Fair value hierarchy December 31, 2017 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 14,732 $ — $ — $ 14,732 Securities borrowed — 3,049 — — 3,049 Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies (a) — 41,515 307 — 41,822 Residential – nonagency — 1,835 60 — 1,895 Commercial – nonagency — 1,645 11 — 1,656 Total mortgage-backed securities — 44,995 378 — 45,373 U.S. Treasury and government agencies (a) 30,758 6,475 1 — 37,234 Obligations of U.S. states and municipalities — 9,067 744 — 9,811 Certificates of deposit, bankers’ acceptances and commercial paper — 226 — — 226 Non-U.S. government debt securities 28,887 28,831 78 — 57,796 Corporate debt securities — 24,146 312 — 24,458 Loans (b) — 35,242 2,719 — 37,961 Asset-backed securities — 3,284 153 — 3,437 Total debt instruments 59,645 152,266 4,385 — 216,296 Equity securities 87,346 197 295 — 87,838 Physical commodities (c) 4,924 1,322 — — 6,246 Other — 14,197 690 — 14,887 Total debt and equity instruments (d) 151,915 167,982 5,370 — 325,267 Derivative receivables: Interest rate 181 314,107 1,704 (291,319) 24,673 Credit — 21,995 1,209 (22,335) 869 Foreign exchange 841 158,834 557 (144,081) 16,151 Equity — 37,722 2,318 (32,158) 7,882 Commodity — 19,875 210 (13,137) 6,948 Total derivative receivables (e) 1,022 552,533 5,998 (503,030) 56,523 Total trading assets (f) 152,937 720,515 11,368 (503,030) 381,790 Available-for-sale securities: Mortgage-backed securities: U.S. government agencies (a) — 70,280 — — 70,280 Residential – nonagency — 11,366 1 — 11,367 Commercial – nonagency — 5,025 — — 5,025 Total mortgage-backed securities — 86,671 1 — 86,672 U.S. Treasury and government agencies 22,745 — — — 22,745 Obligations of U.S. states and municipalities — 32,338 — — 32,338 Certificates of deposit — 59 — — 59 Non-U.S. government debt securities 18,140 9,154 — — 27,294 Corporate debt securities — 2,757 — — 2,757 Asset-backed securities: Collateralized loan obligations — 20,720 276 — 20,996 Other — 8,817 — — 8,817 Equity securities (g) 547 — — — 547 Total available-for-sale securities 41,432 160,516 277 — 202,225 Loans — 2,232 276 — 2,508 Mortgage servicing rights — — 6,030 — 6,030 Other assets (f)(g) 13,795 343 1,265 — 15,403 Total assets measured at fair value on a recurring basis $ 208,164 $ 901,387 $ 19,216 $ (503,030) $ 625,737 Deposits $ — $ 17,179 $ 4,142 $ — $ 21,321 Federal funds purchased and securities loaned or sold under repurchase agreements — 697 — — 697 Short-term borrowings — 7,526 1,665 — 9,191 Trading liabilities: Debt and equity instruments (d) 64,664 21,183 39 — 85,886 Derivative payables: Interest rate 170 282,825 1,440 (277,306) 7,129 Credit — 22,009 1,244 (21,954) 1,299 Foreign exchange 794 154,075 953 (143,349) 12,473 Equity — 39,668 5,727 (36,203) 9,192 Commodity — 21,017 884 (14,217) 7,684 Total derivative payables (e) 964 519,594 10,248 (493,029) 37,777 Total trading liabilities 65,628 540,777 10,287 (493,029) 123,663