Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair value Assets and liabilities measured on Recurring basis

Assets and liabilities carried at fair value on a recurring basis at September 30, 2013 and December 31, 2012, including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables.

 
September 30, 2013
 
Fair Value Measurements
 
 
 
 
(Dollars in millions)
Level 1 (1)
 
Level 2 (1)
 
Level 3
 
Netting
Adjustments (2)
 
Assets/Liabilities
at Fair Value
Assets
 
 
 
 
 
 
 
 
 
Federal funds sold and securities borrowed or purchased under agreements to resell
$

 
$
102,899

 
$

 
$

 
$
102,899

Trading account assets:
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
46,478

 
12,772

 

 

 
59,250

Corporate securities, trading loans and other
974

 
29,513

 
3,780

 

 
34,267

Equity securities
31,911

 
16,051

 
338

 

 
48,300

Non-U.S. sovereign debt
32,134

 
11,603

 
388

 

 
44,125

Mortgage trading loans and ABS

 
10,744

 
4,520

 

 
15,264

Total trading account assets
111,497

 
80,683

 
9,026

 

 
201,206

Derivative assets (3)
4,329

 
977,921

 
7,527

 
(936,616
)
 
53,161

AFS debt securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and agency securities
514

 
2,457

 

 

 
2,971

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Agency

 
169,025

 

 

 
169,025

Agency-collateralized mortgage obligations

 
27,335

 

 

 
27,335

Non-agency residential

 
6,929

 

 

 
6,929

Commercial

 
2,827

 

 

 
2,827

Non-U.S. securities
2,467

 
3,668

 
105

 

 
6,240

Corporate/Agency bonds

 
1,162

 
8

 

 
1,170

Other taxable securities
20

 
9,132

 
4,013

 

 
13,165

Tax-exempt securities

 
4,417

 
817

 

 
5,234

Total AFS debt securities
3,001

 
226,952

 
4,943

 

 
234,896

Other debt securities carried at fair value:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Agency

 
18,626

 

 

 
18,626

Agency-collateralized mortgage obligations

 
563

 

 

 
563

Commercial

 
758

 

 

 
758

Non-U.S. securities
9,740

 
1,766

 

 

 
11,506

Total other debt securities carried at fair value
9,740

 
21,713

 

 

 
31,453

Loans and leases

 
7,180

 
3,016

 

 
10,196

Mortgage servicing rights

 

 
5,058

 

 
5,058

Loans held-for-sale

 
7,304

 
913

 

 
8,217

Other assets
14,009

 
2,317

 
1,878

 

 
18,204

Total assets
$
142,576

 
$
1,426,969

 
$
32,361

 
$
(936,616
)
 
$
665,290

Liabilities
 
 
 
 
 
 
 
 
 
Interest-bearing deposits in U.S. offices
$

 
$
1,916

 
$

 
$

 
$
1,916

Federal funds purchased and securities loaned or sold under agreements to repurchase

 
61,917

 

 

 
61,917

Trading account liabilities:
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
24,046

 
349

 

 

 
24,395

Equity securities
23,256

 
3,604

 

 

 
26,860

Non-U.S. sovereign debt
22,119

 
1,502

 

 

 
23,621

Corporate securities and other
529

 
7,259

 
49

 

 
7,837

Total trading account liabilities
69,950

 
12,714

 
49

 

 
82,713

Derivative liabilities (3)
5,167

 
962,675

 
6,759

 
(930,033
)
 
44,568

Short-term borrowings

 
2,844

 

 

 
2,844

Accrued expenses and other liabilities
8,627

 
964

 
31

 

 
9,622

Long-term debt

 
45,338

 
2,063

 

 
47,401

Total liabilities
$
83,744

 
$
1,088,368

 
$
8,902

 
$
(930,033
)
 
$
250,981

(1) 
During the nine months ended September 30, 2013, $500 million of other assets were transferred from Level 1 to Level 2 primarily due to a restriction that became effective for a private equity investment.
(2) 
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
(3) 
For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives.
 
December 31, 2012
 
Fair Value Measurements
 
 
 
 
(Dollars in millions)
Level 1 (1)
 
Level 2 (1)
 
Level 3
 
Netting
Adjustments (2)
 
Assets/Liabilities
at Fair Value
Assets
 
 
 
 
 
 
 
 
 
Federal funds sold and securities borrowed or purchased under agreements to resell
$

 
$
98,670

 
$

 
$

 
$
98,670

Trading account assets:
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
57,655

 
29,319

 

 

 
86,974

Corporate securities, trading loans and other
1,292

 
32,882

 
3,726

 

 
37,900

Equity securities
28,144

 
14,626

 
545

 

 
43,315

Non-U.S. sovereign debt
29,254

 
13,139

 
353

 

 
42,746

Mortgage trading loans and ABS

 
11,905

 
4,935

 

 
16,840

Total trading account assets
116,345

 
101,871

 
9,559

 

 
227,775

Derivative assets (3)
2,997

 
1,372,398

 
8,073

 
(1,329,971
)
 
53,497

AFS debt securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and agency securities
21,514

 
2,958

 

 

 
24,472

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Agency

 
188,149

 

 

 
188,149

Agency-collateralized mortgage obligations

 
37,538

 

 

 
37,538

Non-agency residential

 
9,494

 

 

 
9,494

Non-agency commercial

 
3,914

 
10

 

 
3,924

Non-U.S. securities
2,637

 
2,981

 

 

 
5,618

Corporate/Agency bonds

 
1,358

 
92

 

 
1,450

Other taxable securities
20

 
8,180

 
3,928

 

 
12,128

Tax-exempt securities

 
3,072

 
1,061

 

 
4,133

Total AFS debt securities
24,171

 
257,644

 
5,091

 

 
286,906

Other debt securities carried at fair value:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and agency securities
491

 

 

 

 
491

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Agency

 
13,073

 

 

 
13,073

Agency-collateralized mortgage obligations

 
929

 

 

 
929

Non-U.S. securities
9,151

 
300

 

 

 
9,451

Total other debt securities carried at fair value
9,642

 
14,302

 

 

 
23,944

Loans and leases

 
6,715

 
2,287

 

 
9,002

Mortgage servicing rights

 

 
5,716

 

 
5,716

Loans held-for-sale

 
8,926

 
2,733

 

 
11,659

Other assets
18,535

 
4,826

 
3,129

 

 
26,490

Total assets
$
171,690

 
$
1,865,352

 
$
36,588

 
$
(1,329,971
)
 
$
743,659

Liabilities
 
 
 
 
 
 
 
 
 
Interest-bearing deposits in U.S. offices
$

 
$
2,262

 
$

 
$

 
$
2,262

Federal funds purchased and securities loaned or sold under agreements to repurchase

 
42,639

 

 

 
42,639

Trading account liabilities:
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
22,351

 
1,079

 

 

 
23,430

Equity securities
19,852

 
2,640

 

 

 
22,492

Non-U.S. sovereign debt
18,875

 
1,369

 

 

 
20,244

Corporate securities and other
487

 
6,870

 
64

 

 
7,421

Total trading account liabilities
61,565

 
11,958

 
64

 

 
73,587

Derivative liabilities (3)
2,859

 
1,355,309

 
6,605

 
(1,318,757
)
 
46,016

Short-term borrowings

 
4,074

 

 

 
4,074

Accrued expenses and other liabilities
15,457

 
1,122

 
15

 

 
16,594

Long-term debt

 
46,860

 
2,301

 

 
49,161

Total liabilities
$
79,881

 
$
1,464,224

 
$
8,985

 
$
(1,318,757
)
 
$
234,333

(1) 
During 2012, $2.0 billion and $350 million of assets and liabilities were transferred from Level 1 to Level 2, and $785 million and $40 million of assets and liabilities were transferred from Level 2 to Level 1. Of the asset transfers from Level 1 to Level 2, $940 million was due to a restriction that became effective for a private equity investment during 2012, while $535 million of the transfers from Level 2 to Level 1 was due to the lapse of this restriction during 2012. The remaining transfers were the result of additional information associated with certain equities, derivative contracts and private equity investments.
(2) 
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
(3) 
For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives.
Level 3 Total Realized and Unrealized Gains (Losses) Included in Earnings
The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2013 and 2012, including net realized and unrealized gains (losses) included in earnings and accumulated OCI.

Level 3 – Fair Value Measurements (1)
 
Three Months Ended September 30, 2013
 
 
 
 
Gross
 
 
 
(Dollars in millions)
Balance
July 1
2013
Gains
(Losses) in
Earnings
Gains
(Losses) in
OCI
Purchases
Sales
Issuances
Settlements
Gross
Transfers
into
Level 3
Gross
Transfers
out of
Level 3
Balance September 30
2013
Trading account assets:
 
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$
2,763

$
133

$

$
2,002

$
(892
)
$
22

$
(205
)
$
187

$
(230
)
$
3,780

Equity securities
464

4


20

(16
)

(100
)
8

(42
)
338

Non-U.S. sovereign debt
401

11


3

(14
)

(10
)

(3
)
388

Mortgage trading loans and ABS
4,685

(7
)

350

(443
)

(74
)
13

(4
)
4,520

Total trading account assets
8,313

141


2,375

(1,365
)
22

(389
)
208

(279
)
9,026

Net derivative assets (2)
1,173

(499
)

126

(102
)

(147
)
116

101

768

AFS debt securities:
 
 
 
 
 
 
 
 
 
 
Non-U.S. securities

5






100


105

Corporate/Agency bonds
8









8

Other taxable securities
4,157

2

(2
)
215



(359
)


4,013

Tax-exempt securities
877

2

1




(63
)


817

Total AFS debt securities
5,042

9

(1
)
215



(422
)
100


4,943

Loans and leases (3, 4)
1,901

(20
)



1,247

(119
)
12

(5
)
3,016

Mortgage servicing rights (4)
5,827

71



(729
)
129

(240
)


5,058

Loans held-for-sale (3)
2,153

40




3

(1,283
)


913

Other assets (5)
1,700

3


1

(35
)

(30
)
239


1,878

Trading account liabilities – Corporate securities and other
(55
)
1


6

(9
)



8

(49
)
Accrued expenses and other liabilities (3)
(230
)
8





189


2

(31
)
Long-term debt (3)
(1,890
)
(62
)

47


(47
)
46

(485
)
328

(2,063
)
(1) 
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
(2) 
Net derivatives include derivative assets of $7.5 billion and derivative liabilities of $6.8 billion.
(3) 
Amounts represent instruments that are accounted for under the fair value option.
(4) 
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
(5) 
Other assets is primarily comprised of private equity investments.
Level 3 – Fair Value Measurements (1)
 
Nine Months Ended September 30, 2013
 
 
 
 
Gross
 
 
 
(Dollars in millions)
Balance
January 1
2013
Gains
(Losses) in
Earnings
Gains
(Losses) in
OCI
Purchases
Sales
Issuances
Settlements
Gross
Transfers
into
Level 3
Gross
Transfers
out of
Level 3
Balance September 30
2013
Trading account assets:
 
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$
3,726

$
256

$

$
3,519

$
(2,817
)
$
22

$
(444
)
$
629

$
(1,111
)
$
3,780

Equity securities
545

54


77

(160
)

(100
)
45

(123
)
338

Non-U.S. sovereign debt
353

56


29

(15
)

(32
)
1

(4
)
388

Mortgage trading loans and ABS
4,935

165


1,981

(1,777
)

(775
)
18

(27
)
4,520

Total trading account assets
9,559

531


5,606

(4,769
)
22

(1,351
)
693

(1,265
)
9,026

Net derivative assets (2)
1,468

186


509

(762
)

(1,190
)
(46
)
603

768

AFS debt securities:
 
 
 
 
 
 
 
 
 
 
Commercial MBS
10






(10
)



Non-U.S. securities

5


1

(1
)


100


105

Corporate/Agency bonds
92


4






(88
)
8

Other taxable securities
3,928

5

10

825



(750
)

(5
)
4,013

Tax-exempt securities
1,061

3

15




(94
)

(168
)
817

Total AFS debt securities
5,091

13

29

826

(1
)

(854
)
100

(261
)
4,943

Loans and leases (3, 4)
2,287

80


71


1,252

(665
)
12

(21
)
3,016

Mortgage servicing rights (4)
5,716

1,531



(1,774
)
399

(814
)


5,058

Loans held-for-sale (3)
2,733

20


8

(390
)
3

(1,492
)
34

(3
)
913

Other assets (5)
3,129

(324
)

43

(218
)

(936
)
239

(55
)
1,878

Trading account liabilities – Corporate securities and other
(64
)
7


24

(40
)
(5
)

(9
)
38

(49
)
Accrued expenses and other liabilities (3)
(15
)
30




(751
)
703

(1
)
3

(31
)
Long-term debt (3)
(2,301
)
41


306

(4
)
(149
)
172

(1,017
)
889

(2,063
)
(1) 
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
(2) 
Net derivatives include derivative assets of $7.5 billion and derivative liabilities of $6.8 billion.
(3) 
Amounts represent instruments that are accounted for under the fair value option.
(4) 
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
(5) 
Other assets is primarily comprised of private equity investments.
Level 3 – Fair Value Measurements (1)
 
Three Months Ended September 30, 2012
 
 
 
 
Gross
 
 
 
(Dollars in millions)
Balance
July 1
2012
Gains
(Losses) in
Earnings
Gains
(Losses) in
OCI
Purchases
Sales
Issuances
Settlements
Gross
Transfers
into
Level 3
Gross
Transfers
out of
Level 3
Balance September 30
2012
Trading account assets:
 
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$
4,459

$
69

$

$
750

$
(848
)
$

$
(101
)
$
158

$
(314
)
$
4,173

Equity securities
597

15


43

(12
)

(9
)
5

(66
)
573

Non-U.S. sovereign debt
389

7


30

(112
)

(4
)

(7
)
303

Mortgage trading loans and ABS
4,818

111


380

(279
)

(124
)
3

(3
)
4,906

Total trading account assets
10,263

202


1,203

(1,251
)

(238
)
166

(390
)
9,955

Net derivative assets (2)
4,601

(256
)

78

(211
)

(918
)
(350
)
16

2,960

AFS debt securities:
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Non-agency residential
1









1

Non-agency commercial
24






(1
)


23

Corporate/Agency bonds
93









93

Other taxable securities
4,558


28

600



(65
)


5,121

Tax-exempt securities
1,140

7

(7
)

(63
)

(16
)


1,061

Total AFS debt securities
5,816

7

21

600

(63
)

(82
)


6,299

Loans and leases (3, 4)
1,635

69


317

(150
)

(65
)
450

(3
)
2,253

Mortgage servicing rights (4)
5,708

(360
)


(15
)
100

(346
)


5,087

Loans held-for-sale (3)
2,741

86


596

(19
)

(104
)
13


3,313

Other assets (5)
3,136

24


40

(183
)

(39
)


2,978

Trading account liabilities – Corporate securities and other
(143
)
4


17

(45
)



2

(165
)
Short-term borrowings (3)





(232
)



(232
)
Accrued expenses and other liabilities (3)
(2
)




(7
)



(9
)
Long-term debt (3)
(2,388
)
(91
)

70


(115
)
391

(531
)
374

(2,290
)
(1) 
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
(2) 
Net derivatives include derivative assets of $10.0 billion and derivative liabilities of $7.0 billion.
(3) 
Amounts represent instruments that are accounted for under the fair value option.
(4) 
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
(5) 
Other assets is primarily comprised of net monoline exposure to a single counterparty and private equity investments.
Level 3 – Fair Value Measurements (1)
 
Nine Months Ended September 30, 2012
 
 
 
 
Gross
 
 
 
(Dollars in millions)
Balance
January 1
2012
Gains
(Losses) in
Earnings
Gains
(Losses) in
OCI
Purchases
Sales
Issuances
Settlements
Gross
Transfers
into
Level 3
Gross
Transfers
out of
Level 3
Balance September 30
2012
Trading account assets:
 
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other (2)
$
6,880

$
192

$

$
1,995

$
(3,498
)
$

$
(846
)
$
315

$
(865
)
$
4,173

Equity securities
544

24


167

(159
)

27

38

(68
)
573

Non-U.S. sovereign debt
342

5


338

(359
)

(4
)

(19
)
303

Mortgage trading loans and ABS (2)
3,689

194


1,747

(915
)

(386
)
745

(168
)
4,906

Total trading account assets
11,455

415


4,247

(4,931
)

(1,209
)
1,098

(1,120
)
9,955

Net derivative assets (3)
5,866

17


791

(833
)

(2,228
)
(283
)
(370
)
2,960

AFS debt securities:
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Agency
37






(4
)

(33
)

Non-agency residential
860

(69
)
19


(305
)

(2
)

(502
)
1

Non-agency commercial
40




(11
)

(6
)


23

Corporate/Agency bonds
162

(2
)

(2
)


(38
)

(27
)
93

Other taxable securities
4,265

7

51

1,558



(551
)

(209
)
5,121

Tax-exempt securities
2,648

61

18


(132
)

(1,534
)


1,061

Total AFS debt securities
8,012

(3
)
88

1,556

(448
)

(2,135
)

(771
)
6,299

Loans and leases (4, 5)
2,744

284


317

(1,308
)

(229
)
450

(5
)
2,253

Mortgage servicing rights (5)
7,378

(1,297
)


(113
)
268

(1,149
)


5,087

Loans held-for-sale (4)
3,387

265


606

(40
)

(330
)
57

(632
)
3,313

Other assets (6)
4,235

(110
)

89

(950
)

(275
)

(11
)
2,978

Trading account liabilities – Corporate securities and other
(114
)
4


72

(114
)


(65
)
52

(165
)
Short-term borrowings (4)





(232
)



(232
)
Accrued expenses and other liabilities (4)
(14
)
4


5


(7
)


3

(9
)
Long-term debt (4)
(2,943
)
(239
)

188

(33
)
(253
)
1,099

(1,569
)
1,460

(2,290
)

(1) 
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
(2) 
During the nine months ended September 30, 2012, approximately $900 million was reclassified from Trading account assets - Corporate securities, trading loans and other to Trading account assets - Mortgage trading loans and ABS. In the table above, this reclassification is presented as a sale of Trading account assets - Corporate securities, trading loans and other and a purchase of Trading account assets - Mortgage trading loans and ABS.
(3) 
Net derivatives include derivative assets of $10.0 billion and derivative liabilities of $7.0 billion.
(4) 
Amounts represent instruments that are accounted for under the fair value option.
(5) 
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
(6) 
Other assets is primarily comprised of net monoline exposure to a single counterparty and private equity investments.

Level 3 Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date
The following tables summarize changes in unrealized gains (losses) recorded in earnings during the three and nine months ended September 30, 2013 and 2012 for Level 3 assets and liabilities that were still held at September 30, 2013 and 2012. These amounts include changes in fair value on loans, LHFS, loan commitments and structured liabilities that are accounted for under the fair value option.

Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date
 
Three Months Ended September 30, 2013
(Dollars in millions)
Equity
Investment
Income
(Loss)
 
Trading
Account
Profits
(Losses)
 
Mortgage
Banking
Income
(Loss) (1)
 
Other
Income
(Loss)
 
Total
Trading account assets:
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$

 
$
(6
)
 
$

 
$

 
$
(6
)
Equity securities

 
4

 

 

 
4

Non-U.S. sovereign debt

 
5

 

 

 
5

Mortgage trading loans and ABS

 
(55
)
 

 

 
(55
)
Total trading account assets

 
(52
)
 

 

 
(52
)
Net derivative assets

 
(754
)
 
91

 

 
(663
)
Loans and leases (2)

 

 
(35
)
 
27

 
(8
)
Mortgage servicing rights

 

 
(14
)
 

 
(14
)
Loans held-for-sale (2)

 

 

 
35

 
35

Other assets
17

 

 
11

 
(13
)
 
15

Long-term debt (2)

 
(31
)
 

 
(31
)
 
(62
)
Total
$
17

 
$
(837
)
 
$
53

 
$
18

 
$
(749
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2012
Trading account assets:
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$

 
$
36

 
$

 
$

 
$
36

Equity securities

 
13

 

 

 
13

Non-U.S. sovereign debt

 
8

 

 

 
8

Mortgage trading loans and ABS

 
89

 

 

 
89

Total trading account assets

 
146

 

 

 
146

Net derivative assets

 
(1,202
)
 
566

 

 
(636
)
Loans and leases (2)

 

 

 
76

 
76

Mortgage servicing rights

 

 
(552
)
 

 
(552
)
Loans held-for-sale (2)

 

 
15

 
68

 
83

Other assets
115

 

 
(14
)
 
4

 
105

Accrued expenses and other liabilities (2)

 

 

 
(2
)
 
(2
)
Long-term debt (2)

 
(46
)
 

 
(46
)
 
(92
)
Total
$
115

 
$
(1,102
)
 
$
15

 
$
100

 
$
(872
)
(1) 
Mortgage banking income does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
(2) 
Amounts represent instruments that are accounted for under the fair value option.
Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date
 
Nine Months Ended September 30, 2013
(Dollars in millions)
Equity
Investment
Income
(Loss)
 
Trading
Account
Profits
(Losses)
 
Mortgage
Banking
Income
(Loss) (1)
 
Other
Income
(Loss)
 
Total
Trading account assets:
 
 
 
 
 
 
 
 
 
Corporate securities, trading loans and other
$

 
$
48

 
$

 
$

 
$
48

Equity securities

 
26

 

 

 
26

Non-U.S. sovereign debt

 
70

 

 

 
70

Mortgage trading loans and ABS

 
5

 

 

 
5

Total trading account assets

 
149

 

 

 
149

Net derivative assets

 
(853
)
 
92

 

 
(761
)
Loans and leases (2)

 

 
(35
)
 
133

 
98

Mortgage servicing rights