Trading Activities (Tables)

3 Months Ended

Mar. 31, 2020

Trading Activities [Abstract]

Trading Assets and Liabilities

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

	Mar 31,			Dec 31,
(in millions)	2020			2019
Trading assets:
Debt securities	$	80,425		79,733
Equity securities	13,573			27,440
Loans held for sale	1,673			972
Gross trading derivative assets	72,527			34,825
Netting (1)	(49,821		)	(21,463	)
Total trading derivative assets	22,706			13,362
Total trading assets	118,377			121,507
Trading liabilities:
Short sale	17,603			17,430
Gross trading derivative liabilities	67,891			33,861
Netting (1)	(53,598		)	(26,074	)
Total trading derivative liabilities	14,293			7,787
Total trading liabilities	$	31,896		25,217

(1)

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

Net Interest Income and Net Gains (Losses) on Trading Activities

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 also 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 March 31,
(in millions)	2020			2019
Interest income:
Debt securities	$	766		793
Equity securities	137			115
Loans held for sale	12			23
Total interest income	915			931
Less: Interest expense	141			136
Net interest income	774			795
Net gains (losses) from trading activities (1):
Debt securities	2,355			688
Equity securities	(4,401		)	2,067
Loans held for sale	(12		)	14
Derivatives (2)	2,122			(2,412	)
Total net gains from trading activities	64			357
Total trading-related net interest and noninterest income	$	838		1,152

(1) Represents realized gains (losses) from our trading activities 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.