Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

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:



	March 31, 2013								December 31, 2012
	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	$	787	$	18	$	1	$	804	$	823	$	19	$	1	$	841
Mortgage-backed securities	28,244		544		43		28,745		31,640		598		26		32,212
Asset-backed securities:
Student loans⁽¹⁾	15,846		125		305		15,666		16,829		100		508		16,421
Credit cards	9,624		48		4		9,668		9,928		61		3		9,986
Sub-prime	1,495		5		115		1,385		1,557		4		162		1,399
Other	4,339		161		40		4,460		4,583		155		61		4,677
Total asset-backed securities	31,304		339		464		31,179		32,897		320		734		32,483
Non-U.S. debt securities:
Mortgage-backed securities	10,611		306		22		10,895		11,119		313		27		11,405
Asset-backed securities	5,711		40		3		5,748		6,180		42		4		6,218
Government securities	2,957		4		—		2,961		3,197		2		—		3,199
Other	4,294		80		3		4,371		4,221		86		1		4,306
Total non-U.S. debt securities	23,573		430		28		23,975		24,717		443		32		25,128
State and political subdivisions	7,447		222		69		7,600		7,384		234		67		7,551
Collateralized mortgage obligations	4,714		133		19		4,828		4,818		151		15		4,954
Other U.S. debt securities	5,087		227		7		5,307		5,072		233		7		5,298
U.S. equity securities	133		5		—		138		109		3		—		112
Non-U.S. equity securities	2		—		—		2		1		—		—		1
Money-market mutual funds	1,258		—		—		1,258		1,102		—		—		1,102
Total	$	102,549	$	1,918	$	631	$	103,836	$	108,563	$	2,001	$	882	$	109,682
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	5,000	$	—	$	37	$	4,963	$	5,000	$	—	$	8	$	4,992
Mortgage-backed securities	131		10		—		141		153		11		—		164
Asset-backed securities:
Student loans⁽¹⁾	511		—		—		511		—		—		—		—
Credit cards	25		—		—		25		—		—		—		—
Other	722		—		1		721		16		—		—		16
Total asset-backed securities	1,258		—		1		1,257		16		—		—		16
Non-U.S. debt securities:
Mortgage-backed securities	3,617		121		64		3,674		3,122		85		68		3,139
Asset-backed securities	822		19		1		840		434		16		1		449
Government securities	15		—		—		15		3		—		—		3
Other	161		—		1		160		167		—		2		165
Total non-U.S. debt securities	4,615		140		66		4,689		3,726		101		71		3,756
State and political subdivisions	70		1		—		71		74		2		—		76
Collateralized mortgage obligations	2,519		247		18		2,748		2,410		259		12		2,657
Total	$	13,593	$	398	$	122	$	13,869	$	11,379	$	373	$	91	$	11,661

⁽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, 2013	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	$	—	$	—	$	120	$	1	$	120	$	1
Mortgage-backed securities	5,276		38		769		5		6,045		43
Asset-backed securities:
Student loans	490		7		8,305		298		8,795		305
Credit cards	895		4		—		—		895		4
Sub-prime	—		—		1,317		115		1,317		115
Other	408		5		855		35		1,263		40
Total asset-backed securities	1,793		16		10,477		448		12,270		464
Non-U.S. debt securities:
Mortgage-backed securities	587		2		346		20		933		22
Asset-backed securities	608		1		43		2		651		3
Other	471		3		—		—		471		3
Total non-U.S. debt securities	1,666		6		389		22		2,055		28
State and political subdivisions	859		19		1,144		50		2,003		69
Collateralized mortgage obligations	616		7		547		12		1,163		19
Other U.S. debt securities	274		1		34		6		308		7
Total	$	10,484	$	87	$	13,480	$	544	$	23,964	$	631
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	4,963	$	37	$	—	$	—	$	4,963	$	37
Asset-backed securities	547		1		—		—		547		1
Non-U.S. debt securities:
Mortgage-backed securities	422		3		952		61		1,374		64
Asset-backed securities	—		—		73		1		73		1
Other	—		—		153		1		153		1
Total non-U.S. debt securities	422		3		1,178		63		1,600		66
Collateralized mortgage obligations	427		7		128		11		555		18
Total	$	6,359	$	48	$	1,306	$	74	$	7,665	$	122



	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)	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	$	—	$	—	$	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

Investments Classified by Contractual Maturity Date

The following table presents contractual maturities of debt investment securities as of March 31, 2013:



(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	$	3	$	40	$	62	$	699
Mortgage-backed securities	117		2,335		6,039		20,254
Asset-backed securities:
Student loans	746		6,797		4,976		3,147
Credit cards	1,578		5,775		2,315		—
Sub-prime	28		29		4		1,324
Other	117		2,196		1,588		559
Total asset-backed securities	2,469		14,797		8,883		5,030
Non-U.S. debt securities:
Mortgage-backed securities	256		5,503		156		4,980
Asset-backed securities	288		4,907		335		218
Government securities	1,917		1,044		—		—
Other	1,322		2,627		422		—
Total non-U.S. debt securities	3,783		14,081		913		5,198
State and political subdivisions	714		3,064		2,739		1,083
Collateralized mortgage obligations	148		2,265		1,223		1,192
Other U.S. debt securities	216		3,929		1,128		34
Total	$	7,450	$	40,511	$	20,987	$	33,490
Held to maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	—	$	—	$	5,000	$	—
Mortgage-backed securities	—		30		28		73
Asset-backed securities
Student loans	—		92		92		327
Credit cards	—		—		25		—
Other	—		264		451		7
Total asset-backed securities	—		356		568		334
Non-U.S. debt securities:
Mortgage-backed securities	97		590		—		2,930
Asset-backed securities	150		626		46		—
Government securities	15		—		—		—
Other	—		153		—		8
Total non-U.S. debt securities	262		1,369		46		2,938
State and political subdivisions	52		18		—		—
Collateralized mortgage obligations	140		1,195		204		980
Total	$	454	$	2,968	$	5,846	$	4,325

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)	2013			2012
Gross realized gains from sales of available-for-sale securities	$	57		$	19
Gross realized losses from sales of available-for-sale securities	(52		)	—

Gross losses from other-than-temporary impairment	—			(25		)
Losses reclassified (from) to other comprehensive income	(3		)	17
Net impairment losses recognized in consolidated statement of income	(3		)	(8		)
Gains (losses) related to investment securities, net	$	2		$	11

Impairment associated with expected credit losses	$	—		$	(4	)
Impairment associated with adverse changes in timing of expected future cash flows	(3		)	(4		)
Net impairment losses recognized in consolidated statement of income	$	(3	)	$	(8	)

Schedule Of Credit-Related Loss Activity Recognized In Earnings

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



	Three Months Ended March 31,
(In millions)	2013		2012
Beginning balance	$	124	$	113
Plus losses for which other-than-temporary impairment was not previously recognized	—		1
Plus losses for which other-than-temporary impairment was previously recognized	3		7
Less previously recognized losses related to securities sold	—		(20		)
Ending balance	$	127	$	101

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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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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- 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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