Investment Securities (Tables)

9 Months Ended

Sep. 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:



	September 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	$	852	$	19	$	1	$	870	$	2,798	$	39	$	1	$	2,836
Mortgage-backed securities	31,355		672		24		32,003		29,511		538		28		30,021
Asset-backed securities:
Student loans⁽¹⁾	17,039		89		591		16,537		17,187		69		711		16,545
Credit cards	9,906		64		4		9,966		10,448		53		14		10,487
Sub-prime	1,618		3		242		1,379		1,849		2		447		1,404
Other	4,067		145		86		4,126		3,421		169		125		3,465
Total asset-backed securities	32,630		301		923		32,008		32,905		293		1,297		31,901
Non-U.S. debt securities:
Mortgage-backed securities	10,770		304		30		11,044		10,890		92		107		10,875
Asset-backed securities	5,896		28		4		5,920		4,318		2		17		4,303
Government securities	2,985		1		—		2,986		1,671		—		—		1,671
Other	3,955		80		1		4,034		2,797		41		13		2,825
Total non-U.S. debt securities	23,606		413		35		23,984		19,676		135		137		19,674
State and political subdivisions	7,127		258		81		7,304		6,924		244		121		7,047
Collateralized mortgage obligations	4,703		160		18		4,845		3,971		62		53		3,980
Other U.S. debt securities	4,861		251		8		5,104		3,471		159		15		3,615
U.S. equity securities	877		4		—		881		639		1		—		640
Non-U.S. equity securities	130		—		—		130		118		—		—		118
Total	$	106,141	$	2,078	$	1,090	$	107,129	$	100,013	$	1,471	$	1,652	$	99,832
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	1,500					$	1,500
Mortgage-backed securities	180		$	13			193		$	265	$	18			$	283
Asset-backed securities	8		—				8		31		—		$	2	29
Non-U.S. debt securities:
Mortgage-backed securities	3,409		71		$	93	3,387		4,973		87		224		4,836
Asset-backed securities	441		14		2		453		436		16		3		449
Government securities	3		—		—		3		3		—		—		3
Other	165		—		3		162		172		—		17		155
Total non-U.S. debt securities	4,018		85		98		4,005		5,584		103		244		5,443
State and political subdivisions	80		2		—		82		107		3		—		110
Collateralized mortgage obligations	2,574		272		12		2,834		3,334		220		57		3,497
Total	$	8,360	$	372	$	110	$	8,622	$	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
September 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					$	140	$	1	$	140	$	1
Mortgage-backed securities	$	3,440	$	21	570		3		4,010		24
Asset-backed securities:
Student loans	619		4		11,012		587		11,631		591
Credit cards	660		4		109		—		769		4
Sub-prime	—		—		1,341		242		1,341		242
Other	769		21		1,072		65		1,841		86
Total asset-backed securities	2,048		29		13,534		894		15,582		923
Non-U.S. debt securities:
Mortgage-backed securities	146		1		714		29		860		30
Asset-backed securities	467		1		65		3		532		4
Other	209		1		25		—		234		1
Total non-U.S. debt securities	822		3		804		32		1,626		35
State and political subdivisions	163		1		1,371		80		1,534		81
Collateralized mortgage obligations	245		2		633		16		878		18
Other U.S. debt securities	—		—		32		8		32		8
Total	$	6,718	$	56	$	17,084	$	1,034	$	23,802	$	1,090
Held to maturity:
Non-U.S. debt securities:
Mortgage-backed securities	$	178	$	2	$	973	$	91	$	1,151	$	93
Asset-backed securities	—		—		81		2		81		2
Other	—		—		151		3		151		3
Total non-U.S. debt securities	178		2		1,205		96		1,383		98
Collateralized mortgage obligations	—		—		155		12		155		12
Total	$	178	$	2	$	1,360	$	108	$	1,538	$	110



	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 September 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			$	52	$	60	$	758
Mortgage-backed securities	$	13	1,447		8,858		21,685
Asset-backed securities:
Student loans	316		6,573		6,261		3,387
Credit cards	986		6,432		2,548		—
Sub-prime	109		52		4		1,214
Other	76		2,268		1,479		303
Total asset-backed securities	1,487		15,325		10,292		4,904
Non-U.S. debt securities:
Mortgage-backed securities	159		4,602		523		5,760
Asset-backed securities	313		4,198		1,131		278
Government securities	1,726		1,260		—		—
Other	1,475		2,178		381		—
Total non-U.S. debt securities	3,673		12,238		2,035		6,038
State and political subdivisions	640		3,086		2,835		743
Collateralized mortgage obligations	151		2,412		1,064		1,218
Other U.S. debt securities	315		3,556		1,202		31
Total	$	6,279	$	38,116	$	26,346	$	35,377
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations							$	1,500
Mortgage-backed securities			$	43	$	36	101
Asset-backed securities			—		—		8
Non-U.S. debt securities:
Mortgage-backed securities	$	256	—		—		3,153
Asset-backed securities	75		320		46		—
Government securities	3		—		—		—
Other	—		154		—		11
Total non-U.S. debt securities	334		474		46		3,164
State and political subdivisions	50		30		—		—
Collateralized mortgage obligations	382		1,274		119		799
Total	$	766	$	1,821	$	201	$	5,572

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 September 30						Nine Months Ended September 30,
(In millions)	2012			2011			2012			2011
Gross realized gains from sales of available-for-sale securities	$	24		$	24		$	75		$	93
Gross realized losses from sales of available-for-sale securities ⁽¹⁾	—			(9		)	(46		)	(12		)

Gross losses from other-than-temporary impairment	(4		)	(25		)	(50		)	(104		)
Losses not related to credit ⁽²⁾	(2		)	15			23			48
Net impairment losses	(6		)	(10		)	(27		)	(56		)
Gains (losses) related to investment securities, net	$	18		$	5		$	2		$	25

Impairment associated with expected credit losses	$	(1	)	$	(7	)	$	(14	)	$	(36	)
Impairment associated with management's intent to sell the impaired securities prior to their recovery in value	—			—			—			(8		)
Impairment associated with adverse changes in timing of expected future cash flows	(5		)	(3		)	(13		)	(12		)
Net impairment losses	$	(6	)	$	(10	)	$	(27	)	$	(56	)

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:



	Nine Months Ended September 30,
(In millions)	2012			2011
Beginning balance	$	113		$	63
Plus losses for which other-than-temporary impairment was not previously recognized	2			9
Plus losses for which other-than-temporary impairment was previously recognized	25			39
Less previously recognized losses related to securities sold	(21		)	(13		)
Less losses related to securities intended or required to be sold	—			(2		)
Ending balance	$	119		$	96

- 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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