Trading Activities

6 Months Ended

Jun. 30, 2019

Trading Activities [Abstract]

Trading Activities

Note 4:  Trading Activities

Table 4.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 4.1: Trading Assets and Liabilities

	Jun 30,			Dec 31,
(in millions)	2019			2018
Trading assets:
Debt securities	$	70,208		69,989
Equity securities	23,327			19,449
Loans held for sale	1,118			1,469
Gross trading derivative assets	34,683			29,216
Netting (1)	(22,827		)	(19,807	)
Total trading derivative assets	11,856			9,409
Total trading assets	106,509			100,316
Trading liabilities:
Short sale	15,955			19,720
Gross trading derivative liabilities	33,458			28,717
Netting (1)	(26,417		)	(21,178	)
Total trading derivative liabilities	7,041			7,539
Total trading liabilities	$	22,996		27,259

(1) Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

Table 4.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.

Net interest income includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.

Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities

	Quarter ended June 30,					Six months ended June 30,
(in millions)	2019			2018		2019		2018
Interest income:
Debt securities	$	740		689		1,533		1,320
Equity securities	143			128		258		269
Loans held for sale	20			15		43		23
Total interest income	903			832		1,834		1,612
Less: Interest expense	127			144		263		272
Net interest income	776			688		1,571		1,340
Net gains (losses) from trading activities (1):
Debt securities	401			(140	)	1,089		(639	)
Equity securities	1,236			(635	)	3,303		(1,104	)
Loans held for sale	(4		)	7		10		15
Derivatives (2)	(1,404		)	959		(3,816	)	2,162
Total net gains from trading activities	229			191		586		434
Total trading-related net interest and noninterest income	$	1,005		879		2,157		1,774

(1) Represents realized gains (losses) and unrealized gains (losses) due to changes in fair value of our trading positions.

(2)

Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities.