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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables)
 12 Months Ended
Dec. 31, 2018
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]  
Off-balance sheet lending related financial instruments, guarantees and other commitments
Off–balance sheet lending-related financial instruments, guarantees and other commitments
 
 
Contractual amount
 
Carrying value(i)
 
2018
 
2017
 
2018
2017
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
$
796

$
1,095

$
1,813

$
17,197

$
20,901

 
$
20,360

 
$
12

$
12

Residential mortgage(a)
5,469

—

—

12

5,481

 
5,736

 
—

—

Auto
6,954

878

78

101

8,011

 
9,255

 
2

2

Consumer & Business Banking
10,580

566

102

425

11,673

 
13,202

 
19

19

Total consumer, excluding credit card
23,799

2,539

1,993

17,735

46,066

 
48,553

 
33

33

Credit card
605,379

—

—

—

605,379

 
572,831

 
—

—

Total consumer(b)
629,178

2,539

1,993

17,735

651,445

 
621,384

 
33

33

Wholesale:
 
 
 
 
 
 
 
 
 
 
Other unfunded commitments to extend credit(c)
62,384

123,751

154,177

11,178

351,490

 
331,160

 
852

840

Standby letters of credit and other financial guarantees(c)
14,408

11,462

5,248

2,380

33,498

 
35,226

 
521

636

Other letters of credit(c)
2,608

177

40

—

2,825

 
3,712

 
3

3

Total wholesale(d)
79,400

135,390

159,465

13,558

387,813

 
370,098

 
1,376

1,479

Total lending-related
$
708,578

$
137,929

$
161,458

$
31,293

$
1,039,258

 
$
991,482

 
$
1,409

$
1,512

Other guarantees and commitments
 
 
 
 
 
 
 
 
 
 
Securities lending indemnification agreements and guarantees(e)
$
186,077

$
—

$
—

$
—

$
186,077

 
$
179,490

 
$
—

$
—

Derivatives qualifying as guarantees
2,099

299

12,614

40,259

55,271

 
57,174

 
367

304

Unsettled resale and securities borrowed agreements
102,008

—

—

—

102,008

 
76,859

 
—

—

Unsettled repurchase and securities loaned agreements
57,732

—

—

—

57,732

 
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

1,019

 
1,169

 
30

38

Exchange & clearing house guarantees and commitments(f)(g)
58,960

—

—

—

58,960

 
13,871

 
—

—

Other guarantees and commitments (g)(h)
3,874

542

299

3,468

8,183

 
8,206

 
(73
)
(76
)
(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, 2018 and 2017, reflected the contractual amount net of risk participations totaling $282 million and $334 million, respectively, for other unfunded commitments to extend credit; $10.4 billion and $10.4 billion, respectively, for standby letters of credit and other financial guarantees; and $385 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)
Predominantly all wholesale lending-related commitments are in the U.S.
(e)
At December 31, 2018 and 2017, collateral held by the Firm in support of securities lending indemnification agreements was $195.6 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 December 31, 2018, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. At December 31, 2017 includes commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)
Certain guarantees and commitments associated with the Firm’s membership in clearing houses previously disclosed in “other guarantees and commitments” are now disclosed in “Exchange and clearing house guarantees and commitments”. Prior period amounts have been revised to conform with the current period presentation.
(h)
At December 31, 2018 and 2017, primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, and unfunded commitments related to institutional lending. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments.
(i)
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 contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of December 31, 2018 and 2017.
Standby letters of credit, other financial guarantees and other letters of credit
 
2018
 
2017
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)
 
$
26,420

 
 
$
2,079

 
 
$
28,492

 
 
$
2,646

Noninvestment-grade(a)
 
7,078

 
 
746

 
 
6,734

 
 
1,066

Total contractual amount
 
$
33,498

 
 
$
2,825

 
 
$
35,226

 
 
$
3,712

Allowance for lending-related commitments
 
$
167

 
 
$
3

 
 
$
192

 
 
$
3

Guarantee liability
 
354

 
 
—

 
 
444

 
 
—

Total carrying value
 
$
521

 
 
$
3

 
 
$
636

 
 
$
3

Commitments with collateral
 
$
17,400

 
 
$
583

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

 
December 31, 2017

Notional amounts
 
 
 
Derivative guarantees
$
55,271

 
$
57,174

Stable value contracts with contractually limited exposure
28,637

 
29,104

Maximum exposure of stable value contracts with contractually limited exposure
2,963

 
3,053

 
 
 
 
Fair value
 
 
 
Derivative payables
367

 
304

Derivative receivables
—

 
—