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Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments (Tables)
 12 Months Ended
Dec. 31, 2016
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]  
Off-balance sheet lending related financial instruments, and guarantees and other commitments
Off–balance sheet lending-related financial instruments, guarantees and other commitments
 
 
Contractual amount
 
Carrying value(g)
 
2016
 
2015
 
2016
2015
By remaining maturity at December 31,
(in millions)
Expires in 1 year or less
Expires after
1 year through
3 years
Expires after
3 years through
5 years
Expires after 5 years
Total
 
Total
 
 
 
Lending-related
 
 
 
 
 
 
 
 
 
 
Consumer, excluding credit card:
 
 
 
 
 
 
 
 
 
 
Home equity
$
4,247

$
3,578

$
1,035

$
12,854

$
21,714

 
$
22,756

 
$
12

$
—

Residential mortgage(a)
11,745

—

—

—

11,745

 
12,992

 
—

—

Auto
7,807

461

173

27

8,468

 
10,237

 
2

2

Business banking
11,485

673

122

453

12,733

 
12,351

 
12

12

Student and other
107

1

—

29

137

 
142

 
—

—

Total consumer, excluding credit card
35,391

4,713

1,330

13,363

54,797

 
58,478

 
26

14

Credit card
553,891

—

—

—

553,891

 
515,518

 
—

—

Total consumer(b)
589,282

4,713

1,330

13,363

608,688

 
573,996

 
26

14

Wholesale:
 
 
 
 
 
 
 
 
 
 
Other unfunded commitments to extend credit(c)
69,307

116,716

135,663

6,811

328,497

 
323,325

 
905

649

Standby letters of credit and other financial guarantees(c)
15,738

12,654

6,577

978

35,947

 
39,133

 
586

548

Other letters of credit(c)
3,354

86

129

1

3,570

 
3,941

 
2

2

Total wholesale(d)
88,399

129,456

142,369

7,790

368,014

 
366,399

 
1,493

1,199

Total lending-related
$
677,681

$
134,169

$
143,699

$
21,153

$
976,702

 
$
940,395

 
$
1,519

$
1,213

Other guarantees and commitments
 
 
 
 
 
 
 
 
 
 
Securities lending indemnification agreements and guarantees(e)
$
137,209

$
—

$
—

$
—

$
137,209

 
$
183,329

 
$
—

$
—

Derivatives qualifying as guarantees
1,061

450

10,930

39,525

51,966

 
53,784

 
80

222

Unsettled reverse repurchase and securities borrowing agreements
50,722

—

—

—

50,722

 
42,482

 
—

—

Unsettled repurchase and securities lending agreements
26,948

—

—

—

26,948

 
21,798

 
—

—

Loan sale and securitization-related indemnifications:










 
 
 


Mortgage repurchase liability
 NA

 NA

 NA

 NA

NA

 
NA

 
133

148

Loans sold with recourse
 NA

 NA

 NA

 NA

2,730

 
4,274

 
64

82

Other guarantees and commitments(f)
383

2,662

1,017

1,653

5,715

 
5,580

 
(118
)
(94
)
(a)
Includes certain commitments to purchase loans from correspondents.
(b)
Predominantly all consumer lending-related commitments are in the U.S.
(c)
At December 31, 2016 and 2015, reflected the contractual amount net of risk participations totaling $328 million and $385 million, respectively, for other unfunded commitments to extend credit; $11.1 billion and $11.2 billion, respectively, for standby letters of credit and other financial guarantees; and $265 million and $341 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(d)
At December 31, 2016 and 2015, the U.S. portion of the contractual amount of total wholesale lending-related commitments was 79% and 77%, respectively.
(e)
At December 31, 2016 and 2015, collateral held by the Firm in support of securities lending indemnification agreements was $143.2 billion and $190.6 billion, respectively. Securities lending collateral consist of primarily cash and securities issued by governments that are members of the Organisation for Economic Co-operation and Development (“OECD”) and U.S. government agencies.
(f)
At December 31, 2016 and 2015, included unfunded commitments of $48 million and $50 million, respectively, to third-party private equity funds; and $1.0 billion and $871 million, respectively, to other equity investments. These commitments included $34 million and $73 million, respectively, related to investments that are generally fair valued at net asset value as discussed in Note 3. In addition, at December 31, 2016 and 2015, included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.6 billion and $4.6 billion, respectively.
(g)
For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value
Standby letters of credit, other financial guarantees and other letters of credit
The following table summarizes the types of facilities under which standby letters of credit and other letters of credit arrangements are outstanding by the ratings profiles of the Firm’s customers, as of December 31, 2016 and 2015.
Standby letters of credit, other financial guarantees and other letters of credit
 
2016
 
2015
December 31,
(in millions)
Standby letters of credit and
other financial guarantees
 
Other letters
of credit
 
Standby letters of credit and
other financial guarantees
 
Other letters
of credit
Investment-grade(a)
 
$
28,245

 
 
$
2,781

 
 
$
31,751

 
 
$
3,290

Noninvestment-grade(a)
 
7,702

 
 
789

 
 
7,382

 
 
651

Total contractual amount
 
$
35,947

 
 
$
3,570

 
 
$
39,133

 
 
$
3,941

Allowance for lending-related commitments
 
$
145

 
 
$
2

 
 
$
121

 
 
$
2

Guarantee liability
 
441

 
 
—

 
 
427

 
 
—

Total carrying value
 
$
586

 
 
$
2

 
 
$
548

 
 
$
2

Commitments with collateral
 
$
19,346

 
 
$
940

 
 
$
18,825

 
 
$
996

(a)
The ratings scale is based on the Firm’s internal ratings, which generally correspond to ratings as defined by S&P and Moody’s.