Accumulated Other Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

Year ended December 31, (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value 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, 2020		$	8,180			$	(473)	$	(112)		$	2,383		$	(1,132)		$	(860)		$	7,986
Net change		(5,540)				(461)		(19)			(2,679)			922			(293)			(8,070)
Balance at December 31, 2021		$	2,640	(a)		$	(934)	$	(131)		$	(296)		$	(210)		$	(1,153)		$	(84)
Net change		(11,764)				(611)		98			(5,360)			(1,241)			1,621			(17,257)
Balance at December 31, 2022		$	(9,124)	(a)		$	(1,545)	$	(33)		$	(5,656)		$	(1,451)		$	468		$	(17,341)
Net change		5,381				329		(101)			1,724			373			(808)			6,898
Balance at December 31, 2023		$	(3,743)	(a)		$	(1,216)	$	(134)		$	(3,932)		$	(1,078)		$	(340)		$	(10,443)

(a)As of December 31, 2023 includes after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. Includes after-tax net unamortized unrealized gains/(losses) of $(895) million, $(1.3) billion, and $2.4 billion related to AFS securities that have been transferred to HTM for the years ended 2023, 2022 and 2021, respectively. Refer to Note 10 for further information.

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.

	2023						2022						2021
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	$	3,891	$	(922)	$	2,969	$	(17,862)	$	4,290	$	(13,572)	$	(7,634)	$	1,832	$	(5,802)
Reclassification adjustment for realized (gains)/losses included in net income(a)	3,180		(768)		2,412		2,380		(572)		1,808		345		(83)		262
Net change	7,071		(1,690)		5,381		(15,482)		3,718		(11,764)		(7,289)		1,749		(5,540)
Translation adjustments(b):
Translation	1,714		(95)		1,619		(3,574)		265		(3,309)		(2,447)		125		(2,322)
Hedges	(1,697)		407		(1,290)		3,553		(855)		2,698		2,452		(591)		1,861
Net change	17		312		329		(21)		(590)		(611)		5		(466)		(461)
Fair value hedges, net change(c):	(134)		33		(101)		130		(32)		98		(26)		7		(19)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	483		(114)		369		(7,473)		1,794		(5,679)		(2,303)		553		(1,750)
Reclassification adjustment for realized (gains)/losses included in net income(d)	1,775		(420)		1,355		420		(101)		319		(1,222)		293		(929)
Net change	2,258		(534)		1,724		(7,053)		1,693		(5,360)		(3,525)		846		(2,679)
Defined benefit pension and OPEB plans, net change(e):	421		(48)		373		(1,459)		218		(1,241)		1,129		(207)		922
DVA on fair value option elected liabilities, net change:	(1,066)		258		(808)		2,141		(520)		1,621		(393)		100		(293)
Total other comprehensive income/(loss)	$	8,567	$	(1,669)	$	6,898	$	(21,744)	$	4,487	$	(17,257)	$	(10,099)	$	2,029	$	(8,070)

(a)The pre-tax amount is reported in Investment securities gains/(losses) 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. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(3) million to other revenue, $(35) million related to the net investment hedge loss, and a $32 million gain related to cumulative translation adjustment, including the impact of the acquisition of CIFM. During the year ended December 31, 2022, the Firm reclassified a net pre-tax loss of $(8) million. During the year ended December 31, 2021, the Firm reclassified a net pre-tax loss of $(7) million.

(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.

(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

(e)During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a pension settlement. The remeasurement resulted in a net decrease of $1.4 billion in pre-tax AOCI. Refer to Note 8 for further information.