Investment Securities (Tables)

3 Months Ended

Mar. 31, 2012

Investments, All Other Investments [Abstract]



	March 31, 2012								December 31, 2011
	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
(In millions)			Gains		Losses						Gains		Losses
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	1,693	$	32	$	1	$	1,724	$	2,798	$	39	$	1	$	2,836
Mortgage-backed securities	32,179		586		48		32,717		29,511		538		28		30,021
Asset-backed securities:
Student loans⁽¹⁾	17,404		66		703		16,767		17,187		69		711		16,545
Credit cards	10,151		64		5		10,210		10,448		53		14		10,487
Sub-prime	1,767		2		390		1,379		1,849		2		447		1,404
Other	3,625		166		112		3,679		3,421		169		125		3,465
Total asset-backed securities	32,947		298		1,210		32,035		32,905		293		1,297		31,901
Non-U.S. debt securities:
Mortgage-backed securities	11,507		132		68		11,571		10,890		92		107		10,875
Asset-backed securities	4,963		6		9		4,960		4,318		2		17		4,303
Government securities	1,703		—		—		1,703		1,671		—		—		1,671
Other	3,634		51		2		3,683		2,797		41		13		2,825
Total non-U.S. debt securities	21,807		189		79		21,917		19,676		135		137		19,674
State and political subdivisions	7,066		226		104		7,188		6,924		244		121		7,047
Collateralized mortgage obligations	4,222		96		39		4,279		3,971		62		53		3,980
Other U.S. debt securities	3,885		179		13		4,051		3,471		159		15		3,615
U.S. equity securities	670		3		—		673		639		1		—		640
Non-U.S. equity securities	120		—		—		120		118		—		—		118
Total	$	104,589	$	1,609	$	1,494	$	104,704	$	100,013	$	1,471	$	1,652	$	99,832
Held to maturity:
U.S. Treasury and federal agencies:
Mortgage-backed securities	$	235	$	17			$	252	$	265	$	18			$	283
Asset-backed securities	25		—		$	1	24		31		—		$	2	29
Non-U.S. debt securities:
Mortgage-backed securities	4,660		97		187		4,570		4,973		87		224		4,836
Asset-backed securities	439		14		2		451		436		16		3		449
Government securities	3		—		—		3		3		—		—		3
Other	176		—		5		171		172		—		17		155
Total non-U.S. debt securities	5,278		111		194		5,195		5,584		103		244		5,443
State and political subdivisions	89		2		—		91		107		3		—		110
Collateralized mortgage obligations	3,041		261		22		3,280		3,334		220		57		3,497
Total	$	8,668	$	391	$	217	$	8,842	$	9,321	$	344	$	303	$	9,362


⁽¹⁾	Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.

Schedule Of Gross Pre-tax Unrealized Losses On Investment Securities

The following tables present the aggregate fair values of investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:



	Less than 12 months				12 months or longer				Total
March 31, 2012	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	136	$	1					$	136	$	1
Mortgage-backed securities	6,017		46		$	340	$	2	6,357		48
Asset-backed securities:
Student loans	2,567		22		10,813		681		13,380		703
Credit cards	731		1		693		4		1,424		5
Sub-prime	7		1		1,336		389		1,343		390
Other	1,080		24		1,106		88		2,186		112
Total asset-backed securities	4,385		48		13,948		1,162		18,333		1,210
Non-U.S. debt securities:
Mortgage-backed securities	4,319		25		1,089		43		5,408		68
Asset-backed securities	1,111		3		386		6		1,497		9
Other	395		2		—		—		395		2
Total non-U.S. debt securities	5,825		30		1,475		49		7,300		79
State and political subdivisions	356		3		1,385		101		1,741		104
Collateralized mortgage obligations	1,305		27		246		12		1,551		39
Other U.S. debt securities	362		2		39		11		401		13
Total	$	18,386	$	157	$	17,433	$	1,337	$	35,819	$	1,494
Held to maturity:
Asset-backed securities					$	24	$	1	$	24	$	1
Non-U.S. debt securities:
Mortgage-backed securities	$	170	$	2	1,359		185		1,529		187
Asset-backed securities	9		1		72		1		81		2
Other	—		—		155		5		155		5
Total non-U.S. debt securities	179		3		1,586		191		1,765		194
Collateralized mortgage obligations	218		6		224		16		442		22
Total	$	397	$	9	$	1,834	$	208	$	2,231	$	217



	Less than 12 months				12 months or longer				Total
December 31, 2011	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	1,373	$	1					$	1,373	$	1
Mortgage-backed securities	4,714		26		$	370	$	2	5,084		28
Asset-backed securities:
Student loans	2,642		23		10,706		688		13,348		711
Credit cards	2,581		6		1,461		8		4,042		14
Sub-prime	16		1		1,360		446		1,376		447
Other	1,482		19		1,122		106		2,604		125
Total asset-backed securities	6,721		49		14,649		1,248		21,370		1,297
Non-U.S. debt securities:
Mortgage-backed securities	6,069		55		1,151		52		7,220		107
Asset-backed securities	2,205		14		108		3		2,313		17
Other	1,543		13		—		—		1,543		13
Total non-U.S. debt securities	9,817		82		1,259		55		11,076		137
State and political subdivisions	171		3		1,446		118		1,617		121
Collateralized mortgage obligations	2,024		43		68		10		2,092		53
Other U.S. debt securities	220		2		57		13		277		15
Total	$	25,040	$	206	$	17,849	$	1,446	$	42,889	$	1,652
Held to maturity:
Asset-backed securities					$	29	$	2	$	29	$	2
Non-U.S. debt securities:
Mortgage-backed securities	$	341	$	6	1,382		218		1,723		224
Asset-backed securities	9		1		70		2		79		3
Other	—		—		138		17		138		17
Total non-U.S. debt securities	350		7		1,590		237		1,940		244
Collateralized mortgage obligations	649		32		231		25		880		57
Total	$	999	$	39	$	1,850	$	264	$	2,849	$	303

Schedule Of Contractual Maturities Of Debt Securities

The following table presents contractual maturities of debt investment securities as of March 31, 2012:



(In millions)	Under 1 Year		1 to 5 Years		6 to 10 Years		Over 10 Years
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	200	$	75	$	662	$	787
Mortgage-backed securities	5		1,723		9,926		21,063
Asset-backed securities:
Student loans	142		5,607		7,552		3,466
Credit cards	1,528		6,980		1,702		—
Sub-prime	324		50		9		996
Other	114		2,039		1,288		238
Total asset-backed securities	2,108		14,676		10,551		4,700
Non-U.S. debt securities:
Mortgage-backed securities	477		3,195		420		7,479
Asset-backed securities	255		2,668		1,577		460
Government securities	1,703		—		—		—
Other	1,650		1,904		129		—
Total non-U.S. debt securities	4,085		7,767		2,126		7,939
State and political subdivisions	500		3,014		2,812		862
Collateralized mortgage obligations	69		2,166		593		1,451
Other U.S. debt securities	283		2,855		874		39
Total	$	7,250	$	32,276	$	27,544	$	36,841
Held to maturity:
U.S. Treasury and federal agencies:
Mortgage-backed securities			$	48	$	58	$	129
Asset-backed securities			—		—		25
Non-U.S. debt securities:
Mortgage-backed securities	$	1,202	102		—		3,356
Asset-backed securities	—		303		136		—
Government securities	3		—		—		—
Other	—		160		—		16
Total non-U.S. debt securities	1,205		565		136		3,372
State and political subdivisions	49		40		—		—
Collateralized mortgage obligations	276		1,563		184		1,018
Total	$	1,530	$	2,216	$	378	$	4,544

Gains And Losses Related To Investment Securities

The following table presents realized gains and losses related to investment securities for the periods indicated:



	Three Months Ended March 31,
(In millions)	2012			2011
Gross realized gains from sales of available-for-sale securities	$	19		$	7
Gross realized losses from sales of available-for-sale securities	—			(3		)

Gross losses from other-than-temporary impairment	(25		)	(35		)
Losses not related to credit	17			24
Net impairment losses	(8		)	(11		)
Gains (Losses) related to investment securities, net	$	11		$	(7	)

Impairment associated with expected credit losses	$	(4	)	$	(5	)
Impairment associated with adverse changes in timing of expected future cash flows	(4		)	(6		)
Net impairment losses	$	(8	)	$	(11	)

Schedule Of Credit-Related Loss Activity Recognized In Earnings

The following table presents activity with respect to net impairment losses related to credit for the periods indicated:



	Three Months Ended March 31,
(In millions)	2012			2011
Beginning balance	$	113		$	63
Plus losses for which other-than-temporary impairment was not previously recognized	1			3
Plus losses for which other-than-temporary impairment was previously recognized	7			8
Less previously recognized losses related to securities sold	(20		)	—
Ending balance	$	101		$	74

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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