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Accumulated Other Comprehensive Income/(Loss) (Tables)
 12 Months Ended
Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated other comprehensive income/(loss)
Effective January 1, 2016, the Firm adopted new accounting guidance related to the recognition and measurement of financial liabilities where the fair value option has been elected. This guidance requires the portion of the total change in fair value caused by changes in the Firm’s own credit risk (“DVA”) to be presented separately in OCI; previously these amounts were recognized in net income. The guidance was required to be applied as of the beginning of the fiscal year of adoption by means of a cumulative effect adjustment to the Consolidated balance sheets, which resulted in a reclassification from retained earnings to AOCI.
 
Year ended December 31,
(in millions)
Unrealized
gains/(losses)
on investment securities(a)
 
Translation adjustments, net of hedges
 
Cash flow hedges
 
Defined benefit pension and OPEB plans
DVA on fair value option elected liabilities
Accumulated other comprehensive income/(loss)
 
 
Balance at December 31, 2013
 
$
2,798


 
 
$
(136
)
 
 
 
$
(139
)
 
 
 
$
(1,324
)
 
 
NA
 
 
 
$
1,199

 
Net change
 
1,975

 
 
 
(11
)
 
 
 
44

 
 
 
(1,018
)
 
 
NA
 
 
 
990

 
Balance at December 31, 2014
 
$
4,773

 
 
 
$
(147
)
 
 
 
$
(95
)
 
 
 
$
(2,342
)
 
 
NA
 
 
 
$
2,189

 
Net change
 
(2,144
)
 
 
 
(15
)
 
 
 
51

 
 
 
111

 
 
NA
 
 
 
(1,997
)
 
Balance at December 31, 2015
 
$
2,629

 
 
 
$
(162
)
 
 
 
$
(44
)
 
 
 
$
(2,231
)
 
 
NA
 
 
 
$
192

 
Cumulative effect of change in accounting principle
 
—

 
 
 
—

 
 
 
—

 
 
 
—

 
 
154
 
 
 
154

 
Net change
 
(1,105
)
 
 
 
(2
)
 
 
 
(56
)
 
 
 
(28
)
 
 
(330
)
 
 
(1,521
)
 
Balance at December 31, 2016
 
$
1,524

 
 
 
$
(164
)
 
 
 
$
(100
)
 
 
 
$
(2,259
)
 
 
(176
)
 
 
$
(1,175
)
(a)
Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS, including net unamortized unrealized gains and losses related to AFS securities transferred to HTM.
Changes of the components of accumulated other comprehensive income (loss)
The following table presents the pre-tax and after-tax changes in the components of OCI.
 
2016
 
2015
 
2014
Year ended December 31, (in millions)
Pre-tax
 
Tax effect
 
After-tax
 
Pre-tax
 
Tax effect
 
After-tax
 
Pre-tax
 
Tax effect
 
After-tax
Unrealized gains/(losses) on investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
$
(1,628
)
 
$
611

 
$
(1,017
)
 
$
(3,315
)
 
$
1,297

 
$
(2,018
)
 
$
3,193

 
$
(1,170
)
 
$
2,023

Reclassification adjustment for realized (gains)/losses included in net income(a)
(141
)
 
53

 
(88
)
 
(202
)
 
76

 
(126
)
 
(77
)
 
29

 
(48
)
Net change
(1,769
)
 
664

 
(1,105
)
 
(3,517
)
 
1,373

 
(2,144
)
 
3,116

 
(1,141
)
 
1,975

Translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Translation(b)
(261
)
 
99

 
(162
)
 
(1,876
)
 
682

 
(1,194
)
 
(1,638
)
 
588

 
(1,050
)
Hedges(b)
262

 
(102
)
 
160

 
1,885

 
(706
)
 
1,179

 
1,698

 
(659
)
 
1,039

Net change
1

 
(3
)
 
(2
)
 
9

 
(24
)
 
(15
)
 
60

 
(71
)
 
(11
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
(450
)
 
168

 
(282
)
 
(97
)
 
35

 
(62
)
 
98

 
(39
)
 
59

Reclassification adjustment for realized (gains)/losses included in net income(c)(d)
360

 
(134
)
 
226

 
180

 
(67
)
 
113

 
(24
)
 
9

 
(15
)
Net change
(90
)
 
34

 
(56
)
 
83

 
(32
)
 
51

 
74

 
(30
)
 
44

Defined benefit pension and OPEB plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service credits arising during the period
—

 
—

 
—

 
—

 
—

 
—

 
(53
)
 
21

 
(32
)
Net gains/(losses) arising during the period
(366
)
 
145

 
(221
)
 
29

 
(47
)
 
(18
)
 
(1,697
)
 
688

 
(1,009
)
Reclassification adjustments included in net income(e):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of net loss
257

 
(97
)
 
160

 
282

 
(106
)
 
176

 
72

 
(29
)
 
43

Prior service costs/(credits)
(36
)
 
14

 
(22
)
 
(36
)
 
14

 
(22
)
 
(44
)
 
17

 
(27
)
Settlement loss/(gain)
4

 
(1
)
 
3

 
—

 
—

 
—

 
—

 
—

 
—

Foreign exchange and other
77

 
(25
)
 
52

 
33

 
(58
)
 
(25
)
 
39

 
(32
)
 
7

Net change
(64
)
 
36

 
(28
)
 
308

 
(197
)
 
111

 
(1,683
)
 
665

 
(1,018
)
DVA on fair value option elected liabilities, net change:
$
(529
)
 
$
199

 
$
(330
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Total other comprehensive income/(loss)
$
(2,451
)
 
$
930

 
$
(1,521
)
 
$
(3,117
)
 
$
1,120

 
$
(1,997
)
 
$
1,567

 
$
(577
)
 
$
990

(a)
The pre-tax amount is reported in securities gains in the Consolidated statements of income.
(b)
Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The amounts were not material for the periods presented.
(c)
The pre-tax amounts are predominantly recorded in net interest income in the Consolidated statements of income.
(d)
In 2015, the Firm reclassified approximately $150 million of net losses from AOCI to other income because the Firm determined that it is probable that the forecasted interest payment cash flows will not occur. For additional information, see Note 6.
(e)
The pre-tax amount is reported in compensation expense in the Consolidated statements of income.