-out or collateral obligations. Additionally, if The Bank of New York Mellon’s debt rating had fallen below investment grade on Sept. 30, 2016, existing collateral arrangements would have required us to have posted an additional $176 million of collateral. The following tables present derivative instruments and financial instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements. There were no derivative instruments or financial instruments subject to a netting agreement for which we are not currently netting.
Secured borrowings The following tables present the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties.
BNY Mellon’s repurchase agreements and securities lending transactions primarily encounter risk associated with liquidity. We are required to pledge collateral based on predetermined terms within the agreements. If we were to experience a decline in the fair value of the collateral pledged for these transactions, additional collateral could be required to be provided to the counterparty; therefore, decreasing the amount of assets available for other liquidity needs that may arise. BNY Mellon also offers tri-party collateral agency services in the tri-party repo market where we are exposed to credit risk. In order to mitigate this risk, we require dealers to fully secure intraday credit. |
Commitments and contingent liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | Commitments and contingent liabilities In the normal course of business, various commitments and contingent liabilities are outstanding that are not reflected in the accompanying consolidated balance sheets. Our significant trading and off-balance sheet risks are securities, foreign currency and interest rate risk management products, commercial lending commitments, letters of credit and securities lending indemnifications. We assume these risks to reduce interest rate and foreign currency risks, to provide customers with the ability to meet credit and liquidity needs and to hedge foreign currency and interest rate risks. These items involve, to varying degrees, credit, foreign currency and interest rate risk not recognized in the balance sheet. Our off-balance sheet risks are managed and monitored in manners similar to those used for on-balance sheet risks. Significant industry concentrations related to credit exposure at Sept. 30, 2016 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below.
Major concentrations in securities lending are primarily to broker-dealers and are generally collateralized with cash. Securities lending transactions are discussed below. The following table presents a summary of our off-balance sheet credit risks, net of participations.
Also included in lending commitments are facilities that provide liquidity for variable rate tax-exempt securities wrapped by monoline insurers. The credit approval for these facilities is based on an assessment of the underlying tax-exempt issuer and considers factors other than the financial strength of the monoline insurer. The total potential loss on undrawn lending commitments, standby and commercial letters of credit, and securities lending indemnifications is equal to the total notional amount if drawn upon, which does not consider the value of any collateral. Since many of the commitments are expected to expire without being drawn upon, the total amount does not necessarily represent future cash requirements. A summary of lending commitment maturities is as follows: $31.1 billion in less than one year, $21.4 billion in one to five years and $260 million over five years. Standby letters of credit (“SBLC”) principally support corporate obligations and were collateralized with cash and securities of $391 million and $299 million at Sept. 30, 2016 and Dec. 31, 2015, respectively. At Sept. 30, 2016, $2.7 billion of the SBLCs will expire within one year and $1.7 billion in one to five years. We must recognize, at the inception of an SBLC and foreign and other guarantees, a liability for the fair value of the obligation undertaken in issuing the guarantee. The fair value of the liability, which was recorded with a corresponding asset in other assets, was estimated as the present value of contractual customer fees. The estimated liability for losses related to these commitments and SBLCs, if any, is included in the allowance for lending-related commitments. The allowance for lending-related commitments was $126 million at Sept. 30, 2016 and $118 million at Dec. 31, 2015. Payment/performance risk of SBLCs is monitored using both historical performance and internal ratings criteria. BNY Mellon’s historical experience is that SBLCs typically expire without being funded. SBLCs below investment grade are monitored closely for payment/performance risk. The table below shows SBLCs by investment grade:
A commercial letter of credit is normally a short-term instrument used to finance a commercial contract for the shipment of goods from a seller to a buyer. Although the commercial letter of credit is contingent upon the satisfaction of specified conditions, it represents a credit exposure if the buyer defaults on the underlying transaction. As a result, the total contractual amounts do not necessarily represent future cash requirements. Commercial letters of credit totaled $266 million at Sept. 30, 2016 compared with $303 million at Dec. 31, 2015. A securities lending transaction is a fully collateralized transaction in which the owner of a security agrees to lend the security (typically through an agent, in our case, The Bank of New York Mellon), to a borrower, usually a broker-dealer or bank, on an open, overnight or term basis, under the terms of a prearranged contract, which normally matures in less than 90 days. We typically lend securities with indemnification against borrower default. We generally require the borrower to provide collateral with a minimum value of 102% of the fair value of the securities borrowed, which is monitored on a daily basis, thus reducing credit risk. Market risk can also arise in securities lending transactions. These risks are controlled through policies limiting the level of risk that can be undertaken. Securities lending transactions are generally entered into only with highly rated counterparties. Securities lending indemnifications were secured by collateral of $323 billion at Sept. 30, 2016 and $306 billion at Dec. 31, 2015. CIBC Mellon, a joint venture between BNY Mellon and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. CIBC Mellon, BNY Mellon, and CIBC jointly and severally indemnify securities lenders against specific types of borrower default. At Sept. 30, 2016 and Dec. 31, 2015, $62 billion and $54 billion, respectively, of borrowings at CIBC Mellon for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, were secured by collateral of $66 billion and $56 billion, respectively. If, upon a default, a borrower’s collateral was not sufficient to cover its related obligations, certain losses related to the indemnification could be covered by the indemnitors. We expect many of these guarantees to expire without the need to advance any cash. The revenue associated with guarantees frequently depends on the credit rating of the obligor and the structure of the transaction, including collateral, if any. Exposure for certain administrative errors In connection with certain offshore tax-exempt funds that we manage, we may be liable to the funds for certain administrative errors. The errors relate to the resident status of such funds, potentially exposing the Company to a tax liability related to the funds’ earnings. The Company is in discussions with tax authorities regarding the funds. With the charge recorded in 2014 for this matter, we believe we are appropriately accrued and the additional reasonably possible exposure is not significant. Indemnification arrangements We have provided standard representations for underwriting agreements, acquisition and divestiture agreements, sales of loans and commitments, and other similar types of arrangements and customary indemnification for claims and legal proceedings related to providing financial services that are not otherwise included above. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, often counterparties to these transactions provide us with comparable indemnifications. We are unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, we are unable to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. We believe, however, that the possibility that we will have to make any material payments for these indemnifications is remote. At Sept. 30, 2016 and Dec. 31, 2015, we have not recorded any material liabilities under these arrangements. Clearing and settlement exchanges We are a noncontrolling equity investor in, and/or member of, several industry clearing or settlement exchanges through which foreign exchange, securities, derivatives or other transactions settle. Certain of these industry clearing and settlement exchanges require their members to guarantee their obligations and liabilities and/or to provide liquidity support in the event other members do not honor their obligations. We believe the likelihood that a clearing or settlement exchange (of which we are a member) would become insolvent is remote. Additionally, certain settlement exchanges have implemented loss allocation policies that enable the exchange to allocate settlement losses to the members of the exchange. It is not possible to quantify such mark-to-market loss until the loss occurs. In addition, any ancillary costs that occur as a result of any mark-to-market loss cannot be quantified. At Sept. 30, 2016 and Dec. 31, 2015, we have not recorded any material liabilities under these arrangements. Legal proceedings In the ordinary course of business, BNY Mellon and its subsidiaries are routinely named as defendants in or made parties to pending and potential legal actions. We also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal). Claims for significant monetary damages are often asserted in many of these legal actions, while claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of our current knowledge and understanding, we do not believe that judgments, settlements or orders, if any, arising from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on the consolidated financial position or liquidity of BNY Mellon, although they could have a material effect on net income in a given period. In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, fine, penalty or business impact, if any, associated with each such matter. In accordance with applicable accounting guidance, BNY Mellon establishes accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. BNY Mellon will continue to monitor such matters for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, BNY Mellon does not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. BNY Mellon believes that its accruals for legal proceedings are appropriate and, in the aggregate, are not material to the consolidated financial position of BNY Mellon, although future accruals could have a material effect on net income in a given period. For certain of those matters described here for which a loss contingency may, in the future, be reasonably possible (whether in excess of a related accrued liability or where there is no accrued liability), BNY Mellon is currently unable to estimate a range of reasonably possible loss. For those matters described here where BNY Mellon is able to estimate a reasonably possible loss, the aggregate range of such reasonably possible loss is up to $900 million in excess of the accrued liability (if any) related to those matters. The following describes certain judicial, regulatory and arbitration proceedings involving BNY Mellon: Sentinel Matters On Jan. 18, 2008, The Bank of New York Mellon filed a proof of claim in the Chapter 11 bankruptcy proceeding of Sentinel Management Group, Inc. (“Sentinel”) pending in federal court in the Northern District of Illinois, seeking to recover approximately $312 million loaned to Sentinel and secured by securities and cash in an account maintained by Sentinel at The Bank of New York Mellon. On March 3, 2008, the bankruptcy trustee filed an adversary complaint against The Bank of New York Mellon seeking to disallow The Bank of New York Mellon’s claim and seeking damages for The Bank of New York Mellon’s allegedly aiding and abetting Sentinel insiders in misappropriating customer assets and improperly using those assets as collateral for the loan. In a decision dated Nov. 3, 2010, the court found for The Bank of New York Mellon and against the bankruptcy trustee, holding that The Bank of New York Mellon’s loan to Sentinel was valid, fully secured and not subject to equitable subordination. The bankruptcy trustee appealed this decision, and on Aug. 9, 2012, the United States Court of Appeals for the Seventh Circuit issued a decision affirming the trial court’s judgment. On Sept. 7, 2012, the bankruptcy trustee filed a petition for rehearing and, on Nov. 30, 2012, the Court of Appeals withdrew its opinion and vacated its judgment. On Aug. 26, 2013, the Court of Appeals reversed its own prior decision and the district court’s decision, and remanded the case to the district court for further proceedings. On Dec. 10, 2014, the district court issued a decision in favor of The Bank of New York Mellon holding that the transfers from Sentinel cannot be reversed and that The Bank of New York Mellon’s lien was valid and not subject to equitable subordination. The bankruptcy trustee appealed the decision. On Jan. 8, 2016, the Court of Appeals invalidated The Bank of New York Mellon’s lien but rejected the trustee’s request for equitable subordination. On July 13, 2016, the bankruptcy court approved a settlement between The Bank of New York Mellon and the bankruptcy trustee, under which both parties will dismiss all litigation between them and The Bank of New York Mellon will be granted an unsecured claim for the amount of the loan. We received distributions in August 2016 on a pro rata basis with other unsecured creditors. In November 2009, the Division of Enforcement of the U.S. Commodities Futures Trading Commission (“CFTC”) indicated that it is considering a recommendation to the CFTC that it file a civil enforcement action against The Bank of New York Mellon for possible violations of the Commodity Exchange Act and CFTC regulations in connection with its relationship to Sentinel. The Bank of New York Mellon responded in writing to the CFTC on Jan. 29, 2010 and provided an explanation as to why an enforcement action is unwarranted. Standing Instruction Matters Beginning in December 2009, government authorities conducted inquiries seeking information relating primarily to standing instruction foreign exchange transactions in connection with custody services BNY Mellon provides to custody clients. On various dates beginning in 2009, BNY Mellon was named as a defendant in lawsuits by various government and private entities alleging BNY Mellon’s pricing of standing instruction foreign exchange transactions was improper. On March 19, 2015, BNY Mellon announced that it had resolved substantially all of the pending standing instruction-related actions, resulting in a total of $714 million in settlement payments. On May 21, 2015, BNY Mellon settled a putative class action lawsuit asserting securities law violations. With these settlements, which are now all final, BNY Mellon has effectively resolved virtually all of the standing instruction FX-related actions, with the exception of several lawsuits brought by individual customers or shareholders asserting derivative claims. Mortgage-Securitization Trusts Proceedings The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by MBS investors alleging that the trustee has expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the MBS transactions. These actions include a lawsuit brought in New York State court on June 18, 2014, and later re-filed in federal court, by a group of institutional investors who purport to sue on behalf of 253 MBS trusts. Matters Related to R. Allen Stanford In late December 2005, Pershing LLC became a clearing firm for Stanford Group Co. (“SGC”), a registered broker-dealer that was part of a group of entities ultimately controlled by R. Allen Stanford. Stanford International Bank (“SIB”), also controlled by Stanford, issued certificates of deposit (“CDs”). Some investors allegedly wired funds from their SGC accounts to purchase CDs. In 2009, the SEC charged Stanford with operating a Ponzi scheme in connection with the sale of CDs, and SGC was placed into receivership. Alleged purchasers of CDs have filed 15 lawsuits against Pershing that are pending in Texas, including two putative class actions. The purchasers allege that Pershing, as SGC’s clearing firm, assisted Stanford in a fraudulent scheme and assert contractual, statutory and common law claims. In addition, one FINRA arbitration matter brought by alleged purchasers remains pending. Brazilian Postalis Litigation BNY Mellon Serviceos Financeiros DTVM S.A. (“DTVM”), a subsidiary that provides a number of asset services in Brazil, acts as administrator for certain investment funds in which the exclusive investor is a public pension fund for postal workers called Postalis-Instituto de Seguridade Social dos Correios e Telégrafos (“Postalis”). On Aug. 22, 2014, Postalis sued DTVM in Rio de Janeiro, Brazil for losses related to a Postalis investment fund for which DTVM serves as fund administrator. Postalis alleges that DTVM failed to properly perform alleged duties, including duties to conduct due diligence of and exert control over the fund manager, Atlântica Administração de Recursos (“Atlântica”), and Atlântica’s investments. On March 12, 2015, Postalis filed a lawsuit in Rio de Janeiro against DTVM and BNY Mellon Administração de Ativos Ltda. (“Ativos”) alleging failure to properly perform alleged duties relating to another fund of which DTVM is administrator and Ativos is investment manager. On Dec. 14, 2015, Associacão Dos Profissionais Dos Correiros, a Brazilian postal workers association, filed a lawsuit in São Paulo against DTVM and other defendants alleging that DTVM improperly contributed to investment losses in the Postalis portfolio. On Dec. 17, 2015, Postalis filed three additional lawsuits in Rio de Janeiro against DTVM and Ativos alleging failure to properly perform alleged duties and liabilities for losses with respect to investments in several other funds. On Feb. 4, 2016, Postalis filed another lawsuit in Brasilia against DTVM, Ativos and BNY Mellon Alocação de Patrimônio Ltda., an investment management subsidiary, alleging failure to properly perform duties and liability for losses with respect to investments in various other funds of which the defendants were administrator and/or manager. Depositary Receipt Matters Between late December 2015 and February 2016, four putative class action lawsuits were filed against BNY Mellon asserting claims relating to BNY Mellon’s foreign exchange pricing when converting dividends and other distributions from non-U.S. companies in its role as depositary bank to Depositary Receipt issuers. The primary claims are for breach of contract and violations of ERISA. The lawsuits have been consolidated into two suits which are pending in federal court in the Southern District of New York and are all in their early stages. Brazilian Silverado Litigation DTVM acts as administrator for the Fundo de Investimento em Direitos Creditórios Multisetorial Silverado Maximum (“Silverado Maximum Fund”), which invests in commercial credit receivables. On June 2, 2016, the Silverado Maximum Fund sued DTVM in its capacity as administrator, along with Deutsche Bank S.A. - Banco Alemão in its capacity as custodian and Silverado Gestão e Investimentos Ltda. in its capacity as investment manager. The Fund alleges that each of the defendants failed to fulfill its respective duty, and caused losses to the Fund for which the defendants are jointly and severally liable. |
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Lines of business | Lines of business We have an internal information system that produces performance data along product and service lines for our two principal businesses and the Other segment. Business accounting principles Our business data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance. Business results are subject to reclassification when organizational changes are made or when improvements are made in the measurement principles. Beginning in the first quarter of 2016, we revised the net interest revenue for our business to reflect adjustments to our transfer pricing methodology to better reflect the value of certain deposits. Also beginning in the first quarter of 2016, we refined the expense allocation process for indirect expenses to simplify the expenses recorded in the Other segment to include only expenses not directly attributable to the Investment Management and Investment Services operations. These changes did not impact the consolidated results. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2015 Annual Report. The primary types of revenue for our two principal businesses and the Other segment are presented below:
The results of our businesses are presented and analyzed on an internal management reporting basis:
The following consolidating schedules show the contribution of our businesses to our overall profitability.
N/M - Not meaningful.
N/M - Not meaningful.
N/M - Not meaningful.
N/M - Not meaningful.
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Supplemental information to the Consolidated Statement of Cash Flows |
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Supplemental information to the Consolidated Statement of Cash Flows | Supplemental information to the Consolidated Statement of Cash Flows Noncash investing and financing transactions that, appropriately, are not reflected in the Consolidated Statement of Cash Flows are listed below.
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Basis of presentation (Policies) |
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Accounting Policies [Abstract] | |||||||||
Basis of presentation | Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. The accompanying consolidated financial statements are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015. |
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Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to estimates are items such as the allowance for loan losses and lending-related commitments, the fair value of financial instruments and derivatives, other-than-temporary impairment, goodwill and other intangibles and pension accounting. Among other effects, such changes in estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending-related commitments as well as changes in pension and post-retirement expense. |
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Other-than-temporary impairment | Other-than-temporary impairment We routinely conduct periodic reviews of all securities to determine whether OTTI has occurred. Such reviews may incorporate the use of economic models. Various inputs to the economic models are used to determine if an unrealized loss on securities is other-than-temporary. For example, the most significant inputs related to non-agency RMBS are:
To determine if an unrealized loss is other-than-temporary, we project total estimated defaults of the underlying assets (mortgages) and multiply that calculated amount by an estimate of realizable value upon sale of these assets in the marketplace (severity) in order to determine the projected collateral loss. In determining estimated default rate and severity assumptions, we review the performance of the underlying securities, industry studies, market forecasts, as well as our view of the economic outlook affecting collateral. We also evaluate the current credit enhancement underlying the bond to determine the impact on cash flows. If we determine that a given security will be subject to a write-down or loss, we record the expected credit loss as a charge to earnings. |
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Fair value measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for information on how we determine fair value and the fair value hierarchy. The following tables present the financial instruments carried at fair value at Sept. 30, 2016 and Dec. 31, 2015, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during the third quarter of 2016. |
Securities (Tables) |
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Amortized Cost and Fair Values of Securities | The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Sept. 30, 2016 and Dec. 31, 2015.
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Schedule of Realized Gain (Loss) | The following table presents the gross securities gains, losses and impairments.
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Aggregate Fair Value of Investments with Continuous Unrealized Loss Position | The following tables show the aggregate related fair value of investments with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more at Sept. 30, 2016 and Dec. 31, 2015.
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Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio | The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio at Sept. 30, 2016.
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Projected Weighted-Average Default Rates and Loss Severities | The table below shows the projected weighted-average default rates and loss severities for the 2007, 2006 and late 2005 non-agency RMBS and the securities previously held in the Grantor Trust that we established in connection with the restructuring of our investment securities portfolio in 2009, at Sept. 30, 2016 and Dec. 31, 2015.
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Pre-Tax Securities Gains (Losses) by Type | The following table provides pre-tax net securities gains (losses) by type.
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Debt Securities Credit Losses Roll Forward Recorded in Earnings | The following tables reflect investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. The additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred. The deductions represent credit losses on securities that have been sold, are required to be sold, or for which it is our intention to sell.
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Loans and asset quality (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Portfolio and Industry Concentrations of Credit Risk | The table below provides the details of our loan portfolio and industry concentrations of credit risk at Sept. 30, 2016 and Dec. 31, 2015.
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Summary of Transactions in the Allowance for Credit Losses | Transactions in the allowance for credit losses are summarized as follows:
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Distribution of Nonperforming Assets | The table below presents the distribution of our nonperforming assets.
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Schedule of Lost Interest Income | The table below presents the amount of lost interest income.
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Information about Impaired Loans | The tables below provide information about our impaired loans. We use the discounted cash flow method as the primary method for valuing impaired loans.
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Information about Past Due Loans | The table below sets forth information about our past due loans.
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Troubled Debt Restructurings | The following table presents TDRs that occurred in the third quarter of 2016, second quarter of 2016 and third quarter of 2015.
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Credit Quality Indicators - Commercial Portfolio - Credit Risk Profile by Creditworthiness Category | The following tables set forth information about credit quality indicators. Commercial loan portfolio
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Credit Quality Indicators - Wealth Management Loans and Mortgages - Credit Risk Profile by Internally Assigned Grade | Wealth management loans and mortgages
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Goodwill and intangible assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of Goodwill by Business | The tables below provide a breakdown of goodwill by business.
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Breakdown of Intangible Assets by Business | The tables below provide a breakdown of intangible assets by business.
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Breakdown of Intangible Assets by Type | The table below provides a breakdown of intangible assets by type.
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Estimated Annual Amortization Expense | Estimated annual amortization expense for current intangibles for the next five years is as follows:
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Other assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets |
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Seed Capital and Private Equity Investments Valued Using Net Asset Value | The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV.
N/A - Not applicable. |
Net interest revenue (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Revenue (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Interest Revenue | The following table provides the components of net interest revenue presented on the consolidated income statement.
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Employee benefit plans (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | The components of net periodic benefit (credit) cost are as follows.
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Securitizations and variable interest entities (Tables) |
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Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Assets and Liabilities Included in Consolidated Financial Statements | The following tables present the incremental assets and liabilities included in BNY Mellon’s consolidated financial statements, after applying intercompany eliminations, as of Sept. 30, 2016 and Dec. 31, 2015, based on the assessments performed in accordance with ASC 810, as amended by ASU 2015-02. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital invested in the VIE by BNY Mellon.
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Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | As of Sept. 30, 2016 and Dec. 31, 2015, the following assets related to the VIEs where BNY Mellon is not the primary beneficiary are included in our consolidated financial statements.
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Preferred stock (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Summary | BNY Mellon has 100 million authorized shares of preferred stock with a par value of $0.01. The following table summarizes BNY Mellon’s preferred stock issued and outstanding at Sept. 30, 2016 and Dec. 31, 2015.
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Other comprehensive income (loss) (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income (Loss) |
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Fair value measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the financial instruments carried at fair value at Sept. 30, 2016 and Dec. 31, 2015, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during the third quarter of 2016.
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Details Of Certain Items Measured At Fair Value on Recurring Basis |
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Unobservable Input Reconciliation of Assets and Liabilities Measured on a Recurring Basis | The tables below include a roll forward of the balance sheet amounts for the three and nine months ended Sept. 30, 2016 and 2015 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy.
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Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy as of Sept. 30, 2016 and Dec. 31, 2015, for which a nonrecurring change in fair value has been recorded during the quarters ended Sept. 30, 2016 and Dec. 31, 2015.
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Summary of Financial Instruments Not Carried at Fair Value | The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Sept. 30, 2016 and Dec. 31, 2015, by caption on the consolidated balance sheet and by the valuation hierarchy. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value.
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Summary of the Carrying Amount, Notional Amount and Unrealized Gain (Loss) of Hedged Financial Instruments | The table below summarizes the carrying amount of the hedged financial instruments, the notional amount of the hedge and the unrealized gain (loss) (estimated fair value) of the derivatives.
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Fair value option (Tables) |
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Assets and Liabilities, by Type, of Consolidated Investment Management Funds Recorded at Fair Value | The following table presents the assets and liabilities, by type, of consolidated investment management funds recorded at fair value.
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Changes in Fair Value of the Loans and Long-Term Debt and the Location of the Changes | The following table presents the changes in fair value of the loans and long-term debt and the location of the changes in the consolidated income statement.
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Derivative instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ineffectiveness Related to Derivatives and Hedging Relationships Recorded in Income | Ineffectiveness related to derivatives and hedging relationships was recorded in income as follows:
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Impact of Derivative Instruments on Balance Sheet | The following table summarizes the notional amount and credit exposure of our total derivative portfolio at Sept. 30, 2016 and Dec. 31, 2015.
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Impact of Derivative Instruments on Income Statement |
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Revenue from Foreign Exchange and Other Trading | Revenue from foreign exchange and other trading included the following:
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Fair Value of Derivative Contracts Falling under Early Termination Provisions that were in Net Liability Position | The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions as of Sept. 30, 2016 for three key ratings triggers:
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Offsetting Assets | The following tables present derivative instruments and financial instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements. There were no derivative instruments or financial instruments subject to a netting agreement for which we are not currently netting.
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Offsetting Liabilities |
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Schedule of Agreements and Transactions Accounted for as Secured Borrowings | The following tables present the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties.
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Commitments and contingent liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Industry Concentrations Related to Credit Exposure | Significant industry concentrations related to credit exposure at Sept. 30, 2016 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below.
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Summary of Off-Balance Sheet Credit Risks, Net of Participations | The following table presents a summary of our off-balance sheet credit risks, net of participations.
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Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade:
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Lines of business (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contribution of Segments to Overall Profitability | The following consolidating schedules show the contribution of our businesses to our overall profitability.
N/M - Not meaningful.
N/M - Not meaningful.
N/M - Not meaningful.
N/M - Not meaningful.
N/M - Not meaningful. |
Supplemental information to the Consolidated Statement of Cash Flows (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows | Noncash investing and financing transactions that, appropriately, are not reflected in the Consolidated Statement of Cash Flows are listed below.
|
Acquisitions and dispositions (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 01, 2016
USD ($)
customer
|
Jul. 31, 2015
USD ($)
|
Jan. 02, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Contingent payments | $ 0 | $ 4,000,000 | |||
Potential obligation to pay additional consideration, lower range | 0 | 0 | |||
Potential obligation to pay additional consideration, upper range | $ 20,000,000 | $ 20,000,000 | |||
Contingent consideration payment period | 3 years | ||||
Meriten Investment Management GmbH | |||||
Dispositions | |||||
Sale price | $ 40,000,000 | ||||
After-tax gain (loss) on sale | (12,000,000) | ||||
Goodwill written off related to sale of business unit | 22,000,000 | ||||
Indefinite-lived intangible assets, written off related to sale of business unit | $ 9,000,000 | ||||
Atherton Lane Acquisition | |||||
Acquisitions | |||||
Assets under management acquired | $ 2,450,000,000 | ||||
Approximate number of high net worth clients (in customers) | customer | 700 | ||||
Cash paid for assets acquired | $ 38,000,000 | ||||
Business combination, contingent payments | 22,000,000 | ||||
Goodwill | $ 29,000,000 | ||||
Useful life | 14 years | ||||
Finite-lived intangible assets acquired | $ 30,000,000 | ||||
Cutwater Asset Management | |||||
Acquisitions | |||||
Assets under management acquired | $ 23,000,000,000 |
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | $ 117,269 | $ 118,422 | ||||||||||||||||||
Gross unrealized Gains | 2,714 | 1,461 | ||||||||||||||||||
Gross unrealized Losses | 326 | 812 | ||||||||||||||||||
Fair value | 119,657 | 119,071 | ||||||||||||||||||
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 68 | 84 | ||||||||||||||||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 204 | 248 | ||||||||||||||||||
Available-for-sale | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 76,541 | [1] | 75,110 | [2] | ||||||||||||||||
Gross unrealized Gains | 2,036 | [1] | 1,274 | [2] | ||||||||||||||||
Gross unrealized Losses | 307 | [1],[3] | 517 | [2],[4] | ||||||||||||||||
Fair value | 78,270 | [1] | 75,867 | [2] | ||||||||||||||||
Available-for-sale | U.S. Treasury | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 13,947 | 12,693 | ||||||||||||||||||
Gross unrealized Gains | 670 | 175 | ||||||||||||||||||
Gross unrealized Losses | 8 | 36 | ||||||||||||||||||
Fair value | 14,609 | 12,832 | ||||||||||||||||||
Available-for-sale | U.S. Government agencies | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 291 | 386 | ||||||||||||||||||
Gross unrealized Gains | 10 | 2 | ||||||||||||||||||
Gross unrealized Losses | 0 | 1 | ||||||||||||||||||
Fair value | 301 | 387 | ||||||||||||||||||
Available-for-sale | State and political subdivisions | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 3,475 | 3,968 | ||||||||||||||||||
Gross unrealized Gains | 99 | 91 | ||||||||||||||||||
Gross unrealized Losses | 15 | 13 | ||||||||||||||||||
Fair value | 3,559 | 4,046 | ||||||||||||||||||
Available-for-sale | Agency RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 23,447 | 23,549 | ||||||||||||||||||
Gross unrealized Gains | 290 | 239 | ||||||||||||||||||
Gross unrealized Losses | 229 | 287 | ||||||||||||||||||
Fair value | 23,508 | 23,501 | ||||||||||||||||||
Available-for-sale | Non-agency RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 659 | 782 | ||||||||||||||||||
Gross unrealized Gains | 28 | 31 | ||||||||||||||||||
Gross unrealized Losses | 14 | 20 | ||||||||||||||||||
Fair value | 673 | 793 | ||||||||||||||||||
Available-for-sale | Other RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 649 | 1,072 | ||||||||||||||||||
Gross unrealized Gains | 5 | 10 | ||||||||||||||||||
Gross unrealized Losses | 10 | 21 | ||||||||||||||||||
Fair value | 644 | 1,061 | ||||||||||||||||||
Available-for-sale | Commercial MBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 939 | 1,400 | ||||||||||||||||||
Gross unrealized Gains | 27 | 8 | ||||||||||||||||||
Gross unrealized Losses | 5 | 16 | ||||||||||||||||||
Fair value | 961 | 1,392 | ||||||||||||||||||
Available-for-sale | Agency commercial MBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 5,775 | 4,031 | ||||||||||||||||||
Gross unrealized Gains | 114 | 24 | ||||||||||||||||||
Gross unrealized Losses | 8 | 35 | ||||||||||||||||||
Fair value | 5,881 | 4,020 | ||||||||||||||||||
Available-for-sale | CLOs | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2,530 | 2,363 | ||||||||||||||||||
Gross unrealized Gains | 5 | 1 | ||||||||||||||||||
Gross unrealized Losses | 1 | 13 | ||||||||||||||||||
Fair value | 2,534 | 2,351 | ||||||||||||||||||
Available-for-sale | Other asset-backed securities | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2,202 | 2,909 | ||||||||||||||||||
Gross unrealized Gains | 9 | 1 | ||||||||||||||||||
Gross unrealized Losses | 8 | 17 | ||||||||||||||||||
Fair value | 2,203 | 2,893 | ||||||||||||||||||
Available-for-sale | Foreign covered bonds | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2,316 | 2,125 | ||||||||||||||||||
Gross unrealized Gains | 40 | 46 | ||||||||||||||||||
Gross unrealized Losses | 1 | 3 | ||||||||||||||||||
Fair value | 2,355 | 2,168 | ||||||||||||||||||
Available-for-sale | Corporate bonds | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 1,585 | 1,740 | ||||||||||||||||||
Gross unrealized Gains | 54 | 26 | ||||||||||||||||||
Gross unrealized Losses | 1 | 14 | ||||||||||||||||||
Fair value | 1,638 | 1,752 | ||||||||||||||||||
Available-for-sale | Sovereign debt/sovereign guaranteed | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 13,657 | 13,036 | ||||||||||||||||||
Gross unrealized Gains | 348 | 211 | ||||||||||||||||||
Gross unrealized Losses | 0 | 30 | ||||||||||||||||||
Fair value | 14,005 | 13,217 | ||||||||||||||||||
Available-for-sale | Other debt securities | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2,970 | 2,732 | ||||||||||||||||||
Gross unrealized Gains | 32 | 46 | ||||||||||||||||||
Gross unrealized Losses | 0 | 3 | ||||||||||||||||||
Fair value | 3,002 | 2,775 | ||||||||||||||||||
Available-for-sale | Equity securities | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2 | 3 | ||||||||||||||||||
Gross unrealized Gains | 1 | 1 | ||||||||||||||||||
Gross unrealized Losses | 0 | 0 | ||||||||||||||||||
Fair value | 3 | 4 | ||||||||||||||||||
Available-for-sale | Money market funds | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 931 | 886 | ||||||||||||||||||
Gross unrealized Gains | 0 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 0 | ||||||||||||||||||
Fair value | 931 | 886 | ||||||||||||||||||
Available-for-sale | Non-agency RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 1,166 | [5] | 1,435 | [6] | ||||||||||||||||
Gross unrealized Gains | 304 | [5] | 362 | [6] | ||||||||||||||||
Gross unrealized Losses | 7 | [5],[7] | 8 | [6],[8] | ||||||||||||||||
Fair value | 1,463 | [5] | 1,789 | [6] | ||||||||||||||||
Held-to-maturity | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 40,728 | 43,312 | ||||||||||||||||||
Gross unrealized Gains | 678 | 187 | ||||||||||||||||||
Gross unrealized Losses | 19 | 295 | ||||||||||||||||||
Fair value | 41,387 | 43,204 | ||||||||||||||||||
Held-to-maturity | U.S. Treasury | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 11,165 | 11,326 | ||||||||||||||||||
Gross unrealized Gains | 154 | 25 | ||||||||||||||||||
Gross unrealized Losses | 0 | 51 | ||||||||||||||||||
Fair value | 11,319 | 11,300 | ||||||||||||||||||
Held-to-maturity | U.S. Government agencies | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 1,529 | 1,431 | ||||||||||||||||||
Gross unrealized Gains | 1 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 6 | ||||||||||||||||||
Fair value | 1,530 | 1,425 | ||||||||||||||||||
Held-to-maturity | State and political subdivisions | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 19 | 20 | ||||||||||||||||||
Gross unrealized Gains | 1 | 0 | ||||||||||||||||||
Gross unrealized Losses | 1 | 1 | ||||||||||||||||||
Fair value | 19 | 19 | ||||||||||||||||||
Held-to-maturity | Agency RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 25,051 | 26,036 | ||||||||||||||||||
Gross unrealized Gains | 433 | 134 | ||||||||||||||||||
Gross unrealized Losses | 5 | 205 | ||||||||||||||||||
Fair value | 25,479 | 25,965 | ||||||||||||||||||
Held-to-maturity | Non-agency RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 82 | 118 | ||||||||||||||||||
Gross unrealized Gains | 4 | 5 | ||||||||||||||||||
Gross unrealized Losses | 2 | 2 | ||||||||||||||||||
Fair value | 84 | 121 | ||||||||||||||||||
Held-to-maturity | Other RMBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 158 | 224 | ||||||||||||||||||
Gross unrealized Gains | 0 | 1 | ||||||||||||||||||
Gross unrealized Losses | 11 | 10 | ||||||||||||||||||
Fair value | 147 | 215 | ||||||||||||||||||
Held-to-maturity | Commercial MBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 29 | 9 | ||||||||||||||||||
Gross unrealized Gains | 0 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 0 | ||||||||||||||||||
Fair value | 29 | 9 | ||||||||||||||||||
Held-to-maturity | Agency commercial MBS | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 555 | 503 | ||||||||||||||||||
Gross unrealized Gains | 19 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 9 | ||||||||||||||||||
Fair value | 574 | 494 | ||||||||||||||||||
Held-to-maturity | Foreign covered bonds | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 79 | 76 | ||||||||||||||||||
Gross unrealized Gains | 2 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 0 | ||||||||||||||||||
Fair value | 81 | 76 | ||||||||||||||||||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 2,033 | 3,538 | ||||||||||||||||||
Gross unrealized Gains | 64 | 22 | ||||||||||||||||||
Gross unrealized Losses | 0 | 11 | ||||||||||||||||||
Fair value | 2,097 | 3,549 | ||||||||||||||||||
Held-to-maturity | Other debt securities | ||||||||||||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||||||||||||
Amortized cost | 28 | 31 | ||||||||||||||||||
Gross unrealized Gains | 0 | 0 | ||||||||||||||||||
Gross unrealized Losses | 0 | 0 | ||||||||||||||||||
Fair value | $ 28 | $ 31 | ||||||||||||||||||
|
Securities - Net Securities Gains (Losses) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Securities [Abstract] | |||||
Realized gross gains | $ 26 | $ 23 | $ 23 | $ 71 | $ 66 |
Realized gross losses | (1) | 0 | 0 | (1) | (1) |
Recognized gross impairments | (1) | (2) | (1) | (5) | (3) |
Net securities gains | $ 24 | $ 21 | $ 22 | $ 65 | $ 62 |
Securities - Aggregate Fair Value of Investments with Continuous Unrealized Loss Position (Detail) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | $ 12,186,000,000 | $ 54,834,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 41,000,000 | 439,000,000 | ||||||||||||||||||
12 months or more Fair value | 4,558,000,000 | 5,890,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 285,000,000 | 373,000,000 | ||||||||||||||||||
Total Fair value | 16,744,000,000 | 60,724,000,000 | ||||||||||||||||||
Total Unrealized losses | 326,000,000 | 812,000,000 | ||||||||||||||||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 204,000,000 | 240,000,000 | ||||||||||||||||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 0 | 8,000,000 | ||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 10,565,000,000 | [1] | 25,392,000,000 | [2] | ||||||||||||||||
Less than 12 months Unrealized losses | 36,000,000 | [1] | 190,000,000 | [2] | ||||||||||||||||
12 months or more Fair value | 4,298,000,000 | [1] | 3,778,000,000 | [2] | ||||||||||||||||
12 months or more Unrealized losses | 271,000,000 | [1] | 327,000,000 | [2] | ||||||||||||||||
Total Fair value | 14,863,000,000 | [1] | 29,170,000,000 | [2] | ||||||||||||||||
Total Unrealized losses | 307,000,000 | [1],[3] | 517,000,000 | [2],[4] | ||||||||||||||||
Securities available-for-sale | U.S. Treasury | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 1,945,000,000 | 6,343,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 8,000,000 | 36,000,000 | ||||||||||||||||||
12 months or more Fair value | 0 | 0 | ||||||||||||||||||
12 months or more Unrealized losses | 0 | 0 | ||||||||||||||||||
Total Fair value | 1,945,000,000 | 6,343,000,000 | ||||||||||||||||||
Total Unrealized losses | 8,000,000 | 36,000,000 | ||||||||||||||||||
Securities available-for-sale | U.S. Government agencies | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 148,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | |||||||||||||||||||
12 months or more Fair value | 10,000,000 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 158,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 1,000,000 | ||||||||||||||||||
Securities available-for-sale | State and political subdivisions | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 281,000,000 | 143,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | 2,000,000 | ||||||||||||||||||
12 months or more Fair value | 130,000,000 | 117,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 14,000,000 | 11,000,000 | ||||||||||||||||||
Total Fair value | 411,000,000 | 260,000,000 | ||||||||||||||||||
Total Unrealized losses | 15,000,000 | 13,000,000 | ||||||||||||||||||
Securities available-for-sale | Agency RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 6,580,000,000 | 8,500,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 21,000,000 | 44,000,000 | ||||||||||||||||||
12 months or more Fair value | 1,490,000,000 | 1,316,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 208,000,000 | 243,000,000 | ||||||||||||||||||
Total Fair value | 8,070,000,000 | 9,816,000,000 | ||||||||||||||||||
Total Unrealized losses | 229,000,000 | 287,000,000 | ||||||||||||||||||
Securities available-for-sale | Non-agency RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 29,000,000 | 72,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 0 | ||||||||||||||||||
12 months or more Fair value | 351,000,000 | 417,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 14,000,000 | 20,000,000 | ||||||||||||||||||
Total Fair value | 380,000,000 | 489,000,000 | ||||||||||||||||||
Total Unrealized losses | 14,000,000 | 20,000,000 | ||||||||||||||||||
Securities available-for-sale | Other RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 38,000,000 | 2,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | 0 | ||||||||||||||||||
12 months or more Fair value | 151,000,000 | 298,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 9,000,000 | 21,000,000 | ||||||||||||||||||
Total Fair value | 189,000,000 | 300,000,000 | ||||||||||||||||||
Total Unrealized losses | 10,000,000 | 21,000,000 | ||||||||||||||||||
Securities available-for-sale | Commercial MBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 99,000,000 | 567,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 9,000,000 | ||||||||||||||||||
12 months or more Fair value | 172,000,000 | 224,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 5,000,000 | 7,000,000 | ||||||||||||||||||
Total Fair value | 271,000,000 | 791,000,000 | ||||||||||||||||||
Total Unrealized losses | 5,000,000 | 16,000,000 | ||||||||||||||||||
Securities available-for-sale | Agency commercial MBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 1,106,000,000 | 2,551,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 3,000,000 | 31,000,000 | ||||||||||||||||||
12 months or more Fair value | 608,000,000 | 172,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 5,000,000 | 4,000,000 | ||||||||||||||||||
Total Fair value | 1,714,000,000 | 2,723,000,000 | ||||||||||||||||||
Total Unrealized losses | 8,000,000 | 35,000,000 | ||||||||||||||||||
Securities available-for-sale | CLOs | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 97,000,000 | 1,599,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 10,000,000 | ||||||||||||||||||
12 months or more Fair value | 854,000,000 | 455,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 1,000,000 | 3,000,000 | ||||||||||||||||||
Total Fair value | 951,000,000 | 2,054,000,000 | ||||||||||||||||||
Total Unrealized losses | 1,000,000 | 13,000,000 | ||||||||||||||||||
Securities available-for-sale | Other asset-backed securities | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 12,000,000 | 2,001,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 10,000,000 | ||||||||||||||||||
12 months or more Fair value | 434,000,000 | 546,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 8,000,000 | 7,000,000 | ||||||||||||||||||
Total Fair value | 446,000,000 | 2,547,000,000 | ||||||||||||||||||
Total Unrealized losses | 8,000,000 | 17,000,000 | ||||||||||||||||||
Securities available-for-sale | Corporate bonds | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 155,000,000 | 338,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | 10,000,000 | ||||||||||||||||||
12 months or more Fair value | 0 | 128,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 0 | 4,000,000 | ||||||||||||||||||
Total Fair value | 155,000,000 | 466,000,000 | ||||||||||||||||||
Total Unrealized losses | 1,000,000 | 14,000,000 | ||||||||||||||||||
Securities available-for-sale | Sovereign debt/sovereign guaranteed | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 2,063,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 30,000,000 | |||||||||||||||||||
12 months or more Fair value | 43,000,000 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 2,106,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 30,000,000 | ||||||||||||||||||
Securities available-for-sale | Non-agency RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 44,000,000 | [5] | 45,000,000 | [6] | ||||||||||||||||
Less than 12 months Unrealized losses | 0 | [5] | 1,000,000 | [6] | ||||||||||||||||
12 months or more Fair value | 44,000,000 | [5] | 52,000,000 | [6] | ||||||||||||||||
12 months or more Unrealized losses | 7,000,000 | [5] | 7,000,000 | [6] | ||||||||||||||||
Total Fair value | 88,000,000 | [5] | 97,000,000 | [6] | ||||||||||||||||
Total Unrealized losses | 7,000,000 | [5],[7] | 8,000,000 | [6],[8] | ||||||||||||||||
Securities available-for-sale | Other debt securities | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 505,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 3,000,000 | |||||||||||||||||||
12 months or more Fair value | 0 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 505,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 3,000,000 | ||||||||||||||||||
Securities available-for-sale | Foreign covered bonds | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 179,000,000 | 515,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | 3,000,000 | ||||||||||||||||||
12 months or more Fair value | 64,000,000 | 0 | ||||||||||||||||||
12 months or more Unrealized losses | 0 | 0 | ||||||||||||||||||
Total Fair value | 243,000,000 | 515,000,000 | ||||||||||||||||||
Total Unrealized losses | 1,000,000 | 3,000,000 | ||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 1,621,000,000 | 29,442,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 5,000,000 | 249,000,000 | ||||||||||||||||||
12 months or more Fair value | 260,000,000 | 2,112,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 14,000,000 | 46,000,000 | ||||||||||||||||||
Total Fair value | 1,881,000,000 | 31,554,000,000 | ||||||||||||||||||
Total Unrealized losses | 19,000,000 | 295,000,000 | ||||||||||||||||||
Held-to-maturity | U.S. Treasury | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 9,121,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 51,000,000 | |||||||||||||||||||
12 months or more Fair value | 0 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 9,121,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 51,000,000 | ||||||||||||||||||
Held-to-maturity | U.S. Government agencies | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 1,122,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 6,000,000 | |||||||||||||||||||
12 months or more Fair value | 0 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 1,122,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 6,000,000 | ||||||||||||||||||
Held-to-maturity | State and political subdivisions | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 0 | 4,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 1,000,000 | ||||||||||||||||||
12 months or more Fair value | 4,000,000 | 0 | ||||||||||||||||||
12 months or more Unrealized losses | 1,000,000 | 0 | ||||||||||||||||||
Total Fair value | 4,000,000 | 4,000,000 | ||||||||||||||||||
Total Unrealized losses | 1,000,000 | 1,000,000 | ||||||||||||||||||
Held-to-maturity | Agency RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 1,601,000,000 | 16,491,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 4,000,000 | 171,000,000 | ||||||||||||||||||
12 months or more Fair value | 75,000,000 | 1,917,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 1,000,000 | 34,000,000 | ||||||||||||||||||
Total Fair value | 1,676,000,000 | 18,408,000,000 | ||||||||||||||||||
Total Unrealized losses | 5,000,000 | 205,000,000 | ||||||||||||||||||
Held-to-maturity | Non-agency RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 5,000,000 | 40,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 0 | 0 | ||||||||||||||||||
12 months or more Fair value | 49,000,000 | 29,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 2,000,000 | 2,000,000 | ||||||||||||||||||
Total Fair value | 54,000,000 | 69,000,000 | ||||||||||||||||||
Total Unrealized losses | 2,000,000 | 2,000,000 | ||||||||||||||||||
Held-to-maturity | Other RMBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 15,000,000 | 9,000,000 | ||||||||||||||||||
Less than 12 months Unrealized losses | 1,000,000 | 0 | ||||||||||||||||||
12 months or more Fair value | 132,000,000 | 166,000,000 | ||||||||||||||||||
12 months or more Unrealized losses | 10,000,000 | 10,000,000 | ||||||||||||||||||
Total Fair value | 147,000,000 | 175,000,000 | ||||||||||||||||||
Total Unrealized losses | 11,000,000 | 10,000,000 | ||||||||||||||||||
Held-to-maturity | Commercial MBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Total Unrealized losses | 0 | 0 | ||||||||||||||||||
Held-to-maturity | Agency commercial MBS | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 494,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 9,000,000 | |||||||||||||||||||
12 months or more Fair value | 0 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 494,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 9,000,000 | ||||||||||||||||||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Less than 12 months Fair value | 2,161,000,000 | |||||||||||||||||||
Less than 12 months Unrealized losses | 11,000,000 | |||||||||||||||||||
12 months or more Fair value | 0 | |||||||||||||||||||
12 months or more Unrealized losses | 0 | |||||||||||||||||||
Total Fair value | 2,161,000,000 | |||||||||||||||||||
Total Unrealized losses | 0 | 11,000,000 | ||||||||||||||||||
Held-to-maturity | Other debt securities | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Total Unrealized losses | 0 | 0 | ||||||||||||||||||
Held-to-maturity | Foreign covered bonds | ||||||||||||||||||||
Investments, Unrealized Loss Position [Line Items] | ||||||||||||||||||||
Total Unrealized losses | $ 0 | $ 0 | ||||||||||||||||||
|
Securities - Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio (Detail) $ in Millions |
Sep. 30, 2016
USD ($)
|
|||||
---|---|---|---|---|---|---|
Securities available-for-sale: | ||||||
One year or less | $ 8,533 | |||||
Over 1 through 5 years | 19,928 | |||||
Over 5 through 10 years | 6,748 | |||||
Over 10 years | 4,260 | |||||
Total | 78,270 | |||||
Securities held-to-maturity: | ||||||
One year or less | 2,361 | |||||
Over 1 through 5 years | 9,239 | |||||
Over 5 through 10 years | 3,239 | |||||
Over 10 years | 14 | |||||
Total | 40,728 | |||||
Mortgage-backed securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | 33,130 | |||||
Securities held-to-maturity: | ||||||
Mortgage-backed securities | 25,875 | |||||
Asset-backed securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | 4,737 | |||||
Equity securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | 934 | [1] | ||||
U.S. Treasury | ||||||
Securities available-for-sale: | ||||||
One year or less | 2,515 | |||||
Over 1 through 5 years | 5,810 | |||||
Over 5 through 10 years | 2,445 | |||||
Over 10 years | 3,839 | |||||
Total | $ 14,609 | |||||
Securities available-for-sale (Yield): | ||||||
One year or less | 0.68% | [2] | ||||
Over 1 through 5 years | 1.44% | [2] | ||||
Over 5 through 10 years | 1.72% | [2] | ||||
Over 10 years | 3.11% | [2] | ||||
Total | 1.79% | [2] | ||||
Securities held-to-maturity: | ||||||
One year or less | $ 1,745 | |||||
Over 1 through 5 years | 6,922 | |||||
Over 5 through 10 years | 2,498 | |||||
Over 10 years | 0 | |||||
Total | $ 11,165 | |||||
Securities held-to-maturity (Yield): | ||||||
One year or less | 0.79% | [2] | ||||
Over 1 through 5 years | 1.19% | [2] | ||||
Over 5 through 10 years | 1.90% | [2] | ||||
Over 10 years | 0.00% | [2] | ||||
Total | 1.29% | [2] | ||||
U.S. Government agencies | ||||||
Securities available-for-sale: | ||||||
One year or less | $ 0 | |||||
Over 1 through 5 years | 40 | |||||
Over 5 through 10 years | 261 | |||||
Over 10 years | 0 | |||||
Total | $ 301 | |||||
Securities available-for-sale (Yield): | ||||||
One year or less | 0.00% | [2] | ||||
Over 1 through 5 years | 1.25% | [2] | ||||
Over 5 through 10 years | 2.34% | [2] | ||||
Over 10 years | 0.00% | [2] | ||||
Total | 2.19% | [2] | ||||
Securities held-to-maturity: | ||||||
One year or less | $ 75 | |||||
Over 1 through 5 years | 1,454 | |||||
Over 5 through 10 years | 0 | |||||
Over 10 years | 0 | |||||
Total | $ 1,529 | |||||
Securities held-to-maturity (Yield): | ||||||
One year or less | 0.68% | [2] | ||||
Over 1 through 5 years | 1.11% | [2] | ||||
Over 5 through 10 years | 0.00% | [2] | ||||
Over 10 years | 0.00% | [2] | ||||
Total | 1.09% | [2] | ||||
State and political subdivisions | ||||||
Securities available-for-sale: | ||||||
One year or less | $ 176 | |||||
Over 1 through 5 years | 1,822 | |||||
Over 5 through 10 years | 1,363 | |||||
Over 10 years | 198 | |||||
Total | $ 3,559 | |||||
Securities available-for-sale (Yield): | ||||||
One year or less | 2.80% | [2] | ||||
Over 1 through 5 years | 2.85% | [2] | ||||
Over 5 through 10 years | 3.52% | [2] | ||||
Over 10 years | 1.48% | [2] | ||||
Total | 3.03% | [2] | ||||
Securities held-to-maturity: | ||||||
One year or less | $ 0 | |||||
Over 1 through 5 years | 1 | |||||
Over 5 through 10 years | 4 | |||||
Over 10 years | 14 | |||||
Total | $ 19 | |||||
Securities held-to-maturity (Yield): | ||||||
One year or less | 0.00% | [2] | ||||
Over 1 through 5 years | 7.12% | [2] | ||||
Over 5 through 10 years | 6.76% | [2] | ||||
Over 10 years | 5.31% | [2] | ||||
Total | 5.67% | [2] | ||||
Other bonds, notes and debentures | ||||||
Securities available-for-sale: | ||||||
One year or less | $ 5,842 | |||||
Over 1 through 5 years | 12,256 | |||||
Over 5 through 10 years | 2,679 | |||||
Over 10 years | 223 | |||||
Total | $ 21,000 | |||||
Securities available-for-sale (Yield): | ||||||
One year or less | 0.93% | [2] | ||||
Over 1 through 5 years | 1.05% | [2] | ||||
Over 5 through 10 years | 1.18% | [2] | ||||
Over 10 years | 1.69% | [2] | ||||
Total | 1.04% | [2] | ||||
Securities held-to-maturity: | ||||||
One year or less | $ 541 | |||||
Over 1 through 5 years | 862 | |||||
Over 5 through 10 years | 737 | |||||
Over 10 years | 0 | |||||
Total | $ 2,140 | |||||
Securities held-to-maturity (Yield): | ||||||
One year or less | 0.57% | [2] | ||||
Over 1 through 5 years | 0.62% | [2] | ||||
Over 5 through 10 years | 0.69% | [2] | ||||
Over 10 years | 0.00% | [2] | ||||
Total | 0.63% | [2] | ||||
Mortgage/ asset-backed and equity securities | ||||||
Securities available-for-sale: | ||||||
Total | $ 38,801 | |||||
Securities available-for-sale (Yield): | ||||||
Total | 2.48% | [2] | ||||
Securities held-to-maturity: | ||||||
Total | $ 25,875 | |||||
Securities held-to-maturity (Yield): | ||||||
Total | 2.73% | [2] | ||||
Mortgage/ asset-backed and equity securities | Mortgage-backed securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | $ 33,130 | |||||
Securities available-for-sale (Yield): | ||||||
Without single maturity date | 2.66% | [2] | ||||
Securities held-to-maturity: | ||||||
Mortgage-backed securities | $ 25,875 | |||||
Securities held-to-maturity (Yield): | ||||||
Without single maturity date | 2.73% | [2] | ||||
Mortgage/ asset-backed and equity securities | Asset-backed securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | $ 4,737 | |||||
Securities available-for-sale (Yield): | ||||||
Without single maturity date | 1.73% | [2] | ||||
Mortgage/ asset-backed and equity securities | Equity securities | ||||||
Securities available-for-sale: | ||||||
Without single maturity date | $ 934 | [1] | ||||
Securities available-for-sale (Yield): | ||||||
Without single maturity date | 0.00% | [1],[2] | ||||
|
Securities - Projected Weighted-Average Default Rates and Loss Severities (Detail) - Recent Vintage |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Alt-A | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate | 31.00% | 33.00% |
Severity | 56.00% | 57.00% |
Subprime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate | 49.00% | 52.00% |
Severity | 70.00% | 75.00% |
Prime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate | 18.00% | 18.00% |
Severity | 39.00% | 40.00% |
Securities - Pre-Tax Net Securities Gains (Losses) by Type (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | $ 24 | $ 21 | $ 22 | $ 65 | $ 62 |
Agency RMBS | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | 9 | 5 | 7 | 22 | 8 |
Foreign covered bonds | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | 0 | 0 | 1 | 10 | 2 |
U.S. Treasury | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | (1) | 4 | 8 | 4 | 42 |
Non-agency RMBS | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | (1) | 4 | (1) | 1 | (3) |
Other securities | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Net securities gains | $ 17 | $ 8 | $ 7 | $ 28 | $ 13 |
Securities - Debt Securities Credit Losses Roll Forward Recorded in Earnings (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other than Temporary Impairment [Roll Forward] | ||||
Beginning balance | $ 91 | $ 91 | $ 91 | $ 93 |
Add: Initial OTTI credit losses | 0 | 0 | 0 | 0 |
Subsequent OTTI credit losses | 1 | 1 | 5 | 2 |
Less: Realized losses for securities sold | 5 | 0 | 9 | 3 |
Ending balance | $ 87 | $ 92 | $ 87 | $ 92 |
Securities - Pledged assets (Details) - USD ($) $ in Billions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Transfers and Servicing [Abstract] | ||
Pledged assets | $ 104 | $ 101 |
Pledged collateral for potential borrowings at the Federal Reserve Discount Window | 86 | 84 |
Pledged securities | 90 | 88 |
Pledged loans | 8 | 8 |
Pledged interest-bearing deposits | 4 | 2 |
Pledged trading assets | 2 | 3 |
Pledged assets permitted to be sold or repledged | 6 | 7 |
Market value of securities that can be sold or repledged | 60 | 52 |
Market value of securities received as collateral that have been sold or repledged | 20 | 17 |
Cash segregated under federal or other regulations | 3 | 4 |
Securities segregated under federal or other regulations | $ 2 | $ 1 |
Loans and asset quality - Details of Loan Distribution and Industry Concentrations of Credit Risk (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
||
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | [1] | $ 65,997 | $ 63,703 | |||
Unearned income on lease financings | 563 | 674 | ||||
Financial institutions | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 14,746 | 15,899 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 2,665 | 2,342 | ||||
Wealth management loans and mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 15,128 | 13,347 | ||||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 4,740 | 3,945 | ||||
Other residential mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 901 | 1,055 | ||||
Overdrafts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 7,323 | 4,483 | ||||
Margin loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 17,557 | 19,573 | ||||
Total Domestic | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 50,936 | 49,351 | ||||
Total Domestic | Financial institutions | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 6,783 | 6,640 | ||||
Total Domestic | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 2,292 | 2,115 | ||||
Total Domestic | Wealth management loans and mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 15,031 | 13,247 | ||||
Total Domestic | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 4,723 | 3,899 | ||||
Total Domestic | Lease financings | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,017 | 1,007 | ||||
Total Domestic | Other residential mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 901 | 1,055 | ||||
Total Domestic | Overdrafts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,580 | $ 1,331 | 911 | $ 1,311 | ||
Total Domestic | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,122 | 1,123 | 1,137 | 1,150 | ||
Total Domestic | Margin loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 17,487 | $ 18,388 | 19,340 | $ 19,200 | ||
Foreign | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 15,061 | 14,352 | ||||
Foreign | Financial institutions | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 7,963 | 9,259 | ||||
Foreign | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 373 | 227 | ||||
Foreign | Wealth management loans and mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 97 | 100 | ||||
Foreign | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 17 | 46 | ||||
Foreign | Lease financings | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 731 | 850 | ||||
Foreign | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 5,810 | 3,637 | ||||
Foreign | Margin loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 70 | $ 233 | ||||
|
Loans and asset quality - Allowance for Credit Losses Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | $ 280 | $ 287 | $ 278 | $ 275 | $ 280 | ||||||||||||||
Charge-offs | (1) | 0 | (1) | (1) | (2) | ||||||||||||||
Recoveries | 14 | 2 | 2 | 18 | 5 | ||||||||||||||
Net recoveries | 13 | 2 | 1 | 17 | 3 | ||||||||||||||
Provision | (19) | (9) | 1 | (18) | (3) | ||||||||||||||
Ending balance | 274 | 280 | 280 | 274 | 280 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 148 | 158 | 181 | 148 | 181 | ||||||||||||||
Lending-related commitments | 126 | 122 | 99 | 126 | 99 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 9 | 185 | 9 | 9 | 9 | ||||||||||||||
Allowance for loan losses | 3 | 4 | 2 | 3 | 2 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 65,959 | 64,010 | 62,962 | 65,959 | 62,962 | ||||||||||||||
Allowance for loan losses | 145 | 154 | 179 | 145 | 179 | ||||||||||||||
Loans | [1] | 65,997 | 65,997 | $ 63,703 | |||||||||||||||
Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 50,936 | 50,936 | 49,351 | ||||||||||||||||
Commercial | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 90 | 88 | 75 | 82 | 60 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Provision | 1 | 2 | 1 | 9 | 16 | ||||||||||||||
Ending balance | 91 | 90 | 76 | 91 | 76 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 22 | 25 | 29 | 22 | 29 | ||||||||||||||
Lending-related commitments | 69 | 65 | 47 | 69 | 47 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 2,292 | 2,377 | 1,869 | 2,292 | 1,869 | ||||||||||||||
Allowance for loan losses | 22 | 25 | 29 | 22 | 29 | ||||||||||||||
Loans | 2,665 | 2,665 | 2,342 | ||||||||||||||||
Commercial | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 2,292 | 2,292 | 2,115 | ||||||||||||||||
Commercial real estate | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 63 | 62 | 58 | 59 | 50 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Provision | 0 | 1 | 4 | 4 | 12 | ||||||||||||||
Ending balance | 63 | 63 | 62 | 63 | 62 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 45 | 43 | 40 | 45 | 40 | ||||||||||||||
Lending-related commitments | 18 | 20 | 22 | 18 | 22 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 1 | 2 | 0 | 1 | 0 | ||||||||||||||
Allowance for loan losses | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 4,693 | 4,222 | 3,328 | 4,693 | 3,328 | ||||||||||||||
Allowance for loan losses | 44 | 42 | 39 | 44 | 39 | ||||||||||||||
Loans | 4,740 | 4,740 | 3,945 | ||||||||||||||||
Commercial real estate | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 4,723 | 4,723 | 3,899 | ||||||||||||||||
Financial institutions | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 29 | 32 | 30 | 31 | 31 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 13 | 0 | 0 | 13 | 1 | ||||||||||||||
Net recoveries | 13 | 0 | 0 | 13 | 1 | ||||||||||||||
Provision | (13) | (3) | (2) | (15) | (4) | ||||||||||||||
Ending balance | 29 | 29 | 28 | 29 | 28 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 9 | 9 | 12 | 9 | 12 | ||||||||||||||
Lending-related commitments | 20 | 20 | 16 | 20 | 16 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 0 | 171 | 0 | 0 | 0 | ||||||||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 6,783 | 6,690 | 6,774 | 6,783 | 6,774 | ||||||||||||||
Allowance for loan losses | 9 | 9 | 12 | 9 | 12 | ||||||||||||||
Loans | 14,746 | 14,746 | 15,899 | ||||||||||||||||
Financial institutions | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 6,783 | 6,783 | 6,640 | ||||||||||||||||
Lease financings | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 14 | 16 | 20 | 15 | 32 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Provision | 0 | (2) | (2) | (1) | (14) | ||||||||||||||
Ending balance | 14 | 14 | 18 | 14 | 18 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 14 | 14 | 18 | 14 | 18 | ||||||||||||||
Lending-related commitments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 4 | 4 | 0 | 4 | 0 | ||||||||||||||
Allowance for loan losses | 2 | 2 | 0 | 2 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 1,013 | 1,023 | 1,106 | 1,013 | 1,106 | ||||||||||||||
Allowance for loan losses | 12 | 12 | 18 | 12 | 18 | ||||||||||||||
Lease financings | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 1,017 | 1,017 | 1,007 | ||||||||||||||||
Wealth management loans and mortgages | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 18 | 18 | 22 | 19 | 22 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Provision | 0 | 0 | 1 | (1) | 1 | ||||||||||||||
Ending balance | 18 | 18 | 23 | 18 | 23 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 14 | 15 | 18 | 14 | 18 | ||||||||||||||
Lending-related commitments | 4 | 3 | 5 | 4 | 5 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 4 | 8 | 9 | 4 | 9 | ||||||||||||||
Allowance for loan losses | 0 | 1 | 1 | 0 | 1 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 15,027 | 14,437 | 12,552 | 15,027 | 12,552 | ||||||||||||||
Allowance for loan losses | 14 | 14 | 17 | 14 | 17 | ||||||||||||||
Loans | 15,128 | 15,128 | 13,347 | ||||||||||||||||
Wealth management loans and mortgages | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 15,031 | 15,031 | 13,247 | ||||||||||||||||
Other residential mortgages | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 29 | 32 | 37 | 34 | 41 | ||||||||||||||
Charge-offs | (1) | 0 | (1) | (1) | (2) | ||||||||||||||
Recoveries | 1 | 1 | 2 | 4 | 4 | ||||||||||||||
Net recoveries | 0 | 1 | 1 | 3 | 2 | ||||||||||||||
Provision | (1) | (4) | (3) | (9) | (8) | ||||||||||||||
Ending balance | 28 | 29 | 35 | 28 | 35 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 28 | 29 | 35 | 28 | 35 | ||||||||||||||
Lending-related commitments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 901 | 945 | 1,080 | 901 | 1,080 | ||||||||||||||
Allowance for loan losses | 28 | 29 | 35 | 28 | 35 | ||||||||||||||
Loans | 901 | 901 | 1,055 | ||||||||||||||||
Other residential mortgages | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 901 | 901 | 1,055 | ||||||||||||||||
All Other | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net recoveries | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Provision | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Lending-related commitments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 20,189 | [2] | 20,842 | [3] | 21,661 | [4] | 20,189 | [2] | 21,661 | [4] | |||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Foreign | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||||||
Beginning balance | 37 | 39 | 36 | 35 | 44 | ||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Recoveries | 0 | 1 | 0 | 1 | 0 | ||||||||||||||
Net recoveries | 0 | 1 | 0 | 1 | 0 | ||||||||||||||
Provision | (6) | (3) | 2 | (5) | (6) | ||||||||||||||
Ending balance | 31 | 37 | 38 | 31 | 38 | ||||||||||||||
Allowance for: | |||||||||||||||||||
Loan losses | 16 | 23 | 29 | 16 | 29 | ||||||||||||||
Lending-related commitments | 15 | 14 | 9 | 15 | 9 | ||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loan balance | 15,061 | 13,474 | 14,592 | 15,061 | 14,592 | ||||||||||||||
Allowance for loan losses | 16 | 23 | 29 | 16 | 29 | ||||||||||||||
Overdrafts | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 7,323 | 7,323 | 4,483 | ||||||||||||||||
Overdrafts | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 1,580 | 1,331 | 1,311 | 1,580 | 1,311 | 911 | |||||||||||||
Margin loans | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 17,557 | 17,557 | 19,573 | ||||||||||||||||
Margin loans | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | 17,487 | 18,388 | 19,200 | 17,487 | 19,200 | 19,340 | |||||||||||||
Other | Total Domestic | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Loans | $ 1,122 | $ 1,123 | $ 1,150 | $ 1,122 | $ 1,150 | $ 1,137 | |||||||||||||
|
Loans and asset quality - Nonperforming Assets (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | $ 105 | $ 286 |
Other assets owned | 4 | 6 |
Total nonperforming assets | 109 | 292 |
Total Domestic | Other residential mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 93 | 102 |
Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 7 | 11 |
Total Domestic | Lease financings | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 4 | 0 |
Total Domestic | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 1 | 2 |
Total Domestic | Financial institutions | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | $ 0 | $ 171 |
Loans and asset quality - Lost Interest (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Receivables [Abstract] | |||||
Amount by which interest income recognized on nonperforming loans exceeded reversals | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Amount by which interest income would have increased if nonperforming loans at period-end had been performing for the entire period | $ 1 | $ 1 | $ 2 | $ 4 | $ 5 |
Loans and asset quality - Information about Impaired Loans (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, average recorded investment | $ 8 | $ 11 | $ 6 | $ 9 | $ 6 | ||||||||||
Impaired loans without an allowance, average recorded investment | [1] | 89 | 174 | 2 | 131 | 2 | |||||||||
Total impaired loans, average recorded investment | 97 | 185 | 8 | 140 | 8 | ||||||||||
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans without an allowance, interest income recognized | [1] | 0 | 0 | 0 | 0 | 0 | |||||||||
Total impaired loans, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans with an allowance, recorded investment | 6 | 6 | $ 7 | ||||||||||||
Impaired loans without an allowance, recorded investment | [2] | 3 | 3 | 173 | |||||||||||
Total impaired loans, recorded investment | [3] | 9 | 9 | 180 | |||||||||||
Impaired loans with an allowance, unpaid Principal balance | 9 | 9 | 10 | ||||||||||||
Impaired loans without an allowance, unpaid Principal balance | [2] | 3 | 3 | 314 | |||||||||||
Total impaired loans, unpaid Principal balance | [3] | 12 | 12 | 324 | |||||||||||
Impaired loans with an allowance, related allowance | [3],[4] | 3 | 3 | 2 | |||||||||||
Commercial real estate | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, average recorded investment | 1 | 1 | 0 | 1 | 0 | ||||||||||
Impaired loans without an allowance, average recorded investment | 1 | 1 | 0 | 1 | 0 | ||||||||||
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans with an allowance, recorded investment | 1 | 1 | 1 | ||||||||||||
Impaired loans without an allowance, recorded investment | 0 | 0 | 0 | ||||||||||||
Impaired loans with an allowance, unpaid Principal balance | 4 | 4 | 3 | ||||||||||||
Impaired loans without an allowance, unpaid Principal balance | 0 | 0 | 0 | ||||||||||||
Impaired loans with an allowance, related allowance | [4] | 1 | 1 | 1 | |||||||||||
Financial institutions | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans without an allowance, average recorded investment | 85 | 171 | 0 | 128 | 0 | ||||||||||
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans without an allowance, recorded investment | 0 | 0 | 171 | ||||||||||||
Impaired loans without an allowance, unpaid Principal balance | 0 | 0 | 312 | ||||||||||||
Wealth management loans and mortgages | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, average recorded investment | 3 | 6 | 6 | 5 | 6 | ||||||||||
Impaired loans without an allowance, average recorded investment | 3 | 2 | 2 | 2 | 2 | ||||||||||
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | 0 | 0 | ||||||||||
Impaired loans with an allowance, recorded investment | 1 | 1 | 6 | ||||||||||||
Impaired loans without an allowance, recorded investment | 3 | 3 | 2 | ||||||||||||
Impaired loans with an allowance, unpaid Principal balance | 1 | 1 | 7 | ||||||||||||
Impaired loans without an allowance, unpaid Principal balance | 3 | 3 | 2 | ||||||||||||
Impaired loans with an allowance, related allowance | [4] | 0 | 0 | 1 | |||||||||||
Lease financings | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, average recorded investment | 4 | 4 | 0 | 3 | 0 | ||||||||||
Impaired loans with an allowance, interest income recognized | 0 | $ 0 | $ 0 | 0 | $ 0 | ||||||||||
Impaired loans with an allowance, recorded investment | 4 | 4 | 0 | ||||||||||||
Impaired loans with an allowance, unpaid Principal balance | 4 | 4 | 0 | ||||||||||||
Impaired loans with an allowance, related allowance | [4] | 2 | 2 | 0 | |||||||||||
Loans Individually Less Than 1 Million | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, recorded investment | 2 | 2 | 2 | ||||||||||||
Total impaired loans, recorded investment | 1 | 1 | 1 | ||||||||||||
Loans Individually Less Than 1 Million | Maximum | |||||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||||
Impaired loans with an allowance, recorded investment | 1 | 1 | 1 | ||||||||||||
Impaired loans with an allowance, related allowance | $ 1 | $ 1 | $ 1 | ||||||||||||
|
Loans and asset quality - Information about Past Due Loans (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | $ 232 | $ 171 | |||
Total Domestic | Financial institutions | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 143 | [1] | 0 | ||
Total Domestic | Wealth management loans and mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 28 | 72 | |||
Total Domestic | Other residential mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 28 | 31 | |||
Total Domestic | Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 23 | 68 | |||
Total Domestic | Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 10 | 0 | |||
30 to 59 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 218 | 148 | |||
30 to 59 Days Past Due | Total Domestic | Financial institutions | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 143 | [1] | 0 | ||
30 to 59 Days Past Due | Total Domestic | Wealth management loans and mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 25 | 69 | |||
30 to 59 Days Past Due | Total Domestic | Other residential mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 17 | 22 | |||
30 to 59 Days Past Due | Total Domestic | Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 23 | 57 | |||
30 to 59 Days Past Due | Total Domestic | Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 10 | 0 | |||
60 to 89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 8 | 18 | |||
60 to 89 Days Past Due | Total Domestic | Financial institutions | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | [1] | 0 | ||
60 to 89 Days Past Due | Total Domestic | Wealth management loans and mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 3 | 2 | |||
60 to 89 Days Past Due | Total Domestic | Other residential mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 5 | 5 | |||
60 to 89 Days Past Due | Total Domestic | Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | 11 | |||
60 to 89 Days Past Due | Total Domestic | Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | 0 | |||
Equal to Greater than 90 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 6 | 5 | |||
Equal to Greater than 90 Days Past Due | Total Domestic | Financial institutions | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | [1] | 0 | ||
Equal to Greater than 90 Days Past Due | Total Domestic | Wealth management loans and mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | 1 | |||
Equal to Greater than 90 Days Past Due | Total Domestic | Other residential mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 6 | 4 | |||
Equal to Greater than 90 Days Past Due | Total Domestic | Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | 0 | 0 | |||
Equal to Greater than 90 Days Past Due | Total Domestic | Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total past due | $ 0 | $ 0 | |||
|
Loans and asset quality- Troubled Debt Restructurings (Detail) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
Contract
|
Jun. 30, 2016
USD ($)
Contract
|
Sep. 30, 2015
USD ($)
Contract
|
|
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | Contract | 17 | 23 | 14 |
Outstanding recorded investment Pre-modification | $ 4 | $ 4 | $ 2 |
Outstanding recorded investment Post- modification | $ 4 | $ 5 | $ 3 |
Total Domestic | Other residential mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | Contract | 17 | 23 | 14 |
Outstanding recorded investment Pre-modification | $ 4 | $ 4 | $ 2 |
Outstanding recorded investment Post- modification | $ 4 | $ 5 | $ 3 |
Loans and asset quality - Credit Quality Indicators - Wealth Management Loans and Mortgages - Credit Risk Profile by Internally Assigned Grade (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [1] | $ 65,997 | $ 63,703 | |
Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,665 | 2,342 | ||
Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,740 | 3,945 | ||
Financial institutions | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 14,746 | 15,899 | ||
Wealth management mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 7,880 | 6,647 | ||
Wealth management loans and mortgages | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 15,128 | 13,347 | ||
Investment grade | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,433 | 2,026 | ||
Investment grade | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,962 | 2,678 | ||
Investment grade | Financial institutions | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 11,512 | 13,965 | ||
Investment grade | Wealth management loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 7,136 | 6,529 | ||
Non-investment grade | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 232 | 316 | ||
Non-investment grade | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 778 | 1,267 | ||
Non-investment grade | Financial institutions | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,234 | 1,934 | ||
Non-investment grade | Wealth management loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $ 112 | $ 171 | ||
|
Loans and asset quality - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
Contract
|
Sep. 30, 2016
USD ($)
class_of_receivable
Segment
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of portfolio segments | Segment | 3 | |||||||
Number of classes of financing receivables | class_of_receivable | 6 | |||||||
Total nonperforming loans | $ 105 | $ 105 | $ 105 | $ 286 | ||||
Loans | [1] | 65,997 | 65,997 | 65,997 | 63,703 | |||
Financial institutions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | 14,746 | $ 14,746 | 14,746 | 15,899 | ||||
Other residential mortgages | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Subsequently defaulted number of contracts | Contract | 8 | |||||||
Financing receivable, modifications, subsequent default, recorded investment (less than) | $ 3 | |||||||
Loans | $ 901 | $ 901 | $ 901 | 1,055 | ||||
Wealth management loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Subsequently defaulted number of contracts | Contract | 1 | |||||||
Wealth management mortgages | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loan to value ratio at origination | 61.00% | 61.00% | 61.00% | |||||
Percentage of past due mortgages (less than) | 1.00% | 1.00% | 1.00% | |||||
Loans | $ 7,880 | $ 7,880 | $ 7,880 | 6,647 | ||||
Wealth management mortgages | California | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Geographic concentrations | 24.00% | |||||||
Wealth management mortgages | New York | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Geographic concentrations | 20.00% | |||||||
Wealth management mortgages | Massachusetts | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Geographic concentrations | 12.00% | |||||||
Wealth management mortgages | Florida | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Geographic concentrations | 7.00% | |||||||
Wealth management mortgages | Other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Geographic concentrations | 37.00% | |||||||
Overdrafts | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 7,323 | 7,323 | $ 7,323 | 4,483 | ||||
Number of business days in which overdrafts are generally repaid | 2 days | |||||||
Margin loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | 17,557 | 17,557 | $ 17,557 | 19,573 | ||||
Total Domestic | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | 50,936 | 50,936 | 50,936 | 49,351 | ||||
Total Domestic | Financial institutions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total nonperforming loans | 0 | 0 | 0 | 171 | ||||
Loans | 6,783 | 6,783 | 6,783 | 6,640 | ||||
Total Domestic | Other residential mortgages | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total nonperforming loans | 93 | 93 | 93 | 102 | ||||
Loans | 901 | 901 | 901 | 1,055 | ||||
Purchased mortgages | $ 236 | $ 236 | $ 236 | |||||
Purchased residential mortgages, loan to value ratio | 76.00% | 76.00% | 76.00% | |||||
Percentage of purchased residential mortgages that were at least 60 days delinquent | 13.00% | 13.00% | 13.00% | |||||
Total Domestic | Overdrafts | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 1,580 | $ 1,580 | $ 1,580 | $ 1,331 | 911 | $ 1,311 | ||
Total Domestic | Margin loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 17,487 | $ 17,487 | $ 17,487 | $ 18,388 | $ 19,340 | $ 19,200 | ||
Total Domestic | Margin loans | Minimum | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Required daily collateral margin (in excess of) | 100.00% | 100.00% | 100.00% | |||||
|
Goodwill and intangible assets - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
reporting_unit
Segment
| |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Number of reportable segments | Segment | 3 |
Number of reporting units | reporting_unit | 8 |
Goodwill and intangible assets - Goodwill by Business Segment (Detail) - USD ($) $ in Millions |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|||||||||
Goodwill [Roll Forward] | ||||||||||
Beginning balance | $ 17,618 | $ 17,869 | ||||||||
Acquisitions/dispositions | 28 | (12) | ||||||||
Foreign currency translation | (197) | (175) | ||||||||
Other | [1] | 0 | (3) | |||||||
Ending balance | 17,449 | 17,679 | ||||||||
Investment Management | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Beginning balance | 9,207 | 9,328 | [2] | |||||||
Acquisitions/dispositions | 29 | 10 | [2] | |||||||
Foreign currency translation | (167) | (93) | [2] | |||||||
Other | [1] | 2 | (3) | [2] | ||||||
Ending balance | 9,071 | 9,242 | [2] | |||||||
Investment Services | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Beginning balance | [3] | 8,366 | 8,471 | |||||||
Acquisitions/dispositions | [3] | (1) | 0 | |||||||
Foreign currency translation | [3] | (30) | (80) | |||||||
Other | [1],[3] | (4) | 0 | |||||||
Ending balance | [3] | 8,331 | 8,391 | |||||||
Other | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Beginning balance | [3] | 45 | 70 | [2] | ||||||
Acquisitions/dispositions | [3] | 0 | (22) | [2] | ||||||
Foreign currency translation | [3] | 0 | (2) | [2] | ||||||
Other | [1],[3] | 2 | 0 | [2] | ||||||
Ending balance | [3] | $ 47 | $ 46 | [2] | ||||||
|
Goodwill and intangible assets - Intangible Assets by Business Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||
Intangible Assets [Roll Forward] | ||||||||||||
Beginning Balance | $ 3,842 | $ 4,127 | ||||||||||
Acquisitions/dispositions | 32 | 0 | ||||||||||
Amortization | $ (61) | $ (59) | $ (66) | (177) | [1] | (197) | ||||||
Foreign currency translation | (26) | (16) | ||||||||||
Ending Balance | 3,671 | 3,914 | 3,671 | 3,914 | ||||||||
Investment Management | ||||||||||||
Intangible Assets [Roll Forward] | ||||||||||||
Beginning Balance | 1,807 | 1,911 | [2] | |||||||||
Acquisitions/dispositions | 30 | 9 | [2] | |||||||||
Amortization | (60) | [1] | (73) | [2] | ||||||||
Foreign currency translation | (27) | (10) | [2] | |||||||||
Ending Balance | 1,750 | 1,837 | [2] | 1,750 | 1,837 | [2] | ||||||
Investment Management | Customer contracts | ||||||||||||
Intangible Assets by Major Class [Line Items] | ||||||||||||
Impairment of Intangible Assets, Finite-lived | 3 | |||||||||||
Investment Services | ||||||||||||
Intangible Assets [Roll Forward] | ||||||||||||
Beginning Balance | 1,186 | 1,355 | ||||||||||
Acquisitions/dispositions | 2 | 0 | ||||||||||
Amortization | (117) | [1] | (122) | |||||||||
Foreign currency translation | 1 | (5) | ||||||||||
Ending Balance | 1,072 | 1,228 | 1,072 | 1,228 | ||||||||
Other | ||||||||||||
Intangible Assets [Roll Forward] | ||||||||||||
Beginning Balance | 849 | 861 | [2] | |||||||||
Acquisitions/dispositions | 0 | (9) | [2] | |||||||||
Amortization | 0 | [1] | (2) | [2] | ||||||||
Foreign currency translation | 0 | (1) | [2] | |||||||||
Ending Balance | $ 849 | $ 849 | [2] | $ 849 | $ 849 | [2] | ||||||
|
Goodwill and intangible assets - Intangible Assets by Type (Detail) - USD ($) $ in Millions |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | $ 6,486 | $ 6,558 | |||||||
Accumulated amortization | (2,815) | (2,716) | |||||||
Net carrying amount | 3,671 | 3,842 | $ 3,914 | $ 4,127 | |||||
Finite-lived Intangible Assets | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [1] | 3,843 | 3,893 | ||||||
Accumulated amortization | [1] | (2,815) | (2,716) | ||||||
Net carrying amount | [1] | $ 1,028 | 1,177 | ||||||
Finite-lived Intangible Assets | Weighted Average | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Remaining weighted- average amortization period | [1] | 10 years | |||||||
Indefinite-lived Intangible Assets | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [2] | $ 2,643 | 2,665 | ||||||
Net carrying amount | [2] | 2,643 | 2,665 | ||||||
Indefinite-lived Intangible Assets | Trade name | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [2] | 1,353 | 1,358 | ||||||
Net carrying amount | [2] | 1,353 | 1,358 | ||||||
Indefinite-lived Intangible Assets | Customer relationships | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [2] | 1,290 | 1,307 | ||||||
Net carrying amount | [2] | 1,290 | 1,307 | ||||||
Customer relationships | Finite-lived Intangible Assets | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [1] | 1,547 | 1,593 | ||||||
Accumulated amortization | [1] | (1,224) | (1,235) | ||||||
Net carrying amount | [1] | $ 323 | 358 | ||||||
Customer relationships | Finite-lived Intangible Assets | Weighted Average | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Remaining weighted- average amortization period | [1] | 11 years | |||||||
Customer contracts—Investment Services | Finite-lived Intangible Assets | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [1] | $ 2,258 | 2,260 | ||||||
Accumulated amortization | [1] | (1,559) | (1,450) | ||||||
Net carrying amount | [1] | $ 699 | 810 | ||||||
Customer contracts—Investment Services | Finite-lived Intangible Assets | Weighted Average | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Remaining weighted- average amortization period | [1] | 10 years | |||||||
Other | Finite-lived Intangible Assets | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Gross carrying amount | [1] | $ 38 | 40 | ||||||
Accumulated amortization | [1] | (32) | (31) | ||||||
Net carrying amount | [1] | $ 6 | $ 9 | ||||||
Other | Finite-lived Intangible Assets | Weighted Average | |||||||||
Intangible Assets by Major Class [Line Items] | |||||||||
Remaining weighted- average amortization period | [1] | 2 years | |||||||
|
Goodwill and intangible assets - Estimated Annual Amortization Expense (Detail) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2016 | $ 234 |
2017 | 209 |
2018 | 179 |
2019 | 108 |
2020 | $ 98 |
Other assets (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Other Assets [Abstract] | ||||
Fails to deliver | $ 6,932 | $ 1,494 | ||
Corporate/bank-owned life insurance | 4,770 | 4,704 | ||
Accounts receivable | 4,332 | 3,535 | ||
Equity in joint ventures and other investments | [1] | 3,516 | 3,329 | |
Software | 1,411 | 1,355 | ||
Fair value of hedging derivatives | 1,139 | 716 | ||
Income taxes receivable | 875 | 1,554 | ||
Prepaid pension assets | 847 | 727 | ||
Prepaid expenses | 401 | 464 | ||
Due from customers on acceptances | 249 | 258 | ||
Other | 883 | 1,490 | ||
Total other assets | 25,355 | 19,626 | ||
Federal Reserve Bank stock | $ 465 | $ 453 | ||
|
Other assets - Seed Capital and Private Equity Investments Valued Using Net Asset Value (Detail) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||||||
Fair value | $ 212 | $ 117 | |||||
Unfunded commitments | 50 | 59 | |||||
Seed capital and other funds | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||||||
Fair value | [1] | 172 | 83 | ||||
Unfunded commitments | [1] | $ 1 | $ 1 | ||||
Redemption frequency | [1] | Daily-quarterly | Daily-quarterly | ||||
Private equity investments | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||||||
Fair value | [2] | $ 40 | $ 34 | ||||
Unfunded commitments | [2] | $ 49 | $ 58 | ||||
Minimum | Seed capital and other funds | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||||||
Redemption notice period | [1] | 1 day | 1 day | ||||
Maximum | Seed capital and other funds | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||||||
Redemption notice period | [1] | 180 days | 180 days | ||||
|
Other assets - Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Other Assets [Abstract] | ||||||
Amortization method qualified affordable housing projects investments | $ 890 | $ 890 | $ 918 | |||
Qualified affordable housing project investments, commitment | 366 | 366 | $ 393 | |||
Qualified affordable housing project commitment - 2016 | 146 | 146 | ||||
Qualified affordable housing project commitment - 2017 | 57 | 57 | ||||
Qualified affordable housing project commitment - 2018 | 113 | 113 | ||||
Qualified affordable housing project commitment - 2019 | 33 | 33 | ||||
Qualified affordable housing project commitment - 2020 | 5 | 5 | ||||
Qualified affordable housing project commitment - 2021 and thereafter | 12 | 12 | ||||
Tax credits and other tax benefits | 39 | $ 38 | $ 33 | 115 | $ 98 | |
Amortization expense included in the provision for income taxes | $ 30 | $ 28 | $ 23 | $ 86 | $ 74 |
Net interest revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest revenue | |||||
Non-margin loans | $ 218 | $ 214 | $ 188 | $ 637 | $ 540 |
Margin loans | 67 | 64 | 53 | 194 | 154 |
Securities: | |||||
Taxable | 434 | 429 | 453 | 1,307 | 1,360 |
Exempt from federal income taxes | 17 | 18 | 20 | 53 | 63 |
Total securities | 451 | 447 | 473 | 1,360 | 1,423 |
Deposits with banks | 26 | 24 | 24 | 76 | 82 |
Deposits with the Federal Reserve and other central banks | 37 | 72 | 43 | 170 | 131 |
Federal funds sold and securities purchased under resale agreements | 62 | 56 | 39 | 167 | 105 |
Trading assets | 13 | 13 | 18 | 43 | 57 |
Total interest revenue | 874 | 890 | 838 | 2,647 | 2,492 |
Interest expense | |||||
Deposits | (6) | 12 | 9 | 21 | 32 |
Federal funds purchased and securities sold under repurchase agreements | 6 | 13 | (1) | 28 | (5) |
Trading liabilities | 2 | 1 | 2 | 5 | 7 |
Other borrowed funds | 1 | 2 | 2 | 5 | 7 |
Customer payables | 3 | 2 | 1 | 9 | 5 |
Commercial paper | 1 | 4 | 1 | 5 | 2 |
Long-term debt | 93 | 89 | 65 | 267 | 178 |
Total interest expense | 100 | 123 | 79 | 340 | 226 |
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 |
Provision | (19) | (9) | 1 | (18) | (3) |
Interest Income (Expense), after Provision for Loan Loss | $ 793 | $ 776 | $ 758 | $ 2,325 | $ 2,269 |
Employee benefit plans - Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Domestic pension benefits | |||||
Components of net periodic benefit cost (credit): | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 30 |
Interest cost | 45 | 45 | 42 | 135 | 127 |
Expected return on assets | (82) | (82) | (83) | (246) | (249) |
Curtailment (gain) | 0 | (30) | |||
Other | 17 | 17 | 26 | 52 | 83 |
Net periodic benefit (credit) cost | (20) | (20) | (15) | (59) | (39) |
Foreign pension benefits | |||||
Components of net periodic benefit cost (credit): | |||||
Service cost | 8 | 8 | 8 | 24 | 24 |
Interest cost | 9 | 9 | 10 | 27 | 30 |
Expected return on assets | (13) | (13) | (13) | (39) | (39) |
Curtailment (gain) | 0 | 0 | |||
Other | 4 | 5 | 6 | 13 | 18 |
Net periodic benefit (credit) cost | 8 | 9 | 11 | 25 | 33 |
Health care benefits | |||||
Components of net periodic benefit cost (credit): | |||||
Service cost | 1 | 1 | 1 | 3 | 3 |
Interest cost | 2 | 2 | 2 | 6 | 6 |
Expected return on assets | (2) | (2) | (2) | (6) | (6) |
Curtailment (gain) | 0 | 0 | |||
Other | (1) | (1) | 0 | (3) | 0 |
Net periodic benefit (credit) cost | $ 0 | $ 0 | $ 1 | $ 0 | $ 3 |
Restructuring charges - Narrative (Details) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
restructuring_program
|
|
Restructuring Cost and Reserve [Line Items] | ||
Number of restructuring programs | restructuring_program | 2 | |
Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Net additional charges (recoveries) | $ 0 | |
Utilization | 1,000,000 | |
Severance | Streamlining Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Utilization | 4,000,000 | |
Restructuring reserve | 7,000,000 | $ 7,000,000 |
Severance | Operational Efficiency Initiatives 2011 | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 3,000,000 | $ 3,000,000 |
Income taxes (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Provision (benefit) for income taxes | $ 324 | $ 290 | $ 282 | $ 897 | $ 838 |
Effective tax rate | 24.60% | 25.40% | |||
Tax reserves | $ 144 | $ 178 | 144 | ||
Impact on effective tax rate if tax reserves were unnecessary | 144 | ||||
Accrued interest, related to income taxes in the balance sheet | 18 | 18 | |||
Additional tax expense related to interest | 2 | $ 4 | |||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | $ 23 | $ 23 |
Securitizations and variable interest entities - Incremental Assets and Liabilities of Variable Interest Entities Included in Consolidated Financial Statements (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
Variable Interest Entity [Line Items] | ||||||||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 500 | $ 738 | ||||||
VIE classification of carrying amount, assets | 134 | 190 | ||||||
VIE classification of carrying amount, liabilities | 2 | 1 | ||||||
Noncontrolling interest in VIE | 16 | 5 | ||||||
Variable Interest Entity, Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Available-for-sale | 400 | 400 | ||||||
Trading assets | 873 | 1,228 | ||||||
Other assets | 136 | 173 | ||||||
Subtotal assets of consolidated investment management funds, at fair value | 1,409 | 1,801 | ||||||
Trading liabilities | 219 | 229 | ||||||
Other liabilities | 389 | 376 | ||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 608 | 605 | ||||||
Nonredeemable noncontrolling interests of consolidated investment management funds | 500 | 738 | ||||||
Variable Interest Entity, Primary Beneficiary | Investment Management funds | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Available-for-sale | 0 | 0 | ||||||
Trading assets | 873 | 1,228 | ||||||
Other assets | 136 | 173 | ||||||
Subtotal assets of consolidated investment management funds, at fair value | 1,009 | [1] | 1,401 | [2] | ||||
Trading liabilities | 219 | 229 | ||||||
Other liabilities | 13 | 17 | ||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 232 | [1] | 246 | [2] | ||||
Nonredeemable noncontrolling interests of consolidated investment management funds | 500 | [1] | 738 | [2] | ||||
Variable Interest Entity, Primary Beneficiary | Securitizations | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Available-for-sale | 400 | 400 | ||||||
Trading assets | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Subtotal assets of consolidated investment management funds, at fair value | 400 | 400 | ||||||
Trading liabilities | 0 | 0 | ||||||
Other liabilities | 376 | 359 | ||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 376 | 359 | ||||||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 0 | $ 0 | ||||||
|
Securitizations and variable interest entities - Non-consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Assets and Liabilities, Net | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 208 | $ 189 |
Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | $ 208 | $ 189 |
Preferred stock - Narrative (Details) - $ / shares |
9 Months Ended | ||
---|---|---|---|
Sep. 20, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Series A Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend paid per share (usd per share) | $ 1,022.22 | ||
Preferred stock, dividend rate per normal preferred capital security (usd per share) | $ 10.2222 | ||
Depository share, portion of preferred stock share | 1.00% | ||
Series C Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend paid per share (usd per share) | $ 1,300 | ||
Preferred stock, dividend rate per depository share (usd per share) | $ 0.3250 | ||
Depository share, portion of preferred stock share | 0.025% | ||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||
Series D Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||
Series E Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||
Series F Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period following regulatory capital treatment event | 90 days |
Preferred stock - Summary (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
||||
Class of Stock [Line Items] | |||||
Total shares issued and outstanding (shares) | 35,826 | 25,826 | |||
Carrying value | [1] | $ 3,542 | $ 2,552 | ||
Series A Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Per annum dividend rate | Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% | ||||
Per annum dividend rate | 4.00% | ||||
Liquidation preference per share (usd per share) | $ 100,000 | ||||
Total shares issued and outstanding (shares) | 5,001 | 5,001 | |||
Carrying value | [1] | $ 500 | $ 500 | ||
Series A Noncumulative Perpetual Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Preferred stock, basis spread on variable rate | 0.565% | ||||
Series C Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Per annum dividend rate | 5.20% | ||||
Liquidation preference per share (usd per share) | $ 100,000 | ||||
Total shares issued and outstanding (shares) | 5,825 | 5,825 | |||
Carrying value | [1] | $ 568 | $ 568 | ||
Series D Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Per annum dividend rate | 4.50% commencing Dec. 20, 2013 to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% | ||||
Per annum dividend rate | 4.50% | ||||
Liquidation preference per share (usd per share) | $ 100,000 | ||||
Total shares issued and outstanding (shares) | 5,000 | 5,000 | |||
Carrying value | [1] | $ 494 | $ 494 | ||
Series D Noncumulative Perpetual Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Preferred stock, basis spread on variable rate | 2.46% | ||||
Series E Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Per annum dividend rate | 4.95% commencing Dec. 20, 2015 to and including June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% | ||||
Per annum dividend rate | 4.95% | ||||
Liquidation preference per share (usd per share) | $ 100,000 | ||||
Total shares issued and outstanding (shares) | 10,000 | 10,000 | |||
Carrying value | [1] | $ 990 | $ 990 | ||
Series E Noncumulative Perpetual Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Preferred stock, basis spread on variable rate | 3.42% | ||||
Series F Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Per annum dividend rate | 4.625% commencing Mar. 20, 2017 to and including Sept. 20, 2026, then a floating rate equal to the three-month LIBOR plus 3.131% | ||||
Per annum dividend rate | 4.625% | ||||
Liquidation preference per share (usd per share) | $ 100,000 | ||||
Total shares issued and outstanding (shares) | 10,000 | 0 | |||
Carrying value | [1] | $ 990 | $ 0 | ||
Series F Noncumulative Perpetual Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Preferred stock, basis spread on variable rate | 3.131% | ||||
|
Other comprehensive income (loss) - Components (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||||
After-tax amount | ||||||||||||||||||||
Total other comprehensive (loss), net of tax | [1] | $ (238) | $ (175) | $ (147) | $ (208) | $ (743) | ||||||||||||||
AOCI Attributable to Parent | ||||||||||||||||||||
Pre-tax amount | ||||||||||||||||||||
Total other comprehensive income (loss), Pre-tax amount | (189) | 4 | (122) | 113 | (858) | |||||||||||||||
Tax (expense) benefit | ||||||||||||||||||||
Total other comprehensive income (loss), Tax (expense) benefit | (49) | (179) | (25) | (321) | 115 | |||||||||||||||
After-tax amount | ||||||||||||||||||||
Total other comprehensive (loss), net of tax | (238) | (175) | (147) | (208) | (743) | |||||||||||||||
Foreign currency translation | ||||||||||||||||||||
Pre-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), Pre-tax amount | (104) | [2] | (164) | [2] | (132) | [2] | (223) | [3] | (396) | [3] | ||||||||||
Total other comprehensive income (loss), Pre-tax amount | (104) | (164) | (132) | (223) | (396) | |||||||||||||||
Tax (expense) benefit | ||||||||||||||||||||
Other comprehensive income (loss), Tax (expense) benefit | (82) | [2] | (120) | [2] | (31) | [2] | (210) | [3] | (39) | [3] | ||||||||||
Total other comprehensive income (loss), Tax (expense) benefit | (82) | (120) | (31) | (210) | (39) | |||||||||||||||
After-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), After-tax amount | (186) | [2] | (284) | [2] | (163) | [2] | (433) | [3] | (435) | [3] | ||||||||||
Total other comprehensive (loss), net of tax | (186) | (284) | (163) | (433) | (435) | |||||||||||||||
Unrealized gain (loss) on assets available-for-sale | ||||||||||||||||||||
Pre-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), Pre-tax amount | (87) | 182 | (3) | 338 | (300) | |||||||||||||||
Reclassification adjustment, Pre-tax amount | (24) | [4] | (21) | [4] | (22) | [4] | (65) | [5] | (62) | [5] | ||||||||||
Total other comprehensive income (loss), Pre-tax amount | (111) | 161 | (25) | 273 | (362) | |||||||||||||||
Tax (expense) benefit | ||||||||||||||||||||
Other comprehensive income (loss), Tax (expense) benefit | 34 | (65) | 10 | (111) | 83 | |||||||||||||||
Reclassification adjustment, Tax (expense) benefit | 9 | [4] | 8 | [4] | 8 | [4] | 22 | [5] | 23 | [5] | ||||||||||
Total other comprehensive income (loss), Tax (expense) benefit | 43 | (57) | 18 | (89) | 106 | |||||||||||||||
After-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), After-tax amount | (53) | 117 | 7 | 227 | (217) | |||||||||||||||
Reclassification adjustment, After-tax amount | (15) | [4] | (13) | [4] | (14) | [4] | (43) | [5] | (39) | [5] | ||||||||||
Total other comprehensive (loss), net of tax | (68) | 104 | (7) | 184 | (256) | |||||||||||||||
Defined benefit plans | ||||||||||||||||||||
Pre-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), Pre-tax amount | 0 | 0 | 3 | 3 | (182) | |||||||||||||||
Reclassification adjustment, Pre-tax amount | 22 | [4] | 21 | [4] | 32 | [4] | 65 | [5] | 71 | [5] | ||||||||||
Total other comprehensive income (loss), Pre-tax amount | 22 | 21 | 35 | 68 | (111) | |||||||||||||||
Tax (expense) benefit | ||||||||||||||||||||
Other comprehensive income (loss), Tax (expense) benefit | 0 | 0 | (1) | (1) | 75 | |||||||||||||||
Reclassification adjustment, Tax (expense) benefit | (8) | [4] | (7) | [4] | (11) | [4] | (22) | [5] | (24) | [5] | ||||||||||
Total other comprehensive income (loss), Tax (expense) benefit | (8) | (7) | (12) | (23) | 51 | |||||||||||||||
After-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), After-tax amount | 0 | 0 | 2 | 2 | (107) | |||||||||||||||
Reclassification adjustment, After-tax amount | 14 | [4] | 14 | [4] | 21 | [4] | 43 | [5] | 47 | [5] | ||||||||||
Total other comprehensive (loss), net of tax | 14 | 14 | 23 | 45 | (60) | |||||||||||||||
Unrealized gain (loss) on cash flow hedges | ||||||||||||||||||||
Pre-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), Pre-tax amount | (24) | (10) | (3) | (115) | 0 | |||||||||||||||
Reclassification adjustment, Pre-tax amount | 28 | [4] | (4) | [4] | 3 | [4] | 110 | [5] | 11 | [5] | ||||||||||
Total other comprehensive income (loss), Pre-tax amount | 4 | (14) | 0 | (5) | 11 | |||||||||||||||
Tax (expense) benefit | ||||||||||||||||||||
Other comprehensive income (loss), Tax (expense) benefit | 7 | 4 | (6) | 38 | 0 | |||||||||||||||
Reclassification adjustment, Tax (expense) benefit | (9) | [4] | 1 | [4] | 6 | [4] | (37) | [5] | (3) | [5] | ||||||||||
Total other comprehensive income (loss), Tax (expense) benefit | (2) | 5 | 0 | 1 | (3) | |||||||||||||||
After-tax amount | ||||||||||||||||||||
Other comprehensive income (loss), After-tax amount | (17) | (6) | (9) | (77) | 0 | |||||||||||||||
Reclassification adjustment, After-tax amount | 19 | [4] | (3) | [4] | 9 | [4] | 73 | [5] | 8 | [5] | ||||||||||
Total other comprehensive (loss), net of tax | $ 2 | $ (9) | $ 0 | $ (4) | $ 8 | |||||||||||||||
|
Fair value measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | $ 4,186 | $ 4,685 | |||||||||||||||||||||
Derivative liabilities | 4,285 | 4,319 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,665) | [1] | (11,115) | [2] | |||||||||||||||||||
Netting | (12,524) | [1] | (10,869) | [2] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Sovereign debt/sovereign guaranteed | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | [3] | 14,005 | 13,217 | ||||||||||||||||||||
Fair Value, Measurements, Recurring | Non-agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | [3] | 673 | 793 | ||||||||||||||||||||
Fair Value, Measurements, Recurring | Foreign covered bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | [3] | 2,355 | 2,168 | ||||||||||||||||||||
Fair Value, Measurements, Recurring | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,665) | [1] | (11,115) | [2] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Operations | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,665) | [1] | (11,115) | [2] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Other assets | 302 | 192 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | $ 18,737 | $ 17,784 | |||||||||||||||||||||
Percentage of assets prior to netting | 19.00% | 18.00% | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | $ 826 | $ 433 | |||||||||||||||||||||
Percentage of liabilities prior to netting | 4.00% | 3.00% | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | $ 17,723 | $ 15,723 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | U.S. Treasury | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 14,609 | 12,832 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 70 | 35 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Equity securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3 | 4 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Money market funds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 931 | [4] | 886 | [5] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Foreign covered bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,110 | 1,966 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | 353 | [4] | 1,232 | [5] | |||||||||||||||||||
Trading assets | 363 | 1,257 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Total other assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Other assets | 302 | [6] | 192 | [7] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Operations | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | $ 18,388 | $ 17,172 | |||||||||||||||||||||
Percentage of assets prior to netting | 19.00% | 18.00% | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Investment management funds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Trading assets | $ 252 | $ 455 | |||||||||||||||||||||
Other assets | 97 | 157 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 349 | 612 | |||||||||||||||||||||
Trading liabilities | 0 | ||||||||||||||||||||||
Other liabilities | 2 | 1 | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 2 | 1 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Loans | 29 | 422 | |||||||||||||||||||||
Other assets | 1,188 | 778 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | $ 80,066 | $ 79,359 | |||||||||||||||||||||
Percentage of assets prior to netting | 81.00% | 82.00% | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | $ 17,580 | $ 15,934 | |||||||||||||||||||||
Percentage of liabilities prior to netting | 96.00% | 97.00% | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | $ 60,547 | $ 60,144 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | U.S. Government agencies | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 301 | 387 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 13,935 | 13,182 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | State and political subdivisions | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3,559 | 4,046 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 23,508 | 23,501 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Non-agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 673 | 793 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 644 | 1,061 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Commercial MBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 961 | 1,392 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Agency commercial MBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 5,881 | 4,020 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | CLOs | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,534 | 2,351 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other asset-backed securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,203 | 2,893 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Corporate bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 1,638 | 1,752 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other debt securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3,002 | 2,775 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Foreign covered bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 245 | 202 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Non-agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 1,463 | [8] | 1,789 | [9] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | 1,940 | [4] | 2,167 | [5] | |||||||||||||||||||
Trading assets | 17,642 | 17,226 | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Total other assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Other assets | 49 | [6] | 62 | [7] | |||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Operations | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | $ 79,406 | $ 78,570 | |||||||||||||||||||||
Percentage of assets prior to netting | 81.00% | 82.00% | |||||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Investment management funds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Trading assets | $ 621 | $ 773 | |||||||||||||||||||||
Other assets | 39 | 16 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 660 | 789 | |||||||||||||||||||||
Trading liabilities | 219 | 229 | |||||||||||||||||||||
Other liabilities | 11 | 16 | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 230 | 245 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,665) | [1] | (11,115) | [2] | |||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (10,408) | [1] | (8,071) | [2] | |||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (2,212) | [1] | (2,981) | [2] | |||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (45) | [1] | (63) | [2] | |||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 10 | 25 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 7 | 10 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading assets | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 3 | 15 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 15,702 | 15,059 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 12,353 | 10,034 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading assets | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 3,289 | 4,905 | |||||||||||||||||||||
Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading assets | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 60 | 120 | |||||||||||||||||||||
Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 1,139 | 716 | |||||||||||||||||||||
Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 764 | 497 | |||||||||||||||||||||
Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other assets | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 375 | 219 | |||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,524) | [1] | (10,869) | [2] | |||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,524) | [1] | (10,869) | [2] | |||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | $ 824 | $ 432 | |||||||||||||||||||||
Percentage of liabilities prior to netting | 5.00% | 3.00% | |||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | $ 800 | $ 422 | |||||||||||||||||||||
Trading liabilities | 824 | 432 | |||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Total other liabilities - derivative liabilities designated as hedging | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total other liabilities - derivative liabilities designated as hedging | 0 | ||||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Long-term debt | 376 | [4] | 359 | [5] | |||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | $ 17,350 | $ 15,689 | |||||||||||||||||||||
Percentage of liabilities prior to netting | 95.00% | 97.00% | |||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | $ 189 | $ 152 | |||||||||||||||||||||
Trading liabilities | 15,854 | 14,938 | |||||||||||||||||||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Total other liabilities - derivative liabilities designated as hedging | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total other liabilities - derivative liabilities designated as hedging | 1,120 | ||||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (12,524) | [1] | (10,869) | [2] | |||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (10,541) | [1] | (8,235) | [2] | |||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (1,936) | [1] | (2,567) | [2] | |||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Netting | (47) | [1] | (67) | [2] | |||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 24 | 10 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading liabilities | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 24 | 5 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 1 | Total trading liabilities | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 0 | 5 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 15,665 | 14,786 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading liabilities | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 12,308 | 9,957 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading liabilities | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 3,235 | 4,682 | |||||||||||||||||||||
Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total trading liabilities | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 122 | 147 | |||||||||||||||||||||
Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other liabilities - derivative liabilities designated as hedging | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 392 | ||||||||||||||||||||||
Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other liabilities - derivative liabilities designated as hedging | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 1,077 | 372 | |||||||||||||||||||||
Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Level 2 | Total other liabilities - derivative liabilities designated as hedging | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 43 | 20 | |||||||||||||||||||||
Carrying Amount | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Loans | 64,072 | 61,267 | |||||||||||||||||||||
Other assets | 6,017 | 7,633 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 240,443 | 264,934 | |||||||||||||||||||||
Long-term debt | 23,998 | 21,188 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Loans | 29 | 422 | |||||||||||||||||||||
Other assets | 1,702 | 1,087 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 86,350 | 86,145 | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 5,882 | 5,498 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 78,270 | 75,867 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | U.S. Treasury | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 14,609 | 12,832 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | U.S. Government agencies | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 301 | 387 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 14,005 | 13,217 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | State and political subdivisions | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3,559 | 4,046 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 23,508 | 23,501 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Non-agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 673 | 793 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 644 | 1,061 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Commercial MBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 961 | 1,392 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Agency commercial MBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 5,881 | 4,020 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | CLOs | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,534 | 2,351 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other asset-backed securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,203 | 2,893 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Equity securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3 | 4 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Money market funds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 931 | [4] | 886 | [5] | |||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Corporate bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 1,638 | 1,752 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other debt securities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 3,002 | 2,775 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Foreign covered bonds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 2,355 | 2,168 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Non-agency RMBS | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total available-for-sale securities | 1,463 | [8] | 1,789 | [9] | |||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | 2,293 | [4] | 3,399 | [5] | |||||||||||||||||||
Trading assets | 5,340 | 7,368 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Total other assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Other assets | 351 | [6] | 254 | [7] | |||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Other assets measured at net asset value | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Other assets | 212 | [6] | 117 | [7] | |||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Operations | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 85,341 | 84,744 | |||||||||||||||||||||
Carrying Amount | Fair Value, Measurements, Recurring | Investment management funds | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Trading assets | 873 | 1,228 | |||||||||||||||||||||
Other assets | 136 | 173 | |||||||||||||||||||||
Subtotal assets of consolidated investment management funds, at fair value | 1,009 | 1,401 | |||||||||||||||||||||
Trading liabilities | 219 | 229 | |||||||||||||||||||||
Other liabilities | 13 | 17 | |||||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 232 | 246 | |||||||||||||||||||||
Carrying Amount | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 3,047 | 3,969 | |||||||||||||||||||||
Carrying Amount | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 1,952 | 1,973 | |||||||||||||||||||||
Carrying Amount | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 1,077 | 1,924 | |||||||||||||||||||||
Carrying Amount | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading assets | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 18 | 72 | |||||||||||||||||||||
Carrying Amount | Designated as hedging | Fair Value, Measurements, Recurring | Total other assets | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 1,139 | 716 | |||||||||||||||||||||
Carrying Amount | Designated as hedging | Fair Value, Measurements, Recurring | Total other assets | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 764 | 497 | |||||||||||||||||||||
Carrying Amount | Designated as hedging | Fair Value, Measurements, Recurring | Total other assets | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative assets | 375 | 219 | |||||||||||||||||||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Long-term debt | 376 | [4] | 359 | [5] | |||||||||||||||||||
Subtotal liabilities of consolidated investment management funds, at fair value | 5,650 | 5,252 | |||||||||||||||||||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Debt and equity instruments | 989 | 574 | |||||||||||||||||||||
Trading liabilities | 4,154 | 4,501 | |||||||||||||||||||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Total other liabilities - derivative liabilities designated as hedging | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Total other liabilities - derivative liabilities designated as hedging | 1,120 | ||||||||||||||||||||||
Carrying Amount | Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 3,165 | 3,927 | |||||||||||||||||||||
Carrying Amount | Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 1,791 | 1,727 | |||||||||||||||||||||
Carrying Amount | Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 1,299 | 2,115 | |||||||||||||||||||||
Carrying Amount | Parent Company | Not designated as hedging | Fair Value, Measurements, Recurring | Total trading liabilities | Equity contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 75 | 85 | |||||||||||||||||||||
Carrying Amount | Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Total other liabilities - derivative liabilities designated as hedging | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 392 | ||||||||||||||||||||||
Carrying Amount | Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Total other liabilities - derivative liabilities designated as hedging | Interest rate contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | 1,077 | 372 | |||||||||||||||||||||
Carrying Amount | Parent Company | Designated as hedging | Fair Value, Measurements, Recurring | Total other liabilities - derivative liabilities designated as hedging | Foreign exchange contracts | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||||||||||||||||
Derivative liabilities | $ 43 | $ 20 | |||||||||||||||||||||
|
Fair value measurement - Details of Certain Items Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Non-agency RMBS | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 673 | $ 793 | ||||||
Non-agency RMBS | 2007 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 59 | 66 | ||||||
Non-agency RMBS | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 101 | 115 | ||||||
Non-agency RMBS | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 194 | 234 | ||||||
Non-agency RMBS | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 319 | $ 378 | ||||||
Non-agency RMBS | AAA/ AA- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 9.00% | 8.00% | |||||||
Non-agency RMBS | AAA/ AA- | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 24.00% | 19.00% | |||||||
Non-agency RMBS | AAA/ AA- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 5.00% | 4.00% | |||||||
Non-agency RMBS | A/ A- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 3.00% | 4.00% | |||||||
Non-agency RMBS | A/ A- | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 4.00% | 9.00% | |||||||
Non-agency RMBS | A/ A- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 3.00% | 4.00% | |||||||
Non-agency RMBS | BBB/ BBB- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 14.00% | 16.00% | |||||||
Non-agency RMBS | BBB/ BBB- | 2007 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | ||||||||
Non-agency RMBS | BBB/ BBB- | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 9.00% | 13.00% | |||||||
Non-agency RMBS | BBB/ BBB- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 25.00% | 26.00% | |||||||
Non-agency RMBS | BB and lower | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 74.00% | 72.00% | |||||||
Non-agency RMBS | BB and lower | 2007 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Non-agency RMBS | BB and lower | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Non-agency RMBS | BB and lower | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 63.00% | 59.00% | |||||||
Non-agency RMBS | BB and lower | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 67.00% | 66.00% | |||||||
Commercial MBS | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 910 | $ 1,330 | ||||||
Commercial MBS | 2007 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 258 | 304 | ||||||
Commercial MBS | 2006 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 6 | 384 | ||||||
Commercial MBS | 2009-2016 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 632 | 626 | ||||||
Commercial MBS | 2008 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 14 | $ 16 | ||||||
Commercial MBS | AAA/ AA- | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 81.00% | 76.00% | |||||||
Commercial MBS | AAA/ AA- | 2007 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 75.00% | 62.00% | |||||||
Commercial MBS | AAA/ AA- | 2006 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 96.00% | 76.00% | |||||||
Commercial MBS | AAA/ AA- | 2009-2016 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 83.00% | 83.00% | |||||||
Commercial MBS | AAA/ AA- | 2008 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Commercial MBS | A/ A- | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 19.00% | 20.00% | |||||||
Commercial MBS | A/ A- | 2007 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 25.00% | 22.00% | |||||||
Commercial MBS | A/ A- | 2006 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 4.00% | 24.00% | |||||||
Commercial MBS | A/ A- | 2009-2016 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 17.00% | 17.00% | |||||||
Commercial MBS | A/ A- | 2008 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | ||||||||
Commercial MBS | BBB/ BBB- | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 4.00% | |||||||
Commercial MBS | BBB/ BBB- | 2007 | Total Domestic | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 16.00% | |||||||
Foreign covered bonds | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 2,355 | $ 2,168 | ||||||
Foreign covered bonds | Canada | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 1,460 | 1,014 | ||||||
Foreign covered bonds | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 323 | 363 | ||||||
Foreign covered bonds | Norway | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 181 | 191 | ||||||
Foreign covered bonds | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 391 | $ 600 | ||||||
Foreign covered bonds | AAA/ AA- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Foreign covered bonds | AAA/ AA- | Canada | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Foreign covered bonds | AAA/ AA- | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Foreign covered bonds | AAA/ AA- | Norway | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Foreign covered bonds | AAA/ AA- | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Total European floating rate notes - available-for-sale | Securities available-for-sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 695 | $ 1,123 | ||||||
Total European floating rate notes - available-for-sale | Securities available-for-sale | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 494 | 780 | ||||||
Total European floating rate notes - available-for-sale | Securities available-for-sale | Netherlands | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 139 | 222 | ||||||
Total European floating rate notes - available-for-sale | Securities available-for-sale | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 62 | $ 121 | ||||||
Total European floating rate notes - available-for-sale | AAA/ AA- | Securities available-for-sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 85.00% | 79.00% | |||||||
Total European floating rate notes - available-for-sale | AAA/ AA- | Securities available-for-sale | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 91.00% | 85.00% | |||||||
Total European floating rate notes - available-for-sale | AAA/ AA- | Securities available-for-sale | Netherlands | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Total European floating rate notes - available-for-sale | AAA/ AA- | Securities available-for-sale | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | ||||||||
Total European floating rate notes - available-for-sale | A/ A- | Securities available-for-sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 6.00% | 15.00% | |||||||
Total European floating rate notes - available-for-sale | A/ A- | Securities available-for-sale | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 9.00% | 15.00% | |||||||
Total European floating rate notes - available-for-sale | A/ A- | Securities available-for-sale | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 45.00% | |||||||
Total European floating rate notes - available-for-sale | BBB/ BBB- | Securities available-for-sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 9.00% | 6.00% | |||||||
Total European floating rate notes - available-for-sale | BBB/ BBB- | Securities available-for-sale | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 55.00% | |||||||
Total European floating rate notes - available-for-sale | BB and lower | Securities available-for-sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 0.00% | |||||||
Total European floating rate notes - available-for-sale | BB and lower | Securities available-for-sale | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 0.00% | |||||||
Sovereign debt/sovereign guaranteed | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | $ 14,005 | $ 13,217 | ||||||
Sovereign debt/sovereign guaranteed | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 3,413 | 2,941 | ||||||
Sovereign debt/sovereign guaranteed | France | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 2,151 | 2,008 | ||||||
Sovereign debt/sovereign guaranteed | Spain | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 2,030 | 1,955 | ||||||
Sovereign debt/sovereign guaranteed | Germany | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 1,889 | 1,683 | ||||||
Sovereign debt/sovereign guaranteed | Italy | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 1,335 | 1,398 | ||||||
Sovereign debt/sovereign guaranteed | Netherlands | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 1,087 | 1,055 | ||||||
Sovereign debt/sovereign guaranteed | Belgium | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 975 | 1,108 | ||||||
Sovereign debt/sovereign guaranteed | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1] | 791 | 772 | ||||||
Sovereign debt/sovereign guaranteed | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[2] | 334 | 297 | ||||||
Sovereign debt/sovereign guaranteed | Brazil | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[2] | $ 71 | $ 95 | ||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 70.00% | 68.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | United Kingdom | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | France | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | Germany | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | Italy | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | ||||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | Netherlands | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | Belgium | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | AAA/ AA- | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [2] | 79.00% | 68.00% | ||||||
Sovereign debt/sovereign guaranteed | A/ A- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 5.00% | ||||||||
Sovereign debt/sovereign guaranteed | A/ A- | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | ||||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 24.00% | 32.00% | |||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | Spain | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | Germany | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | ||||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | Italy | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 100.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | Ireland | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 0.00% | 100.00% | |||||||
Sovereign debt/sovereign guaranteed | BBB/ BBB- | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [2] | 0.00% | 32.00% | ||||||
Sovereign debt/sovereign guaranteed | BB and lower | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | 1.00% | ||||||||
Sovereign debt/sovereign guaranteed | BB and lower | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [2] | 21.00% | |||||||
Non-agency RMBS | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[3] | $ 1,463 | $ 1,789 | ||||||
Non-agency RMBS | 2007 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[3] | 411 | 502 | ||||||
Non-agency RMBS | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[3] | 418 | 530 | ||||||
Non-agency RMBS | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[3] | 483 | 580 | ||||||
Non-agency RMBS | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Total available-for-sale securities | [1],[3] | $ 151 | $ 177 | ||||||
Non-agency RMBS | AAA/ AA- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 0.00% | |||||||
Non-agency RMBS | AAA/ AA- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 2.00% | |||||||
Non-agency RMBS | A/ A- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 1.00% | 1.00% | ||||||
Non-agency RMBS | A/ A- | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 0.00% | 1.00% | ||||||
Non-agency RMBS | A/ A- | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 2.00% | 2.00% | ||||||
Non-agency RMBS | A/ A- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 2.00% | 3.00% | ||||||
Non-agency RMBS | BBB/ BBB- | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 1.00% | 1.00% | ||||||
Non-agency RMBS | BBB/ BBB- | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 0.00% | 0.00% | ||||||
Non-agency RMBS | BBB/ BBB- | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 1.00% | 1.00% | ||||||
Non-agency RMBS | BBB/ BBB- | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 9.00% | 9.00% | ||||||
Non-agency RMBS | BB and lower | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 98.00% | 98.00% | ||||||
Non-agency RMBS | BB and lower | 2007 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 100.00% | 100.00% | ||||||
Non-agency RMBS | BB and lower | 2006 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 100.00% | 99.00% | ||||||
Non-agency RMBS | BB and lower | 2005 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 97.00% | 97.00% | ||||||
Non-agency RMBS | BB and lower | 2004 and earlier | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Ratings | [3] | 87.00% | 88.00% | ||||||
|
Fair value measurement - Significant Unobservable Inputs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||||||||||||||||||||||
Fair value measurements for liabilities using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Change in unrealized (gains) or losses for the period included in earnings for liabilities held at the end of the reporting period | [1] | $ 0 | |||||||||||||||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Ending balance | 0 | $ 0 | |||||||||||||||||||||||||||||||||||
Total Assets | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ 101 | 40 | $ 0 | 55 | |||||||||||||||||||||||||||||||||
Transfers into Level 3 | 0 | 19 | |||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 0 | (3) | |||||||||||||||||||||||||||||||||||
Total gains or (losses) for the period included in earnings (or changes in net assets) | 0 | [2] | 10 | 2 | [3] | 9 | |||||||||||||||||||||||||||||||
Purchases | 113 | 3 | |||||||||||||||||||||||||||||||||||
Issuances | 1 | 1 | |||||||||||||||||||||||||||||||||||
Sales | (102) | (38) | (135) | (48) | |||||||||||||||||||||||||||||||||
Settlements | (1) | (5) | |||||||||||||||||||||||||||||||||||
Ending balance | 0 | 11 | 0 | 11 | |||||||||||||||||||||||||||||||||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ 0 | 0 | $ 0 | 0 | |||||||||||||||||||||||||||||||||
State and political subdivisions | Securities available-for-sale | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Beginning balance | 11 | 11 | |||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Total gains or (losses) for the period included in earnings (or changes in net assets) | 0 | [4] | 0 | [5] | |||||||||||||||||||||||||||||||||
Sales | 0 | ||||||||||||||||||||||||||||||||||||
Settlements | 0 | ||||||||||||||||||||||||||||||||||||
Ending balance | 11 | 11 | |||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 0 | [6] | 0 | [7] | |||||||||||||||||||||||||||||||||
Derivative assets | Total trading assets | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Beginning balance | 1 | [6] | 9 | [7] | |||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 0 | [6] | (3) | [7] | |||||||||||||||||||||||||||||||||
Total gains or (losses) for the period included in earnings (or changes in net assets) | 0 | [6],[8] | (1) | [7],[9] | |||||||||||||||||||||||||||||||||
Settlements | (1) | [6] | (5) | [7] | |||||||||||||||||||||||||||||||||
Ending balance | [6],[7] | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Beginning balance | 28 | 35 | |||||||||||||||||||||||||||||||||||
Total gains or (losses) for the period included in earnings (or changes in net assets) | 10 | [10] | 10 | [11] | |||||||||||||||||||||||||||||||||
Purchases | 3 | ||||||||||||||||||||||||||||||||||||
Sales | (38) | (48) | |||||||||||||||||||||||||||||||||||
Ending balance | 0 | 0 | |||||||||||||||||||||||||||||||||||
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 0 | 0 | |||||||||||||||||||||||||||||||||||
Derivative liabilities | Total trading liabilities | |||||||||||||||||||||||||||||||||||||
Fair value measurements for liabilities using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||
Beginning balance | 1 | [1] | 9 | [12] | |||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 0 | [1] | (3) | [12] | |||||||||||||||||||||||||||||||||
Total (gains) or losses for the period included in earnings | 0 | [1],[13] | (1) | [12],[14] | |||||||||||||||||||||||||||||||||
Settlements | (1) | [1] | (5) | [12] | |||||||||||||||||||||||||||||||||
Ending balance | [1],[12] | $ 0 | 0 | ||||||||||||||||||||||||||||||||||
Change in unrealized (gains) or losses for the period included in earnings for liabilities held at the end of the reporting period | [12] | $ 0 | |||||||||||||||||||||||||||||||||||
|
Fair value measurement - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Change in fair value of loans of underlying collateral | $ (1) | $ (1) | |||||
Measured at fair value on a nonrecurring basis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loans | [1] | 94 | 271 | ||||
Other assets | [2] | 5 | 6 | ||||
Subtotal assets of consolidated investment management funds, at fair value | 99 | 277 | |||||
Level 1 | Measured at fair value on a nonrecurring basis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loans | [1] | 0 | 0 | ||||
Other assets | [2] | 0 | 0 | ||||
Subtotal assets of consolidated investment management funds, at fair value | 0 | 0 | |||||
Level 2 | Measured at fair value on a nonrecurring basis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loans | [1] | 87 | 97 | ||||
Other assets | [2] | 5 | 6 | ||||
Subtotal assets of consolidated investment management funds, at fair value | 92 | 103 | |||||
Level 3 | Measured at fair value on a nonrecurring basis | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loans | [1] | 7 | 174 | ||||
Other assets | [2] | 0 | 0 | ||||
Subtotal assets of consolidated investment management funds, at fair value | $ 7 | $ 174 | |||||
|
Fair value measurement - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Estimated Fair Value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 80,359 | $ 113,203 |
Interest-bearing deposits with banks | 14,420 | 15,150 |
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 |
Securities held-to-maturity | 41,387 | 43,204 |
Loans | 64,360 | 61,421 |
Other financial assets | 6,017 | 7,633 |
Subtotal assets of consolidated investment management funds, at fair value | 241,394 | 264,984 |
Liabilities: | ||
Noninterest-bearing deposits | 105,632 | 96,277 |
Interest-bearing deposits | 154,591 | 182,410 |
Federal funds purchased and securities sold under repurchase agreements | 8,052 | 15,002 |
Payables to customers and broker-dealers | 21,162 | 21,900 |
Borrowings | 1,137 | 698 |
Long-term debt | 24,690 | 21,494 |
Total liabilities | 315,264 | 337,781 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Securities held-to-maturity | 11,400 | 11,376 |
Other financial assets | 4,957 | 6,537 |
Subtotal assets of consolidated investment management funds, at fair value | 16,357 | 17,913 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 80,359 | 113,203 |
Interest-bearing deposits with banks | 14,420 | 15,150 |
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 |
Securities held-to-maturity | 29,987 | 31,828 |
Loans | 64,360 | 61,421 |
Other financial assets | 1,060 | 1,096 |
Subtotal assets of consolidated investment management funds, at fair value | 225,037 | 247,071 |
Liabilities: | ||
Noninterest-bearing deposits | 105,632 | 96,277 |
Interest-bearing deposits | 154,591 | 182,410 |
Federal funds purchased and securities sold under repurchase agreements | 8,052 | 15,002 |
Payables to customers and broker-dealers | 21,162 | 21,900 |
Borrowings | 1,137 | 698 |
Long-term debt | 24,690 | 21,494 |
Total liabilities | 315,264 | 337,781 |
Carrying Amount | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 80,359 | 113,203 |
Interest-bearing deposits with banks | 14,416 | 15,146 |
Federal funds sold and securities purchased under resale agreements | 34,851 | 24,373 |
Securities held-to-maturity | 40,728 | 43,312 |
Loans | 64,072 | 61,267 |
Other financial assets | 6,017 | 7,633 |
Subtotal assets of consolidated investment management funds, at fair value | 240,443 | 264,934 |
Liabilities: | ||
Noninterest-bearing deposits | 105,632 | 96,277 |
Interest-bearing deposits | 155,746 | 183,333 |
Federal funds purchased and securities sold under repurchase agreements | 8,052 | 15,002 |
Payables to customers and broker-dealers | 21,162 | 21,900 |
Borrowings | 1,137 | 698 |
Long-term debt | 23,998 | 21,188 |
Total liabilities | $ 315,727 | $ 338,398 |
Fair value measurement - Summary of Carrying Amount of Hedged Financial Instruments, Related Notional Amount of Hedge and Estimated Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Securities available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount | $ 8,717 | $ 7,978 |
Notional amount of hedge | 8,016 | 7,918 |
Unrealized Gain | 0 | 16 |
Unrealized (Loss) | (1,034) | (359) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount | 20,645 | 18,231 |
Notional amount of hedge | 19,950 | 17,850 |
Unrealized Gain | 761 | 479 |
Unrealized (Loss) | $ (43) | $ (14) |
Fair value option - Assets and Liabilities, by Type, of Consolidated Investment Management Funds Recorded at Fair Value (Detail) - Investment Management funds - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets of consolidated investment management funds: | ||
Trading assets | $ 873 | $ 1,228 |
Other assets | 136 | 173 |
Subtotal assets of consolidated investment management funds, at fair value | 1,009 | 1,401 |
Liabilities of consolidated investment management funds: | ||
Trading liabilities | 219 | 229 |
Other liabilities | 13 | 17 |
Subtotal liabilities of consolidated investment management funds, at fair value | $ 232 | $ 246 |
Fair value option - Changes in Fair Value of the Loans and Long-Term Debt and the Location of the Changes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Investment and other income | Loans Receivable | ||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||
Changes in the fair value | [1] | $ (1) | $ 5 | $ 6 | $ 13 | $ 5 | ||
Foreign exchange and other trading revenue | Long-term debt | ||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||
Changes in the fair value | [1] | $ 2 | $ (6) | $ (11) | $ (17) | $ (15) | ||
|
Fair value option - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans receivable, carrying amount | $ 29 | $ 419 |
Loans, fair value | 29 | 422 |
Long-term debt, carrying amount | 240 | |
Operations | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | $ 376 | $ 359 |
Derivative instruments - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Counterparty default losses, amount | $ 0 | $ 0 | |||
Non-derivative financial instruments designated as hedges of net investments in foreign subsidiaries were all long-term liabilities of BNY Mellon in various currencies | $ 432,000,000 | ||||
Value-at-risk methodology assumed holding period for instruments | 1 day | ||||
Value-at-risk methodology confidence level percentage | 99.00% | ||||
Additional collateral the Company would have to post for existing collateral arrangements, if the company's debt rating had fallen below investment grade | 176,000,000 | 176,000,000 | $ 176,000,000 | ||
Securities available-for-sale | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Hedged financial instruments | 7,900,000,000 | 7,900,000,000 | 7,900,000,000 | ||
Hedged financial instruments, notional amount of derivative | 8,016,000,000 | 8,016,000,000 | 8,016,000,000 | $ 7,918,000,000 | |
Long-term debt | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Hedged financial instruments | 20,000,000,000 | 20,000,000,000 | 20,000,000,000 | ||
Hedged financial instruments, notional amount of derivative | 19,950,000,000 | 19,950,000,000 | $ 19,950,000,000 | $ 17,850,000,000 | |
Interest rate swap | Securities available-for-sale | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Original maturities, maximum, of hedged instruments | 30 years | ||||
Hedged financial instruments, notional amount of derivative | 8,000,000,000.0 | 8,000,000,000.0 | $ 8,000,000,000.0 | ||
Interest rate swap | Long-term debt | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Original maturities, maximum, of hedged instruments | 30 years | ||||
Hedged financial instruments, notional amount of derivative | 20,000,000,000 | 20,000,000,000 | $ 20,000,000,000 | ||
Original maturities, minimum, of hedged instruments | 5 years | ||||
Foreign exchange contracts | Cash flow hedges | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Pretax loss recorded in accumulated other comprehensive income | $ 5,000,000 | ||||
Foreign exchange contracts | Net Investment Hedging | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Hedged financial instruments, notional amount of derivative | 7,100,000,000.0 | 7,100,000,000.0 | $ 7,100,000,000.0 | ||
Foreign exchange contracts | Maximum | Net Investment Hedging | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Hedging derivatives, maturities, maximum | 2 years | ||||
Foreign exchange contracts | Forecasted Foreign Currency | Cash flow hedges | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Original maturities, maximum, of hedged instruments | 9 months | ||||
Hedged financial instruments, notional amount of derivative | $ 434,000,000 | $ 434,000,000 | $ 434,000,000 | ||
Foreign exchange contracts | Forecasted Foreign Currency | Maximum | Cash flow hedges | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Hedging derivatives, maturities, maximum | 9 months |
Derivative instruments - Ineffectiveness Related to Derivatives and Hedging Relationships Recorded in Income (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | $ (28.4) | $ (2.0) | ||
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | [1] | 0.0 | 0.0 | |
Fair value hedges of securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | (19.4) | 2.8 | ||
Fair value hedges of long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | (9.0) | (4.8) | ||
Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | $ 0.0 | $ 0.0 | ||
|
Derivative instruments - Impact of Derivative Instruments on Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value | [1] | $ 16,851 | $ 15,800 | ||||||||||||||||||
Asset derivatives fair value, effect of master netting agreements | [2] | (12,665) | [3] | (11,115) | [4] | ||||||||||||||||
Total derivatives, Net assets recognized on the balance sheet | 4,186 | 4,685 | |||||||||||||||||||
Liability derivatives fair value | [1] | 16,809 | 15,188 | ||||||||||||||||||
Liability derivatives fair value, effect of master netting agreements | [2] | (12,524) | [5] | (10,869) | [6] | ||||||||||||||||
Total derivatives, Net liabilities recognized on the balance sheet | 4,285 | 4,319 | |||||||||||||||||||
Master netting agreements, cash collateral received | 920 | 792 | |||||||||||||||||||
Master netting agreements, cash collateral paid | 779 | 546 | |||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value, effect of master netting agreements | (10,408) | [3] | (8,071) | [4] | |||||||||||||||||
Liability derivatives fair value, effect of master netting agreements | (10,541) | [5] | (8,235) | [6] | |||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value, effect of master netting agreements | (2,212) | [3] | (2,981) | [4] | |||||||||||||||||
Liability derivatives fair value, effect of master netting agreements | (1,936) | [5] | (2,567) | [6] | |||||||||||||||||
Equity contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value, effect of master netting agreements | (45) | [3] | (63) | [4] | |||||||||||||||||
Liability derivatives fair value, effect of master netting agreements | (47) | [5] | (67) | [6] | |||||||||||||||||
Designated as hedging | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value | [7] | 1,139 | 716 | ||||||||||||||||||
Liability derivatives fair value | [7] | 1,120 | 392 | ||||||||||||||||||
Designated as hedging | Interest rate contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [7] | 27,966 | 25,768 | ||||||||||||||||||
Asset derivatives fair value | [7] | 764 | 497 | ||||||||||||||||||
Liability derivatives fair value | [7] | 1,077 | 372 | ||||||||||||||||||
Designated as hedging | Foreign exchange contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [7] | 7,493 | 6,839 | ||||||||||||||||||
Asset derivatives fair value | [7] | 375 | 219 | ||||||||||||||||||
Liability derivatives fair value | [7] | 43 | 20 | ||||||||||||||||||
Not designated as hedging | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Asset derivatives fair value | [8] | 15,712 | 15,084 | ||||||||||||||||||
Liability derivatives fair value | [8] | 15,689 | 14,796 | ||||||||||||||||||
Not designated as hedging | Interest rate contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [8] | 401,827 | 519,428 | ||||||||||||||||||
Asset derivatives fair value | [8] | 12,360 | 10,044 | ||||||||||||||||||
Liability derivatives fair value | [8] | 12,332 | 9,962 | ||||||||||||||||||
Not designated as hedging | Foreign exchange contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [8] | 589,769 | 576,253 | ||||||||||||||||||
Asset derivatives fair value | [8] | 3,289 | 4,905 | ||||||||||||||||||
Liability derivatives fair value | [8] | 3,235 | 4,682 | ||||||||||||||||||
Not designated as hedging | Equity contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [8] | 1,247 | 1,923 | ||||||||||||||||||
Asset derivatives fair value | [8] | 62 | 127 | ||||||||||||||||||
Liability derivatives fair value | [8] | 120 | 151 | ||||||||||||||||||
Not designated as hedging | Credit contracts | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||
Notional value | [8] | 178 | 319 | ||||||||||||||||||
Asset derivatives fair value | [8] | 1 | 8 | ||||||||||||||||||
Liability derivatives fair value | [8] | $ 2 | $ 1 | ||||||||||||||||||
|
Derivative instruments - Impact of Derivative Instruments on Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair value hedging | Interest rate contracts | Net interest revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in income on derivatives | $ (174) | $ (123) | $ (93) | $ (445) | $ 10 |
Gain or (loss) recognized in hedged item | 168 | 115 | 87 | 417 | (12) |
Cash flow hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | (24) | (10) | (3) | (115) | 0 |
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | (28) | 4 | (3) | (110) | (11) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Net interest revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | (6) | (15) | 0 | (16) | (1) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Net interest revenue | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | (7) | (15) | 0 | (16) | (1) |
Cash flow hedges | Foreign exchange contracts | Other revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0 | 0 | 0 | 0 | 0 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Other revenue | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Trading revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | (19) | 19 | 0 | (89) | 9 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Trading revenue | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | (19) | 19 | 0 | (89) | 9 |
Cash flow hedges | Foreign exchange contracts | Salary expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | (3) | 0 | (3) | (5) | (19) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Salary expense | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | 2 | (14) | (3) | (10) | (8) |
Net Investment Hedging | Foreign exchange contracts | Net interest revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0 | 0 | 1 | 0 | 1 |
Net Investment Hedging | Foreign exchange contracts | Net interest revenue | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) | 47 | 331 | 213 | 320 | 326 |
Net Investment Hedging | Foreign exchange contracts | Other revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative instruments - Revenue from Foreign Exchange and Other Trading (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Foreign exchange | $ 175 | $ 166 | $ 180 | $ 512 | $ 578 |
Other trading revenue (loss) | 8 | 16 | (1) | 28 | 17 |
Total foreign exchange and other trading revenue | $ 183 | $ 182 | $ 179 | $ 540 | $ 595 |
Derivative instruments - Fair Value of Derivative Contracts Falling under Early Termination Provisions in Net Liability Position (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
[1] | ||
---|---|---|---|---|
A3 | A- | ||||
Credit Derivatives [Line Items] | ||||
Potential close-out exposures (fair value) | $ 48 | |||
Baa2 | BBB | ||||
Credit Derivatives [Line Items] | ||||
Potential close-out exposures (fair value) | 782 | |||
Ba1 | BB plus | ||||
Credit Derivatives [Line Items] | ||||
Potential close-out exposures (fair value) | $ 2,813 | |||
|
Derivative instruments - Offsetting (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivative Asset [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross assets recognized | $ 14,775 | $ 13,658 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | [1] | 12,665 | [2] | 11,115 | [3] | ||||||||||||||||||||
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 2,110 | 2,543 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 595 | 495 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 1,515 | 2,048 | |||||||||||||||||||||||
Total derivatives not subject to netting arrangements | 2,076 | 2,142 | |||||||||||||||||||||||
Total derivatives, Gross assets recognized | [4] | 16,851 | 15,800 | ||||||||||||||||||||||
Total derivatives, Net assets recognized on the balance sheet | 4,186 | 4,685 | |||||||||||||||||||||||
Total derivatives, Net amount | 3,591 | 4,190 | |||||||||||||||||||||||
Reverse repurchase agreements, Gross assets recognized | 27,955 | 17,088 | |||||||||||||||||||||||
Reverse repurchase agreements, Gross amounts offset in the balance sheet | 1,640 | [2],[5] | 357 | [3],[6] | |||||||||||||||||||||
Reverse repurchase agreements, Net assets recognized on the balance sheet | 26,315 | 16,731 | |||||||||||||||||||||||
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 26,240 | 16,726 | |||||||||||||||||||||||
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Reverse repurchase agreements, Net amount | 75 | 5 | |||||||||||||||||||||||
Securities borrowing, Gross assets recognized | 8,536 | 7,630 | |||||||||||||||||||||||
Securities borrowing, Net assets recognized on the balance sheet | 8,536 | 7,630 | |||||||||||||||||||||||
Securities borrowing, Gross amounts not offset in the balance sheet, Financial instruments | 8,307 | 7,373 | |||||||||||||||||||||||
Securities borrowing, Net amount | 229 | 257 | |||||||||||||||||||||||
Total, Gross assets recognized | 53,342 | 40,518 | |||||||||||||||||||||||
Total, Gross amounts offset in the balance sheet | 14,305 | [2] | 11,472 | [3] | |||||||||||||||||||||
Total, Net assets recognized on the balance sheet | 39,037 | 29,046 | |||||||||||||||||||||||
Total, Gross amounts not offset in the balance sheet, Financial instruments | 35,142 | 24,594 | |||||||||||||||||||||||
Total, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Total, Net amount | 3,895 | 4,452 | |||||||||||||||||||||||
Derivative Liability [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 16,034 | 13,742 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | [1] | 12,524 | [7] | 10,869 | [8] | ||||||||||||||||||||
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 3,510 | 2,873 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 2,829 | 2,140 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Net amount | 681 | 733 | |||||||||||||||||||||||
Total derivatives not subject to netting arrangements | 775 | 1,446 | |||||||||||||||||||||||
Total derivatives, Gross liabilities recognized | [4] | 16,809 | 15,188 | ||||||||||||||||||||||
Total derivatives, Net liabilities recognized on the balance sheet | 4,285 | 4,319 | |||||||||||||||||||||||
Total derivatives, Net amount | 1,456 | 2,179 | |||||||||||||||||||||||
Repurchase agreements, Gross liabilities recognized | 7,868 | 7,737 | |||||||||||||||||||||||
Repurchase agreements, Gross amounts offset in the balance sheet | 1,640 | [7],[9] | 357 | [8],[10] | |||||||||||||||||||||
Repurchase agreements, Net liabilities recognized on the balance sheet | 6,228 | 7,380 | |||||||||||||||||||||||
Repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 6,226 | 7,380 | |||||||||||||||||||||||
Repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Repurchase agreements, Net amount | 2 | 0 | |||||||||||||||||||||||
Securities lending, Gross liabilities recognized | 1,507 | 1,801 | |||||||||||||||||||||||
Securities lending, Net liabilities recognized on the balance sheet | 1,507 | 1,801 | |||||||||||||||||||||||
Securities lending, Gross amounts not offset in the balance sheet, Financial instruments | 1,443 | 1,727 | |||||||||||||||||||||||
Securities lending, Net amount | 64 | 74 | |||||||||||||||||||||||
Total, Gross liabilities recognized | 26,184 | 24,726 | |||||||||||||||||||||||
Total, Gross amounts offset in the balance sheet | 14,164 | [7] | 11,226 | [8] | |||||||||||||||||||||
Total, Net liabilities recognized on the balance sheet | 12,020 | 13,500 | |||||||||||||||||||||||
Total, Gross amounts not offset in the balance sheet, Financial instruments | 10,498 | 11,247 | |||||||||||||||||||||||
Total, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Total, Net amount | 1,522 | 2,253 | |||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||
Derivative Asset [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross assets recognized | 11,962 | 9,554 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 10,408 | [2] | 8,071 | [3] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 1,554 | 1,483 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 493 | 432 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 1,061 | 1,051 | |||||||||||||||||||||||
Derivative Liability [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 13,217 | 10,188 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 10,541 | [7] | 8,235 | [8] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 2,676 | 1,953 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 2,524 | 1,795 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Net amount | 152 | 158 | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||
Derivative Asset [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross assets recognized | 2,753 | 3,981 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 2,212 | [2] | 2,981 | [3] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 541 | 1,000 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 102 | 63 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 439 | 937 | |||||||||||||||||||||||
Derivative Liability [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 2,706 | 3,409 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 1,936 | [7] | 2,567 | [8] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 770 | 842 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 242 | 274 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Net amount | 528 | 568 | |||||||||||||||||||||||
Equity contracts | |||||||||||||||||||||||||
Derivative Asset [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross assets recognized | 60 | 123 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 45 | [2] | 63 | [3] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 15 | 60 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 0 | 0 | |||||||||||||||||||||||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||||||||||||||||||||||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 15 | 60 | |||||||||||||||||||||||
Derivative Liability [Abstract] | |||||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 111 | 145 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 47 | [7] | 67 | [8] | |||||||||||||||||||||
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 64 | 78 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 63 | 71 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||||||||||||||||||||||
Derivatives subject to netting arrangements, Net amount | $ 1 | $ 7 | |||||||||||||||||||||||
|
Derivative instruments - Secured Borrowings (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 7,868 | $ 7,737 |
Securities lending | 1,507 | 1,801 |
Total borrowings | 9,375 | 9,538 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 6,468 | 6,845 |
Securities lending | 1,507 | 1,801 |
Total borrowings | 7,975 | 8,646 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 100 | 42 |
Securities lending | 0 | 0 |
Total borrowings | 100 | 42 |
30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,300 | 850 |
Securities lending | 0 | 0 |
Total borrowings | 1,300 | 850 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,379 | 2,226 |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,366 | 2,226 |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 13 | 0 |
U.S. Treasury | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 313 | 366 |
Securities lending | 43 | 35 |
U.S. Government agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 313 | 319 |
Securities lending | 43 | 35 |
U.S. Government agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 42 |
Securities lending | 0 | 0 |
U.S. Government agencies | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 5 |
Securities lending | 0 | 0 |
Agency RMBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,954 | 3,158 |
Agency RMBS | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,867 | 3,158 |
Agency RMBS | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 87 | 0 |
Agency RMBS | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,104 | 1,037 |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 242 | 372 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Corporate bonds | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 862 | 665 |
Other debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 581 | 255 |
Securities lending | 363 | 254 |
Other debt securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 174 | 106 |
Securities lending | 363 | 254 |
Other debt securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Other debt securities | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 407 | 149 |
Securities lending | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 537 | 695 |
Securities lending | 1,101 | 1,512 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 506 | 664 |
Securities lending | 1,101 | 1,512 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Equity securities | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 31 | 31 |
Securities lending | $ 0 | $ 0 |
Commitments and contingent liabilities - Significant Industry Concentrations Related to Credit Exposure (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | [1] | $ 65,997 | $ 63,703 | |
Financial institutions | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 14,746 | 15,899 | ||
Unfunded commitments | 36,100 | |||
Total exposure | 50,800 | |||
Financial institutions | Securities industry | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 3,800 | |||
Unfunded commitments | 20,900 | |||
Total exposure | 24,700 | |||
Financial institutions | Banks | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 7,800 | |||
Unfunded commitments | 2,000 | |||
Total exposure | 9,800 | |||
Financial institutions | Asset managers | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 1,500 | |||
Unfunded commitments | 6,200 | |||
Total exposure | 7,700 | |||
Financial institutions | Insurance | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 100 | |||
Unfunded commitments | 4,300 | |||
Total exposure | 4,400 | |||
Financial institutions | Government | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 100 | |||
Unfunded commitments | 1,100 | |||
Total exposure | 1,200 | |||
Financial institutions | Other | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 1,400 | |||
Unfunded commitments | 1,600 | |||
Total exposure | 3,000 | |||
Commercial | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 2,665 | $ 2,342 | ||
Unfunded commitments | 16,700 | |||
Total exposure | 19,400 | |||
Commercial | Manufacturing | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 1,100 | |||
Unfunded commitments | 6,000 | |||
Total exposure | 7,100 | |||
Commercial | Commercial portfolio exposure (in billions) | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 700 | |||
Unfunded commitments | 4,700 | |||
Total exposure | 5,400 | |||
Commercial | Energy and utilities | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 600 | |||
Unfunded commitments | 4,700 | |||
Total exposure | 5,300 | |||
Commercial | Media and telecom | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Loans | 300 | |||
Unfunded commitments | 1,300 | |||
Total exposure | $ 1,600 | |||
|
Commitments and contingent liabilities - Summary of Off-Balance Sheet Credit Risks, Net of Participations (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Securities lending indemnifications, joint venture | $ 62,000 | $ 54,000 | |||||
Lending commitments | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Off-balance sheet credit risks | 52,807 | 54,505 | |||||
Standby letters of credit | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Off-balance sheet credit risks | [1] | 4,388 | 4,915 | ||||
Off-balance sheet credit risks participations | 776 | 809 | |||||
Commercial letters of credit | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Off-balance sheet credit risks | 266 | 303 | |||||
Securities lending indemnifications | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Off-balance sheet credit risks | [2] | $ 309,420 | $ 294,108 | ||||
|
Commitments and contingent liabilities - Standby Letters of Credits by Investment Grade (Details) - Standby letters of credit |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk | 87.00% | 86.00% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk | 13.00% | 14.00% |
Commitments and contingent liabilities - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 19, 2015
USD ($)
|
Feb. 29, 2016
LegalMatter
|
Sep. 30, 2016
USD ($)
claim
LegalMatter
|
Dec. 31, 2015
USD ($)
|
Dec. 17, 2015
LegalMatter
|
Jun. 18, 2014
trust
|
Jan. 18, 2008
USD ($)
|
|||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Lending commitment maturing in less than one year | $ 31,100,000,000 | ||||||||
Lending commitment maturing in one to five years | 21,400,000,000 | ||||||||
Lending commitment maturing over five years | $ 260,000,000 | ||||||||
Maximum maturities of prearranged contract for a securities lending transaction | 90 days | ||||||||
Collateralization percentage generally required for a securities lending transaction with indemnification against broker default | 102.00% | ||||||||
Securities lending indemnifications, secured amount of collateral | $ 323,000,000,000 | $ 306,000,000,000 | |||||||
Securities lending indemnifications, joint venture | 62,000,000,000 | 54,000,000,000 | |||||||
Securities lending indemnifications, collateral joint venture | $ 66,000,000,000 | 56,000,000,000 | |||||||
Amount seeking to recover | $ 312,000,000 | ||||||||
Standing instruction-related settlements | $ 714,000,000 | ||||||||
Loss contingency, number of MBS trusts | trust | 253 | ||||||||
Number of lawsuits pending (legal matters) | LegalMatter | 15 | ||||||||
Number of FINRA arbitration matters (in legal matters) | LegalMatter | 1 | ||||||||
Number of additional lawsuits filed (in legal matters) | LegalMatter | 3 | ||||||||
Number of putative class action lawsuits filed (in legal matters) | LegalMatter | 4 | ||||||||
Matters Related to R. Allen Stanford, Putative Class Action | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of putative class actions (in claims) | claim | 2 | ||||||||
Federal Court, Southern District of New York, Breach of Contract and Violation of ERISA | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of putative class actions (in claims) | claim | 2 | ||||||||
Maximum | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss contingency, aggregate range of reasonable loss (up to) | $ 900,000,000 | ||||||||
Operations | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Allowance for lending-related commitments | 126,000,000 | 118,000,000 | |||||||
Standby letters of credit | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Standby letters of credit (SBLC) collateralized with cash and securities | 391,000,000 | 299,000,000 | |||||||
SBLC expiring within one year | 2,700,000,000 | ||||||||
SBLC expiring within one to five years | 1,700,000,000 | ||||||||
Commercial letters of credit | [1] | 4,388,000,000 | 4,915,000,000 | ||||||
Commercial letters of credit | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Commercial letters of credit | $ 266,000,000 | $ 303,000,000 | |||||||
|
Lines of business - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
Segment
| |
Segment Reporting [Abstract] | |
Number of principal businesses (segment) | 2 |
Lines of business - Contribution of Segments to Overall Profitability (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Fee and other revenue | $ 3,150 | $ 2,999 | $ 3,053 | $ 9,119 | $ 9,132 | |||||||||||||||||||||||||||||||||||
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | (19) | (9) | 1 | (18) | (3) | |||||||||||||||||||||||||||||||||||
Income from consolidated investment management funds, net of noncontrolling interests | 987 | 873 | 833 | 2,677 | 2,465 | |||||||||||||||||||||||||||||||||||
Investment income (loss), net | 17 | 10 | (22) | 21 | 70 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 6 | 2 | (6) | (1) | 61 | |||||||||||||||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 9 | 4 | (5) | 6 | 63 | |||||||||||||||||||||||||||||||||||
Operating segments | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Fee and other revenue | 3,159 | [1] | 3,005 | [2] | 3,036 | [3] | 9,135 | [4] | 9,139 | [5] | ||||||||||||||||||||||||||||||
Net interest revenue | 774 | 767 | 759 | 2,307 | 2,266 | |||||||||||||||||||||||||||||||||||
Total revenue | 3,933 | [1] | 3,772 | [2] | 3,795 | [3] | 11,442 | [4] | 11,405 | [5] | ||||||||||||||||||||||||||||||
Provision for credit losses | (19) | (9) | 1 | (18) | (3) | |||||||||||||||||||||||||||||||||||
Noninterest expense | 2,641 | [6] | 2,618 | [7] | 2,679 | [8] | 7,886 | [9] | 8,105 | [10] | ||||||||||||||||||||||||||||||
Income (loss) before taxes | $ 1,311 | [1],[6] | $ 1,163 | [2],[7] | $ 1,115 | [3],[8] | $ 3,574 | [4],[9] | $ 3,303 | [5],[10] | ||||||||||||||||||||||||||||||
Pre-tax operating margin | 33.00% | [11] | 31.00% | [12] | 29.00% | [13] | 31.00% | [14] | 29.00% | [15] | ||||||||||||||||||||||||||||||
Average assets | $ 351,230 | $ 374,220 | $ 373,453 | $ 363,290 | $ 373,400 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (2) | (2) | (1) | (6) | (2) | |||||||||||||||||||||||||||||||||||
Operating segments | Investment Management | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Fee and other revenue | 876 | [1] | 856 | [2] | 843 | [3] | 2,544 | [4] | 2,672 | [5] | ||||||||||||||||||||||||||||||
Net interest revenue | 82 | 82 | 83 | 247 | 235 | |||||||||||||||||||||||||||||||||||
Total revenue | 958 | [1] | 938 | [2] | 926 | [3] | 2,791 | [4] | 2,907 | [5] | ||||||||||||||||||||||||||||||
Provision for credit losses | 0 | 1 | 1 | 0 | 3 | |||||||||||||||||||||||||||||||||||
Noninterest expense | 702 | 703 | 689 | 2,084 | 2,146 | |||||||||||||||||||||||||||||||||||
Income (loss) before taxes | $ 256 | [1] | $ 234 | [2] | $ 236 | [3] | $ 707 | [4] | $ 758 | [5] | ||||||||||||||||||||||||||||||
Pre-tax operating margin | 27.00% | [11] | 25.00% | [12] | 25.00% | [13] | 25.00% | [14] | 26.00% | [15] | ||||||||||||||||||||||||||||||
Average assets | $ 30,392 | $ 30,229 | $ 30,960 | $ 30,048 | $ 30,910 | |||||||||||||||||||||||||||||||||||
Income from consolidated investment management funds, net of noncontrolling interests | 8 | 6 | (17) | 15 | 7 | |||||||||||||||||||||||||||||||||||
Investment income (loss), net | 17 | 10 | (22) | 21 | 70 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 9 | 4 | (5) | 6 | 63 | |||||||||||||||||||||||||||||||||||
Operating segments | Investment Services | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Fee and other revenue | 2,183 | 2,054 | 2,134 | 6,267 | 6,220 | |||||||||||||||||||||||||||||||||||
Net interest revenue | 715 | 690 | 662 | 2,084 | 1,958 | |||||||||||||||||||||||||||||||||||
Total revenue | 2,898 | 2,744 | 2,796 | 8,351 | 8,178 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 1 | (7) | 7 | 8 | 20 | |||||||||||||||||||||||||||||||||||
Noninterest expense | 1,851 | 1,859 | 1,894 | 5,518 | 5,671 | |||||||||||||||||||||||||||||||||||
Income (loss) before taxes | $ 1,046 | $ 892 | $ 895 | $ 2,825 | $ 2,487 | |||||||||||||||||||||||||||||||||||
Pre-tax operating margin | 36.00% | [11] | 33.00% | [12] | 32.00% | [13] | 34.00% | [14] | 30.00% | [15] | ||||||||||||||||||||||||||||||
Average assets | $ 275,714 | $ 277,225 | $ 285,195 | $ 275,410 | $ 288,252 | |||||||||||||||||||||||||||||||||||
Operating segments | Other | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Fee and other revenue | 100 | 95 | 59 | 324 | 247 | |||||||||||||||||||||||||||||||||||
Net interest revenue | (23) | (5) | 14 | (24) | 73 | |||||||||||||||||||||||||||||||||||
Total revenue | 77 | 90 | 73 | 300 | 320 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | (20) | (3) | (7) | (26) | (26) | |||||||||||||||||||||||||||||||||||
Noninterest expense | 88 | 56 | 96 | 284 | 288 | |||||||||||||||||||||||||||||||||||
Income (loss) before taxes | 9 | 37 | (16) | 42 | 58 | |||||||||||||||||||||||||||||||||||
Average assets | $ 45,124 | $ 66,766 | $ 57,298 | $ 57,832 | $ 54,238 | |||||||||||||||||||||||||||||||||||
|
Supplemental information to the Consolidated Statement of Cash Flows- Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Supplemental Cash Flow Information [Abstract] | ||
Transfers from loans to other assets for other real estate owned (“OREO”) | $ 4 | $ 6 |
Change in assets of consolidated VIEs | 392 | 6,985 |
Change in liabilities of consolidated VIEs | 14 | 6,506 |
Change in nonredeemable noncontrolling interests of consolidated investment management funds | 238 | 251 |
Securities purchased not settled | 229 | 222 |
Securities sales not settled | 218 | 676 |
Available-for-sale securities transferred to held-to-maturity | 0 | 11,602 |
Held-to-maturity securities transferred to available-for-sale | 10 | 0 |
Premises and equipment/capitalized software funded by capital lease obligations | $ 12 | $ 48 |
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