Accumulated Other Comprehensive Income/(Loss) (Tables)

6 Months Ended

Jun. 30, 2024

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).

As of or for the three months ended June 30, 2024 (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 April 1, 2024		$	(3,602)			$	(1,420)	$	(155)		$	(4,821)		$	(1,052)		$	(589)		$	(11,639)
Net change		108				(156)		8			(22)			(3)			366			301
Balance at June 30, 2024		$	(3,494)	(a)		$	(1,576)	$	(147)		$	(4,843)		$	(1,055)		$	(223)		$	(11,338)
As of or for the three months ended June 30, 2023 (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 April 1, 2023		$	(6,912)			$	(1,348)	$	(54)		$	(4,858)		$	(1,506)		$	260		$	(14,418)
Net change		757				70		11			(497)			(6)			(207)			128
Balance at June 30, 2023		$	(6,155)	(a)		$	(1,278)	$	(43)		$	(5,355)		$	(1,512)		$	53		$	(14,290)
As of or for the six months ended June 30, 2024 (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 January 1, 2024		$	(3,743)			$	(1,216)	$	(134)		$	(3,932)		$	(1,078)		$	(340)		$	(10,443)
Net change		249				(360)		(13)			(911)			23			117			(895)
Balance at June 30, 2024		$	(3,494)	(a)		$	(1,576)	$	(147)		$	(4,843)		$	(1,055)		$	(223)		$	(11,338)
As of or for the six months ended June 30, 2023 (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 January 1, 2023		$	(9,124)			$	(1,545)	$	(33)		$	(5,656)		$	(1,451)		$	468		$	(17,341)
Net change		2,969				267		(10)			301			(61)			(415)			3,051
Balance at June 30, 2023		$	(6,155)	(a)		$	(1,278)	$	(43)		$	(5,355)		$	(1,512)		$	53		$	(14,290)

(a)As of June 30, 2024 and 2023 included after-tax net unamortized unrealized gains/(losses) of $(725) million and $(1.1) billion related to AFS securities that have been transferred to HTM, respectively. As of June 30, 2023 included 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. Refer to Note 9 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.

	2024						2023
Three months ended June 30, (in millions)	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	$	(405)	$	99	$	(306)	$	95	$	(21)	$	74
Reclassification adjustment for realized (gains)/losses included in net income(a)	547		(133)		414		900		(217)		683
Net change	142		(34)		108		995		(238)		757
Translation adjustments(b):
Translation	(929)		50		(879)		126		10		136
Hedges	952		(229)		723		(88)		22		(66)
Net change	23		(179)		(156)		38		32		70
Fair value hedges, net change(c)	11		(3)		8		15		(4)		11
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(683)		165		(518)		(1,119)		268		(851)
Reclassification adjustment for realized (gains)/losses included in net income(d)	655		(159)		496		465		(111)		354
Net change	(28)		6		(22)		(654)		157		(497)
Defined benefit pension and OPEB plans, net change	(2)		(1)		(3)		(8)		2		(6)
DVA on fair value option elected liabilities, net change	485		(119)		366		(273)		66		(207)
Total other comprehensive income/(loss)	$	631	$	(330)	$	301	$	113	$	15	$	128
	2024						2023
Six months ended June 30, (in millions)	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	$	(586)	$	143	$	(443)	$	2,137	$	(511)	$	1,626
Reclassification adjustment for realized (gains)/losses included in net income(a)	913		(221)		692		1,768		(425)		1,343
Net change	327		(78)		249		3,905		(936)		2,969
Translation adjustments(b):
Translation	(2,294)		118		(2,176)		1,099		(31)		1,068
Hedges	2,394		(578)		1,816		(1,051)		250		(801)
Net change	100		(460)		(360)		48		219		267
Fair value hedges, net change(c)	(16)		3		(13)		(13)		3		(10)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(2,445)		591		(1,854)		(552)		132		(420)
Reclassification adjustment for realized (gains)/losses included in net income(d)	1,244		(301)		943		948		(227)		721
Net change	(1,201)		290		(911)		396		(95)		301
Defined benefit pension and OPEB plans, net change	34		(11)		23		(79)		18		(61)
DVA on fair value option elected liabilities, net change	158		(41)		117		(547)		132		(415)
Total other comprehensive income/(loss)	$	(598)	$	(297)	$	(895)	$	3,710	$	(659)	$	3,051

    

(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 three and six months ended June 30, 2024, the Firm reclassified a net pre-tax gain of $1 million to other revenue, of which $10 million related to net investment hedges. The amounts were not material for the three months ended June 30, 2023. During the six months ended June 30, 2023, the Firm reclassified a net pre-tax loss of $(5) million to other revenue related to the acquisition of CIFM of which $(41) million related to the net investment hedge loss.

(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.