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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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:
 June 30, 2024December 31, 2023
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$15,700 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps28,581 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,400 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts842 1 1 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,460 7 9 5,006 29 5 
Sell2,757 3 7 4,501 7 34 
Options
Purchased5,090 182 — 6,085 237 — 
Written2,331 17 53 3,696 14 75 
Receive fixed/pay floating swaps9,287 89 2 7,029 9 3 
Pay fixed/receive floating swaps3,354 — — 3,801 — — 
Foreign exchange forward contracts704 1 — 734 2 5 
Equity contracts267 1 1 227 2 — 
Credit contracts3,558 — 9 2,620 1 — 
Other(a)
2,070 8 120 2,136 11 93 
Total$103,401 $309 $202 $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 $1.4 billion and $119 million at June 30, 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 $576 million at June 30, 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:
 June 30, 2024December 31, 2023
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$369,671 $439 $5,184 $363,375 $791 $4,395 
Pay fixed/receive floating swaps345,929 2,147 170 330,539 1,817 280 
Other(a)
76,713 15 50 82,209 17 51 
Options
Purchased95,653 736 1 102,423 1,026 18 
Written91,365 9 953 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps109,853 2,054 1,836 121,119 2,252 1,942 
Options
Purchased538 17 — 1,532 28 — 
Written538 — 17 1,532 — 28 
Commodity contracts
Swaps5,010 140 135 2,498 116 110 
Options
Purchased3,080 205 1 1,936 151 — 
Written3,079 1 205 1,936 — 151 
Futures
Sell83 17 10 — — — 
Credit contracts12,554 1 4 13,053 1 6 
Total$1,114,066 $5,781 $8,566 $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):

 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20242023202420232024202320242023
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$(81)$(345)$(60)$(8)$(336)$(194)$(96)$(14)
Net investment hedges        
Foreign exchange forward contracts9 (6)— — 78 (9)— — 
Non-derivative debt instruments7 1 — — 41 (17)— — 
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):

 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20242023202420232024202320242023
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$(81)$(345)$(60)$(8)$(336)$(194)$(96)$(14)
Net investment hedges        
Foreign exchange forward contracts9 (6)— — 78 (9)— — 
Non-derivative debt instruments7 1 — — 41 (17)— — 
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:

 Three Months Ended June 30Six Months Ended June 30
 Interest Income Interest Expense Interest Income Interest Expense
(Dollars in Millions)20242023202420232024202320242023
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$7,985 $7,526 $3,962 $3,111 $15,749 $14,490 $7,741 $5,441 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(23)334 69 243 445 156 12 129 
Hedged items22 (332)(69)(241)(447)(158)(12)(127)
Cash flow hedges        
Interest rate contract derivatives(73)— 7 11 (115)— 14 18 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million and $14 million into earnings during the three and six months ended June 30, 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $11 million and $18 million during the three and six months ended June 30, 2023, respectively. 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)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$27,933 $23,924 $(446)$(93)
Long-term debt15,650 12,034 (18)(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 $(96) million and $(181) million, respectively, at June 30, 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 $6.7 billion and $9.2 billion, respectively, at June 30, 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 June 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $18.2 billion, of which $11.6 billion was designated as hedged. At June 30, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $60 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 $335 million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		2024202320242023
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$(2)$31 $(14)$38 
Purchased and written optionsMortgage banking revenue9 17 48 15 
SwapsMortgage banking revenue/Interest expense9 (38)(77)20 
Foreign exchange forward contractsOther noninterest income4 (8)8 (13)
Equity contractsCompensation expense(2)— (2)(3)
Credit contractsCommercial products revenue— — (2)— 
OtherOther noninterest income6 1 (69)(1)
Customer-Related Positions     
Interest rate contracts     
SwapsCommercial products revenue89 58 220 95 
Purchased and written optionsCommercial products revenue(21)(1)(68)— 
FuturesCommercial products revenue— — — (1)
Foreign exchange rate contracts     
Forwards, spots and swapsCommercial products revenue32 44 56 99 
Commodity contracts     
SwapsCommercial products revenue(1)2 1 2 
Purchased and written optionsCommercial products revenue2 — 4 — 
FuturesCommercial products revenue6 — 6 — 
Credit contractsCommercial products revenue1 (1)— (1)