Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis

The following tables present assets and liabilities at December 31, 2024 and 2023 measured at estimated fair value on a recurring basis:

(Dollars in millions)	Fair Value Measurements		Level 1		Level 2		Level 3 (a)
December 31, 2024
Trading account	$	101	$	101	$	—	$	—
Investment securities available for sale:
U.S. Treasury	7,931		—		7,931		—
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	3,702		—		3,702		—
Residential	7,214		—		7,214		—
Other	2		—		2		—
	18,849		—		18,849		—
Equity securities	235		235		—		—
Real estate loans held for sale	521		—		521		—
Other assets (b)	255		—		251		4
Total assets	$	19,961	$	336	$	19,621	$	4
Other liabilities (b)	$	822	$	—	$	790	$	32
Total liabilities	$	822	$	—	$	790	$	32
December 31, 2023
Trading account	$	106	$	101	$	5	$	—
Investment securities available for sale:
U.S. Treasury	7,705		—		7,705		—
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	416		—		416		—
Residential	2,154		—		2,154		—
Other	165		—		165		—
	10,440		—		10,440		—
Equity securities	268		258		10		—
Real estate loans held for sale	379		—		379		—
Other assets (b)	324		—		309		15
Total assets	$	11,517	$	359	$	11,143	$	15
Other liabilities (b)	$	943	$	—	$	911	$	32
Total liabilities	$	943	$	—	$	911	$	32

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(a)Significant unobservable inputs used in the fair value measurement of commitments to originate real estate loans held for sale included weighted-average commitment expirations of 6% at December 31, 2024 and 5% at December 31, 2023. An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing.

(b)Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), interest rate and foreign exchange contracts not designated as hedging instruments (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3).

Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities)

The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the Consolidated Balance Sheet are presented in the following table:

(Dollars in millions)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2024
Financial assets:
Cash and cash equivalents	$	1,909	$	1,909	$	1,749	$	160	$	—
Interest-bearing deposits at banks	18,873		18,873		—		18,873		—
Investment securities held to maturity	14,195		12,955		—		12,909		46
Loans and leases, net	133,397		131,334		—		6,806		124,528
Financial liabilities:
Time deposits	14,476		14,463		—		14,463		—
Short-term borrowings	1,060		1,060		—		1,060		—
Long-term borrowings	12,605		12,754		—		12,754		—

December 31, 2023
Financial assets:
Cash and cash equivalents	1,731	1,731	1,668	63	—
Interest-bearing deposits at banks	28,069	28,069	—	28,069	—
Investment securities held to maturity	15,330	14,308	—	14,262	46
Loans and leases, net	131,939	129,138	—	7,240	121,898
Financial liabilities:
Time deposits	20,759	20,715	—	20,715	—
Short-term borrowings	5,316	5,316	—	5,316	—
Long-term borrowings	8,201	8,107	—	8,107	—