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Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and HTM debt securities at September 30, 2020 and December 31, 2019.
Debt Securities
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in millions)September 30, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency$67,566 $2,349 $(51)$69,864 
Agency-collateralized mortgage obligations5,663 189 (15)5,837 
Commercial15,190 1,017 (1)16,206 
Non-agency residential (1)
1,167 146 (30)1,283 
Total mortgage-backed securities89,586 3,701 (97)93,190 
U.S. Treasury and agency securities100,508 2,377 (7)102,878 
Non-U.S. securities16,333 34 (13)16,354 
Other taxable securities, substantially all asset-backed securities3,628 58 (10)3,676 
Total taxable securities210,055 6,170 (127)216,098 
Tax-exempt securities17,299 340 (45)17,594 
Total available-for-sale debt securities 227,354 6,510 (172)233,692 
Other debt securities carried at fair value (2)
11,982 399 (76)12,305 
Total debt securities carried at fair value239,336 6,909 (248)245,997 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 338,418 9,727 (228)347,917 
Total debt securities (3,4)
$577,754 $16,636 $(476)$593,914 
December 31, 2019
Available-for-sale debt securities
Mortgage-backed securities:
Agency$121,698 $1,013 $(183)$122,528 
Agency-collateralized mortgage obligations4,587 78 (24)4,641 
Commercial14,797 249 (25)15,021 
Non-agency residential (1)
948 138 (9)1,077 
Total mortgage-backed securities142,030 1,478 (241)143,267 
U.S. Treasury and agency securities67,700 1,023 (195)68,528 
Non-U.S. securities11,987 6 (2)11,991 
Other taxable securities, substantially all asset-backed securities3,874 67 — 3,941 
Total taxable securities225,591 2,574 (438)227,727 
Tax-exempt securities17,716 202 (6)17,912 
Total available-for-sale debt securities243,307 2,776 (444)245,639 
Other debt securities carried at fair value (2)
10,596 255 (23)10,828 
Total debt securities carried at fair value253,903 3,031 (467)256,467 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities215,730 4,433 (342)219,821 
Total debt securities (3, 4)
$469,633 $7,464 $(809)$476,288 
(1)At September 30, 2020 and December 31, 2019, the underlying collateral type included approximately 35 percent and 49 percent prime, four percent and six percent Alt-A and 61 percent and 45 percent subprime.
(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $55.7 billion and $67.0 billion at September 30, 2020 and December 31, 2019.
(4)The Corporation held debt securities from Fannie Mae and Freddie Mac that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $193.8 billion and $76.9 billion, and a fair value of $201.0 billion and $79.3 billion at September 30, 2020, and an amortized cost of $157.2 billion and $54.1 billion, and a fair value of $160.6 billion and $55.1 billion at December 31, 2019.
Amortized Cost and Fair Value of Corporations Investment The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at September 30, 2020 and December 31, 2019.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
(Dollars in millions)September 30, 2020
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$5,284 $(51)$2 $— $5,286 $(51)
Agency-collateralized mortgage obligations242 (3)447 (12)689 (15)
Commercial244 (1)190 — 434 (1)
Non-agency residential326 (19)75 (11)401 (30)
Total mortgage-backed securities6,096 (74)714 (23)6,810 (97)
U.S. Treasury and agency securities3,893 (3)503 (4)4,396 (7)
Non-U.S. securities2,749 (11)224 (2)2,973 (13)
Other taxable securities, substantially all asset-backed securities984 (5)342 (5)1,326 (10)
Total taxable securities13,722 (93)1,783 (34)15,505 (127)
Tax-exempt securities4,135 (35)964 (10)5,099 (45)
Total AFS debt securities in a continuous
unrealized loss position		$17,857 $(128)$2,747 $(44)$20,604 $(172)
December 31, 2019
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$17,641 $(41)$17,238 $(142)$34,879 $(183)
Agency-collateralized mortgage obligations255 (1)925 (23)1,180 (24)
Commercial2,180 (22)442 (3)2,622 (25)
Non-agency residential122 (6)22 (3)144 (9)
Total mortgage-backed securities20,198 (70)18,627 (171)38,825 (241)
U.S. Treasury and agency securities12,836 (71)18,866 (124)31,702 (195)
Non-U.S. securities851 — 837 (2)1,688 (2)
Other taxable securities, substantially all asset-backed securities938 — 222 — 1,160 — 
Total taxable securities34,823 (141)38,552 (297)73,375 (438)
Tax-exempt securities4,286 (5)190 (1)4,476 (6)
Total AFS debt securities in a continuous
unrealized loss position		$39,109 $(146)$38,742 $(298)$77,851 $(444)
Expected Maturity Distribution
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 30, 2020 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$7 5.37 %$59 4.51 %$67,500 3.36 %$67,566 3.36 %
Agency-collateralized mortgage obligations— — — — 24 2.54 5,639 2.95 5,663 2.95 
Commercial26 3.08 6,136 2.49 8,014 2.44 1,027 2.75 15,203 2.48 
Non-agency residential— — — — 11 — 2,313 7.35 2,324 7.32 
Total mortgage-backed securities26 3.08 6,143 2.49 8,108 2.45 76,479 3.44 90,756 3.29 
U.S. Treasury and agency securities10,398 1.19 29,682 1.81 60,399 0.78 32 2.62 100,511 1.13 
Non-U.S. securities25,784 0.37 1,275 1.50 7 5.82 76 8.89 27,142 0.44 
Other taxable securities, substantially all asset-backed securities
1,107 1.42 1,423 2.32 628 2.06 470 1.73 3,628 1.92 
Total taxable securities37,315 0.63 38,523 1.93 69,142 0.99 77,057 3.44 222,037 1.94 
Tax-exempt securities905 0.92 8,462 1.23 5,051 1.66 2,881 1.53 17,299 1.39 
Total amortized cost of debt securities carried at fair value
$38,220 0.64 $46,985 1.80 $74,193 1.03 $79,938 3.37 $239,336 1.90 
Amortized cost of HTM debt securities (2)
$66 1.87 $81 3.29 $17,188 1.86 $321,083 2.71 $338,418 2.67 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $8  $63  $69,793  $69,864  
Agency-collateralized mortgage obligations—  —  25  5,812  5,837  
Commercial26  6,491  8,586  1,117  16,220  
Non-agency residential—  —  22  2,469  2,491  
Total mortgage-backed securities26 6,499 8,696 79,191 94,412 
U.S. Treasury and agency securities10,452 31,020 61,377 32 102,881 
Non-U.S. securities26,066  1,278  8  79  27,431  
Other taxable securities, substantially all asset-backed securities
1,112  1,445  640  482  3,679  
Total taxable securities37,656  40,242  70,721  79,784  228,403  
Tax-exempt securities907  8,548  5,201  2,938  17,594  
Total debt securities carried at fair value$38,563  $48,790  $75,922  $82,722  $245,997  
Fair value of HTM debt securities (2)
$65 $83 $17,442 $330,327 $347,917 
(1)The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
(2)Substantially all U.S. agency MBS.