Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Schedule Of Marketable Securities

The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of December 31:

	2012								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	$	823	$	19	$	1	$	841	$	2,798	$	39	$	1	$	2,836
Mortgage-backed securities	31,640		598		26		32,212		29,511		538		28		30,021
Asset-backed securities:
Student loans(1)	16,829		100		508		16,421		17,187		69		711		16,545
Credit cards	9,928		61		3		9,986		10,448		53		14		10,487
Sub-prime	1,557		4		162		1,399		1,849		2		447		1,404
Other	4,583		155		61		4,677		3,421		169		125		3,465
Total asset-backed securities	32,897		320		734		32,483		32,905		293		1,297		31,901
Non-U.S. debt securities:
Mortgage-backed securities	11,119		313		27		11,405		10,890		92		107		10,875
Asset-backed securities	6,180		42		4		6,218		4,318		2		17		4,303
Government securities	3,197		2		—		3,199		1,671		—		—		1,671
Other	4,221		86		1		4,306		2,797		41		13		2,825
Total non-U.S. debt securities	24,717		443		32		25,128		19,676		135		137		19,674
State and political subdivisions	7,384		234		67		7,551		6,924		244		121		7,047
Collateralized mortgage obligations	4,818		151		15		4,954		3,971		62		53		3,980
Other U.S. debt securities	5,072		233		7		5,298		3,471		159		15		3,615
U.S. equity securities	1,089		3		—		1,092		639		1		—		640
Non-U.S. equity securities	123		—		—		123		118		—		—		118
Total	$	108,563	$	2,001	$	882	$	109,682	$	100,013	$	1,471	$	1,652	$	99,832
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	5,000	$	—	$	8	$	4,992	$	—	$	—	$	—	$	—
Mortgage-backed securities	153		11		—		164		265		18		—		283
Asset-backed securities	16		—		—		16		31		—		2		29
Non-U.S. debt securities:
Mortgage-backed securities	3,122		85		68		3,139		4,973		87		224		4,836
Asset-backed securities	434		16		1		449		436		16		3		449
Government securities	3		—		—		3		3		—		—		3
Other	167		—		2		165		172		—		17		155
Total non-U.S. debt securities	3,726		101		71		3,756		5,584		103		244		5,443
State and political subdivisions	74		2		—		76		107		3		—		110
Collateralized mortgage obligations	2,410		259		12		2,657		3,334		220		57		3,497
Total	$	11,379	$	373	$	91	$	11,661	$	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
December 31, 2012	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(In millions)
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	—	$	—	$	132	$	1	$	132	$	1
Mortgage-backed securities	3,486		18		865		8		4,351		26
Asset-backed securities:
Student loans	625		6		10,241		502		10,866		508
Credit cards	888		3		—		—		888		3
Sub-prime	—		—		1,346		162		1,346		162
Other	639		13		989		48		1,628		61
Total asset-backed securities	2,152		22		12,576		712		14,728		734
Non-U.S. debt securities:
Mortgage-backed securities	670		3		453		24		1,123		27
Asset-backed securities	973		1		53		3		1,026		4
Other	509		1		—		—		509		1
Total non-U.S. debt securities	2,152		5		506		27		2,658		32
State and political subdivisions	685		9		1,152		58		1,837		67
Collateralized mortgage obligations	347		1		621		14		968		15
Other U.S. debt securities	302		1		33		6		335		7
Total	$	9,124	$	56	$	15,885	$	826	$	25,009	$	882
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	3,792	$	8	$	—	$	—	$	3,792	$	8
Non-U.S. debt securities:
Mortgage-backed securities	56		1		956		67		1,012		68
Asset-backed securities	—		—		73		1		73		1
Other	—		—		156		2		156		2
Total non-U.S. debt securities	56		1		1,185		70		1,241		71
Collateralized mortgage obligations	120		1		153		11		273		12
Total	$	3,968	$	10	$	1,338	$	81	$	5,306	$	91

	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)
Available for sale:
U.S. Treasury and federal agencies:
Direct obligations	$	1,373	$	1	$	—	$	—	$	1,373	$	1
Mortgage-backed securities	4,715		26		370		2		5,085		28
Asset-backed securities:
Student loans	2,992		34		10,356		677		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	1,485		19		1,119		106		2,604		125
Total asset-backed securities	7,074		60		14,296		1,237		21,370		1,297
Non-U.S. debt securities:
Mortgage-backed securities	6,126		61		1,094		46		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	9,874		88		1,202		49		11,076		137
State and political subdivisions	185		3		1,431		118		1,616		121
Collateralized mortgage obligations	2,024		43		67		10		2,091		53
Other U.S. debt securities	220		2		58		13		278		15
Total	$	25,465	$	223	$	17,424	$	1,429	$	42,889	$	1,652
Held to maturity:
Asset-backed securities	$	—	$	—	$	29	$	2	$	29	$	2
Non-U.S. debt securities:
Mortgage-backed securities	678		91		1,046		133		1,724		224
Asset-backed securities	79		3		—		—		79		3
Other	—		—		138		17		138		17
Total non-U.S. debt securities	757		94		1,184		150		1,941		244
Collateralized mortgage obligations	673		38		206		19		879		57
Total	$	1,430	$	132	$	1,419	$	171	$	2,849	$	303

Investments Classified by Contractual Maturity Date

The following table presents contractual maturities of debt investment securities as of December 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	$	4	$	43	$	61	$	733
Mortgage-backed securities	10		2,458		7,139		22,605
Asset-backed securities:
Student loans	425		6,863		5,540		3,593
Credit cards	1,102		5,967		2,917		—
Sub-prime	56		51		4		1,288
Other	178		2,199		1,588		712
Total asset-backed securities	1,761		15,080		10,049		5,593
Non-U.S. debt securities:
Mortgage-backed securities	160		5,484		73		5,688
Asset-backed securities	272		4,579		1,063		304
Government securities	2,064		1,135		—		—
Other	1,373		2,534		399		—
Total non-U.S. debt securities	3,869		13,732		1,535		5,992
State and political subdivisions	685		3,075		2,882		909
Collateralized mortgage obligations	161		2,371		1,161		1,261
Other U.S. debt securities	271		3,722		1,271		34
Total	$	6,761	$	40,481	$	24,098	$	37,127
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	—	$	—	$	4,500	$	500
Mortgage-backed securities	—		36		32		85
Asset-backed securities	—		9		—		7
Non-U.S. debt securities:
Mortgage-backed securities	93		—		—		3,029
Asset-backed securities	149		238		47		—
Government securities	3		—		—		—
Other	—		158		—		9
Total non-U.S. debt securities	245		396		47		3,038
State and political subdivisions	49		25		—		—
Collateralized mortgage obligations	235		1,250		171		754
Total	$	529	$	1,716	$	4,750	$	4,384

Gains And Losses Related To Investment Securities

The following table presents realized gains and losses related to investment securities for the years ended December 31:

(In millions)	2012			2011			2010
Gross realized gains from sales of available-for-sale securities	$	101		$	152		$	1,330
Gross realized losses from sales of available-for-sale securities(1)(2)	(46		)	(12		)	(1,385		)
Gross losses from other-than-temporary impairment	(53		)	(123		)	(651		)
Losses not related to credit	21			50			420
Net impairment losses	(32		)	(73		)	(231		)
Gains (Losses) related to investment securities, net	$	23		$	67		$	(286	)
Impairment associated with expected credit losses	$	(16	)	$	(42	)	$	(203	)
Impairment associated with management's intent to sell the impaired securities prior to their recovery in value	—			(8		)	(1		)
Impairment associated with adverse changes in timing of expected future cash flows	(16		)	(23		)	(27		)
Net impairment losses	$	(32	)	$	(73	)	$	(231	)

⁽¹⁾Amount for the year ended December 31, 2012 represented a loss that resulted from the sale of all of our Greek securities, which were previously classified as held to maturity. The sale was undertaken as a result of the effect of significant deterioration in the creditworthiness of the underlying collateral, including significant downgrades of the securities' published credit ratings.

⁽²⁾

Schedule Of Credit-Related Loss Activity Recognized In Earnings

The following table presents activity with respect to net impairment losses for the years ended December 31:

(In millions)	2012			2011			2010
Beginning balance	$	113		$	63		$	175
Plus losses for which other-than-temporary impairment was not previously recognized	4			10			88
Plus losses for which other-than-temporary impairment was previously recognized	28			55			142
Less previously recognized losses related to securities sold	(21		)	(13		)	(342		)
Less losses related to securities intended or required to be sold	—			(2		)	—
Ending balance	$	124		$	113		$	63