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Financial Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Total Gross Derivatives | The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us: Table 93: Total Gross Derivatives (a)
| December 31, 2022 | December 31, 2021
In millions | Notional /Contract Amount | Asset Fair Value (b) | Liability Fair Value (c) | Notional /Contract Amount | Asset Fair Value (b) | Liability Fair Value (c)
Derivatives used for hedging |  |  |  |  |  |
Interest rate contracts (d): |  |  |  |  |  |
Fair value hedges | $ | 24,231 |  |  |  | $ | 23,345 |  |  |
Cash flow hedges | 40,310 |  |  | $ | 1 |  | 48,961 |  | $ | 15 |  | $ | 14 |
Foreign exchange contracts: |  |  |  |  |  |
Net investment hedges | 1,120 |  | $ | 24 |  |  | 1,113 |  |  | 24 |
Total derivatives designated for hedging | $ | 65,661 |  | $ | 24 |  | $ | 1 |  | $ | 73,419 |  | $ | 15 |  | $ | 38 |
Derivatives not used for hedging |  |  |  |  |  |
Derivatives used for mortgage banking activities (e): |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |
Swaps | $ | 47,908 |  | $ | 7 |  | $ | 1 |  | $ | 35,623 |  |  |
Futures (f) | 5,537 |  |  |  | 4,592 |  |  |
Mortgage-backed commitments | 4,516 |  | 85 |  | 89 |  | 9,917 |  | $ | 55 |  | $ | 31 |
Other | 18,017 |  | 90 |  | 14 |  | 12,225 |  | 46 |  | 12 |
Total interest rate contracts | 75,978 |  | 182 |  | 104 |  | 62,357 |  | 101 |  | 43 |
Derivatives used for customer-related activities: |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |
Swaps | 354,150 |  | 1,597 |  | 5,397 |  | 297,711 |  | 3,335 |  | 1,520 |
Futures (f) | 32 |  |  |  | 907 |  |  |
Mortgage-backed commitments | 2,799 |  | 10 |  | 6 |  | 4,147 |  | 5 |  | 6 |
Other | 29,071 |  | 334 |  | 321 |  | 25,718 |  | 125 |  | 72 |
Total interest rate contracts | 386,052 |  | 1,941 |  | 5,724 |  | 328,483 |  | 3,465 |  | 1,598 |
Commodity contracts: |  |  |  |  |  |
Swaps | 5,792 |  | 1,003 |  | 1,067 |  | 8,840 |  | 1,150 |  | 1,161 |
Other | 4,488 |  | 205 |  | 202 |  | 3,128 |  | 213 |  | 212 |
Total commodity contracts | 10,280 |  | 1,208 |  | 1,269 |  | 11,968 |  | 1,363 |  | 1,373 |
Foreign exchange contracts and other | 30,512 |  | 366 |  | 293 |  | 27,563 |  | 199 |  | 179 |
Total derivatives for customer-related activities | 426,844 |  | 3,515 |  | 7,286 |  | 368,014 |  | 5,027 |  | 3,150 |
Derivatives used for other risk management activities: |  |  |  |  |  |
Foreign exchange contracts and other | 12,785 |  | 47 |  | 227 |  | 11,512 |  | 9 |  | 339 |
Total derivatives not designated for hedging | $ | 515,607 |  | $ | 3,744 |  | $ | 7,617 |  | $ | 441,883 |  | $ | 5,137 |  | $ | 3,532 |
Total gross derivatives | $ | 581,268 |  | $ | 3,768 |  | $ | 7,618 |  | $ | 515,302 |  | $ | 5,152 |  | $ | 3,570 |
Less: Impact of legally enforceable master netting agreements |  | 1,523 |  | 1,523 |  |  | 928 |  | 928 |
Less: Cash collateral received/paid |  | 714 |  | 1,571 |  |  | 604 |  | 1,657 |
Total derivatives |  | $ | 1,531 |  | $ | 4,524 |  |  | $ | 3,620 |  | $ | 985 |
(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet. (b)Included in Other assets on our Consolidated Balance Sheet. (c)Included in Other liabilities on our Consolidated Balance Sheet. (d)Represents primarily swaps. (e)Includes both residential and commercial mortgage banking activities. (f)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.
Schedule of Gains (losses) Recognized on Fair Value and Cash Flow Hedges in Consolidated Income Statement | Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 94: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)
| Location and Amount of Gains (Losses) Recognized in Income
| Interest Income | Interest Expense | Noninterest Income
In millions | Loans | Investment Securities | Borrowed Funds | Other
Year ended December 31, 2022 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 11,795 |  | $ | 2,726 |  | $ | 1,155 |  | $ | 952 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | (136) |  | $ | 1,945 |  |
Derivatives |  | $ | 143 |  | $ | (1,976) |  |
Amounts related to interest settlements on derivatives |  | $ | (2) |  | $ | 120 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income | $ | (259) |  | $ | (1) |  |  |
Year ended December 31, 2021 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 9,007 |  | $ | 1,834 |  | $ | 361 |  | $ | 1,199 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | (5) |  | $ | 937 |  |
Derivatives |  | $ | 9 |  | $ | (993) |  |
Amounts related to interest settlements on derivatives |  | $ | (4) |  | $ | 521 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income | $ | 376 |  | $ | 57 |  |  | $ | 61 |
Year ended December 31, 2020 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 8,927 |  | $ | 2,041 |  | $ | 718 |  | $ | 608 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | 208 |  | $ | (1,059) |  |
Derivatives |  | $ | (202) |  | $ | 959 |  |
Amounts related to interest settlements on derivatives |  | $ | (9) |  | $ | 480 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income | $ | 375 |  | $ | 40 |  |  | $ | 6 |
(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships. (d)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.
Schedule of Hedged Items - Fair Value Hedges | Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 95: Hedged Items - Fair Value Hedges
| December 31, 2022 |  | December 31, 2021
In millions | Carrying Value of the Hedged Items |  | Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) |  | Carrying Value of the Hedged Items |  | Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)
Investment securities - available for sale (b) | $ | 2,376 |  |  | $ | (121) |  |  | $ | 2,655 |  |  | $ | 23 |
Borrowed funds | $ | 21,781 |  |  | $ | (1,283) |  |  | $ | 24,259 |  |  | $ | 663 |
(a)Includes less than $(0.1) billion and $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at December 31, 2022 and 2021, respectively. (b)Carrying value shown represents amortized cost.
Risk Participation Agreements | Table 96: Risk Participation Agreements
| Year ended December 31 |
In billions | 2022 |  | 2021 |
Risk participation agreements: |  |  |  |
Sold - notional amount | $ | 8.0 |  |  | $ | 8.0 |  |
Maximum potential amount of exposure (a) | $ | 0.1 |  |  | $ | 0.3 |  |
(a)Based on the fair value of the underlying swaps assuming all underlying third party customers referenced in the swap contracts defaulted.
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 97: Gains (Losses) on Derivatives Not Designated for Hedging
| Year ended December 31 |
In millions | 2022 |  | 2021 |  | 2020 |
Derivatives used for mortgage banking activities: |  |  |  |  |  |
Interest rate contracts (a) | $ | (671) |  |  | $ | (78) |  |  | $ | 792 |  |
Derivatives used for customer-related activities: |  |  |  |  |  |
Interest rate contracts | 220 |  |  | 149 |  |  | 210 |  |
Foreign exchange contracts and other | 111 |  |  | 135 |  |  | 156 |  |
Gains from customer-related activities (b) | 331 |  |  | 284 |  |  | 366 |  |
Derivatives used for other risk management activities: |  |  |  |  |  |
Foreign exchange contracts and other (b) | 255 |  |  | (30) |  |  | (338) |  |
Total gains (losses) from derivatives not designated as hedging instruments | $ | (85) |  |  | $ | 176 |  |  | $ | 820 |  |
(a)Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement. (b)Included in Capital markets and advisory and Other noninterest income on our Consolidated Income Statement.
Derivative Assets And Liabilities Offsetting | Table 98: Derivative Assets and Liabilities Offsetting
In millions | Gross Fair Value |  | Amounts Offset on the Consolidated Balance Sheet |  | Net Fair Value |  | Securities Collateral Held /Pledged Under Master Netting Agreements |  | Net Amounts
Fair Value Offset Amount |  | Cash Collateral |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 23 |  |  |  |  |  |  | $ | 23 |  |  |  |  | $ | 23 |
Over-the-counter | 2,100 |  |  | $ | 974 |  |  | $ | 630 |  |  | 496 |  |  | $ | 34 |  |  | 462 |
Commodity contracts | 1,208 |  |  | 335 |  |  | 2 |  |  | 871 |  |  |  |  | 871 |
Foreign exchange and other contracts | 437 |  |  | 214 |  |  | 82 |  |  | 141 |  |  |  |  | 141 |
Total derivative assets | $ | 3,768 |  |  | $ | 1,523 |  |  | $ | 714 |  |  | $ | 1,531 |  | (a) | $ | 34 |  |  | $ | 1,497 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 28 |  |  |  |  |  |  | $ | 28 |  |  |  |  | $ | 28 |
Over-the-counter | 5,801 |  |  | $ | 625 |  |  | $ | 1,041 |  |  | 4,135 |  |  | $ | 78 |  |  | 4,057 |
Commodity contracts | 1,269 |  |  | 679 |  |  | 520 |  |  | 70 |  |  | 4 |  | 66 |
Foreign exchange and other contracts | 520 |  |  | 219 |  |  | 10 |  |  | 291 |  |  |  |  | 291 |
Total derivative liabilities | $ | 7,618 |  |  | $ | 1,523 |  |  | $ | 1,571 |  |  | $ | 4,524 |  | (b) | $ | 82 |  |  | $ | 4,442 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 20 |  |  |  |  |  |  | $ | 20 |  |  |  |  | $ | 20 |
Over-the-counter | 3,561 |  |  | $ | 533 |  |  | $ | 593 |  |  | 2,435 |  |  | $ | 300 |  |  | 2,135 |
Commodity contracts | 1,363 |  |  | 299 |  |  | 1 |  |  | 1,063 |  |  |  |  | 1,063 |
Foreign exchange and other contracts | 208 |  |  | 96 |  |  | 10 |  |  | 102 |  |  |  |  | 102 |
Total derivative assets | $ | 5,152 |  |  | $ | 928 |  |  | $ | 604 |  |  | $ | 3,620 |  | (a) | $ | 300 |  |  | $ | 3,320 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 12 |  |  |  |  |  |  | $ | 12 |  |  |  |  | $ | 12 |
Over-the-counter | 1,643 |  |  | $ | 569 |  |  | $ | 776 |  |  | 298 |  |  |  |  | 298 |
Commodity contracts | 1,373 |  |  | 291 |  |  | 784 |  |  | 298 |  |  |  |  | 298 |
Foreign exchange and other contracts | 542 |  |  | 68 |  |  | 97 |  |  | 377 |  |  |  |  | 377 |
Total derivative liabilities | $ | 3,570 |  |  | $ | 928 |  |  | $ | 1,657 |  |  | $ | 985 |  | (b) |  |  | $ | 985 |
(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.
Credit-Risk Contingent Features | Table 99: Credit-Risk Contingent Features
| Year ended December 31
In billions | 2022 |  | 2021 |
Net derivative liabilities with credit-risk contingent features | $ | 5.8 |  |  | $ | 2.4 |  |
Collateral posted | 1.7 |  |  | 1.8 |  |
Maximum additional amount of collateral exposure | $ | 4.1 |  |  | $ | 0.6 |  |

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5708773-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5708775-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5708777-113959 + Details
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