Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Expense (Benefit) (Tables) [Abstract]


					Year ended December 31,
(in millions)					2012	2011	2010
Current:
	Federal			$	9,141	3,352	1,425
	State and local				1,198	468	548
	Foreign				61	52	78
		Total current			10,400	3,872	2,051
Deferred:
	Federal				(1,151)	3,088	4,060
	State and local				(166)	471	211
	Foreign				20	14	16
		Total deferred			(1,297)	3,573	4,287
			Total	$	9,103	7,445	6,338

Schedule of net deferred tax asset (liability)


					December 31,
(in millions)						2012	2011
Deferred tax assets
	Allowance for loan losses				$	6,192	6,955
	Deferred compensation
		and employee benefits				4,701	4,115
	Accrued expenses					1,692	1,598
	PCI loans					2,692	3,851
	Basis difference in investments					1,182	2,104
	Net operating loss and tax
		credit carry forwards				1,058	1,701
	Other					1,868	402
			Total deferred tax assets			19,385	20,726
Deferred tax assets valuation allowance						(579)	(918)

Deferred tax liabilities
	Mortgage servicing rights					(7,360)	(7,388)
	Leasing					(4,414)	(4,344)
	Mark to market, net					(2,401)	(4,027)
	Intangible assets					(2,157)	(2,608)
	Net unrealized gains on
		securities available for sale				(4,135)	(2,619)
	Insurance reserves					(1,707)	(1,197)
	Other					(1,683)	(2,539)
			Total deferred tax liabilities			(23,857)	(24,722)
				Net deferred tax liability (1)	$	(5,051)	(4,914)

(1)	Included in accrued expenses and other liabilities.

Effective income tax expense and rate


				December 31,
				2012				2011				2010
(in millions)				Amount	Rate			Amount	Rate			Amount	Rate
Statutory federal income tax expense and rate			$	9,800	35.0	%	$	8,160	35.0	%	$	6,545	35.0	%
Change in tax rate resulting from:
	State and local taxes on income, net of
		federal income tax benefit		856	3.1			730	3.1			586	3.1
	Tax-exempt interest			(414)	(1.5)			(334)	(1.4)			(283)	(1.5)
	Excludable dividends			(132)	(0.5)			(247)	(1.1)			(258)	(1.3)
	Tax credits			(815)	(2.9)			(735)	(3.2)			(577)	(3.1)
	Life insurance			(524)	(1.9)			(222)	(1.0)			(223)	(1.2)
	Leveraged lease tax expense			347	1.2			272	1.2			461	2.5
	Other			(15)	-			(179)	(0.7)			87	0.4
		Effective income tax expense and rate	$	9,103	32.5	%	$	7,445	31.9	%	$	6,338	33.9	%

Change in unrecognized tax benefits


				Year ended
				December 31,
(in millions)				2012	2011
Balance at beginning of year			$	5,005	5,500
Additions:
	For tax positions related to the current year			877	279
	For tax positions related to prior years			491	255
Reductions:
	For tax positions related to prior years			(114)	(358)
	Lapse of statute of limitations			(23)	(75)
	Settlements with tax authorities			(167)	(596)
		Balance at end of year	$	6,069	5,005

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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