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Derivative financial instruments
 6 Months Ended
Jun. 30, 2011
Derivative financial instruments [Abstract]  
Derivative financial instruments
10. Derivative financial instruments
As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting and collateral provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts is not significant as of June 30, 2011.
     The net effect of interest rate swap agreements was to increase net interest income by $9 million and $11 million for the three months ended June 30, 2011 and 2010, respectively, and $19 million and $22 million for the six months ended June 30, 2011 and 2010, respectively. Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows:
                                 
                    Weighted-  
    Notional     Average     average rate  
    amount     maturity     Fixed     Variable  
    (in thousands)     (in years)                  
June 30, 2011
                               
Fair value hedges:
                               
Fixed rate long-term borrowings (a)
  $ 900,000       5.9       6.07 %     1.79 %
 
                       
 
                               
December 31, 2010
                               
Fair value hedges:
                               
Fixed rate long-term borrowings (a)
  $ 900,000       6.4       6.07 %     1.84 %
 
                       
 
(a)   Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
     The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale.
     Derivative financial instruments used for trading purposes included interest rate contracts, foreign exchange and other option contracts, foreign exchange forward and spot contracts, and financial futures. Interest rate contracts entered into for trading purposes had notional values of $13.4 billion and $12.8 billion at June 30, 2011 and December 31, 2010, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading purposes aggregated $1.0 billion and $769 million at June 30, 2011 and December 31, 2010, respectively.
     Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows:
                                 
    Asset derivatives     Liability derivatives  
    Fair value     Fair value  
    June 30,     December 31,     June 30,     December 31,  
    2011     2010     2011     2010  
            (in thousands)          
Derivatives designated and qualifying as hedging instruments
                               
Fair value hedges:
                               
Interest rate swap agreements (a)
  $ 106,177       96,637     $ —       —  
Commitments to sell real estate loans (a)
    912       4,880       1,270       1,062  
 
                       
 
    107,089       101,517       1,270       1,062  
 
                               
Derivatives not designated and qualifying as hedging instruments
                               
Mortgage-related commitments to originate real estate loans for sale (a)
    13,558       2,827       387       583  
Commitments to sell real estate loans (a)
    1,583       10,322       5,364       1,962  
Trading:
                               
Interest rate contracts (b)
    364,064       345,632       339,440       321,461  
Foreign exchange and other option and futures contracts (b)
    26,920       11,267       27,043       11,761  
 
                       
 
    406,125       370,048       372,234       335,767  
 
                       
 
                               
Total derivatives
  $ 513,214       471,565     $ 373,504       336,829  
 
                       
 
(a)   Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities.
 
(b)   Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities.
                                 
    Amount of unrealized gain (loss) recognized  
    Three months ended     Three months ended  
    June 30, 2011     June 30, 2010  
    Derivative     Hedged item     Derivative     Hedged item  
            (in thousands)          
Derivatives in fair value hedging relationships
                               
 
                               
Interest rate swap agreements:
                               
Fixed rate time deposits (a)
  $ —       —     $ (304 )     304  
Fixed rate long-term borrowings (a)
    21,945       (21,145 )     43,957       (41,680 )
 
                       
 
                               
Total
  $ 21,945       (21,145 )   $ 43,653       (41,376 )
 
                       
 
                               
Derivatives not designated as hedging instruments
                               
 
                               
Trading:
                               
Interest rate contracts (b)
  $ 1,001             $ (504 )        
Foreign exchange and other option and futures contracts (b)
    (743 )             615          
 
                           
 
                               
Total
  $ 258             $ 111          
 
                           
                                 
    Amount of unrealized gain (loss) recognized  
    Six months ended     Six months ended  
    June 30, 2011     June 30, 2010  
    Derivative     Hedged item     Derivative     Hedged item  
            (in thousands)          
Derivatives in fair value hedging relationships
                               
 
                               
Interest rate swap agreements:
                               
Fixed rate time deposits (a)
  $ —       —     $ (503 )     503  
Fixed rate long-term borrowings (a)
    9,540       (9,097 )     56,427       (53,661 )
 
                       
 
                               
Total
  $ 9,540       (9,097 )   $ 55,924       (53,158 )
 
                       
 
                               
Derivatives not designated as hedging instruments
                               
 
                               
Trading:
                               
Interest rate contracts (b)
  $ 1,476             $ (1,118 )        
Foreign exchange and other option and futures contracts (b)
    (1,291 )             957          
 
                           
 
                               
Total
  $ 185             $ (161 )        
 
                           
 
(a)   Reported as other revenues from operations.
 
(b)   Reported as trading account and foreign exchange gains.
     In addition, the Company also has commitments to sell and commitments to originate residential and commercial real estate loans that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $20 million and $17 million at June 30, 2011 and December 31, 2010, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied.
     The aggregate fair value of derivative financial instruments in a net liability position at June 30, 2011 for which the Company was required to post collateral was $248 million. The fair value of collateral posted for such instruments was $219 million. Certain of the Company’s derivative financial instruments contain provisions that require the Company to maintain specific credit ratings from credit rating agencies to avoid lower collateral posting thresholds. If the Company’s debt rating were to fall below specified ratings, the counterparties to the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit-risk-related contingent features in a net liability position on June 30, 2011 was $93 million, for which the Company had posted collateral of $58 million in the normal course of business. If the credit-risk-related contingent features were triggered on June 30, 2011, the maximum amount of additional collateral the Company would have been required to post to counterparties was $35 million.
     The Company’s credit exposure with respect to the estimated fair value as of June 30, 2011 of interest rate swap agreements used for managing interest rate risk has been substantially mitigated through master netting agreements with trading account interest rate contracts with the same counterparties as well as counterparty postings of $61 million of collateral with the Company. Trading account interest rate swap agreements entered into with customers are subject to the Company’s credit standards and often contain collateral provisions.