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Fair value option (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Assets and Liabilities of Consolidated Investment Management Funds, at Fair Value
The following table presents the changes in fair value of long-term debt recorded in foreign exchange and other trading revenue in the consolidated income statement.

Change in fair value of long-term debt (a)
 
 
Year ended Dec. 31,
(in millions)
2019

2018

2017

Foreign exchange and other trading revenue
$
(16
)
$
(4
)
$
(4
)

(a)
The changes in fair value are approximately offset by an economic hedge included in foreign exchange and other trading revenue.
The following table presents the assets and liabilities of consolidated investment management funds, at fair value.

Assets and liabilities of consolidated investment management funds, at fair value
 
 
Dec. 31,
(in millions)
2019

2018

Assets of consolidated investment management funds:
 
 
Trading assets
$
229

$
243

Other assets
16

220

Total assets of consolidated investment management funds
$
245

$
463

Liabilities of consolidated investment management funds:
 
 
Other liabilities
1

2

Total liabilities of consolidated investment management funds
$
1

$
2