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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables)
 9 Months Ended
Sep. 30, 2018
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]  
Off-balance sheet lending related financial instruments, guarantees and other commitments The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2018, and December 31, 2017. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.
Off–balance sheet lending-related financial instruments, guarantees and other commitments


Contractual amount

Carrying value(g)

September 30, 2018

Dec 31,
2017


Sep 30,
2018

Dec 31,
2017

By remaining maturity
(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
$
916

$
1,110

$
1,693

$
16,942

$
20,661


$
20,360


$
12

$
12

Residential mortgage(a)
6,955

—

—

12

6,967


5,736


—

—

Auto
7,911

1,430

200

89

9,630


9,255


2

2

Consumer & Business Banking
12,127

647

111

487

13,372


13,202


19

19

Total consumer, excluding credit card
27,909

3,187

2,004

17,530

50,630


48,553


33

33

Credit card
600,728

—

—

—

600,728


572,831


—

—

Total consumer(b)
628,637

3,187

2,004

17,530

651,358


621,384


33

33

Wholesale:
 
 
 
 
 
 
 
 
 
 
Other unfunded commitments to extend credit(c)
74,427

128,149

148,414

10,995

361,985


331,160


886

840

Standby letters of credit and other financial guarantees(c)
14,561

9,810

5,038

2,339

31,748


35,226


585

636

Other letters of credit(c)
3,344

137

102

—

3,583


3,712


7

3

Total wholesale(d)
92,332

138,096

153,554

13,334

397,316


370,098


1,478

1,479

Total lending-related
$
720,969

$
141,283

$
155,558

$
30,864

$
1,048,674


$
991,482


$
1,511

$
1,512

Other guarantees and commitments


















Securities lending indemnification agreements and guarantees(e)
$
202,622

$
—

$
—

$
—

$
202,622


$
179,490


$
—

$
—

Derivatives qualifying as guarantees
2,800

361

12,384

40,349

55,894


57,174


370

304

Unsettled reverse repurchase and securities borrowing agreements
119,762

—

—

—

119,762


76,859


—

—

Unsettled repurchase and securities lending agreements
92,115

—

—

—

92,115


44,205


—

—

Loan sale and securitization-related indemnifications:


















Mortgage repurchase liability
NA

NA

NA

NA

NA


NA


89

111

Loans sold with recourse
NA

NA

NA

NA

1,066


1,169


33

38

Other guarantees and commitments(f)
10,091

1,443

384

2,641

14,559


11,867


(53
)
(76
)
(a)
Includes certain commitments to purchase loans from correspondents.
(b)
Predominantly all consumer lending-related commitments are in the U.S.
(c)
At September 30, 2018, and December 31, 2017, reflected the contractual amount net of risk participations totaling $287 million and $334 million respectively, for other unfunded commitments to extend credit; $9.9 billion and $10.4 billion, respectively, for standby letters of credit and other financial guarantees; and $469 million and $405 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(d)
At both September 30, 2018, and December 31, 2017, the U.S. portion of the contractual amount of total wholesale lending-related commitments was 76%.
(e)
At September 30, 2018, and December 31, 2017, collateral held by the Firm in support of securities lending indemnification agreements was $214.3 billion and $188.7 billion, respectively. Securities lending collateral primarily consists of cash and securities issued by governments that are members of G7 and U.S. government agencies.
(f)
At September 30, 2018, and December 31, 2017, primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, unfunded commitments related to institutional lending and commitments associated with the Firm’s membership in certain clearing houses. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments.
(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 standby letters of credit and other letters of credit arrangements as of September 30, 2018, and December 31, 2017.
Standby letters of credit, other financial guarantees and other letters of credit
 
September 30, 2018
 
December 31, 2017
(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)
$
25,038

 
$
2,507

 
$
28,492

 
$
2,646

Noninvestment-grade(a)
6,710

 
1,076

 
6,734

 
1,066

Total contractual amount
$
31,748

 
$
3,583

 
$
35,226

 
$
3,712

 
 
 
 
 
 
 
 
Allowance for lending-related commitments
$
171

 
$
7

 
$
192

 
$
3

Guarantee liability
414

 
—

 
444

 
—

Total carrying value
$
585

 
$
7

 
$
636

 
$
3

 
 
 
 
 
 
 
 
Commitments with collateral
$
16,074

 
$
559

 
$
17,421

 
$
878

(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.
Derivatives qualifying as guarantees The following table summarizes the derivatives qualifying as guarantees as of September 30, 2018, and December 31, 2017.
(in millions)
September 30, 2018

 
December 31, 2017

Notional amounts
 
 
 
Derivative guarantees
$
55,894

 
$
57,174

Stable value contracts with contractually limited exposure
28,574

 
29,104

Maximum exposure of stable value contracts with contractually limited exposure
2,954

 
3,053

 
 
 
 
Fair value
 
 
 
Derivative payables
370

 
304

Derivative receivables
—

 
—