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DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments in consolidated balance sheets
The following table presents derivative instruments included in the Consolidated Balance Sheets:
September 30, 2022December 31, 2021
(in millions)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts$39,687 $14 $131 $23,450 $12 $2 
Derivatives not designated as hedging instruments:
Interest rate contracts190,631 371 1,699 142,987 680 174 
Foreign exchange contracts28,509 907 879 21,336 263 231 
Commodities contracts1,024 1,382 1,380 514 508 505 
TBA contracts4,381 95 23 7,776 8 8 
Other contracts1,627 2 35 3,555 38 2 
Total derivatives not designated as hedging instruments2,757 4,016 1,497 920 
Gross derivative fair values2,771 4,147 1,509 922 
Less: Gross amounts offset in the Consolidated Balance Sheets(1)
(775)(775)(235)(235)
Less: Cash collateral applied(1)
(644)(1,145)(58)(490)
Total net derivative fair values presented in the Consolidated Balance Sheets$1,352 $2,227 $1,216 $197 
(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions as well as collateral paid and received.
Schedule of fair value hedges
The following table presents the change in fair value of interest rate contracts designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2022202120222021Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps hedging borrowed funds($19)($13)($71)($51)Interest expense - long-term borrowed funds
Hedged long-term borrowed funds attributable to the risk being hedged19 13 70 50 Interest expense - long-term borrowed funds
Interest rate swaps hedging loans held for sale18 — 15 — Interest and fees on loans and leases
Hedged loans held for sale attributable to the risk being hedged(19)— (15)— Interest and fees on loans and leases
Interest rate swaps hedging debt securities available for sale— 7 29 39 Interest income - investment securities
Hedged debt securities available for sale attributable to risk being hedged— (7)(29)(39)Interest income - investment securities
The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:    
September 30, 2022December 31, 2021
(in millions)Debt securities available for saleLong-term borrowed fundsLoans and leases held for sale
Debt securities available for sale(1)
Long-term borrowed funds
Carrying amount of hedged assets$— $— $484 $6,042 $— 
Carrying amount of hedged liabilities— 970 — — 2,239 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items— (29)(15)29 42 
(1) The Company designated $2.0 billion as the hedged amount (from a closed portfolio of prepayable financial assets with an amortized cost basis of $6.0 billion as of December 31, 2021) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019 and was terminated in the first quarter of 2022.
Schedule of effect of cash flow hedges on net income and stockholders' equity
The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income related to derivative instruments designated as cash flow hedges:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2022202120222021
Amount of pre-tax net gains (losses) recognized in OCI($996)($15)($1,901)$19 
Amount of pre-tax net gains (losses) reclassified from OCI into interest income(48)46 1 141 
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense2 (13)(4)(37)
Schedule of effect of derivative Instruments on net income
The following table presents the effect of economic hedges on noninterest income:
Amounts Recognized in
Noninterest Income for the
Three Months Ended September 30,Nine Months Ended September 30,Affected Line Item in the Consolidated Statements of Operations
(in millions)2022202120222021
Economic hedge type:
Customer interest rate contracts($840)($10)($2,015)($225)Foreign exchange and derivative products
Derivatives hedging interest rate risk852 17 2,073 244 Foreign exchange and derivative products
Customer foreign exchange contracts(174)(61)(297)(158)Foreign exchange and derivative products
Derivatives hedging foreign exchange risk271 95 520 234 Foreign exchange and derivative products
Customer commodity contracts(71)468 1,453 881 Foreign exchange and derivative products
Derivatives hedging commodity price risk77 (465)(1,436)(874)Foreign exchange and derivative products
Residential loan commitments(66)(13)(289)(184)Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value105 4 502 138 Mortgage banking fees
Derivative contracts used to hedge residential MSRs(68)(20)(310)(149)Mortgage banking fees
Total$86 $15 $201 ($93)