Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

A summary of short-term borrowings for the years 2023, 2022 and 2021 is presented in the following table:

Table 8.9.1

SHORT-TERM BORROWINGS

(Dollars in millions)	Trading Liabilities			Federal Funds Purchased			Securities Sold Under Agreements to Repurchase			Other Short-term Borrowings
2023
Average balance	$	301		$	349		$	1,426		$	2,688
Year-end balance	509			302			1,921			326
Maximum month-end outstanding	509			622			1,957			7,476
Average rate for the year	4.16		%	5.12		%	3.66		%	5.19		%
Average rate at year-end	4.48		%	5.40		%	3.98		%	5.36		%
2022
Average balance	$	480		$	699		$	881		$	229
Year-end balance	335			400			1,013			1,093
Maximum month-end outstanding	700			1,023			1,211			1,093
Average rate for the year	2.56		%	1.56		%	0.77		%	2.26		%
Average rate at year-end	3.67		%	4.40		%	2.19		%	4.30		%
2021
Average balance	$	540		$	949		$	1,235		$	124
Year-end balance	426			775			1,247			102
Maximum month-end outstanding	685			1,037			1,615			146
Average rate for the year	1.11		%	0.12		%	0.30		%	0.09		%
Average rate at year-end	1.62		%	0.10		%	0.11		%	0.08		%

Federal funds purchased and securities sold under agreements to repurchase generally have maturities of less than 90 days. Trading liabilities, which represent short positions in securities, are generally held for less than 90 days. Other short-term borrowings have original

maturities of one year or less. On December 31, 2023, there were no fixed income trading securities pledged to secure other short-term borrowings.