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Securities (Tables)
3 Months Ended
Mar. 31, 2011
Securities (Tables) [Abstract] 
Securities gains and losses
                 
    Three months ended March 31,
(in millions)   2011   2010
 
Realized gains
  $ 152     $ 752  
Realized losses
    (20 )     (42 )
 
Net realized gains(a)
    132       710  
Credit losses included in securities gains(b)
    (30 )     (100 )
 
Net securities gains
  $ 102     $ 610  
 
(a)   Proceeds from securities sold were within approximately 2% of amortized cost.
 
(b)   Includes other-than-temporary impairment losses recognized in income on certain prime mortgage-backed securities for the three months ended March 31, 2011, and on certain prime mortgage-backed securities and obligations of U.S. states and municipalities for the three months ended March 31, 2010.
Amortized costs and estimated fair values
                                                                 
    March 31, 2011   December 31, 2010
            Gross   Gross                   Gross   Gross    
    Amortized   unrealized   unrealized   Fair   Amortized   unrealized   unrealized   Fair
(in millions)   cost   gains   losses   value   cost   gains   losses   value
 
Available-for-sale debt securities
                                                               
Mortgage-backed securities:
                                                               
U.S. government agencies(a)
  $ 119,503     $ 2,762     $ 411     $ 121,854     $ 117,364     $ 3,159     $ 297     $ 120,226  
Residential:
                                                               
Prime and Alt-A
    2,360       75       173 (d)     2,262       2,173       81       250 (d)     2,004  
Non-U.S.
    52,946       372       341       52,977       47,089       290       409       46,970  
Commercial
    4,584       417       18       4,983       5,169       502       17       5,654  
 
Total mortgage-backed securities
    179,393       3,626       943       182,076       171,795       4,032       973       174,854  
U.S. Treasury and government agencies(a)
    7,002       88       35       7,055       11,258       118       28       11,348  
Obligations of U.S. states and municipalities
    11,688       164       414       11,438       11,732       165       338       11,559  
Certificates of deposit
    3,486       3       —       3,489       3,648       1       2       3,647  
Non-U.S. government debt securities
    33,194       164       108       33,250       20,614       191       28       20,777  
Corporate debt securities(b)
    63,455       446       361       63,540       61,718       495       419       61,794  
Asset-backed securities:
                                                               
Credit card receivables
    6,085       331       —       6,416       7,278       335       5       7,608  
Collateralized loan obligations
    14,459       581       172       14,868       13,336       472       210       13,598  
Other
    9,286       135       14       9,407       8,968       130       16       9,082  
 
Total available-for-sale debt securities
    328,048       5,538       2,047 (d)     331,539       310,347       5,939       2,019 (d)     314,267  
Available-for-sale equity securities
    3,071       174       —       3,245       1,894       163       6       2,051  
 
Total available-for-sale securities
  $ 331,119     $ 5,712     $ 2,047 (d)   $ 334,784     $ 312,241     $ 6,102     $ 2,025 (d)   $ 316,318  
 
Total held-to-maturity securities(c)
  $ 16     $ 1     $ —     $ 17     $ 18     $ 2     $ —     $ 20  
 
(a)   Includes total U.S. government-sponsored enterprise obligations with fair values of $91.7 billion and $94.2 billion at March 31, 2011, and December 31, 2010, respectively, which were predominantly mortgage-related.
 
(b)   Consists primarily of bank debt including sovereign government guaranteed bank debt.
 
(c)   Consists primarily of mortgage-backed securities issued by U.S. government-sponsored enterprises.
 
(d)   Includes a total of $106 million and $133 million (pretax) of unrealized losses related to prime mortgage-backed securities for which credit losses have been recognized in income at March 31, 2011, and December 31, 2010, respectively. These unrealized losses are not credit-related and remain reported in accumulated other comprehensive income/(loss) (“AOCI”).
Securities impairment
                                                 
    Securities with gross unrealized losses
    Less than 12 months   12 months or more           Total
            Gross           Gross   Total   gross
    Fair   unrealized   Fair   unrealized   fair   unrealized
March 31, 2011 (in millions)   value   losses   value   losses   value   losses
 
Available-for-sale debt securities
                                               
Mortgage-backed securities:
                                               
U.S. government agencies
  $ 17,342     $ 408     $ 169     $ 3     $ 17,511     $ 411  
Residential:
                                               
Prime and Alt-A
    —       —       1,196       173       1,196       173  
Non-U.S.
    29,713       259       3,361       82       33,074       341  
Commercial
    499       18       —       —       499       18  
 
Total mortgage-backed securities
    47,554       685       4,726       258       52,280       943  
U.S. Treasury and government agencies
    715       35       —       —       715       35  
Obligations of U.S. states and municipalities
    7,198       406       18       8       7,216       414  
Certificates of deposit
    —       —       —       —       —       —  
Non-U.S. government debt securities
    11,506       108       —       —       11,506       108  
Corporate debt securities
    20,103       360       99       1       20,202       361  
Asset-backed securities:
                                               
Credit card receivables
    —       —       —       —       —       —  
Collateralized loan obligations
    824       5       5,610       167       6,434       172  
Other
    2,268       8       117       6       2,385       14  
 
Total available-for-sale debt securities
    90,168       1,607       10,570       440       100,738       2,047  
Available-for-sale equity securities
    —       —       —       —       —       —  
 
Total securities with gross unrealized losses
  $ 90,168     $ 1,607     $ 10,570     $ 440     $ 100,738     $ 2,047  
 
 
    Securities with gross unrealized losses
    Less than 12 months   12 months or more           Total
            Gross           Gross   Total   gross
    Fair   unrealized   Fair   unrealized   fair   unrealized
December 31, 2010 (in millions)   value   losses   value   losses   value   losses
 
Available-for-sale debt securities
                                               
Mortgage-backed securities:
                                               
U.S. government agencies
  $ 14,039     $ 297     $ —     $ —     $ 14,039     $ 297  
Residential:
                                               
Prime and Alt-A
    —       —       1,193       250       1,193       250  
Non-U.S.
    35,166       379       1,080       30       36,246       409  
Commercial
    548       14       11       3       559       17  
 
Total mortgage-backed securities
    49,753       690       2,284       283       52,037       973  
U.S. Treasury and government agencies
    921       28       —       —       921       28  
Obligations of U.S. states and municipalities
    6,890       330       20       8       6,910       338  
Certificates of deposit
    1,771       2       —       —       1,771       2  
Non-U.S. government debt securities
    6,960       28       —       —       6,960       28  
Corporate debt securities
    18,783       418       90       1       18,873       419  
Asset-backed securities:
                                               
Credit card receivables
    —       —       345       5       345       5  
Collateralized loan obligations
    460       10       6,321       200       6,781       210  
Other
    2,615       9       32       7       2,647       16  
 
Total available-for-sale debt securities
    88,153       1,515       9,092       504       97,245       2,019  
Available-for-sale equity securities
    —       —       2       6       2       6  
 
Total securities with gross unrealized losses
  $ 88,153     $ 1,515     $ 9,094     $ 510     $ 97,247     $ 2,025  
 
Credit losses in securities gains and losses
                 
    Three months ended
    March 31,
(in millions)   2011   2010
 
Debt securities the Firm does not intend to sell that have credit losses
               
Total other-than-temporary impairment losses(a)
  $ (27 )   $ (94 )
Losses recorded in/(reclassified from) other comprehensive income
    (3 )     (6 )
 
Credit losses recognized in income(b)
  $ (30 )   $ (100 )
 
(a)   For initial OTTI, represents the excess of the amortized cost over the fair value of AFS debt securities. For subsequent impairments of the same security, represents additional declines in fair value subsequent to previously recorded OTTI, if applicable.
 
(b)   Represents the credit loss component of certain prime mortgage-backed securities and obligations of U.S. states and municipalities that the Firm does not intend to sell. Subsequent credit losses may be recorded on securities without a corresponding further decline in fair value if there has been a decline in expected cash flows.
Changes in the credit loss component of credit-impaired debt securities
                 
    Three months ended March 31,
(in millions)   2011   2010
 
Balance, beginning of period
  $ 632     $ 578  
Additions:
               
Newly credit-impaired securities
    4       —  
Increase in losses on previously credit-impaired securities
    —       94  
Losses reclassified from other comprehensive income on previously credit-impaired securities
    26       6  
Reductions:
               
Sales of credit-impaired securities
    —       (3 )
Impact of new accounting guidance related to VIEs
    —       (15 )
 
Balance, end of period
  $ 662     $ 660  
 
Amortized cost and estimated fair value by contractual maturity
                                         
    March 31, 2011
            Due after five        
By remaining maturity   Due in one   Due after one year   years through 10   Due after    
(in millions)   year or less   through five years   years   10 years(c)   Total
 
Available-for-sale debt securities
                                       
Mortgage-backed securities(a)
                                       
Amortized cost
  $ —     $ 353     $ 3,196     $ 175,844     $ 179,393  
Fair value
    —       375       3,217       178,484       182,076  
Average yield(b)
    — %     4.77 %     2.28 %     3.73 %     3.71 %
U.S. Treasury and government agencies(a)
                                       
Amortized cost
  $ 2,908     $ 3,843     $ —     $ 251     $ 7,002  
Fair value
    2,925       3,906       —       224       7,055  
Average yield(b)
    1.61 %     2.32 %     — %     3.86 %     2.08 %
Obligations of U.S. states and municipalities
                                       
Amortized cost
  $ 22     $ 159     $ 337     $ 11,170     $ 11,688  
Fair value
    22       166       355       10,895       11,438  
Average yield(b)
    1.07 %     3.11 %     4.68 %     4.88 %     4.84 %
Certificates of deposit
                                       
Amortized cost
  $ 3,390     $ 96     $ —     $ —     $ 3,486  
Fair value
    3,393       96       —       —       3,489  
Average yield(b)
    3.34 %     0.93 %     — %     — %     3.28 %
Non-U.S. government debt securities
                                       
Amortized cost
  $ 7,892     $ 22,281     $ 2,872     $ 149     $ 33,194  
Fair value
    7,927       22,319       2,855       149       33,250  
Average yield(b)
    1.76 %     2.11 %     2.54 %     7.73 %     2.09 %
Corporate debt securities
                                       
Amortized cost
  $ 17,255     $ 40,548     $ 5,651     $ 1     $ 63,455  
Fair value
    17,359       40,501       5,679       1       63,540  
Average yield(b)
    1.93 %     2.21 %     4.88 %     1.00 %     2.37 %
Asset-backed securities
                                       
Amortized cost
  $ 41     $ 3,301     $ 13,704     $ 12,784     $ 29,830  
Fair value
    41       3,412       14,246       12,992       30,691  
Average yield(b)
    8.75 %     3.21 %     2.40 %     2.15 %     2.39 %
 
Total available-for-sale debt securities
                                       
Amortized cost
  $ 31,508     $ 70,581     $ 25,760     $ 200,199     $ 328,048  
Fair value
    31,667       70,775       26,352       202,745       331,539  
Average yield(b)
    2.01 %     2.25 %     2.97 %     3.70 %     3.17 %
 
Available-for-sale equity securities
                                       
Amortized cost
  $ —     $ —     $ —     $ 3,071     $ 3,071  
Fair value
    —       —       —       3,245       3,245  
Average yield(b)
    — %     — %     — %     0.17 %     0.17 %
 
Total available-for-sale securities
                                       
Amortized cost
  $ 31,508     $ 70,581     $ 25,760     $ 203,270     $ 331,119  
Fair value
    31,667       70,775       26,352       205,990       334,784  
Average yield(b)
    2.01 %     2.25 %     2.97 %     3.64 %     3.14 %
 
 
                                       
Total held-to-maturity securities
                                       
Amortized cost
  $ —     $ 7     $ 8     $ 1     $ 16  
Fair value
    —       7       9       1       17  
Average yield(b)
    — %     6.97 %     6.82 %     6.47 %     6.86 %
 
(a)   U.S. government agencies and U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at March 31, 2011.
 
(b)   The average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable equivalent amounts are used where applicable.
 
(c)   Includes securities with no stated maturity. Substantially all of the Firm’s residential mortgage-backed securities and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated duration, which reflects anticipated future prepayments based on a consensus of dealers in the market, is approximately five years for agency residential mortgage-backed securities, three years for agency residential collateralized mortgage obligations and five years for nonagency residential collateralized mortgage obligations.