Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] |
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| Federal Funds Sold Securities Borrowed Or Purchased Under Agreements To Resell And Short Term Borrowings |
The table below presents federal funds sold or purchased, securities financing agreements, which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase, and short-term borrowings. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the election of the fair value option, see Note 15 – Fair Value Option.
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
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Amount |
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Rate |
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Amount |
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Rate |
(Dollars in millions) |
2015 |
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2014 |
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2015 |
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2014 |
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2015 |
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2014 |
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2015 |
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2014 |
Average during period |
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Federal funds sold and securities borrowed or purchased under agreements to resell |
$ |
210,127 |
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$ |
223,978 |
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0.52 |
% |
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0.42 |
% |
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$ |
212,781 |
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$ |
224,001 |
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|
0.49 |
% |
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0.48 |
% |
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Federal funds purchased and securities loaned or sold under agreements to repurchase |
$ |
219,613 |
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$ |
216,245 |
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0.83 |
% |
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0.90 |
% |
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$ |
218,112 |
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$ |
214,567 |
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0.92 |
% |
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1.01 |
% |
Short-term borrowings |
37,710 |
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38,866 |
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1.44 |
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1.02 |
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33,119 |
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45,219 |
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1.47 |
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1.01 |
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Total |
$ |
257,323 |
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$ |
255,111 |
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0.92 |
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0.92 |
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$ |
251,231 |
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$ |
259,786 |
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0.99 |
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1.01 |
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Maximum month-end balance during period |
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Federal funds sold and securities borrowed or purchased under agreements to resell |
$ |
217,701 |
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$ |
231,077 |
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$ |
226,502 |
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$ |
240,122 |
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Federal funds purchased and securities loaned or sold under agreements to repurchase |
$ |
235,232 |
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$ |
226,288 |
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$ |
235,232 |
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$ |
240,154 |
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Short-term borrowings |
40,110 |
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40,403 |
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40,110 |
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51,409 |
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September 30, 2015 |
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December 31, 2014 |
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Amount |
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Rate |
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Amount |
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Rate |
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Period-end |
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Federal funds sold and securities borrowed or purchased under agreements to resell |
$ |
206,681 |
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0.47 |
% |
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$ |
191,823 |
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0.47 |
% |
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Federal funds purchased and securities loaned or sold under agreements to repurchase |
$ |
199,238 |
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0.81 |
% |
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$ |
201,277 |
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0.98 |
% |
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Short-term borrowings |
34,518 |
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1.46 |
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31,172 |
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1.47 |
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Total |
$ |
233,756 |
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0.90 |
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$ |
232,449 |
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1.04 |
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| Offsetting Assets [Line Items] |
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| Transfer of Certain Financial Assets Accounted for as Secured Borrowings |
The tables below present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Also included in "Other" are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. At September 30, 2015, the Corporation had no outstanding repurchase-to-maturity transactions.
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Remaining Contractual Maturity |
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September 30, 2015 |
(Dollars in millions) |
Overnight and Continuous |
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30 Days or Less |
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After 30 Days Through 90 Days |
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Greater than 90 Days (1)
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Total |
Securities sold under agreements to repurchase |
$ |
146,482 |
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$ |
91,087 |
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$ |
39,574 |
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$ |
32,236 |
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$ |
309,379 |
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Securities loaned |
39,217 |
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50 |
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1,889 |
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2,542 |
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43,698 |
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Other |
12,754 |
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— |
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— |
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— |
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12,754 |
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Total |
$ |
198,453 |
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$ |
91,137 |
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$ |
41,463 |
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$ |
34,778 |
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$ |
365,831 |
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(1) |
No agreements have maturities greater than three years.
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Class of Collateral Pledged (1)
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September 30, 2015 |
(Dollars in millions) |
Securities Sold Under Agreements to Repurchase |
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Securities Loaned |
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Other |
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Total |
U.S. government and agency securities |
$ |
151,875 |
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$ |
— |
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$ |
38 |
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$ |
151,913 |
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Corporate securities, trading loans and other |
11,580 |
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|
610 |
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232 |
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12,422 |
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Equity securities |
30,071 |
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13,617 |
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12,472 |
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56,160 |
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Non-U.S. sovereign debt |
103,597 |
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29,471 |
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12 |
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133,080 |
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Mortgage trading loans and ABS |
12,256 |
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— |
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— |
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12,256 |
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Total |
$ |
309,379 |
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$ |
43,698 |
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$ |
12,754 |
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$ |
365,831 |
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(1) |
Amounts represent carrying value. |
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| Securities Borrowed and Securities Purchased Under Agreements to Resell |
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| Offsetting Assets [Line Items] |
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| Offsetting Assets |
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Securities Financing Agreements |
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September 30, 2015 |
(Dollars in millions) |
Gross Assets/Liabilities |
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Amounts Offset |
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Net Balance Sheet Amount |
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Financial Instruments |
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Net Assets/Liabilities |
Securities borrowed or purchased under agreements to resell (1)
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$ |
360,530 |
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$ |
(153,849 |
) |
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$ |
206,681 |
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$ |
(156,934 |
) |
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$ |
49,747 |
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Securities loaned or sold under agreements to repurchase |
$ |
353,077 |
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$ |
(153,849 |
) |
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$ |
199,228 |
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$ |
(157,553 |
) |
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$ |
41,675 |
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Other |
12,754 |
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— |
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12,754 |
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(12,754 |
) |
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— |
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Total |
$ |
365,831 |
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$ |
(153,849 |
) |
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$ |
211,982 |
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$ |
(170,307 |
) |
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$ |
41,675 |
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December 31, 2014 |
Securities borrowed or purchased under agreements to resell (1)
|
$ |
316,567 |
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$ |
(124,744 |
) |
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$ |
191,823 |
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$ |
(145,573 |
) |
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$ |
46,250 |
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Securities loaned or sold under agreements to repurchase |
$ |
326,007 |
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$ |
(124,744 |
) |
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$ |
201,263 |
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$ |
(164,306 |
) |
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$ |
36,957 |
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Other |
11,641 |
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— |
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11,641 |
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(11,641 |
) |
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— |
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Total |
$ |
337,648 |
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$ |
(124,744 |
) |
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$ |
212,904 |
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$ |
(175,947 |
) |
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$ |
36,957 |
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(1) |
Excludes repurchase activity of $8.5 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2015 and December 31, 2014.
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| Securities Loaned and Financial Assets Sold Under Agreements to Repurchase |
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| Offsetting Liabilities [Line Items] |
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| Offsetting Liabilities |
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Securities Financing Agreements |
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September 30, 2015 |
(Dollars in millions) |
Gross Assets/Liabilities |
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Amounts Offset |
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Net Balance Sheet Amount |
|
Financial Instruments |
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Net Assets/Liabilities |
Securities borrowed or purchased under agreements to resell (1)
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$ |
360,530 |
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$ |
(153,849 |
) |
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$ |
206,681 |
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$ |
(156,934 |
) |
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$ |
49,747 |
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Securities loaned or sold under agreements to repurchase |
$ |
353,077 |
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$ |
(153,849 |
) |
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$ |
199,228 |
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$ |
(157,553 |
) |
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$ |
41,675 |
|
Other |
12,754 |
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— |
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|
12,754 |
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(12,754 |
) |
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— |
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Total |
$ |
365,831 |
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$ |
(153,849 |
) |
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$ |
211,982 |
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$ |
(170,307 |
) |
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$ |
41,675 |
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December 31, 2014 |
Securities borrowed or purchased under agreements to resell (1)
|
$ |
316,567 |
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$ |
(124,744 |
) |
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$ |
191,823 |
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|
$ |
(145,573 |
) |
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$ |
46,250 |
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Securities loaned or sold under agreements to repurchase |
$ |
326,007 |
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$ |
(124,744 |
) |
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$ |
201,263 |
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$ |
(164,306 |
) |
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$ |
36,957 |
|
Other |
11,641 |
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|
— |
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|
11,641 |
|
|
(11,641 |
) |
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— |
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Total |
$ |
337,648 |
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$ |
(124,744 |
) |
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$ |
212,904 |
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$ |
(175,947 |
) |
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$ |
36,957 |
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(1) |
Excludes repurchase activity of $8.5 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2015 and December 31, 2014.
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