Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of the dates indicated:



	June 30, 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	$	1,258	$	32	$	1	$	1,289	$	2,798	$	39	$	1	$	2,836
Mortgage-backed securities	33,679		568		98		34,149		29,511		538		28		30,021
Asset-backed securities:
Student loans⁽¹⁾	17,304		79		648		16,735		17,187		69		711		16,545
Credit cards	9,750		54		8		9,796		10,448		53		14		10,487
Sub-prime	1,689		2		361		1,330		1,849		2		447		1,404
Other	3,812		145		100		3,857		3,421		169		125		3,465
Total asset-backed securities	32,555		280		1,117		31,718		32,905		293		1,297		31,901
Non-U.S. debt securities:
Mortgage-backed securities	10,747		119		51		10,815		10,890		92		107		10,875
Asset-backed securities	5,641		10		9		5,642		4,318		2		17		4,303
Government securities	1,821		—		—		1,821		1,671		—		—		1,671
Other	3,625		53		5		3,673		2,797		41		13		2,825
Total non-U.S. debt securities	21,834		182		65		21,951		19,676		135		137		19,674
State and political subdivisions	7,182		229		103		7,308		6,924		244		121		7,047
Collateralized mortgage obligations	4,668		98		36		4,730		3,971		62		53		3,980
Other U.S. debt securities	4,265		193		9		4,449		3,471		159		15		3,615
U.S. equity securities	674		2		—		676		639		1		—		640
Non-U.S. equity securities	108		—		—		108		118		—		—		118
Total	$	106,223	$	1,584	$	1,429	$	106,378	$	100,013	$	1,471	$	1,652	$	99,832
Held to maturity:
U.S. Treasury and federal agencies:
Mortgage-backed securities	$	206	$	15			$	221	$	265	$	18			$	283
Asset-backed securities	17		—		$	1	16		31		—		$	2	29
Non-U.S. debt securities:
Mortgage-backed securities	4,087		73		162		3,998		4,973		87		224		4,836
Asset-backed securities	432		14		3		443		436		16		3		449
Government securities	3		—		—		3		3		—		—		3
Other	166		—		12		154		172		—		17		155
Total non-U.S. debt securities	4,688		87		177		4,598		5,584		103		244		5,443
State and political subdivisions	86		2		—		88		107		3		—		110
Collateralized mortgage obligations	2,810		227		26		3,011		3,334		220		57		3,497
Total	$	7,807	$	331	$	204	$	7,934	$	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
June 30, 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					$	131	$	1	$	131	$	1
Mortgage-backed securities	$	8,079	$	96	355		2		8,434		98
Asset-backed securities:
Student loans	1,606		12		10,874		636		12,480		648
Credit cards	1,685		6		311		2		1,996		8
Sub-prime	—		—		1,290		361		1,290		361
Other	1,031		23		1,125		77		2,156		100
Total asset-backed securities	4,322		41		13,600		1,076		17,922		1,117
Non-U.S. debt securities:
Mortgage-backed securities	991		3		1,777		48		2,768		51
Asset-backed securities	827		3		335		6		1,162		9
Other	716		2		23		3		739		5
Total non-U.S. debt securities	2,534		8		2,135		57		4,669		65
State and political subdivisions	491		4		1,364		99		1,855		103
Collateralized mortgage obligations	892		15		547		21		1,439		36
Other U.S. debt securities	309		1		31		8		340		9
Total	$	16,627	$	165	$	18,163	$	1,264	$	34,790	$	1,429
Held to maturity:
Asset-backed securities					$	12	$	1	$	12	$	1
Non-U.S. debt securities:
Mortgage-backed securities	$	114	$	2	1,239		160		1,353		162
Asset-backed securities	—		—		79		3		79		3
Other	—		—		140		12		140		12
Total non-U.S. debt securities	114		2		1,458		175		1,572		177
Collateralized mortgage obligations	156		6		275		20		431		26
Total	$	270	$	8	$	1,745	$	196	$	2,015	$	204



	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

Investments Classified by Contractual Maturity Date [Table Text Block]

The following table presents contractual maturities of debt investment securities as of June 30, 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			$	451	$	62	$	776
Mortgage-backed securities	$	13	1,498		10,138		22,500
Asset-backed securities:
Student loans	217		6,141		6,877		3,500
Credit cards	917		7,212		1,667		—
Sub-prime	135		50		5		1,140
Other	92		2,309		1,337		119
Total asset-backed securities	1,361		15,712		9,886		4,759
Non-U.S. debt securities:
Mortgage-backed securities	611		3,677		490		6,037
Asset-backed securities	236		3,829		1,244		333
Government securities	1,671		150		—		—
Other	1,542		2,009		122		—
Total non-U.S. debt securities	4,060		9,665		1,856		6,370
State and political subdivisions	632		2,999		2,834		843
Collateralized mortgage obligations	82		2,351		922		1,375
Other U.S. debt securities	305		3,132		980		32
Total	$	6,453	$	35,808	$	26,678	$	36,655
Held to maturity:
U.S. Treasury and federal agencies:
Mortgage-backed securities			$	40	$	52	$	114
Asset-backed securities			—		—		17
Non-U.S. debt securities:
Mortgage-backed securities	$	631	63		—		3,393
Asset-backed securities	73		226		133		—
Government securities	3		—		—		—
Other	—		152		—		14
Total non-U.S. debt securities	707		441		133		3,407
State and political subdivisions	50		36		—		—
Collateralized mortgage obligations	370		1,380		167		893
Total	$	1,127	$	1,897	$	352	$	4,431

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 June 30,						Six Months Ended June 30,
(In millions)	2012			2011			2012			2011
Gross realized gains from sales of available-for-sale securities	$	32		$	62		$	51		$	66
Gross realized losses from sales of available-for-sale securities ⁽¹⁾	(46		)	—			(46		)	—

Gross losses from other-than-temporary impairment	(21		)	(44		)	(46		)	(79		)
Losses not related to credit	8			9			25			33
Net impairment losses	(13		)	(35		)	(21		)	(46		)
Gains (Losses) related to investment securities, net	$	(27	)	$	27		$	(16	)	$	20

Impairment associated with expected credit losses	$	(9	)	$	(24	)	$	(13	)	$	(29	)
Impairment associated with management's intent to sell the impaired securities prior to their recovery in value	—			(8		)	—			(8		)
Impairment associated with adverse changes in timing of expected future cash flows	(4		)	(3		)	(8		)	(9		)
Net impairment losses	$	(13	)	$	(35	)	$	(21	)	$	(46	)

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:



	Six Months Ended June 30,
(In millions)	2012			2011
Beginning balance	$	113		$	63
Plus losses for which other-than-temporary impairment was not previously recognized	2			7
Plus losses for which other-than-temporary impairment was previously recognized	19			31
Less previously recognized losses related to securities sold	(20		)	(1		)
Less losses related to securities intended or required to be sold	—			(2		)
Ending balance	$	114		$	98

- 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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- Definition

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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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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