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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Asset and Liability Management Derivative Positions
The following table summarizes the asset and liability management derivative positions of the Company:
 March 31, 2024December 31, 2023
 
Notional Value
Fair Value
Notional Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$13,800 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps19,631 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,400 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts901 4 — 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,764 6 6 5,006 29 5 
Sell2,371 2 8 4,501 7 34 
Options
Purchased6,660 217 — 6,085 237 — 
Written2,571 19 60 3,696 14 75 
Receive fixed/pay floating swaps8,395 37 1 7,029 9 3 
Pay fixed/receive floating swaps2,964 — — 3,801 — — 
Foreign exchange forward contracts721 1 1 734 2 5 
Equity contracts246 6 — 227 2 — 
Credit contracts2,933 1 6 2,620 1 — 
Other(a)
2,988 11 148 2,136 11 93 
Total$93,345 $304 $230 $91,328 $312 $241 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $2.1 billion and $145 million at March 31, 2024, respectively, compared to $2.0 billion and $91 million at December 31, 2023, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $862 million at March 31, 2024, and $28 million at December 31, 2023.
Summary of Customer-Related Derivative Positions
The following table summarizes the customer-related derivative positions of the Company:
 March 31, 2024December 31, 2023
 
Notional
Value
Fair Value
Notional
Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$373,670 $391 $5,291 $363,375 $791 $4,395 
Pay fixed/receive floating swaps338,302 2,182 183 330,539 1,817 280 
Other(a)
79,395 15 48 82,209 17 51 
Options
Purchased94,801 889 2 102,423 1,026 18 
Written90,927 4 1,034 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps109,255 2,036 1,789 121,119 2,252 1,942 
Options
Purchased785 16 — 1,532 28 — 
Written785 — 16 1,532 — 28 
Commodity contracts
Swaps3,303 141 133 2,498 116 110 
Options
Purchased2,464 178 1 1,936 151 — 
Written2,464 1 177 1,936 — 151 
Futures
Sell5 1 1 — — — 
Credit contracts12,576 — 4 13,053 1 6 
Total$1,108,732 $5,854 $8,679 $1,119,842 $6,219 $8,068 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the three months ended March 31:
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)2024202320242023
Asset and Liability Management Positions    
Cash flow hedges    
Interest rate contracts$(255)$151 $(36)$(6)
Net investment hedges    
Foreign exchange forward contracts69 (3)— — 
Non-derivative debt instruments34 (18)— — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the three months ended March 31:
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)2024202320242023
Asset and Liability Management Positions    
Cash flow hedges    
Interest rate contracts$(255)$151 $(36)$(6)
Net investment hedges    
Foreign exchange forward contracts69 (3)— — 
Non-derivative debt instruments34 (18)— — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the three months ended March 31:
 Interest Income Interest Expense
(Dollars in Millions)2024202320242023
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$7,764 $6,964 $3,779 $2,330 
Asset and Liability Management Positions    
Fair value hedges    
Interest rate contract derivatives468 (178)(57)(114)
Hedged items(469)174 57 114 
Cash flow hedges    
Interest rate contract derivatives(42)— 7 7 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million into earnings during both the three months ended March 31, 2024 and 2023, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
 
Carrying Amount of the Hedged Assets
and Liabilities
Cumulative Hedging Adjustment
(Dollars in Millions)March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$18,981 $23,924 $(474)$(93)
Long-term debt13,683 12,034 (97)(32)
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(108) million and $(110) million, respectively, at March 31, 2024, compared with $(18) million and $(116) million at December 31, 2023, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $7.1 billion and $6.7 billion, respectively, at March 31, 2024, compared with $830 million and $7.2 billion at December 31, 2023, respectively.
(a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At March 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $15.4 billion, of which $9.5 billion was designated as hedged. At March 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $88 million. At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $15.6 billion, of which $9.6 billion was designated as hedged. At December 31, 2023, the cumulative amount of basis adjustments associated with these hedging relationships was $335 million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31:
(Dollars in Millions)
Location of Gains (Losses)
Recognized in Earnings
20242023
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$(12)$7 
Purchased and written optionsMortgage banking revenue39 (2)
SwapsMortgage banking revenue/Interest expense(86)58 
Foreign exchange forward contractsOther noninterest income4 (5)
Equity contractsCompensation expense— (3)
Credit contractsCommercial products revenue(2)— 
OtherOther noninterest income(75)(2)
Customer-Related Positions   
Interest rate contracts   
SwapsCommercial products revenue131 52 
Purchased and written optionsCommercial products revenue(47)— 
FuturesCommercial products revenue— (1)
Foreign exchange rate contracts   
Forwards, spots and swapsCommercial products revenue24 28 
Commodity contracts   
SwapsCommercial products revenue2 — 
Purchased and written options
Commercial products revenue2 — 
Credit contractsCommercial products revenue(1)—