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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
March 31, 2025 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,361 — — 4,361 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 6,601 — 6,601 
Agency commercial mortgage-backed securities— 21,056 — 21,056 
Non-agency commercial mortgage-backed securities— 3,706 — 3,706 
Asset-backed securities and other debt securities— 3,199 — 3,199 
Available-for-sale debt and other securities(a)
4,361 34,562 — 38,923 
Trading debt securities:
U.S. Treasury and federal agencies securities675 20 — 695 
Obligations of states and political subdivisions securities— 70 — 70 
Agency residential mortgage-backed securities— 26 — 26 
Asset-backed securities and other debt securities— 368 — 368 
Trading debt securities675 484 — 1,159 
Equity securities465 29 — 494 
Residential mortgage loans held for sale— 445 — 445 
Residential mortgage loans(b)
— — 109 109 
Servicing rights— — 1,663 1,663 
Derivative assets:
Interest rate contracts1 580 5 586 
Foreign exchange contracts— 798 — 798 
Commodity contracts72 734 — 806 
Derivative assets(c)
73 2,112 5 2,190 
Total assets$5,574 37,632 1,777 44,983 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 747 5 754 
Foreign exchange contracts— 758 — 758 
Equity contracts— — 173 173 
Commodity contracts165 635 — 800 
Derivative liabilities(d)
167 2,140 178 2,485 
Short positions:
U.S. Treasury and federal agencies securities76 — — 76 
Asset-backed securities and other debt securities— 125 — 125 
Equity securities42 — — 42 
Short positions(d)
118 125 — 243 
Total liabilities$285 2,265 178 2,728 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $321, $501 and $2, respectively, at March 31, 2025.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2024 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,360 — — 4,360 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 5,681 — 5,681 
Agency commercial mortgage-backed securities— 20,832 — 20,832 
Non-agency commercial mortgage-backed securities— 4,167 — 4,167 
Asset-backed securities and other debt securities— 3,729 — 3,729 
Available-for-sale debt and other securities(a)
4,360 34,409 — 38,769 
Trading debt securities:
U.S. Treasury and federal agencies securities591 35 — 626 
Obligations of states and political subdivisions securities— 120 — 120 
Agency residential mortgage-backed securities— 10 — 10 
Asset-backed securities and other debt securities— 429 — 429 
Trading debt securities591 594 — 1,185 
Equity securities307 34 — 341 
Residential mortgage loans held for sale— 574 — 574 
Residential mortgage loans(b)
— — 108 108 
Servicing rights— — 1,704 1,704 
Derivative assets:
Interest rate contracts7 721 2 730 
Foreign exchange contracts— 1,167 — 1,167 
Commodity contracts75 500 — 575 
Derivative assets(c)
82 2,388 2 2,472 
Total assets$5,340 37,999 1,814 45,153 
Liabilities:
Derivative liabilities:
Interest rate contracts$— 939 5 944 
Foreign exchange contracts— 1,120 — 1,120 
Equity contracts— — 170 170 
Commodity contracts57 507 — 564 
Derivative liabilities(d)
57 2,566 175 2,798 
Short positions:
U.S. Treasury and federal agencies securities139 — — 139 
Asset-backed securities and other debt securities— 156 — 156 
Equity securities21 — — 21 
Short positions(d)
160 156 — 316 
Total liabilities$217 2,722 175 3,114 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $276, $500 and $2, respectively, at December 31, 2024.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended March 31, 2025 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$108 1,704 (3)(170)1,639 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings2 (50)15 (18)(51)
Purchases/originations— 9 (1)— 8 
Settlements(3)— (11)15 1 
Transfers into Level 3(c)
2 — — — 2 
Balance, end of period$109 1,663 — (173)1,599 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at March 31, 2025
$2 (35)6 (18)(45)
(a)Net interest rate derivatives include $5 for both derivative assets and liabilities as of March 31, 2025.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at March 31, 2025.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended March 31, 2024 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$116 1,737 — (168)1,685 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings(2)8 9 (17)(2)
Purchases/originations— 11 — — 11 
Settlements(3)— (9)23 11 
Transfers into Level 3(c)
2 — — — 2 
Balance, end of period$113 1,756 — (162)1,707 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at March 31, 2024
$(2)25 5 (17)11 
(a)Net interest rate derivatives include $6 for both derivative assets and liabilities as of March 31, 2024.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at March 31, 2024.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
March 31,
($ in millions)20252024
Mortgage banking net revenue$(34)14 
Capital markets fees1 1 
Other noninterest income(18)(17)
Total losses$(51)(2)
The total losses and gains included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at March 31, 2025 and 2024 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
March 31,
($ in millions)20252024
Mortgage banking net revenue$(28)27 
Capital markets fees1 1 
Other noninterest income(18)(17)
Total (losses) gains$(45)11 
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of March 31, 2025 and 2024 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of March 31, 2025 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$109 Loss rate modelInterest rate risk factor(51.9)-5.7%(11.5)%
(a)
Credit risk factor— -0.7%0.1 %
(a)
Servicing rights1,663 DCFPrepayment speed— -100.0%
(Fixed)
6.3 %
(b)
(Adjustable)
16.0 %
(b)
OAS (bps)335 -1,821
(Fixed)
418
(b)
(Adjustable)
725
(b)
IRLCs, net5 DCFLoan closing rates20.5 -96.0%79.7 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(173)DCFTiming of the resolution
   of the Covered Litigation		Q2 2027-Q1 2028Q4 2027
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of March 31, 2024 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-Average
Residential mortgage loans$113 Loss rate modelInterest rate risk factor(25.2)-3.7 %(13.4)%
(a)
Credit risk factor— -0.6 %0.1 %
(a)
Servicing rights1,756 DCFPrepayment speed— -100.0 %(Fixed)5.8 %
(b)
(Adjustable)22.9 %
(b)
OAS (bps)448-1,833(Fixed)460
(b)
(Adjustable)702
(b)
IRLCs, net5 DCFLoan closing rates20.0 -96.0 %79.4 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
(162)DCFTiming of the resolution
   of the Covered Litigation		Q2 2026-Q1 2028Q4 2026
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of March 31, 2025 and 2024, and for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2025 and 2024, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of March 31, 2025 ($ in millions)Level 1Level 2Level 3Total
For the three months ended March 31, 2025
Commercial loans and leases$— — 261 261 (126)
Consumer and residential mortgage loans— — 145 145 (4)
OREO— — 4 4 1 
Private equity investments— 13 — 13 4 
Total$— 13 410 423 (125)

Fair Value Measurements UsingTotal (Losses) Gains
As of March 31, 2024 ($ in millions)Level 1Level 2Level 3Total
For the three months ended
 March 31, 2024
Commercial loans held for sale$— — 25 25 — 
Commercial loans and leases— — 130 130 (60)
Consumer and residential mortgage loans— — 197 197 (3)
OREO— — 1 1 — 
Bank premises and equipment— — 1 1 — 
Private equity investments— — — — 9 
Total$— — 354 354 (54)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of March 31, 2025 and 2024 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of March 31, 2025 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans and leases$261 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans145 Appraised valueCollateral valueNMNM
OREO4 Appraised valueAppraised valueNMNM
As of March 31, 2024 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$25 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases130 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans197 Appraised valueCollateral valueNMNM
OREO1 Appraised valueAppraised valueNMNM
Bank premises and equipment1 Appraised valueAppraised valueNMNM
Private equity investments— Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
March 31, 2025 ($ in millions)Aggregate
Fair Value		Aggregate Unpaid
Principal Balance
Residential mortgage loans measured at fair value$554 556 
Past due loans of 30-89 days1 1 
Nonaccrual loans2 2 
December 31, 2024
Residential mortgage loans measured at fair value$682 693 
Past due loans of 30-89 days1 1 
Past due loans of 90 days or more1 1 
Nonaccrual loans2 2 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of March 31, 2025 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks
$3,009 3,009 — — 3,009 
Other short-term investments14,965 14,965 — — 14,965 
Other securities824 — 824 — 824 
Held-to-maturity securities11,185 2,387 8,683 2 11,072 
Loans and leases held for sale28 — — 28 28 
Portfolio loans and leases:
Commercial loans and leases73,896 — — 74,303 74,303 
Consumer and residential mortgage loans45,802 — — 43,288 43,288 
Total portfolio loans and leases, net$119,698 — — 117,590 117,590 
Financial liabilities:
Deposits$165,505 — 165,617 — 165,617 
Federal funds purchased227 227 — — 227 
Other short-term borrowings5,457 — 5,463 — 5,463 
Long-term debt14,574 8,667 6,161 — 14,828 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2024 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,014 3,014 — — 3,014 
Other short-term investments17,120 17,120 — — 17,120 
Other securities778 — 778 — 778 
Held-to-maturity securities11,278 2,344 8,619 2 10,965 
Loans and leases held for sale66 — — 66 66 
Portfolio loans and leases:
Commercial loans and leases72,139 — — 72,319 72,319 
Consumer and residential mortgage loans45,192 — — 42,155 42,155 
Total portfolio loans and leases, net$117,331 — — 114,474 114,474 
Financial liabilities:
Deposits$167,252 — 167,353 — 167,353 
Federal funds purchased204 204 — — 204 
Other short-term borrowings4,450 — 4,459 — 4,459 
Long-term debt14,440 3,753 10,835 — 14,588