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Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis
The following tables present assets and liabilities at March 31, 2025 and December 31, 2024 measured at estimated fair value on a recurring basis:
(Dollars in millions)Fair Value MeasurementsLevel 1Level 2Level 3 (a)
March 31, 2025    
Trading account$96 $96 $— $— 
Investment securities available for sale:   
U.S. Treasury8,085 — 8,085 — 
Mortgage-backed securities:    
Government issued or guaranteed:   
Commercial4,340 — 4,340 — 
Residential8,370 — 8,370 — 
Other4 — 4 — 
 20,799 — 20,799 — 
Equity securities280 280 — — 
Real estate loans held for sale371 — 371 — 
Other assets (b)239 — 236 3 
Total assets$21,785 $376 $21,406 $3 
Other liabilities (b)$632 $— $632 $— 
Total liabilities$632 $— $632 $— 
December 31, 2024    
Trading account$101 $101 $— $— 
Investment securities available for sale:    
U.S. Treasury7,931 — 7,931 — 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial3,702 — 3,702 — 
Residential7,214 — 7,214 — 
Other 2 — 2 — 
 18,849 — 18,849 — 
Equity securities235 235 — — 
Real estate loans held for sale521 — 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 
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(a)Significant unobservable inputs used in the fair value measurement of certain commitments to originate real estate loans held for sale included weighted-average commitment expirations of 24% at March 31, 2025 and 6% at December 31, 2024. 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 2 and 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
March 31, 2025
Financial assets:
Cash and cash equivalents$2,109 $2,109 $1,980 $129 $— 
Interest-bearing deposits at banks20,656 20,656 — 20,656 — 
Investment securities held to maturity13,352 12,308 — 12,264 44 
Loans and leases, net132,374 131,995 — 6,653 125,342 
Financial liabilities:
Time deposits13,979 13,948 — 13,948 — 
Short-term borrowings1,573 1,573 — 1,573 — 
Long-term borrowings10,496 10,605 — 10,605 — 
December 31, 2024
Financial assets:
Cash and cash equivalents1,909 1,909 1,749 160 — 
Interest-bearing deposits at banks18,873 18,873 — 18,873 — 
Investment securities held to maturity14,195 12,955 — 12,909 46 
Loans and leases, net133,397 131,334 — 6,806 124,528 
Financial liabilities:
Time deposits14,476 14,463 — 14,463 — 
Short-term borrowings1,060 1,060 — 1,060 — 
Long-term borrowings12,605 12,754 — 12,754 —