Derivative Instruments (Tables)

12 Months Ended

Dec. 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 at December 31:

	2024						2023
	Notional Value		Fair Value				Notional Value		Fair Value
(Dollars in Millions)			Assets		Liabilities				Assets		Liabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	10,600	$	—	$	—	$	12,100	$	—	$	16
Pay fixed/receive floating swaps	29,739		—		—		24,139		—		—
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps	28,550		—		—		18,400		—		—
Net investment hedges
Foreign exchange forward contracts	870		7		—		854		—		10
Other economic hedges
Interest rate contracts
Futures and forwards
Buy	5,436		8		30		5,006		29		5
Sell	2,711		10		1		4,501		7		34
Options
Purchased	7,810		186		—		6,085		237		—
Written	1,991		8		47		3,696		14		75
Receive fixed/pay floating swaps	9,977		45		23		7,029		9		3
Pay fixed/receive floating swaps	2,371		—		—		3,801		—		—
Foreign exchange forward contracts	702		4		4		734		2		5
Equity contracts	293		—		9		227		2		—
Credit contracts	3,558		—		29		2,620		1		—
Other (a)	1,084		7		78		2,136		11		93
Total	$	105,692	$	275	$	221	$	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 $1.0 billion and $78 million at December 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 value of $28 million at December 31, 2023

Summary of Customer-Related Derivative Positions

The following table summarizes the customer-related derivative positions of the Company at December 31:

	2024						2023
	Notional Value		Fair Value				Notional Value		Fair Value
(Dollars in Millions)			Assets		Liabilities				Assets		Liabilities
Interest rate contracts
Receive fixed/pay floating swaps	$	413,841	$	462	$	4,485	$	363,375	$	791	$	4,395
Pay fixed/receive floating swaps	363,837		2,342		153		330,539		1,817		280
Other(a)	72,503		17		34		82,209		17		51
Options
Purchased	96,238		414		2		102,423		1,026		18
Written	90,572		12		574		97,690		20		1,087
Foreign exchange rate contracts
Forwards, spots and swaps	113,718		2,441		2,232		121,119		2,252		1,942
Options
Purchased	497		14		—		1,532		28		—
Written	497		—		14		1,532		—		28
Commodity contracts
Swaps	8,224		199		180		2,498		116		110
Options
Purchased	3,921		233		2		1,936		151		—
Written	3,921		3		233		1,936		—		151
Futures
Buy	1		—		—		—		—		—
Sell	166		25		27		—		—		—
Credit contracts	13,670		—		3		13,053		1		6
Total	$	1,181,606	$	6,162	$	7,939	$	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 years ended December 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)						Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2024		2023		2022		2024		2023		2022
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts	$	(503)	$	(187)	$	(56)	$	(192)	$	(59)	$	(27)
Net investment hedges
Foreign exchange forward contracts	121		(11)		42		—		—		—
Non-derivative debt instruments	85		(33)		59		—		—		—

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 years ended December 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)						Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2024		2023		2022		2024		2023		2022
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts	$	(503)	$	(187)	$	(56)	$	(192)	$	(59)	$	(27)
Net investment hedges
Foreign exchange forward contracts	121		(11)		42		—		—		—
Non-derivative debt instruments	85		(33)		59		—		—		—

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 years ended December 31:

	Interest Income						Interest Expense
(Dollars in Millions)	2024		2023		2022		2024		2023		2022
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	$	31,666	$	30,007	$	17,945	$	15,377	$	12,611	$	3,217
Asset and Liability Management Positions
Fair value hedges
Interest rate contract derivatives	508		(430)		138		95		(458)		482
Hedged items	(508)		427		(139)		(98)		461		(486)
Cash flow hedges
Interest rate contract derivatives	(230)		(52)		—		28		28		—

Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $28 million, $28 million and $36 million into earnings during the years ended December 31, 2024, 2023 and 2022, respectively, 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 at December 31:

	Carrying Amount of the Hedged Assets and Liabilities				Cumulative Hedging Adjustment
(Dollars in Millions)	2024		2023		2024		2023
Line Item in the Consolidated Balance Sheet
Available-for-sale investment securities(a)	$	29,005	$	23,924	$	(464)	$	(93)
Long-term debt	10,632		12,034		39		(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 $(72) million and $(149) million, respectively, at December 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 $6.8 billion and $14.9 billion, respectively, at December 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 December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.5 billion, of which $11.6 billion was designated as hedged. At December 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $13 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 years ended December 31:

(Dollars in Millions)	Location of Gains (Losses) Recognized in Earnings	2024		2023		2022
Asset and Liability Management Positions
Other economic hedges
Interest rate contracts
Futures and forwards	Mortgage banking revenue	$	5	$	71	$	407
Purchased and written options	Mortgage banking revenue	195		89		1
Swaps	Mortgage banking revenue/Other noninterest income/Interest expense	(201)		(19)		(1,010)
Foreign exchange forward contracts	Other noninterest income	23		(7)		(1)
Equity contracts	Compensation expense	(4)		(8)		(8)
Credit contracts	Commercial products revenue	(21)		—		—
Other	Other noninterest income	(147)		1		(181)
Customer-Related Positions
Interest rate contracts
Swaps	Commercial products revenue	280		185		98
Purchased and written options	Commercial products revenue	(58)		45		20
Futures	Commercial products revenue	—		(1)		30
Foreign exchange rate contracts
Forwards, spots and swaps	Commercial products revenue	215		195		100
Purchased and written options	Commercial products revenue	—		1		1
Commodity contracts
Swaps	Commercial products revenue	16		6		—
Purchased and written options	Commercial products revenue	6		—		—
Credit contracts	Commercial products revenue	(3)		1		20