Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

	June 30, 2012								December 31, 2011
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In millions)	cost		gains		losses		fair value		cost		gains		losses		fair value


Debt
U.S. corporate	$	20,994	$	4,003	$	(327)	$	24,670	$	20,748	$	3,432	$	(410)	$	23,770
State and municipal		3,436		463		(130)		3,769		3,027		350		(143)		3,234
Residential mortgage-backed(a)		2,440		195		(198)		2,437		2,711		184		(286)		2,609
Commercial mortgage-backed		3,060		171		(180)		3,051		2,913		162		(247)		2,828
Asset-backed		5,269		8		(148)		5,129		5,102		32		(164)		4,970
Corporate – non-U.S.		2,592		140		(168)		2,564		2,414		126		(207)		2,333
Government – non-U.S.		1,792		137		(30)		1,899		2,488		129		(86)		2,531
U.S. government and
federal agency		3,412		90		0		3,502		3,974		84		0		4,058
Retained interests		28		3		0		31		25		10		0		35
Equity
Available-for-sale		502		98		(6)		594		713		75		(38)		750
Trading		260		0		0		260		241		0		0		241
Total	$	43,785	$	5,308	$	(1,187)	$	47,906	$	44,356	$	4,584	$	(1,581)	$	47,359

Substantially collateralized by U.S. mortgages. Of our total residential mortgage-backed securities (RMBS) portfolio at June 30, 2012, $1,626 million relates to securities issued by government-sponsored entities and $811 million relates to securities of private label issuers. Securities issued by private label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.

	In loss position for
	Less than 12 months					12 months or more
			Gross					Gross
	Estimated		unrealized			Estimated		unrealized
(In millions)	fair value		losses		(a)	fair value		losses		(a)

June 30, 2012
Debt
U.S. corporate	$	365	$	(16)		$	1,121	$	(311)
State and municipal		71		(1)			233		(129)
Residential mortgage-backed		26		0			752		(198)
Commercial mortgage-backed		268		(7)			1,057		(173)
Asset-backed		4,136		(27)			792		(121)
Corporate – non-U.S.		488		(31)			571		(137)
Government – non-U.S.		196		(1)			171		(29)
U.S. government and federal agency		0		0			0		0
Retained interests		2		0			0		0
Equity		64		(5)			7		(1)
Total	$	5,616	$	(88)		$	4,704	$	(1,099)

December 31, 2011
Debt
U.S. corporate	$	1,435	$	(241)		$	836	$	(169)
State and municipal		87		(1)			307		(142)
Residential mortgage-backed		219		(9)			825		(277)
Commercial mortgage-backed		244		(23)			1,320		(224)
Asset-backed		100		(7)			850		(157)
Corporate – non-U.S.		330		(28)			607		(179)
Government – non-U.S.		906		(5)			203		(81)
U.S. government and federal agency		502		0			0		0
Retained interests		0		0			0		0
Equity		440		(38)			0		0
Total	$	4,263	$	(352)		$	4,948	$	(1,229)

Includes gross unrealized losses at June 30, 2012 of $(200) million related to securities that had other-than-temporary impairments previously recognized.

	Three months ended June 30,				Six months ended June 30,
(In millions)	2012		2011		2012		2011

Gains	$	21	$	45	$	59	$	161
Losses, including impairments		(34)		(56)		(104)		(127)
Net	$	(13)	$	(11)	$	(45)	$	34