Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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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 fair value option, see Note 15 – Fair Value Option.
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Amount |
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Rate |
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Amount |
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Rate |
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Amount |
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Rate |
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Amount |
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Rate |
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
(Dollars in millions) |
2018 |
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2017 |
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2018 |
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2017 |
Federal funds sold and securities borrowed or purchased under agreements to resell |
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Average during period |
$ |
241,426 |
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1.31 |
% |
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$ |
223,585 |
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0.86 |
% |
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$ |
247,183 |
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1.15 |
% |
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$ |
222,255 |
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0.77 |
% |
Maximum month-end balance during period |
267,989 |
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n/a |
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224,815 |
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n/a |
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267,989 |
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n/a |
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237,064 |
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n/a |
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Federal funds purchased and securities loaned or sold under agreements to repurchase |
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Average during period |
$ |
191,693 |
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1.88 |
% |
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$ |
197,794 |
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1.37 |
% |
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$ |
193,854 |
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1.71 |
% |
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$ |
199,433 |
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1.18 |
% |
Maximum month-end balance during period |
189,206 |
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n/a |
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197,604 |
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n/a |
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199,419 |
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n/a |
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218,017 |
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n/a |
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Short-term borrowings |
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Average during period |
33,410 |
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2.89 |
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32,153 |
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2.54 |
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40,048 |
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2.49 |
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38,329 |
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2.43 |
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Maximum month-end balance during period |
36,043 |
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n/a |
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32,679 |
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n/a |
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52,480 |
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n/a |
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46,202 |
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n/a |
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n/a = not applicable
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| Offsetting Assets [Line Items] |
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| Transfer of Certain Financial Assets Accounted for as Secured Borrowings |
The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. 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.
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Remaining Contractual Maturity |
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September 30, 2018 |
(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 |
$ |
128,222 |
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$ |
68,852 |
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$ |
22,920 |
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$ |
58,089 |
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$ |
278,083 |
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Securities loaned |
13,364 |
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|
738 |
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|
896 |
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4,082 |
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19,080 |
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Other |
24,446 |
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— |
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— |
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— |
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24,446 |
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Total |
$ |
166,032 |
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$ |
69,590 |
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$ |
23,816 |
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$ |
62,171 |
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$ |
321,609 |
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December 31, 2017 |
Securities sold under agreements to repurchase |
$ |
125,956 |
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$ |
79,913 |
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$ |
46,091 |
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$ |
38,935 |
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$ |
290,895 |
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Securities loaned |
9,853 |
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5,658 |
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2,043 |
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4,133 |
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21,687 |
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Other |
22,711 |
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— |
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— |
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— |
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22,711 |
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Total |
$ |
158,520 |
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$ |
85,571 |
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$ |
48,134 |
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$ |
43,068 |
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$ |
335,293 |
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(1) |
No agreements have maturities greater than three years.
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Class of Collateral Pledged |
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September 30, 2018 |
(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 |
$ |
158,567 |
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$ |
10 |
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$ |
2 |
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$ |
158,579 |
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Corporate securities, trading loans and other |
13,448 |
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2,656 |
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363 |
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16,467 |
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Equity securities |
17,268 |
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10,953 |
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24,028 |
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|
52,249 |
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Non-U.S. sovereign debt |
84,435 |
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5,461 |
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53 |
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89,949 |
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Mortgage trading loans and ABS |
4,365 |
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— |
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— |
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4,365 |
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Total |
$ |
278,083 |
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$ |
19,080 |
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$ |
24,446 |
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$ |
321,609 |
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December 31, 2017 |
U.S. government and agency securities |
$ |
158,299 |
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$ |
— |
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$ |
409 |
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$ |
158,708 |
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Corporate securities, trading loans and other |
12,787 |
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2,669 |
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624 |
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16,080 |
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Equity securities |
23,975 |
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13,523 |
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21,628 |
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59,126 |
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Non-U.S. sovereign debt |
90,857 |
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5,495 |
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50 |
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96,402 |
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Mortgage trading loans and ABS |
4,977 |
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— |
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— |
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4,977 |
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Total |
$ |
290,895 |
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$ |
21,687 |
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$ |
22,711 |
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$ |
335,293 |
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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 |
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at September 30, 2018 and December 31, 2017. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives.
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Securities Financing Agreements |
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Gross Assets/Liabilities (1)
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Amounts Offset |
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Net Balance Sheet Amount |
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Financial Instruments (2)
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Net Assets/Liabilities |
(Dollars in millions) |
September 30, 2018 |
Securities borrowed or purchased under agreements to resell (3)
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$ |
373,800 |
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$ |
(125,563 |
) |
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$ |
248,237 |
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$ |
(218,291 |
) |
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$ |
29,946 |
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Securities loaned or sold under agreements to repurchase |
$ |
297,163 |
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$ |
(125,563 |
) |
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$ |
171,600 |
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$ |
(151,842 |
) |
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$ |
19,758 |
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Other (4)
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24,446 |
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— |
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24,446 |
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(24,446 |
) |
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— |
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Total |
$ |
321,609 |
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$ |
(125,563 |
) |
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$ |
196,046 |
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$ |
(176,288 |
) |
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$ |
19,758 |
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December 31, 2017 |
Securities borrowed or purchased under agreements to resell (3)
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$ |
348,472 |
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$ |
(135,725 |
) |
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$ |
212,747 |
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$ |
(165,720 |
) |
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$ |
47,027 |
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Securities loaned or sold under agreements to repurchase |
$ |
312,582 |
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$ |
(135,725 |
) |
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$ |
176,857 |
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$ |
(146,205 |
) |
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$ |
30,652 |
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Other (4)
|
22,711 |
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— |
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22,711 |
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(22,711 |
) |
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— |
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Total |
$ |
335,293 |
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$ |
(135,725 |
) |
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$ |
199,568 |
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$ |
(168,916 |
) |
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$ |
30,652 |
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(1) |
Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. |
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(2) |
Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. |
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(3) |
Excludes repurchase activity of $11.1 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2018 and December 31, 2017.
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(4) |
Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
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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 |
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at September 30, 2018 and December 31, 2017. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives.
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Securities Financing Agreements |
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Gross Assets/Liabilities (1)
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Amounts Offset |
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Net Balance Sheet Amount |
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Financial Instruments (2)
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Net Assets/Liabilities |
(Dollars in millions) |
September 30, 2018 |
Securities borrowed or purchased under agreements to resell (3)
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$ |
373,800 |
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$ |
(125,563 |
) |
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$ |
248,237 |
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$ |
(218,291 |
) |
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$ |
29,946 |
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Securities loaned or sold under agreements to repurchase |
$ |
297,163 |
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$ |
(125,563 |
) |
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$ |
171,600 |
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$ |
(151,842 |
) |
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$ |
19,758 |
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Other (4)
|
24,446 |
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— |
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24,446 |
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(24,446 |
) |
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— |
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Total |
$ |
321,609 |
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$ |
(125,563 |
) |
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$ |
196,046 |
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$ |
(176,288 |
) |
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$ |
19,758 |
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December 31, 2017 |
Securities borrowed or purchased under agreements to resell (3)
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$ |
348,472 |
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$ |
(135,725 |
) |
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$ |
212,747 |
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$ |
(165,720 |
) |
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$ |
47,027 |
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Securities loaned or sold under agreements to repurchase |
$ |
312,582 |
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$ |
(135,725 |
) |
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$ |
176,857 |
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$ |
(146,205 |
) |
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$ |
30,652 |
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Other (4)
|
22,711 |
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|
— |
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22,711 |
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(22,711 |
) |
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— |
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Total |
$ |
335,293 |
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$ |
(135,725 |
) |
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$ |
199,568 |
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$ |
(168,916 |
) |
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$ |
30,652 |
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(1) |
Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. |
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(2) |
Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. |
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(3) |
Excludes repurchase activity of $11.1 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2018 and December 31, 2017.
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(4) |
Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
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