10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from          to

Commission file number:

1-6523

Exact name of registrant as specified in its charter:

Bank of America Corporation

State or other jurisdiction of incorporation or organization:

Delaware

IRS Employer Identification No.:

56-0906609

Address of principal executive offices:

Bank of America Corporate Center

100 N. Tryon Street

Charlotte, North Carolina 28255

Registrant’s telephone number, including area code:

(704) 386-5681

Former name, former address and former fiscal year, if changed since last report:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BAC	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrE	New York Stock Exchange
of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrB	New York Stock Exchange
of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrK	New York Stock Exchange
of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L	BAC PrL	New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrG	New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrH	New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrJ	New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrL	New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital	BAC/PF	New York Stock Exchange
Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities	BAC/PG	New York Stock Exchange
of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 of	MER PrK	New York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due	BAC/31B	New York Stock Exchange
November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrM	New York Stock Exchange
5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrN	New York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrO	New York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrP	New York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrQ	New York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrS	New York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐

                                         Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes ☐ No ☑

On April 28, 2023, there were 7,969,152,819 shares of Bank of America Corporation Common Stock outstanding.

Bank of America Corporation and Subsidiaries

March 31, 2023

Form 10-Q

INDEX

Part I. Financial Information

Item 1. Financial Statements	Page
Consolidated Statement of Income	44
Consolidated Statement of Comprehensive Income	44
Consolidated Balance Sheet	45
Consolidated Statement of Changes in Shareholders’ Equity	46
Consolidated Statement of Cash Flows	47
Notes to Consolidated Financial Statements	48
Note 1 – Summary of Significant Accounting Principles	48
Note 2 – Net Interest Income and Noninterest Income	49
Note 3 – Derivatives	50
Note 4 – Securities	57
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses	60
Note 6 – Securitizations and Other Variable Interest Entities	71
Note 7 – Goodwill and Intangible Assets	75
Note 8 – Leases	75
Note 9 – Securities Financing Agreements, Collateral and Restricted Cash	76
Note 10 – Commitments and Contingencies	78
Note 11 – Shareholders’ Equity	80
Note 12 – Accumulated Other Comprehensive Income (Loss)	81
Note 13 – Earnings Per Common Share	82
Note 14 – Fair Value Measurements	82
Note 15 – Fair Value Option	88
Note 16 – Fair Value of Financial Instruments	89
Note 17 – Business Segment Information	90
Glossary	93
Acronyms	95

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary	3
Recent Developments	3
Financial Highlights	4
Supplemental Financial Data	6
Business Segment Operations	9
Consumer Banking	9
Global Wealth & Investment Management	11
Global Banking	13
Global Markets	15
All Other	16
Managing Risk	17
Capital Management	17
Liquidity Risk	21
Credit Risk Management	25
Consumer Portfolio Credit Risk Management	25
Commercial Portfolio Credit Risk Management	29
Non-U.S. Portfolio	35
Allowance for Credit Losses	36
Market Risk Management	38
Trading Risk Management	38
Interest Rate Risk Management for the Banking Book	40
Mortgage Banking Risk Management	41
Climate Risk Management	41
Complex Accounting Estimates	42
Non-GAAP Reconciliations	43
Item 3. Quantitative and Qualitative Disclosures about Market Risk	43
Item 4. Controls and Procedures	43

1 Bank of America

Part II. Other Information

Item 1. Legal Proceedings	96
Item 1A. Risk Factors	96
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	96
Item 6. Exhibits	97
Signature	97

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt , and related stresses on financial markets,

currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the transition and physical

Bank of America 2

impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation’s sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the possible expansion of such conflict and potential geopolitical consequences), terrorism or other geopolitical events; and other matters.

Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.

Executive Summary

Business Overview

The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At March 31, 2023, the Corporation had $3.2 trillion in assets and a headcount of approximately 217,000 employees.

As of March 31, 2023, we served clients through operations across the U.S., its territories and more than 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 45 million active users, including approximately 36 million active mobile users. We offer industry-leading support to approximately three million small business households. Our GWIM businesses, with client balances of $3.5 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset

classes serving corporations, governments, institutions and individuals around the world.

The Corporation’s website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information, including environmental, social and governance (ESG) information, regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.

Recent Developments

Capital Management

On April 26, 2023, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.22 per share, payable on June 30, 2023 to shareholders of record as of June 2, 2023.

For more information on our capital resources, see Capital Management on page 17.

Financial Market Events

In March 2023, the global financial system experienced increased volatility due to the failure of certain financial institutions. At March 31, 2023, Bank of America’s direct exposure to these financial institutions was not significant.

To help deploy financial strength and liquidity into the larger banking system, Bank of America and certain other U.S. financial institutions made uninsured deposits totaling $30 billion into First Republic Bank. The amount of Bank of America’s uninsured deposit was $5 billion and is recorded in Time deposits placed and other short-term investments on the Consolidated Balance Sheet.

On May 1, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that it was appointed as receiver of First Republic Bank and entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association (JPMorgan Chase Bank) to assume all of the deposits and substantially all of the assets of First Republic Bank. As a result, Bank of America has become a depositor of JPMorgan Chase Bank with regard to its $5 billion uninsured deposit originally deposited into First Republic Bank.

The potential impacts of rising interest rates and continued deposit outflows on global markets, financial institutions and macroeconomic conditions, generally, remain uncertain. Episodes of increased economic and market volatility may continue to occur and could worsen if there are additional instances of actual or threatened bank failures, which could adversely affect the Corporation’s businesses, results of operations and financial condition. For more information on the risks related to rising interest rates, declining asset values and liquidity, see the Market, Liquidity and Credit sections within Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

3 Bank of America

U.S. Government Debt Ceiling

In response to the upcoming U.S. government’s deadline to raise the debt ceiling, the Corporation has implemented protocols and processes to prepare for the impacts that could begin in the period leading up to a potential breach of the U.S. government’s debt ceiling and increasing in severity if a default occurs. The Corporation is monitoring these potential events through regular routines. For more information on the risks related to a potential U.S. government debt ceiling breach, see the Market and Geopolitical sections within Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

LIBOR and Other Benchmark Rates

The Corporation and the global financial markets continue to make progress with respect to the transition away from the London Interbank Offered Rate (LIBOR) and other Interbank Offered Rates (IBORs) to alternative reference rates (ARRs). As previously disclosed, the remaining U.S. dollar (USD) LIBOR settings (i.e., overnight, one month, three month, six month and 12 month) will cease or become non-representative immediately after June 30, 2023, although the Financial Conduct Authority (FCA) announced on April 3, 2023 that it will require LIBOR’s administrator, ICE Benchmark Administration Limited, to continue publication of the one-month, three-month and six-month USD LIBOR settings on a “synthetic” basis (calculated using the relevant CME Term SOFR Reference Rate plus the respective International Swaps and Derivatives Association (ISDA) fixed spread adjustment) for use in legacy contracts and that it intends for such publication to cease on September 30, 2024.

In April 2023, certain central counterparties (CCPs) completed processes to convert certain outstanding USD LIBOR-cleared derivatives to ARR positions, and the Corporation expects those CCPs will convert remaining USD LIBOR-cleared derivatives to ARR positions in the second quarter of 2023. In March 2023, the Corporation announced that after June 30, 2023, the relevant CME Term SOFR Reference Rate, plus the respective ISDA fixed spread adjustment, will be the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock represented by depositary shares and trust preferred securities issued by the Corporation, BofA Finance LLC and certain other affiliated issuers (USD LIBOR Securities) that use USD LIBOR as the reference rate and are governed by New York and Delaware law. For more information on the Corporation’s replacement of relevant USD LIBOR rates of certain USD LIBOR Securities, see the Corporation’s Current Report on Form 8-K filed with the SEC on March 31, 2023. Additionally, as the Corporation continues to transition IBOR-based products to various ARRs, including the Secured Overnight Financing Rate (SOFR), it has increased the use of those ARRs in its baseline forecast of net interest income. For more information, see Interest Rate Risk Management for the Banking Book on page 40.

For more information on the expected replacement of LIBOR and other benchmark rates, including the Corporation’s efforts and overall progress with respect to LIBOR transition, see Executive Summary – Recent Developments – LIBOR and Other Benchmark Rates in the MD&A and Item 1A. Risk Factors – Other of the Corporation’s 2022 Annual Report on Form 10-K.

Financial Highlights

Table 1	Summary Income Statement and Selected Financial Data
		Three Months Ended March 31
(Dollars in millions, except per share information)		2023			2022
Income statement
Net interest income		$	14,448		$	11,572
Noninterest income		11,810			11,656
Total revenue, net of interest expense		26,258			23,228
Provision for credit losses		931			30
Noninterest expense		16,238			15,319
Income before income taxes		9,089			7,879
Income tax expense		928			812
Net income		8,161			7,067
Preferred stock dividends		505			467
Net income applicable to common shareholders		$	7,656		$	6,600
Per common share information
Earnings		$	0.95		$	0.81
Diluted earnings		0.94			0.80
Dividends paid		0.22			0.21
Performance ratios
Return on average assets (1)		1.07		%	0.89		%
Return on average common shareholders’ equity (1)		12.48			11.02
Return on average tangible common shareholders’ equity (2)		17.38			15.51
Efficiency ratio (1)		61.84			65.95
		March 31 2023			December 31 2022
Balance sheet
Total loans and leases		$	1,046,406		$	1,045,747
Total assets		3,194,657			3,051,375
Total deposits		1,910,402			1,930,341
Total liabilities		2,914,461			2,778,178
Total common shareholders’ equity		251,799			244,800
Total shareholders’ equity		280,196			273,197

(1)For definitions, see Key Metrics on page 94.

(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most closely related financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 43.

Net income was $8.2 billion, or $0.94 per diluted share, for the three months ended March 31, 2023 compared to $7.1 billion, or $0.80 per diluted share, for the same period in 2022. The increase in net income was primarily due to higher net interest income, partially offset by higher noninterest expense and provision for credit losses.

Bank of America 4

Total assets increased $143.3 billion from December 31, 2022 to $3.2 trillion primarily driven by higher cash and cash equivalents due to securities financing activity to support balance sheet and liquidity positioning, as well as higher trading account assets to support Global Markets client activity.

Total liabilities increased $136.3 billion from December 31, 2022 to $2.9 trillion primarily driven by higher securities financing activity and short-term borrowings to support balance sheet and liquidity positioning, partially offset by lower deposits primarily due to customers’ movement of balances to higher yielding investment alternatives.

Shareholders’ equity increased $7.0 billion from December 31, 2022 primarily due to net income and market value increases on derivatives, partially offset by returns of capital to shareholders through common and preferred stock dividends and common stock repurchases.

Net Interest Income

Net interest income increased $2.9 billion to $14.4 billion for the three months ended March 31, 2023 compared to the same period in 2022. Net interest yield on a fully taxable-equivalent (FTE) basis increased 51 basis points (bps) to 2.20 percent. The increase was primarily driven by benefits from higher interest rates, including lower premium amortization expense and loan growth, partially offset by lower net interest income related to Global Markets activity, higher rates paid on deposits and lower debt securities. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 6, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 40.

Noninterest Income

Table 2	Noninterest Income
		Three Months Ended March 31
(Dollars in millions)		2023		2022
Fees and commissions:
Card income		$	1,469	$	1,403
Service charges		1,410		1,833
Investment and brokerage services		3,852		4,292
Investment banking fees		1,163		1,457
Total fees and commissions		7,894		8,985
Market making and similar activities		4,712		3,238
Other income		(796)		(567)
Total noninterest income		$	11,810	$	11,656

Noninterest income increased $154 million to $11.8 billion for the three months ended March 31, 2023 compared to the same period in 2022. The following highlights the significant changes.

●    Service charges decreased $423 million primarily driven by the impact of non-sufficient funds and overdraft policy changes as well as lower treasury service charges.

●    Investment and brokerage services decreased $440 million primarily driven by lower market valuations and declines in assets under management (AUM) pricing, partially offset by the impact of positive AUM flows.

●    Investment banking fees decreased $294 million primarily due to lower debt issuance, advisory and equity issuance fees.

●    Market making and similar activities increased $1.5 billion primarily driven by improved performance in fixed income, currencies and commodities (FICC) and by the impact of higher interest rates on client financing activities in Equities.

●    Other income decreased $229 million primarily due to losses on sales of available-for-sale (AFS) debt securities.

Provision for Credit Losses

The provision for credit losses increased $901 million to $931 million for the three months ended March 31, 2023 compared to the same period in 2022. The provision for credit losses for the current-year period was driven by our consumer portfolio primarily due to higher-than-expected credit card balances, partially offset by certain improved macroeconomic conditions that primarily benefited our commercial portfolio. The provision for credit losses in the prior-year period was $30 million, as asset quality improvement was offset by a reserve build related to our Russian exposure and loan growth. For more information on the provision for credit losses, see Allowance for Credit Losses on page 36.

Noninterest Expense

Table 3	Noninterest Expense
		Three Months Ended March 31
(Dollars in millions)		2023		2022
Compensation and benefits		$	9,918	$	9,482
Occupancy and equipment		1,799		1,760
Information processing and communications		1,697		1,540
Product delivery and transaction related		890		933
Marketing		458		397
Professional fees		537		450
Other general operating		939		757
Total noninterest expense		$	16,238	$	15,319

Noninterest expense increased $919 million to $16.2 billion for the three months ended March 31, 2023 compared to the same period in 2022. The increase was primarily due to higher investments in people and technology and higher FDIC expense, partially offset by lower revenue-related incentive compensation.

Income Tax Expense

Table 4	Income Tax Expense
		Three Months Ended March 31
(Dollars in millions)		2023			2022
Income before income taxes		$	9,089		$	7,879
Income tax expense		928			812
Effective tax rate		10.2		%	10.3		%

The effective tax rates for the three months ended March 31, 2023 and 2022 were primarily driven by our recurring tax preference benefits that mainly consist of tax credits from ESG investments in affordable housing and renewable energy. Absent ESG tax credits and discrete tax benefits, the effective tax rates would have been approximately 26 percent and 25 percent.

5 Bank of America

Supplemental Financial Data

Non-GAAP Financial Measures

In this Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.

When presented on a consolidated basis, we view net interest income on an FTE basis as a non-GAAP financial measure. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.

We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)), which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.

We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible

shareholders’ equity as key measures to support our overall growth objectives. These ratios are:

●    Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.

●    Return on average tangible shareholders’ equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.

●    Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.

We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.

The aforementioned supplemental data and performance measures are presented in Table 5 on page 7.

For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 43.

Key Performance Indicators

We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 94.

Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 4 and Table 5 on page 7.

For information on key segment performance metrics, see Business Segment Operations on page 9.

Bank of America 6

Table 5	Selected Quarterly Financial Data
		2023 Quarter			2022 Quarters
(In millions, except per share information)		First			Fourth			Third			Second			First
Income statement
Net interest income		$	14,448		$	14,681		$	13,765		$	12,444		$	11,572
Noninterest income		11,810			9,851			10,737			10,244			11,656
Total revenue, net of interest expense		26,258			24,532			24,502			22,688			23,228
Provision for credit losses		931			1,092			898			523			30
Noninterest expense		16,238			15,543			15,303			15,273			15,319
Income before income taxes		9,089			7,897			8,301			6,892			7,879
Income tax expense		928			765			1,219			645			812
Net income		8,161			7,132			7,082			6,247			7,067
Net income applicable to common shareholders		7,656			6,904			6,579			5,932			6,600
Average common shares issued and outstanding		8,065.9			8,088.3			8,107.7			8,121.6			8,136.8
Average diluted common shares issued and outstanding		8,182.3			8,155.7			8,160.8			8,163.1			8,202.1
Performance ratios
Return on average assets (1)		1.07		%	0.92		%	0.90		%	0.79		%	0.89		%
Four-quarter trailing return on average assets (2)		0.92			0.88			0.87			0.89			0.99
Return on average common shareholders’ equity (1)		12.48			11.24			10.79			9.93			11.02
Return on average tangible common shareholders’ equity (3)		17.38			15.79			15.21			14.05			15.51
Return on average shareholders’ equity (1)		11.94			10.38			10.37			9.34			10.64
Return on average tangible shareholders’ equity (3)		15.98			13.98			13.99			12.66			14.40
Total ending equity to total ending assets		8.77			8.95			8.77			8.65			8.23
Common equity ratio (1)		7.88			8.02			7.82			7.71			7.40
Total average equity to total average assets		8.95			8.87			8.73			8.49			8.40
Dividend payout (1)		23.17			25.71			27.06			28.68			25.86
Per common share data
Earnings		$	0.95		$	0.85		$	0.81		$	0.73		$	0.81
Diluted earnings		0.94			0.85			0.81			0.73			0.80
Dividends paid		0.22			0.22			0.22			0.21			0.21
Book value (1)		31.58			30.61			29.96			29.87			29.70
Tangible book value (3)		22.78			21.83			21.21			21.13			20.99
Market capitalization		$	228,012		$	264,853		$	242,338		$	250,136		$	332,320
Average balance sheet
Total loans and leases		$	1,041,352		$	1,039,247		$	1,034,334		$	1,014,886		$	977,793
Total assets		3,096,058			3,074,289			3,105,546			3,157,885			3,207,702
Total deposits		1,893,649			1,925,544			1,962,775			2,012,079			2,045,811
Long-term debt		244,759			243,871			250,204			245,781			246,042
Common shareholders’ equity		248,855			243,647			241,882			239,523			242,865
Total shareholders’ equity		277,252			272,629			271,017			268,197			269,309
Asset quality
Allowance for credit losses (4)		$	13,951		$	14,222		$	13,817		$	13,434		$	13,483
Nonperforming loans, leases and foreclosed properties (5)		4,083			3,978			4,156			4,326			4,778
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)		1.20		%	1.22		%	1.20		%	1.17		%	1.23		%
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)		319			333			309			288			262
Net charge-offs		$	807		$	689		$	520		$	571		$	392
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)		0.32		%	0.26		%	0.20		%	0.23		%	0.16		%
Capital ratios at period end (6)
Common equity tier 1 capital		11.4		%	11.2		%	11.0		%	10.5		%	10.4		%
Tier 1 capital		13.1			13.0			12.8			12.3			12.0
Total capital		15.0			14.9			14.7			14.2			14.0
Tier 1 leverage		7.1			7.0			6.8			6.5			6.3
Supplementary leverage ratio		6.0			5.9			5.8			5.5			5.4
Tangible equity (3)		6.7			6.8			6.6			6.5			6.2
Tangible common equity (3)		5.8			5.9			5.7			5.6			5.3
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets		28.8		%	29.0		%	28.9		%	27.8		%	27.2		%
Total loss-absorbing capacity to supplementary leverage exposure		13.1			13.2			13.0			12.6			12.2
Eligible long-term debt to risk-weighted assets		14.8			15.2			15.2			14.7			14.4
Eligible long-term debt to supplementary leverage exposure		6.7			6.9			6.8			6.6			6.5

(1)For definitions, see Key Metrics on page 94.

(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.

(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 6 and Non-GAAP Reconciliations on page 43.

(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.

(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 29 and corresponding Table 24 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 33 and corresponding Table 30.

(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 17.

7 Bank of America

Table 6	Quarterly Average Balances and Interest Rates - FTE Basis
		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
(Dollars in millions)		First Quarter 2023						First Quarter 2022
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central    banks and other banks		$	202,700	$	1,999	4.00	%	$	244,971	$	86	0.14	%
Time deposits placed and other short-term investments		10,581		108		4.16		9,253		12		0.52
Federal funds sold and securities borrowed or purchased under    agreements to resell (2)		287,532		3,712		5.24		299,404		(7)		(0.01)
Trading account assets		183,657		2,040		4.50		151,969		1,096		2.92
Debt securities		851,177		5,485		2.58		975,656		3,838		1.58
Loans and leases (3)
Residential mortgage		229,275		1,684		2.94		223,979		1,525		2.73
Home equity		26,513		317		4.84		27,784		220		3.21
Credit card		91,775		2,426		10.72		78,409		1,940		10.03
Direct/Indirect and other consumer		105,657		1,186		4.55		104,632		579		2.25
Total consumer		453,220		5,613		5.00		434,804		4,264		3.96
U.S. commercial		376,852		4,471		4.81		346,510		2,127		2.49
Non-U.S. commercial		127,003		1,778		5.68		118,767		504		1.72
Commercial real estate (4)		70,591		1,144		6.57		63,065		387		2.49
Commercial lease financing		13,686		147		4.33		14,647		106		2.92
Total commercial		588,132		7,540		5.20		542,989		3,124		2.33
Total loans and leases		1,041,352		13,153		5.11		977,793		7,388		3.06
Other earning assets		94,427		2,292		9.82		120,798		587		1.97
Total earning assets		2,671,426		28,789		4.36		2,779,844		13,000		1.89
Cash and due from banks		27,784						28,082
Other assets, less allowance for loan and lease losses		396,848						399,776
Total assets		$	3,096,058					$	3,207,702
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits		$	975,085	$	2,790	1.16	%	$	1,001,184	$	80	0.03	%
Time and savings deposits		196,984		919		1.89		163,981		40		0.10
Total U.S. interest-bearing deposits		1,172,069		3,709		1.28		1,165,165		120		0.04
Non-U.S. interest-bearing deposits		91,603		605		2.68		81,879		44		0.22
Total interest-bearing deposits		1,263,672		4,314		1.38		1,247,044		164		0.05
Federal funds purchased and securities loaned or sold under agreements     to repurchase		256,015		3,551		5.63		217,152		79		0.15
Short-term borrowings and other interest-bearing liabilities (2)		156,887		2,629		6.79		126,454		(191)		(0.61)
Trading account liabilities		43,953		504		4.65		64,240		364		2.30
Long-term debt		244,759		3,209		5.28		246,042		906		1.50
Total interest-bearing liabilities		1,965,286		14,207		2.93		1,900,932		1,322		0.28
Noninterest-bearing sources
Noninterest-bearing deposits		629,977						798,767
Other liabilities (5)		223,543						238,694
Shareholders’ equity		277,252						269,309
Total liabilities and shareholders’ equity		$	3,096,058					$	3,207,702
Net interest spread						1.43	%					1.61	%
Impact of noninterest-bearing sources						0.77						0.08
Net interest income/yield on earning assets (6)				$	14,582	2.20	%			$	11,678	1.69	%

(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 40.

(2)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(3)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.

(4)Includes U.S. commercial real estate loans of $65.5 billion and $58.5 billion, and non-U.S. commercial real estate loans of $5.1 billion and $4.5 billion for the first quarter of 2023 and 2022.

(5)Includes $37.3 billion and $30.2 billion of structured notes and liabilities for the first quarter of 2023 and 2022.

(6)Net interest income includes FTE adjustments of $134 million and $106 million for the first quarter of 2023 and 2022.

Bank of America 8

Business Segment Operations

Segment Description and Basis of Presentation

We report our results of operations through four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital

plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.

For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 6, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.

Key Performance Indicators

We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, customer trends and business growth.

Consumer Banking

	Deposits						Consumer Lending						Total Consumer Banking
	Three Months Ended March 31
(Dollars in millions)	2023			2022			2023			2022			2023			2022			% Change
Net interest income	$	5,816		$	4,052		$	2,777		$	2,628		$	8,593		$	6,680		29	%
Noninterest income:
Card income	(10)			(8)			1,284			1,193			1,274			1,185			8
Service charges	598			843			1			1			599			844			(29)
All other income	197			68			43			36			240			104			131
Total noninterest income	785			903			1,328			1,230			2,113			2,133			(1)
Total revenue, net of interest expense	6,601			4,955			4,105			3,858			10,706			8,813			21
Provision for credit losses	183			73			906			(125)			1,089			(52)			n/m
Noninterest expense	3,415			3,008			2,058			1,913			5,473			4,921			11
Income before income taxes	3,003			1,874			1,141			2,070			4,144			3,944			5
Income tax expense	751			459			285			507			1,036			966			7
Net income	$	2,252		$	1,415		$	856		$	1,563		$	3,108		$	2,978		4
Effective tax rate (1)													25.0		%	24.5		%
Net interest yield	2.31		%	1.56		%	3.76		%	3.79		%	3.27		%	2.48		%
Return on average allocated capital	67			44			12			23			30			30
Efficiency ratio	51.76			60.71			50.10			49.58			51.12			55.84
Balance Sheet
	Three Months Ended March 31
Average	2023			2022			2023			2022			2023			2022			% Change
Total loans and leases	$	4,119		$	4,215		$	299,653		$	279,853		$	303,772		$	284,068		7	%
Total earning assets (2)	1,022,445			1,050,490			299,794			281,255			1,065,202			1,092,742			(3)
Total assets (2)	1,056,007			1,084,343			306,275			287,660			1,105,245			1,133,001			(2)
Total deposits	1,021,374			1,050,247			4,868			5,853			1,026,242			1,056,100			(3)
Allocated capital	13,700			13,000			28,300			27,000			42,000			40,000			5
Period end	March 31 2023			December 31 2022			March 31 2023			December 31 2022			March 31 2023			December 31 2022			% Change
Total loans and leases	$	4,065		$	4,148		$	300,415		$	300,613		$	304,480		$	304,761		—	%
Total earning assets (2)	1,038,545			1,043,049			300,595			300,787			1,081,780			1,085,079			—
Total assets (2)	1,074,571			1,077,203			307,227			308,007			1,124,438			1,126,453			—
Total deposits	1,039,744			1,043,194			5,024			5,605			1,044,768			1,048,799			—

(1)Estimated at the segment level only.

(2)In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.

n/m = not meaningful

Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Consumer Banking Results

Net income for Consumer Banking increased $130 million to $3.1 billion for the three months ended March 31, 2023 compared to the same period in 2022 due to higher revenue, largely offset by an increase in provision for credit losses and higher noninterest expense. Net interest income increased $1.9 billion to $8.6 billion primarily driven by higher interest rates and loan balances. Noninterest income decreased $20 million to $2.1 billion, relatively unchanged from the same period a year ago.

9 Bank of America

The provision for credit losses increased $1.1 billion to $1.1 billion primarily driven by higher-than-expected credit card balances in the current-year period. Noninterest expense increased $552 million to $5.5 billion primarily driven by continued investments for business growth, including people and technology.

The return on average allocated capital was 30 percent, unchanged from the same period a year ago. For more information on capital allocated to the business segments, see Business Segment Operations on page 9.

Deposits

Net income for Deposits increased $837 million to $2.3 billion primarily due to higher revenue, partially offset by higher noninterest expense. Net interest income increased $1.8 billion to $5.8 billion primarily due to higher interest rates. Noninterest income decreased $118 million to $785 million primarily driven by the impact of non-sufficient funds and overdraft policy changes.

Noninterest expense increased $407 million to $3.4 billion primarily driven by continued investments for business growth, including people and technology.

Average deposits decreased $28.9 billion to $1.0 trillion primarily due to net outflows of $15.0 billion in money market savings and $11.5 billion in checking. The decline was largely driven by clients moving deposits to higher yielding investment alternatives and higher levels of consumer spending.

The table below provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.

Key Statistics – Deposits
	Three Months Ended March 31
	2023		2022
Total deposit spreads (excludes noninterest costs) (1)	2.54%		1.65%
Period End
Consumer investment assets (in millions) (2)	$	354,892	$	357,593
Active digital banking users (in thousands) (3)	44,962		42,269
Active mobile banking users (in thousands) (4)	36,322		33,589
Financial centers	3,892		4,056
ATMs	15,407		15,959

(1)Includes deposits held in Consumer Lending.

(2)Includes client brokerage assets, deposit sweep balances and AUM in Consumer Banking.

(3)Represents mobile and/or online active users over the past 90 days.

(4)Represents mobile active users over the past 90 days.

Consumer investment assets decreased $2.7 billion to $354.9 billion driven by market performance, partially offset by client flows. Active mobile banking users increased approximately three million, reflecting continuing changes in our clients’ banking preferences. We had a net decrease of 164 financial centers and 552 ATMs as we continue to optimize our consumer banking network.

Consumer Lending

Net income for Consumer Lending decreased $707 million to $856 million primarily due to an increase in provision for credit

losses. Net interest income increased $149 million to $2.8 billion due to higher interest rates and loan balances. Noninterest income increased $98 million to $1.3 billion primarily driven by card income.

The provision for credit losses increased $1.0 billion to $906 million primarily driven by higher-than-expected credit card balances in the current-year period. Noninterest expense increased $145 million to $2.1 billion largely driven by continued investments for business growth, including people and technology.

Average loans increased $19.8 billion to $299.7 billion primarily driven by an increase in credit card loans.

The table below provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.

Key Statistics – Consumer Lending
	Three Months Ended March 31
(Dollars in millions)	2023			2022
Total credit card (1)
Gross interest yield (2)	11.85		%	9.90		%
Risk-adjusted margin (3)	8.69			10.40
New accounts (in thousands)	1,187			977
Purchase volumes	$	85,544		$	80,914
Debit card purchase volumes	$	124,376		$	117,584

(1)Includes GWIM's credit card portfolio.

(2)Calculated as the effective annual percentage rate divided by average loans.

(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.

During the three months ended March 31, 2023, the total risk-adjusted margin decreased 171 bps compared to the same period in 2022 driven by lower net interest margin, lower fee income and higher net credit losses. Total credit card purchase volumes increased $4.6 billion to $85.5 billion, and debit card purchase volumes increased $6.8 billion to $124.4 billion, reflecting higher levels of consumer spending.

Key Statistics – Loan Production (1)
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Consumer Banking:
First mortgage	$	1,956	$	8,116
Home equity	2,183		1,725
Total (2):
First mortgage	$	3,937	$	16,353
Home equity	2,596		2,040

(1)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

(2)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

First mortgage loan originations for Consumer Banking and the total Corporation decreased $6.2 billion and $12.4 billion during the three months ended March 31, 2023 compared to the same period in 2022 primarily driven by higher interest rates, resulting in lower customer demand.

Home equity production in Consumer Banking and the total Corporation increased $458 million and $556 million during the three months ended March 31, 2023 primarily driven by higher demand.

Bank of America 10

Global Wealth & Investment Management

	Three Months Ended March 31
(Dollars in millions)	2023			2022			% Change
Net interest income	$	1,876		$	1,668		12	%
Noninterest income:
Investment and brokerage services	3,238			3,654			(11)
All other income	201			154			31
Total noninterest income	3,439			3,808			(10)
Total revenue, net of interest expense	5,315			5,476			(3)
Provision for credit losses	25			(41)			n/m
Noninterest expense	4,067			4,015			1
Income before income taxes	1,223			1,502			(19)
Income tax expense	306			368			(17)
Net income	$	917		$	1,134		(19)
Effective tax rate	25.0		%	24.5		%
Net interest yield	2.20			1.62
Return on average allocated capital	20			26
Efficiency ratio	76.53			73.31
Balance Sheet
	Three Months Ended March 31
Average	2023			2022			% Change
Total loans and leases	$	221,448		$	210,937		5	%
Total earning assets	346,384			418,248			(17)
Total assets	359,164			431,040			(17)
Total deposits	314,019			384,902			(18)
Allocated capital	18,500			17,500			6
Period end	March 31 2023			December 31 2022			% Change
Total loans and leases	$	217,804		$	223,910		(3)	%
Total earning assets	336,560			355,461			(5)
Total assets	349,888			368,893			(5)
Total deposits	301,471			323,899			(7)

n/m = not meaningful

GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For more information about GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Net income for GWIM decreased $217 million to $917 million for the three months ended March 31, 2023 compared to the same period in 2022 primarily driven by lower revenue. The operating margin was 23 percent compared to 27 percent a year ago.

Net interest income increased $208 million to $1.9 billion due to the impacts of higher interest rates and loan balances, partially offset by lower deposit balances.

Noninterest income, which primarily includes investment and brokerage services income, decreased $369 million to $3.4 billion primarily due to the impacts of lower market valuations and declines in AUM pricing, partially offset by the impact of positive AUM flows.

Noninterest expense increased $52 million to $4.1 billion primarily due to continued investments in the business, including strategic hiring and technology, largely offset by lower revenue-related incentives.

The return on average allocated capital was 20 percent, down from 26 percent, due to lower net income and an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 9.

Average loans increased $10.5 billion to $221.4 billion primarily due to residential mortgages and custom lending, partially offset by securities-based lending. Average deposits decreased $70.9 billion to $314.0 billion primarily driven by clients moving deposits to higher yielding investment alternatives.

Merrill Wealth Management revenue of $4.4 billion decreased four percent primarily driven by the impact of lower market valuations and declines in AUM pricing, partially offset by the impact of higher interest rates.

Bank of America Private Bank revenue of $918 million increased three percent primarily driven by the benefits of higher interest rates, partially offset by the impact of lower market valuations.

11 Bank of America

Key Indicators and Metrics
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Revenue by Business
Merrill Wealth Management	$	4,397	$	4,589
Bank of America Private Bank	918		887
Total revenue, net of interest expense	$	5,315	$	5,476
Client Balances by Business, at period end
Merrill Wealth Management	$	2,952,681	$	3,116,052
Bank of America Private Bank	568,925		598,100
Total client balances	$	3,521,606	$	3,714,152
Client Balances by Type, at period end
Assets under management	$	1,467,242	$	1,571,605
Brokerage and other assets	1,571,409		1,592,802
Deposits	301,471		385,288
Loans and leases (1)	220,633		217,461
Less: Managed deposits in assets under management	(39,149)		(53,004)
Total client balances	$	3,521,606	$	3,714,152
Assets Under Management Rollforward
Assets under management, beginning of period	$	1,401,474	$	1,638,782
Net client flows	15,262		15,537
Market valuation/other	50,506		(82,714)
Total assets under management, end of period	$	1,467,242	$	1,571,605
Total wealth advisors, at period end (2)	19,243		18,571

(1)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

(2)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.

Client Balances

Client balances decreased $192.5 billion, or five percent, to $3.5 trillion at March 31, 2023 compared to March 31, 2022. The decrease in client balances was primarily due to the impact of lower market valuations, partially offset by positive client flows.

Bank of America 12

Global Banking

	Three Months Ended March 31
(Dollars in millions)	2023			2022			% Change
Net interest income	$	3,907		$	2,344		67	%
Noninterest income:
Service charges	714			886			(19)
Investment banking fees	668			880			(24)
All other income	914			1,084			(16)
Total noninterest income	2,296			2,850			(19)
Total revenue, net of interest expense	6,203			5,194			19
Provision for credit losses	(237)			165			n/m
Noninterest expense	2,940			2,683			10
Income before income taxes	3,500			2,346			49
Income tax expense	945			622			52
Net income	$	2,555		$	1,724		48
Effective tax rate	27.0		%	26.5		%
Net interest yield	3.03			1.68
Return on average allocated capital	21			16
Efficiency ratio	47.41			51.65
Balance Sheet
	Three Months Ended March 31
Average	2023			2022			% Change
Total loans and leases	$	381,009		$	358,807		6	%
Total earning assets	522,374			566,277			(8)
Total assets	588,886			630,517			(7)
Total deposits	492,577			539,912			(9)
Allocated capital	49,250			44,500			11
Period End	March 31 2023			December 31 2022			% Change
Total loans and leases	$	383,491		$	379,107		1	%
Total earning assets	524,299			522,539			—
Total assets	591,231			588,466			—
Total deposits	495,949			498,661			(1)

n/m = not meaningful

Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Net income for Global Banking increased $831 million to $2.6 billion for the three months ended March 31, 2023 compared to the same period in 2022 driven by higher revenue and lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $1.6 billion to $3.9 billion primarily due to the benefit of higher interest rates, partially offset by the impact of lower deposit balances.

Noninterest income decreased $554 million to $2.3 billion driven by lower investment banking fees, lower treasury service charges due to higher earnings credit rates and lower revenue from ESG investment activities.

The provision for credit losses improved $402 million to a benefit of $237 million primarily driven by certain improved macroeconomic conditions.

Noninterest expense increased $257 million to $2.9 billion, primarily due to continued investments in the business, including strategic hiring in 2022.

The return on average allocated capital was 21 percent, up from 16 percent, due to higher net income, partially offset by higher allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 9.

Global Corporate, Global Commercial and Business Banking

The following table and discussion present a summary of the results, which exclude certain investment banking and Paycheck Protection Program (PPP) activities in Global Banking.

13 Bank of America

Global Corporate, Global Commercial and Business Banking
	Global Corporate Banking				Global Commercial Banking				Business Banking				Total
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Revenue
Business Lending	$	1,034	$	1,060	$	1,233	$	993	$	67	$	58	$	2,334	$	2,111
Global Transaction Services	1,549		949		1,129		896		387		243		3,065		2,088
Total revenue, net of interest expense	$	2,583	$	2,009	$	2,362	$	1,889	$	454	$	301	$	5,399	$	4,199
Balance Sheet
Average
Total loans and leases	$	175,293	$	166,994	$	192,796	$	177,483	$	12,618	$	12,837	$	380,707	$	357,314
Total deposits	259,177		257,903		182,614		223,741		50,795		58,268		492,586		539,912
Period end
Total loans and leases	$	175,777	$	174,134	$	194,889	$	179,253	$	12,580	$	12,794	$	383,246	$	366,181
Total deposits	263,131		255,694		181,315		219,462		51,511		58,660		495,957		533,816

Business Lending revenue increased $223 million for the three months ended March 31, 2023 compared to the same period in 2022 primarily due to the benefits of higher interest rates, partially offset by lower ESG investment activities.

Global Transaction Services revenue increased $977 million for the three months ended March 31, 2023 driven by higher interest rates, partially offset by the impact of lower deposit balances and treasury service charges.

Average loans and leases increased seven percent for the three months ended March 31, 2023 due to client demand. Average deposits decreased nine percent due to declines in domestic balances.

Global Investment Banking

Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents

total Corporation investment banking fees and the portion attributable to Global Banking.

Investment Banking Fees
	Global Banking				Total Corporation
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022
Products
Advisory	$	313	$	439	$	363	$	473
Debt issuance	290		359		644		831
Equity issuance	65		82		168		225
Gross investment banking fees	668		880		1,175		1,529
Self-led deals	(4)		(29)		(12)		(72)
Total investment banking fees	$	664	$	851	$	1,163	$	1,457

Total Corporation investment banking fees of $1.2 billion, which exclude self-led deals and are primarily included within Global Banking and Global Markets, decreased 20 percent for the three months ended March 31, 2023 compared to the same period in 2022. The decrease was primarily due to lower debt issuance, advisory and equity issuance fees.

Bank of America 14

Global Markets

	Three Months Ended March 31
(Dollars in millions)	2023			2022			% Change
Net interest income	$	109		$	993		(89)	%
Noninterest income:
Investment and brokerage services	533			545			(2)
Investment banking fees	469			582			(19)
Market making and similar activities	4,398			3,190			38
All other income	117			(18)			n/m
Total noninterest income	5,517			4,299			28
Total revenue, net of interest expense	5,626			5,292			6
Provision for credit losses	(53)			5			n/m
Noninterest expense	3,351			3,117			8
Income before income taxes	2,328			2,170			7
Income tax expense	640			575			11
Net income	$	1,688		$	1,595		6
Effective tax rate	27.5		%	26.5		%
Return on average allocated capital	15			15
Efficiency ratio	59.56			58.90
Balance Sheet
	Three Months Ended March 31
	2023			2022			% Change
Average
Trading-related assets:
Trading account securities	$	339,248		$	301,285		13	%
Reverse repurchases	126,760			138,581			(9)
Securities borrowed	116,280			114,468			2
Derivative assets	43,747			41,820			5
Total trading-related assets	626,035			596,154			5
Total loans and leases	125,046			108,576			15
Total earning assets	627,935			610,926			3
Total assets	870,038			858,719			1
Total deposits	36,109			44,393			(19)
Allocated capital	45,500			42,500			7
Period end	March 31 2023			December 31 2022			% Change
Total trading-related assets	$	599,841		$	564,769		6	%
Total loans and leases	130,804			127,735			2
Total earning assets	632,873			587,772			8
Total assets	861,477			812,489			6
Total deposits	33,624			39,077			(14)

n/m = not meaningful

Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

The following explanations for current period-over-period changes for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.

Net income for Global Markets increased $93 million to $1.7 billion for the three months ended March 31, 2023 compared to the same period in 2022. Net DVA gains were $14 million compared to $69 million in the same period in 2022. Excluding net DVA, net income increased $134 million to $1.7 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $334 million to $5.6 billion primarily due to higher sales and trading revenue. Sales and trading revenue increased $348 million, and excluding net DVA, sales and trading revenue increased $403 million. These increases were driven by higher revenue in FICC, partially offset by lower revenue in Equities.

Noninterest expense increased $234 million to $3.4 billion primarily driven by continued investments in the business, including people and technology.

Average total assets increased $11.3 billion to $870.0 billion for the three months ended March 31, 2023 compared to the same period in 2022 driven by loan growth in FICC. Period-end total assets increased $49.0 billion from December 31, 2022 to $861.5 billion driven by increased securities financing activity and higher levels of inventory in FICC to satisfy client demand.

The return on average allocated capital was 15 percent, unchanged from the same period a year ago. For more information on capital allocated to the business segments, see Business Segment Operations on page 9.

15 Bank of America

Sales and Trading Revenue

For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all

of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.

Sales and Trading Revenue (1, 2, 3)
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales and trading revenue
Fixed income, currencies and commodities	$	3,440	$	2,708
Equities	1,627		2,011
Total sales and trading revenue	$	5,067	$	4,719
Sales and trading revenue, excluding net DVA (4)
Fixed income, currencies and commodities	$	3,429	$	2,648
Equities	1,624		2,002
Total sales and trading revenue, excluding net DVA	$	5,053	$	4,650

(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.

(2)Includes FTE adjustments of $90 million and $93 million for the three months ended March 31, 2023 and 2022.

(3)    Includes Global Banking sales and trading revenue of $177 million and $179 million for the three months ended March 31, 2023 and 2022.

(4)    FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains were $11 million and $60 million for the three months ended March 31, 2023 and 2022. Equities net DVA gains were $3 million and $9 million for the three months ended March 31, 2023 and 2022.

Including and excluding net DVA, FICC revenue increased $732 million and $781 million for the three months ended March 31, 2023 compared to the same period in 2022 primarily driven by improved trading performance across mortgage, credit and municipal products and increased secured financing activity. Including and excluding net DVA, Equities revenue decreased $384 million and $378 million driven by weaker trading performance and lower client activity in derivatives and cash.

All Other

	Three Months Ended March 31
(Dollars in millions)	2023		2022		% Change
Net interest income	$	97	$	(7)	n/m
Noninterest income (loss)	(1,555)		(1,434)		8	%
Total revenue, net of interest expense	(1,458)		(1,441)		1
Provision for credit losses	107		(47)		n/m
Noninterest expense	407		583		(30)
Loss before income taxes	(1,972)		(1,977)		—
Income tax benefit	(1,865)		(1,613)		16
Net loss	$	(107)	$	(364)	(71)
Balance Sheet
	Three Months Ended March 31
Average	2023		2022		% Change
Total loans and leases	$	10,077	$	15,405	(35)	%
Total assets (1)	172,725		154,425		12
Total deposits	24,702		20,504		20
Period end	March 31 2023		December 31 2022		% Change
Total loans and leases	$	9,827	$	10,234	(4)	%
Total assets (1)	267,623		155,074		73
Total deposits	34,590		19,905		74

(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $1.0 trillion and $1.2 trillion for the three months ended March 31, 2023 and 2022, and period-end allocated assets were $1.0 trillion at both March 31, 2023 and December 31 2022.

n/m = not meaningful

All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.

The net loss in All Other decreased $257 million to a loss of $107 million primarily due to a higher income tax benefit,

partially offset by lower noninterest income.

Noninterest income decreased $121 million primarily due to $220 million of losses on sales of AFS debt securities, primarily offset by derivative gains related to risk management activities.

The income tax benefit increased $252 million reflecting an increase in tax preference benefits primarily driven from income tax credits related to ESG investment activity. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.

Bank of America 16

Managing Risk

Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risk can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Enterprise Risk Committee and the Board.

Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.

Our risk appetite provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporation’s risk profile against our risk appetite and risk capacity. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative statements and quantitative limits.

For more information on the Corporation’s risks, see Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K. These risks are being managed within our Risk Framework and supporting risk management programs. For more information on our Risk Framework, risk management activities and the key types of risk faced by the Corporation, see the Managing Risk section in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Capital Management

The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information, including related regulatory requirements, see Capital Management in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

CCAR and Capital Planning

The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the Comprehensive Capital Analysis and Review (CCAR) capital plan. Based on the results of our 2022 CCAR stress test, we are subject to a 3.4 percent stress capital buffer (SCB) from October 1, 2022 through September 30, 2023. In April 2023, we submitted our 2023 CCAR capital plan and related supervisory stress tests. The Federal Reserve has indicated that it will disclose CCAR capital plan supervisory stress test results by June 30, 2023.

In October 2021, the Board authorized the Corporation’s $25 billion common stock repurchase program. Additionally, the Board authorized common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans. Pursuant to the Board’s authorizations, during the first quarter of 2023, we repurchased $2.2 billion of common stock, including repurchases to offset shares awarded under equity-based compensation plans.

The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).

Regulatory Capital

As a financial services holding company, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets (RWA) under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of March 31, 2023, the Common equity tier 1 (CET1), Tier 1 capital and Total capital ratios under the Standardized approach were the binding ratios.

Minimum Capital Requirements

In order to avoid restrictions on capital distributions and discretionary bonus payments, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from October 1, 2022 through September 30, 2023, the Corporation's minimum CET1 capital ratio requirements are 10.4 percent under the Standardized approach and 9.5 percent under the Advanced approaches.

The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach by, among other factors, including a measure of the Corporation’s reliance on short-term wholesale funding. The Corporation’s G-SIB surcharge, which is higher under Method 2, is expected to increase to 3.0 percent from 2.5 percent on January 1, 2024, which will increase our minimum CET1 capital ratio requirement. At March 31, 2023, the Corporation’s CET1 capital ratio of 11.4 percent under the Standardized approach exceeded its current CET1 capital ratio requirement as well as the minimum requirement expected to be in place as of January 1, 2024 due to the anticipated increase in our G-SIB surcharge.

The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments. Our insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.

17 Bank of America

Capital Composition and Ratios

Table 7 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at March 31, 2023 and December 31, 2022. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.

Table 7	Bank of America Corporation Regulatory Capital under Basel 3
		Standardized Approach (1)			Advanced Approaches (1)			Regulatory Minimum (2)
(Dollars in millions, except as noted)		March 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital		$	184,432		$	184,432
Tier 1 capital		212,825			212,825
Total capital (3)		242,743			233,877
Risk-weighted assets (in billions)		1,622			1,427
Common equity tier 1 capital ratio		11.4		%	12.9		%	10.4	%
Tier 1 capital ratio		13.1			14.9			11.9
Total capital ratio		15.0			16.4			13.9
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)		$	3,018		$	3,018
Tier 1 leverage ratio		7.1		%	7.1		%	4.0
Supplementary leverage exposure (in billions)					$	3,555
Supplementary leverage ratio					6.0		%	5.0
		December 31, 2022
Risk-based capital metrics:
Common equity tier 1 capital		$	180,060		$	180,060
Tier 1 capital		208,446			208,446
Total capital (3)		238,773			230,916
Risk-weighted assets (in billions)		1,605			1,411
Common equity tier 1 capital ratio		11.2		%	12.8		%	10.4	%
Tier 1 capital ratio		13.0			14.8			11.9
Total capital ratio		14.9			16.4			13.9
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)		$	2,997		$	2,997
Tier 1 leverage ratio		7.0		%	7.0		%	4.0
Supplementary leverage exposure (in billions)					$	3,523
Supplementary leverage ratio					5.9		%	5.0

(1)Capital ratios as of March 31, 2023 and December 31, 2022 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020.

(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 2.5 percent and our capital conservation buffer of 2.5 percent (under the Advanced approaches) or the SCB of 3.4 percent (under the Standardized approach), as applicable, at both March 31, 2023 and December 31, 2022. The Corporation's SCB under the Standardized approach was 3.4 percent, the G-SIB surcharge was 2.5 percent and the countercyclical capital buffer was zero for both periods. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.

(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.

(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At March 31, 2023, CET1 capital was $184.4 billion, an increase of $4.4 billion from December 31, 2022, primarily due to earnings, partially offset by dividends and common stock repurchases. Tier 1 capital increased $4.4 billion primarily driven by the same factors as CET1 capital. Total capital under the Standardized approach increased $4.0 billion primarily due to the same factors driving the increase in Tier 1 capital and an increase in the adjusted allowance for credit losses included in Tier 2 capital, partially offset by a decrease in subordinated

debt. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at March 31, 2023, increased $17.0 billion during the three months ended March 31, 2023 to $1,622 billion primarily due to higher counterparty exposures in Global Markets. Supplementary leverage exposure at March 31, 2023 increased $31.4 billion primarily due to higher trading assets from increased business activities and higher cash held at central banks, partially offset by lower derivative exposures and debt securities balances.

Bank of America 18

Table 8 shows the capital composition at March 31, 2023 and December 31, 2022.

Table 8	Capital Composition under Basel 3
(Dollars in millions)		March 31 2023		December 31 2022
Total common shareholders’ equity		$	251,799	$	244,800
CECL transitional amount (1)		1,254		1,881
Goodwill, net of related deferred tax liabilities		(68,644)		(68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards		(7,835)		(7,776)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities		(1,538)		(1,554)
Defined benefit pension plan net assets		(882)		(867)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,  net-of-tax		484		496
Accumulated net (gain) loss on certain cash flow hedges (2)		9,886		11,925
Other		(92)		(201)
Common equity tier 1 capital		184,432		180,060
Qualifying preferred stock, net of issuance cost		28,396		28,396
Other		(3)		(10)
Tier 1 capital		212,825		208,446
Tier 2 capital instruments		17,845		18,751
Qualifying allowance for credit losses (3)		12,449		11,739
Other		(376)		(163)
Total capital under the Standardized approach		242,743		238,773
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)		(8,866)		(7,857)
Total capital under the Advanced approaches		$	233,877	$	230,916

(1)Includes the impact of the Corporation's adoption of the CECL accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption.

(2)Includes amounts in accumulated other comprehensive income (OCI) related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.

(3)Includes the impact of transition provisions related to the CECL accounting standard.

Table 9 shows the components of RWA as measured under Basel 3 at March 31, 2023 and December 31, 2022.

Table 9	Risk-weighted Assets under Basel 3
		Standardized Approach		Advanced Approaches		Standardized Approach		Advanced Approaches
(Dollars in billions)		March 31, 2023				December 31, 2022
Credit risk		$	1,558	$	958	$	1,538	$	939
Market risk		64		63		67		67
Operational risk		n/a		364		n/a		364
Risks related to credit valuation adjustments		n/a		42		n/a		41
Total risk-weighted assets		$	1,622	$	1,427	$	1,605	$	1,411

n/a = not applicable

19 Bank of America

Bank of America, N.A. Regulatory Capital

Table 10 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at March 31, 2023 and December 31, 2022. BANA met the definition of well capitalized under the PCA framework for both periods.

Table 10	Bank of America, N.A. Regulatory Capital under Basel 3
		Standardized Approach (1)			Advanced Approaches (1)			Regulatory Minimum (2)
(Dollars in millions, except as noted)		March 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital		$	185,410		$	185,410
Tier 1 capital		185,410			185,410
Total capital (3)		199,325			190,730
Risk-weighted assets (in billions)		1,389			1,104
Common equity tier 1 capital ratio		13.3		%	16.8		%	7.0	%
Tier 1 capital ratio		13.3			16.8			8.5
Total capital ratio		14.3			17.3			10.5
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)		$	2,365		$	2,365
Tier 1 leverage ratio		7.8		%	7.8		%	5.0
Supplementary leverage exposure (in billions)					$	2,799
Supplementary leverage ratio					6.6		%	6.0
		December 31, 2022
Risk-based capital metrics:
Common equity tier 1 capital		$	181,089		$	181,089
Tier 1 capital		181,089			181,089
Total capital (3)		194,254			186,648
Risk-weighted assets (in billions)		1,386			1,087
Common equity tier 1 capital ratio		13.1		%	16.7		%	7.0	%
Tier 1 capital ratio		13.1			16.7			8.5
Total capital ratio		14.0			17.2			10.5
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)		$	2,358		$	2,358
Tier 1 leverage ratio		7.7		%	7.7		%	5.0
Supplementary leverage exposure (in billions)					$	2,785
Supplementary leverage ratio					6.5		%	6.0

(1)Capital ratios as of March 31, 2023 and December 31, 2022 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.

(2)Risk-based capital regulatory minimums at both March 31, 2023 and December 31, 2022 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.

(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.

(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.

Total Loss-Absorbing Capacity Requirements

Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the

risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments. Table 11 presents the Corporation's TLAC and long-term debt ratios and related information as of March 31, 2023 and December 31, 2022.

Bank of America 20

Table 11	Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt
		TLAC (1)			Regulatory Minimum (2)		Long-term Debt			Regulatory Minimum (3)
(Dollars in millions)		March 31, 2023
Total eligible balance		$	466,319				$	239,255
Percentage of risk-weighted assets (4)		28.8		%	22.0	%	14.8		%	8.5	%
Percentage of supplementary leverage exposure		13.1			9.5		6.7			4.5
		December 31, 2022
Total eligible balance		$	465,451				$	243,833
Percentage of risk-weighted assets (4)		29.0		%	22.0	%	15.2		%	8.5	%
Percentage of supplementary leverage exposure		13.2			9.5		6.9			4.5

(1)As of March 31, 2023 and December 31, 2022, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.

(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.

(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus an additional 2.5 percent requirement based on the Corporation’s Method 2 G-SIB surcharge. The long-term debt leverage exposure regulatory minimum is 4.5 percent.

(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of March 31, 2023 and December 31, 2022.

Regulatory Capital and Securities Regulation

The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS), Merrill Lynch Professional Clearing Corp. (MLPCC) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European broker-dealer subsidiaries are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).

The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its minimum capital requirements as an alternative net capital broker-dealer under Rule 15c3-1e, and MLPCC and MLPF&S compute their minimum capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS and MLPCC are also registered as futures commission merchants and are subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.

BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At March 31, 2023, BofAS had tentative net capital of $19.3 billion. BofAS also had regulatory net capital of $17.1 billion, which exceeded the minimum requirement of $4.5 billion.

MLPCC is a fully-guaranteed subsidiary of BofAS and provides clearing and settlement services as well as prime brokerage and arranged financing services for institutional clients. At March 31, 2023, MLPCC’s regulatory net capital of $7.1 billion exceeded the minimum requirement of $1.5 billion.

MLPF&S provides retail services. At March 31, 2023, MLPF&S' regulatory net capital was $6.3 billion, which exceeded the minimum requirement of $137 million.

Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the FCA and is subject to certain regulatory capital requirements. At

March 31, 2023, MLI’s capital resources were $33.5 billion, which exceeded the minimum Pillar 1 requirement of $11.7 billion.

BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At March 31, 2023, BofASE's capital resources were $9.1 billion, which exceeded the minimum Pillar 1 requirement of $3.3 billion.

In addition, MLI and BofASE became conditionally registered with the SEC as security-based swap dealers in the fourth quarter of 2021, and maintained net liquid assets at March 31, 2023 that exceeded the applicable minimum requirements under the Exchange Act.

Liquidity Risk

Funding and Liquidity Risk Management

Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage the market stress from increased volatility due to the failure of certain financial institutions in March 2023. For more information, see Executive Summary – Recent Developments – Financial Market Events on page 3. Our practices have also allowed us to effectively manage market fluctuations from the rising interest rate environment, inflationary pressures and changes in the macroeconomic environment.

We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as they arise. We manage our liquidity position through line-of-business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor

21 Bank of America

liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events. For more information on the Corporation’s liquidity risks, see the Liquidity section within Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K. For more information regarding global funding and liquidity risk management, as well as liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

NB Holdings Corporation

Bank of America Corporation, as the parent company (the Parent), which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional Parent assets not required to satisfy anticipated near-term expenditures to NB Holdings. The Parent is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had it not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code.

Global Liquidity Sources and Other Unencumbered Assets

We maintain liquidity available to the Corporation, including the Parent and selected subsidiaries, in the form of cash and high-quality, liquid, unencumbered securities. Our liquidity buffer, referred to as Global Liquidity Sources (GLS), is comprised of assets that are readily available to the Parent and selected subsidiaries, including holding company, bank and broker-dealer subsidiaries, even during stressed market conditions. Our cash is primarily on deposit with the Federal Reserve Bank and, to a lesser extent, central banks outside of the U.S. We limit the composition of high-quality, liquid, unencumbered securities to U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities and other investment-grade securities, and a select group of non-U.S. government securities. We can obtain cash for these securities, even in stressed conditions, through repurchase agreements or outright sales. We hold our GLS in legal entities that allow us to meet the liquidity requirements of our global businesses, and we consider the impact of potential regulatory, tax, legal and other restrictions that could limit the transferability of funds among entities.

Table 12 presents average GLS for the three months ended March 31, 2023 and December 31, 2022.

Table 12	Average Global Liquidity Sources
		Three Months Ended
(Dollars in billions)		March 31 2023		December 31 2022
Bank entities		$	683	$	694
Nonbank and other entities (1)		171		174
Total Average Global Liquidity Sources		$	854	$	868

(1) Nonbank includes Parent, NB Holdings and other regulated entities.

Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental

liquidity by pledging a range of unencumbered loans and securities to certain Federal Home Loan Banks (FHLBs) and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $319 billion and $348 billion at March 31, 2023 and December 31, 2022. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the Parent or nonbank subsidiaries may be subject to prior regulatory approval.

Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. The Parent and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the Parent or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.

Table 13 presents the composition of average GLS for the three months ended March 31, 2023 and December 31, 2022.

Table 13	Average Global Liquidity Sources Composition
		Three Months Ended
(Dollars in billions)		March 31 2023		December 31 2022
Cash on deposit		$	204	$	174
U.S. Treasury securities		225		252
U.S. agency securities, mortgage-backed    securities, and other investment-grade securities		411		427
Non-U.S. government securities		14		15
Total Average Global Liquidity Sources		$	854	$	868

Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $591 billion and $605 billion for the three months ended March 31, 2023 and December 31, 2022. For the same periods, the average consolidated LCR was 117 percent and 120 percent. Our LCR fluctuates due to normal business flows from customer activity.

Liquidity Stress Analysis

We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the Parent

Bank of America 22

and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on liquidity stress analysis, see Liquidity Risk –Liquidity Stress Analysis in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Net Stable Funding Ratio

The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding over a one-year period. The requirement is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR, which focuses on short-term liquidity risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. At March 31, 2023, the Corporation and its insured depository institutions were in compliance with this requirement.

Diversified Funding Sources

We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally

coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $1.91 trillion and $1.93 trillion at March 31, 2023 and December 31, 2022. Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.

Deposits

Our deposit base is well-diversified by clients, geography and product type across our business segments. At March 31,

2023, 55 percent of our deposits were in Consumer Banking, 16 percent in GWIM and 26 percent in Global Banking. We consider a substantial portion of our deposit base to be a stable, low-cost and consistent source of liquidity. At March 31, 2023, approximately 67 percent of consumer and small business deposits and 80 percent of U.S. deposits in Global Banking were held by clients who have had accounts with us for 10 or more years. In addition, at March 31, 2023 and December 31, 2022, 33 percent and 34 percent of our deposits were noninterest-bearing and included operating accounts of our consumer and commercial clients. Deposits at March 31, 2023 decreased $19.9 billion, or one percent, from December 31, 2022 primarily due to clients in GWIM moving deposits into higher yielding investment alternatives. Period-end deposits for Consumer Banking and Global Banking were relatively stable at March 31, 2023 compared to December 31, 2022.

Long-term Debt

During the three months ended March 31, 2023, we issued $14.3 billion of long-term debt consisting of $3.8 billion of notes issued by Bank of America Corporation, which were largely TLAC compliant, $4.4 billion of notes issued by Bank of America, N.A. and $6.1 billion of other debt.

During the three months ended March 31, 2023, we had total long-term debt maturities and redemptions in the aggregate of $11.3 billion consisting of $8.9 billion for Bank of America Corporation, $500 million for Bank of America, N.A. and $1.9 billion of other debt. Table 14 presents the carrying value of aggregate annual contractual maturities of long-term debt at March 31, 2023.

Table 14	Long-term Debt by Maturity
(Dollars in millions)		Remainder of 2023		2024		2025		2026		2027		Thereafter		Total
Bank of America Corporation
Senior notes (1)		$	3,702	$	18,207	$	24,909	$	24,274	$	19,248	$	113,206	$	203,546
Senior structured notes		763		562		573		956		628		9,575		13,057
Subordinated notes		—		3,160		5,163		4,926		2,148		10,341		25,738
Junior subordinated notes		—		—		—		—		188		556		744
Total Bank of America Corporation		4,465		21,929		30,645		30,156		22,212		133,678		243,085
Bank of America, N.A.
Senior notes		—		5,970		—		—		—		—		5,970
Subordinated notes		—		—		—		—		—		1,514		1,514
Advances from Federal Home Loan Banks		100		1,000		14		9		4		52		1,179
Securitizations and other Bank VIEs (2)		999		999		2,248		—		—		52		4,298
Other		219		719		71		33		70		—		1,112
Total Bank of America, N.A.		1,318		8,688		2,333		42		74		1,618		14,073
Other debt
Structured Liabilities		3,999		3,203		2,519		3,272		2,002		11,137		26,132
Nonbank VIEs (2)		—		—		—		—		—		583		583
Total other debt		3,999		3,203		2,519		3,272		2,002		11,720		26,715
Total long-term debt		$	9,782	$	33,820	$	35,497	$	33,470	$	24,288	$	147,016	$	283,873

(1)Total includes $180.8 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $12.2 billion during the remainder of 2023, and $21.6 billion, $21.6 billion, $19.2 billion and $24.8 billion during each year of 2024 through 2027, respectively, and $81.4 billion thereafter. For more information on our TLAC eligible and callable outstanding notes, see Liquidity Risk – Diversified Funding Sources in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

(2)Represents liabilities of consolidated variable interest entities (VIEs) included in total long-term debt on the Consolidated Balance Sheet.

Total long-term debt increased $7.9 billion to $283.9 billion during the three months ended March 31, 2023 primarily due to debt issuances and valuation adjustments, partially offset by debt maturities and redemptions. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our

other regulated entities may also make markets in our debt instruments to provide liquidity for investors.

During the three months ended March 31, 2023, we issued $4.0 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. These structured notes are typically issued to meet client demand, and notes with certain

23 Bank of America

attributes may also be TLAC eligible. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/or investments in the underlying instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.

Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 40.

Credit Ratings

Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 15 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.

The ratings and outlooks from Fitch Ratings for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's 2022 Annual Report on Form 10-K.

On March 31, 2023, Standard & Poor’s Global Ratings (S&P) affirmed the current ratings of the Corporation and its subsidiaries, while at the same time revising its rating outlook to Stable from Positive. S&P concurrently changed its outlooks on three other large U.S. bank holding companies to Stable from Positive, noting that the agency has reduced its upside expectations for bank ratings in the near term.

On January 23, 2023, Moody’s Investors Service (Moody’s) placed the long-term rating of the Corporation as well as the long-term rating of its rated subsidiaries, including BANA, on review for upgrade. The agency cited the Corporation’s strengthened capital ratios, improved earnings profile and continued commitment to maintaining a restrained risk appetite as drivers of the review. Moody’s concurrently affirmed all Prime-1 short-term ratings of the Corporation and rated subsidiaries. A review for upgrade indicates that those ratings are under consideration for a change in the near term and typically concludes within 90 days. As of May 1, 2023, Moody’s had not yet announced the completion of its review of the long-term ratings.

For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

Table 15	Senior Debt Ratings
		Moody’s Investors Service			Standard & Poor’s Global Ratings			Fitch Ratings
		Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Bank of America Corporation		A2	P-1	Review for Upgrade	A-	A-2	Stable	AA-	F1+	Stable
Bank of America, N.A.		Aa2	P-1	Review for Upgrade	A+	A-1	Stable	AA	F1+	Stable
Bank of America Europe Designated Activity Company		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
Merrill Lynch, Pierce, Fenner & Smith Incorporated		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
BofA Securities, Inc.		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
Merrill Lynch International		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
BofA Securities Europe SA		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable

NR = not rated

Finance Subsidiary Issuers and Parent Guarantor

BofA Finance LLC, a Delaware limited liability company (BofA Finance), is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts), is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred

Securities, the Guaranteed Securities), as applicable, that remained outstanding at March 31, 2023. The Corporation has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities issued by such finance subsidiaries. For more information regarding such guarantees by the Corporation, see Liquidity Risk– Finance Subsidiary Issuers and Parent Guarantor in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Representations and Warranties Obligations

For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Bank of America 24

Credit Risk Management

For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management, Commercial Portfolio Credit Risk Management on page 29, Non-U.S. Portfolio on page 35, Allowance for Credit Losses on page 36, and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For information on the Corporation’s loan modification programs, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

During the three months ended March 31, 2023, our asset quality remained relatively healthy. Our net charge-off ratio increased primarily driven by credit card loans, as delinquency trends continue to slowly increase off of historic lows; however, they remain below pre-pandemic levels. Nonperforming loans increased modestly compared to December 31, 2022 driven by office, while commercial reservable criticized exposure increased driven by both office as well as other industries that have been impacted by the current environment. Uncertainty remains regarding broader economic impacts as a result of inflationary pressures, rising rates and the current geopolitical environment and could lead to adverse impacts to credit quality metrics in future periods.

Consumer Portfolio Credit Risk Management

Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics

to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources, such as credit bureaus, and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.

Consumer Credit Portfolio

During the three months ended March 31, 2023, the U.S. unemployment rate remained relatively stable and home prices continued to decline modestly. During the three months ended March 31, 2023, net charge-offs increased $313 million to $653 million compared to the same period in 2022, as late-stage delinquent credit card loans were charged off.

The consumer allowance for loan and lease losses increased $124 million during the three months ended March 31, 2023 to $7.4 billion. For more information, see Allowance for Credit Losses on page 36.

For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and loan modifications for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Table 16 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.

Table 16	Consumer Credit Quality
		Outstandings				Nonperforming						Accruing Past Due 90 Days or More
(Dollars in millions)		March 31 2023		December 31 2022		March 31 2023			December 31 2022			March 31 2023			December 31 2022
Residential mortgage (1)		$	228,827	$	229,670	$	2,125		$	2,167		$	338		$	368
Home equity		25,868		26,563		488			510			—			—
Credit card		92,469		93,421		n/a			n/a			828			717
Direct/Indirect consumer (2)		104,540		106,236		101			77			2			2
Other consumer		120		156		—			—			—			—
Consumer loans excluding loans accounted for under the fair value option		$	451,824	$	456,046	$	2,714		$	2,754		$	1,168		$	1,087
Loans accounted for under the fair value option (3)		334		339
Total consumer loans and leases		$	452,158	$	456,385
Percentage of outstanding consumer loans and leases (4)		n/a		n/a		0.60		%	0.60		%	0.26		%	0.24		%
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)		n/a		n/a		0.62			0.62			0.19			0.16

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2023 and December 31 2022, residential mortgage included $232 million and $260 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $106 million and $108 million of loans on which interest was still accruing.

(2)Outstandings primarily includes auto and specialty lending loans and leases of $52.7 billion and $51.8 billion, U.S. securities-based lending loans of $48.1 billion and $50.4 billion at March 31, 2023 and December 31 2022, and non-U.S. consumer loans of $2.8 billion and $3.0 billion at March 31, 2023 and December 31 2022.

(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.

(4)Excludes consumer loans accounted for under the fair value option. At both March 31, 2023 and December 31 2022, $7 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.

n/a = not applicable

25 Bank of America

Table 17 presents net charge-offs and related ratios for consumer loans and leases.

Table 17	Consumer Net Charge-offs and Related Ratios
		Net Charge-offs				Net Charge-off Ratios (1)
		Three Months Ended March 31
(Dollars in millions)		2023		2022		2023		2022
Residential mortgage		$	1	$	(10)	—	%	(0.02)	%
Home equity		(12)		(30)		(0.18)		(0.44)
Credit card		501		297		2.21		1.53
Direct/Indirect consumer		1		4		—		0.02
Other consumer		162		79		n/m		n/m
Total		$	653	$	340	0.58		0.32

(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.

n/m = not meaningful

We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.

Residential Mortgage

The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 51 percent of consumer loans and leases at March 31, 2023. Approximately 51 percent of the residential mortgage portfolio was in

Consumer Banking, 45 percent was in GWIM and the remaining portion was in All Other.

Outstanding balances in the residential mortgage portfolio decreased $843 million during the three months ended March 31, 2023, as paydowns outpaced new originations.

At March 31, 2023 and December 31, 2022, the residential mortgage portfolio included $11.4 billion and $11.7 billion of outstanding fully-insured loans, of which $2.1 billion and $2.2 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.

Table 18 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.

Table 18	Residential Mortgage – Key Credit Statistics
		Reported Basis (1)						Excluding Fully-insured Loans (1)
(Dollars in millions)		March 31 2023			December 31 2022			March 31 2023			December 31 2022
Outstandings		$	228,827		$	229,670		$	217,445		$	217,976
Accruing past due 30 days or more		1,304			1,471			724			844
Accruing past due 90 days or more		338			368			—			—
Nonperforming loans (2)		2,125			2,167			2,125			2,167
Percent of portfolio
Refreshed LTV greater than 90 but less than or equal to 100		1		%	1		%	1		%	1		%
Refreshed LTV greater than 100		—			—			—			—
Refreshed FICO below 620		1			1			1			1

(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.

(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.

Nonperforming outstanding balances in the residential mortgage portfolio decreased $42 million during the three months ended March 31, 2023 primarily due to returns to performing and paydowns outpacing new additions. Of the nonperforming residential mortgage loans at March 31, 2023, $1.3 billion, or 63 percent, were current on contractual payments. Loans accruing past due 30 days or more decreased $120 million.

Of the $217.4 billion in total residential mortgage loans outstanding at March 31, 2023, 28 percent were originated as interest-only loans. The outstanding balance of interest-only residential mortgage loans that had entered the amortization period was $3.4 billion, or six percent, at March 31, 2023. Residential mortgage loans that have entered the amortization period generally experience a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At March 31, 2023, $64 million, or two percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $724 million, or less than one percent, for the entire residential

mortgage portfolio. In addition, at March 31, 2023, $185 million, or five percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $67 million were contractually current. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of 3 to 10 years. Approximately 96 percent of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2025 or later.

Table 19 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. The Los Angeles-Long Beach-Santa Ana Metropolitan Statistical Area (MSA) within California represented 14 percent of outstandings at both March 31, 2023 and December 31, 2022. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 15 percent of outstandings at both March 31, 2023 and December 31, 2022.

Bank of America 26

Table 19	Residential Mortgage State Concentrations
		Outstandings (1)				Nonperforming (1)				Net Charge-offs
		March 31 2023		December 31 2022		March 31 2023		December 31 2022		Three Months Ended March 31
(Dollars in millions)										2023		2022
California		$	80,629	$	80,878	$	649	$	656	$	—	$	(3)
New York		26,191		26,228		329		328		2		—
Florida		15,241		15,225		136		145		(2)		(1)
Texas		9,399		9,399		84		88		—		—
New Jersey		8,772		8,810		94		96		—		—
Other		77,213		77,436		833		854		1		(6)
Residential mortgage loans		$	217,445	$	217,976	$	2,125	$	2,167	$	1	$	(10)
Fully-insured loan portfolio		11,382		11,694
Total residential mortgage loan portfolio		$	228,827	$	229,670

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

Home Equity

At March 31, 2023, the home equity portfolio made up six percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.

At March 31, 2023, 82 percent of the home equity portfolio was in Consumer Banking, eight percent was in All Other and the remainder of the portfolio was primarily in GWIM. Outstanding balances in the home equity portfolio decreased $695 million during the three months ended March 31, 2023 primarily due to paydowns outpacing draws on existing lines and new

originations. Of the total home equity portfolio at March 31, 2023 and December 31, 2022, $10.7 billion and $11.1 billion, or 41 percent and 42 percent, were in first-lien positions. At March 31, 2023, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.4 billion, or 17 percent of our total home equity portfolio.

Unused HELOCs totaled $44.0 billion and $42.4 billion at March 31, 2023 and December 31, 2022. The HELOC utilization rate was 36 percent and 38 percent at March 31, 2023 and December 31, 2022.

Table 20 presents certain home equity portfolio key credit statistics.

Table 20	Home Equity – Key Credit Statistics (1)
(Dollars in millions)		March 31 2023			December 31 2022
Outstandings		$	25,868		$	26,563
Accruing past due 30 days or more		93			96
Nonperforming loans (2)		488			510
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100		—		%	—		%
Refreshed CLTV greater than 100		—			—
Refreshed FICO below 620		2			2

(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.

(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.

Nonperforming outstanding balances in the home equity portfolio decreased $22 million to $488 million at March 31, 2023, primarily driven by returns to performing status and paydowns outpacing new additions. Of the nonperforming home equity loans at March 31, 2023, $265 million, or 54 percent, were current on contractual payments, and $144 million, or 29 percent, were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due remained relatively unchanged during the three months ended March 31, 2023.

Net recoveries decreased $18 million to $12 million during the three months ended March 31, 2023 compared to the same period in 2022.

Of the $25.9 billion in total home equity portfolio outstandings at March 31, 2023, as shown in Table 20, 12 percent require interest-only payments. The outstanding balance of HELOCs that had reached the end of their draw period and

entered the amortization period was $4.9 billion at March 31, 2023. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At March 31, 2023, $50 million, or one percent, of outstanding HELOCs that had entered the amortization period were accruing past due 30 days or more. In addition, at March 31, 2023, $329 million, or seven percent, were nonperforming.

For our interest-only HELOC portfolio, we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During the three months ended March 31, 2023, 23 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.

27 Bank of America

Table 21 presents outstandings, nonperforming balances and net recoveries by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 12 percent of the outstanding home equity portfolio at both March 31, 2023 and

December 31, 2022. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent of the outstanding home equity portfolio at both March 31, 2023 and December 31, 2022.

Table 21	Home Equity State Concentrations
		Outstandings (1)				Nonperforming (1)				Net Charge-Offs
		March 31 2023		December 31 2022		March 31 2023		December 31 2022		Three Months Ended March 31
(Dollars in millions)										2023		2022
California		$	7,208	$	7,406	$	113	$	119	$	(1)	$	(6)
Florida		2,667		2,743		60		63		(3)		(7)
New Jersey		1,964		2,047		50		53		—		(2)
New York		1,733		1,806		77		80		(2)		(2)
Massachusetts		1,293		1,347		15		23		—		(1)
Other		11,003		11,214		173		172		(6)		(12)
Total home equity loan portfolio		$	25,868	$	26,563	$	488	$	510	$	(12)	$	(30)

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

Credit Card

At March 31, 2023, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $952 million during the three months ended March 31, 2023 to $92.5 billion primarily driven by a seasonal decline in purchase volumes. Net charge-offs increased $204 million to $501 million during the three months ended March 31, 2023 compared to the same period in 2022, as late-stage credit card delinquencies were

charged off. Credit card loans 30 days or more past due and still accruing interest increased $169 million, and 90 days or more past due and still accruing interest increased $111 million.

Unused lines of credit for credit card increased to $381.1 billion at March 31, 2023 from $370.1 billion at December 31, 2022.

Table 22 presents certain state concentrations for the credit card portfolio.

Table 22	Credit Card State Concentrations
		Outstandings				Accruing Past Due 90 Days or More				Net Charge-offs
		March 31 2023		December 31 2022		March 31 2023		December 31 2022		Three Months Ended March 31
(Dollars in millions)										2023		2022
California		$	15,235	$	15,363	$	145	$	126	$	88	$	50
Florida		9,504		9,512		110		100		69		42
Texas		8,124		8,125		81		72		48		27
New York		5,339		5,381		71		56		39		22
Washington		4,777		4,844		26		21		14		7
Other		49,490		50,196		395		342		243		149
Total credit card portfolio		$	92,469	$	93,421	$	828	$	717	$	501	$	297

Direct/Indirect Consumer

At March 31, 2023, 51 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 49 percent was included in GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio decreased $1.7 billion during the

three months ended March 31, 2023 to $104.5 billion driven by declines in securities-based lending stemming from higher paydown activity due to higher interest rates, partially offset by growth in our auto portfolio.

Table 23 presents certain state concentrations for the direct/indirect consumer loan portfolio.

Table 23	Direct/Indirect State Concentrations
		Outstandings				Nonperforming				Net Charge-offs
		March 31 2023		December 31 2022		March 31 2023		December 31 2022		Three Months Ended March 31
(Dollars in millions)										2023		2022
California		$	15,438	$	15,516	$	16	$	12	$	2	$	1
Florida		13,420		13,783		12		10		—		1
Texas		9,818		9,837		11		9		—		1
New York		7,548		7,891		7		5		—		—
New Jersey		4,378		4,456		3		3		—		—
Other		53,938		54,753		52		38		(1)		1
Total direct/indirect loan portfolio		$	104,540	$	106,236	$	101	$	77	$	1	$	4

Other Consumer

Other consumer primarily consists of deposit overdraft balances. Net charge-offs increased $83 million to $162 million

during the three months ended March 31, 2023 compared to the same period in 2022, primarily driven by higher overdraft losses due to industry-wide check fraud activity.

Bank of America 28

Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity

Table 24 presents nonperforming consumer loans, leases and foreclosed properties activity for the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2023, nonperforming consumer loans decreased $40 million to $2.7 billion primarily due to returns to performing status and paydowns outpacing new additions during the first quarter of 2023.

At March 31, 2023, $550 million, or 20 percent, of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs 7to sell. In addition, at March 31, 2023, $1.6 billion, or 60 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.

Foreclosed properties decreased $4 million during the three months ended March 31, 2023 to $117 million.

Table 24	Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
		Three Months Ended March 31
(Dollars in millions)		2023			2022
Nonperforming loans and leases, January 1		$	2,754		$	2,989
Additions		253			644
Reductions:
Paydowns and payoffs		(103)			(175)
Sales		(2)			(131)
Returns to performing status (1)		(170)			(202)
Charge-offs		(12)			(15)
Transfers to foreclosed properties		(6)			(6)
Total net additions/(reductions) to nonperforming loans and leases		(40)			115
Total nonperforming loans and leases, March 31		2,714			3,104
Foreclosed properties, March 31		117			118
Nonperforming consumer loans, leases and foreclosed properties, March 31		$	2,831		$	3,222
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (2)		0.60		%	0.71		%
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (2)		0.63			0.74

(1)Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.

(2)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.

Commercial Portfolio Credit Risk Management

Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 29, 31 and 34 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 31 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 33.

For more information on our accounting policies regarding delinquencies, nonperforming status, net charge-offs and loan modifications for the commercial portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Commercial Credit Portfolio

Outstanding commercial loans and leases increased $4.9 billion during the three months ended March 31, 2023 due to growth in commercial real estate and our U.S. commercial and industrial portfolio, primarily in Global Banking. During the three months ended March 31, 2023, commercial credit quality deteriorated and nonperforming commercial loans and reservable criticized utilized exposure increased; however, the

commercial net charge off ratio of 0.11 percent for the three months ended March 31, 2023 remained low. For more information, see Commercial Real Estate on page 31.

With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial real estate borrowers has remained relatively stable since December 31, 2022; however, we are closely monitoring borrower performance in the increased rate environment and emerging trends. Many commercial real estate markets are still experiencing disruptions in demand, supply chain challenges, tenant difficulties and challenging capital markets. Recent demand for office space has been stagnant, and future demand for office space continues to be uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.

The commercial allowance for loan and lease losses decreased $292 million during the three months ended March 31, 2023 to $5.2 billion, primarily driven by certain improved macroeconomic conditions. For more information, see Allowance for Credit Losses on page 36.

Total commercial utilized credit exposure decreased $4.2 billion during the three months ended March 31, 2023 to $700.7 billion primarily driven by lower derivative assets, partially offset by higher loans and leases. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 56 percent at both March 31, 2023 and at December 31, 2022.

29 Bank of America

Table 25 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance

funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.

Table 25	Commercial Credit Exposure by Type
		Commercial Utilized (1)				Commercial Unfunded (2, 3, 4)				Total Commercial Committed
(Dollars in millions)		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Loans and leases		$	594,248	$	589,362	$	487,291	$	487,772	$	1,081,539	$	1,077,134
Derivative assets (5)		40,947		48,642		—		—		40,947		48,642
Standby letters of credit and financial guarantees		32,952		33,376		1,513		1,266		34,465		34,642
Debt securities and other investments		19,378		20,195		2,872		2,551		22,250		22,746
Loans held-for-sale		5,895		6,112		3,953		3,729		9,848		9,841
Operating leases		5,474		5,509		—		—		5,474		5,509
Commercial letters of credit		1,020		973		43		28		1,063		1,001
Other		800		698		—		—		800		698
Total		$	700,714	$	704,867	$	495,672	$	495,346	$	1,196,386	$	1,200,213

(1)Commercial utilized exposure includes loans of $4.1 billion and $5.4 billion accounted for under the fair value option at March 31, 2023 and December 31, 2022.

(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.1 billion and $3.0 billion at March 31, 2023 and December 31, 2022.

(3)Excludes unused business card lines, which are not legally binding.

(4)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.1 billion and $10.4 billion at March 31, 2023 and December 31, 2022.

(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $29.0 billion and $33.8 billion at March 31, 2023 and December 31, 2022. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $51.0 billion and $51.6 billion at March 31, 2023 and December 31, 2022, which consists primarily of other marketable securities.

Nonperforming commercial loans increased $150 million primarily in commercial real estate, partially offset by non-U.S. commercial. Table 26 presents our commercial loans and leases portfolio and related credit quality information at March 31, 2023 and December 31, 2022.

Table 26	Commercial Credit Quality
		Outstandings				Nonperforming				Accruing Past Due 90 Days or More
(Dollars in millions)		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Commercial and industrial:
U.S. commercial		$	360,655	$	358,481	$	559	$	553	$	112	$	190
Non-U.S. commercial		124,827		124,479		125		212		92		25
Total commercial and industrial		485,482		482,960		684		765		204		215
Commercial real estate		73,051		69,766		502		271		35		46
Commercial lease financing		13,448		13,644		4		4		6		8
		571,981		566,370		1,190		1,040		245		269
U.S. small business commercial (1)		18,204		17,560		14		14		261		355
Commercial loans excluding loans accounted for under the fair value option		$	590,185	$	583,930	$	1,204	$	1,054	$	506	$	624
Loans accounted for under the fair value option (2)		4,063		5,432
Total commercial loans and leases		$	594,248	$	589,362

(1)Includes card-related products.

(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.2 billion and $2.9 billion and non-U.S. commercial of $1.9 billion and $2.5 billion at March 31, 2023 and December 31, 2022. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.

Bank of America 30

Table 27 presents net charge-offs and related ratios for our commercial loans and leases for the three months ended March 31, 2023 and 2022.

Table 27	Commercial Net Charge-offs and Related Ratios
		Net Charge-offs				Net Charge-off Ratios (1)
		Three Months Ended March 31
(Dollars in millions)		2023		2022		2023		2022
Commercial and industrial:
U.S. commercial		$	47	$	(14)	0.05	%	(0.02	%)
Non-U.S. commercial		20		1		0.07		—
Total commercial and industrial		67		(13)		0.06		(0.01)
Commercial real estate		22		23		0.12		0.15
Commercial lease financing		(1)		—		(0.01)		—
		88		10		0.06		0.01
U.S. small business commercial		66		42		1.48		0.94
Total commercial		$	154	$	52	0.11		0.04

(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.

Table 28 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure increased $515 million during the

three months ended March 31, 2023 driven by U.S. commercial and commercial real estate office, partially offset by non-U.S. commercial. At March 31, 2023 and December 31, 2022, 87 percent and 88 percent of commercial reservable criticized utilized exposure was secured.

Table 28	Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)		March 31, 2023				December 31, 2022
Commercial and industrial:
U.S. commercial		$	11,132	2.87	%	$	10,724	2.78	%
Non-U.S. commercial		2,363		1.81		2,665		2.04
Total commercial and industrial		13,495		2.60		13,389		2.59
Commercial real estate		5,579		7.49		5,201		7.30
Commercial lease financing		222		1.65		240		1.76
		19,296		3.18		18,830		3.13
U.S. small business commercial		493		2.17		444		2.53
Total commercial reservable criticized utilized exposure		$	19,789	3.17		$	19,274	3.12

(1)Total commercial reservable criticized utilized exposure includes loans and leases of $19.0 billion and $18.5 billion and commercial letters of credit of $820 million and $817 million at March 31, 2023 and December 31, 2022.

(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.

Commercial and Industrial

Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.

U.S. Commercial

At March 31, 2023, 64 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 21 percent in Global Markets, 14 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $2.2 billion, or one percent, during the three months ended March 31, 2023 primarily driven by Global Markets. Reservable criticized utilized exposure increased $408 million, or four percent, driven by increases across a broad range of industries.

Non-U.S. Commercial

At March 31, 2023, 65 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 34 percent in Global Markets and the remainder in GWIM. Non-U.S. commercial loans remained relatively unchanged during the three months ended March 31, 2023. Reservable criticized utilized exposure decreased $302 million, or 11 percent, primarily due to paydowns and sales of Russian exposure. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 35.

Commercial Real Estate

Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans increased $3.3 billion, or five percent, during the three months ended March 31, 2023 to $73.1 billion with increases across multiple property types. The commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 19 percent of the commercial real estate portfolio at both March 31, 2023 and December 31, 2022.

Reservable criticized utilized exposure increased $378 million, or seven percent, primarily driven by office loans. Office loans represented the largest property type concentration, at 26 percent of the commercial real estate portfolio at March 31, 2023, but only represented approximately two percent of total loans for the Corporation. This property type is roughly 75 percent Class A and has origination loan-to-value of approximately 55 percent. Reservable criticized exposure for the office property type was $3.7 billion at March 31, 2023 and approximately $9.8 billion of office loans are scheduled to mature by the end of 2024. Although we have seen collateral value declines in this property type, these loans remain well secured as of March 31, 2023.

31 Bank of America

During the three months ended March 31, 2023, we continued to see low default rates. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan

restructurings or asset sales to achieve the best results for our customers and the Corporation.

Table 29 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.

Table 29	Outstanding Commercial Real Estate Loans
(Dollars in millions)		March 31 2023		December 31 2022
By Geographic Region
Northeast		$	16,281	$	15,601
California		13,824		13,360
Southwest		9,051		8,723
Southeast		8,436		7,713
Florida		5,345		5,374
Illinois		3,606		3,327
Midwest		3,394		3,419
Midsouth		2,752		2,716
Northwest		1,992		1,959
Non-U.S.		5,815		5,518
Other		2,555		2,056
Total outstanding commercial real estate loans		$	73,051	$	69,766
By Property Type
Non-residential
Office		$	18,682	$	18,230
Industrial / Warehouse		14,178		13,775
Multi-family rental		10,883		10,412
Shopping centers /Retail		6,018		5,830
Hotel / Motels		5,732		5,696
Multi-use		2,720		2,403
Other		13,511		12,241
Total non-residential		71,724		68,587
Residential		1,327		1,179
Total outstanding commercial real estate loans		$	73,051	$	69,766

U.S. Small Business Commercial

The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking, and included $749 million and $1.0 billion of PPP loans outstanding at March 31, 2023 and December 31, 2022. The decline of $259 million in PPP loans during the three months ended March 31, 2023 was primarily due to repayment of the loans by the Small Business Administration (SBA) under the terms of the program. Excluding PPP, credit card-related products were 55 percent and 53 percent of the U.S. small business commercial portfolio at March 31, 2023 and December 31, 2022 and represented 99 percent of the net charge-offs for the three months ended March 31, 2023 compared to 100 percent for the three months ended March 31, 2022. The increase of $94 million in accruing past due 90 days or more for the three months ended March 31, 2023 was driven by PPP loans, which are fully guaranteed by the SBA.

Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity

Table 30 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three months ended March 31, 2023 and 2022. Nonperforming loans do not include loans accounted for under the fair value option. During the three months ended March 31, 2023, nonperforming commercial loans and leases increased $150 million to $1.2 billion. At March 31, 2023, 97 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 58 percent were contractually current. Commercial nonperforming loans were carried at 84 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.

Bank of America 32

Table 30	Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
		Three Months Ended March 31
(Dollars in millions)		2023			2022
Nonperforming loans and leases, January 1		$	1,054		$	1,578
Additions		419			183
Reductions:
Paydowns		(72)			(159)
Sales		—			(25)
Returns to performing status (3)		(52)			(5)
Charge-offs		(88)			(12)
Transfers to loans held-for-sale		(57)			(39)
Total net reductions to nonperforming loans and leases		150			(57)
Total nonperforming loans and leases, March 31		1,204			1,521
Foreclosed properties, March 31		48			35
Nonperforming commercial loans, leases and foreclosed properties, March 31		$	1,252		$	1,556
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)		0.20		%	0.28		%
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)		0.21			0.28

(1)Balances do not include nonperforming loans held-for-sale of $250 million and $336 million at March 31, 2023 and 2022.

(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.

(3)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, when the loan otherwise becomes well-secured and is in the process of collection, or when a modified loan demonstrates a sustained period of payment performance.

(4)Outstanding commercial loans exclude loans accounted for under the fair value option.

Industry Concentrations

Table 31 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.

Commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure decreased $3.8 billion during the three months ended March 31, 2023 to $1.2 trillion and was primarily driven by derivative asset activity.

For information on industry limits, see Commercial Portfolio Credit Risk Management – Industry Concentrations in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Asset managers and funds, our largest industry concentration with committed exposure of $164.5 billion, decreased $607 million during the three months ended March 31, 2023.

Real estate, our second largest industry concentration with committed exposure of $101.1 billion, increased $1.4 billion, or

one percent, during the three months ended March 31, 2023. For more information on the commercial real estate and related portfolios, see Commercial Portfolio Credit Risk Management – Commercial Real Estate on page 31.

Capital goods, our third largest industry concentration with committed exposure of $88.1 billion, increased $746 million, or one percent, during the three months ended March 31, 2023. The increase in committed exposure occurred primarily as a result of increases in Trading companies and distributors and Aerospace and defense, partially offset by a decrease in Electric equipment.

There is uncertainty in the U.S. and global economies due to various macroeconomic challenges including geopolitical, inflationary pressures and elevated interest rates, and a number of industries will likely continue to be adversely impacted due to these conditions. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition.

33 Bank of America

Table 31	Commercial Credit Exposure by Industry (1)
		Commercial Utilized				Total Commercial Committed (2)
(Dollars in millions)		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Asset managers & funds		$	102,345	$	106,842	$	164,480	$	165,087
Real estate (3)		73,515		72,180		101,072		99,722
Capital goods		48,146		45,580		88,060		87,314
Finance companies		58,226		55,248		81,811		79,546
Healthcare equipment and services		34,245		33,554		59,280		58,761
Materials		27,224		26,304		56,244		55,589
Retailing		26,021		24,785		54,127		53,714
Consumer services		27,475		26,980		48,491		47,372
Government & public education		33,443		34,861		46,931		48,134
Food, beverage and tobacco		24,307		23,232		46,838		47,486
Individuals and trusts		31,874		34,897		43,488		45,572
Commercial services and supplies		24,136		23,628		41,711		41,596
Utilities		19,118		20,292		39,209		40,164
Energy		13,667		15,132		34,923		36,043
Transportation		22,051		22,273		33,846		33,858
Technology hardware and equipment		10,500		11,441		29,807		29,825
Global commercial banks		26,910		27,217		29,047		29,293
Media		15,102		14,781		29,006		28,216
Software and services		11,678		12,961		25,300		25,633
Consumer durables and apparel		10,167		10,009		21,784		21,389
Pharmaceuticals and biotechnology		6,581		7,547		21,419		26,208
Vehicle dealers		13,281		12,909		21,237		20,638
Insurance		10,007		10,224		19,109		19,444
Telecommunication services		9,646		9,679		17,666		17,349
Automobiles and components		8,163		8,774		15,910		16,911
Food and staples retailing		7,331		7,157		12,507		11,908
Financial markets infrastructure (clearinghouses)		3,013		3,913		8,526		8,752
Religious and social organizations		2,542		2,467		4,557		4,689
Total commercial credit exposure by industry		$	700,714	$	704,867	$	1,196,386	$	1,200,213

(1)Includes U.S. small business commercial exposure.

(2)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.1 billion and $10.4 billion at March 31, 2023 and December 31, 2022.

(3)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.

Risk Mitigation

We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.

At March 31, 2023 and December 31, 2022, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $9.8 billion and $9.0 billion. We recorded net losses of $77 million for the three months ended March 31, 2023 compared to net losses of $9 million for the three months ended March 31, 2022. The gains and losses on these instruments were largely offset by gains and losses on the related exposures. The Value-at-Risk (VaR) results for these exposures are included in the fair value option portfolio information in Table 37. For more information, see Trading Risk Management on page 38.

Tables 32 and 33 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at March 31, 2023 and December 31, 2022.

Table 32	Net Credit Default Protection by Maturity
		March 31 2023		December 31 2022
Less than or equal to one year		10	%	14	%
Greater than one year and less than or equal to five years		87		85
Greater than five years		3		1
Total net credit default protection		100	%	100	%

Table 33	Net Credit Default Protection by Credit Exposure Debt Rating
		Net Notional (1)		Percent of Total		Net Notional (1)		Percent of Total
(Dollars in millions)		March 31, 2023				December 31, 2022
Ratings (2, 3)
AAA		$	(479)	4.9	%	$	(379)	4.0	%
AA		(870)		8.9		(867)		10.0
A		(4,269)		43.6		(3,257)		36.0
BBB		(2,216)		22.6		(2,476)		28.0
BB		(894)		9.1		(1,049)		12.0
B		(852)		8.7		(676)		7.0
CCC and below		(120)		1.2		(93)		1.0
NR (4)		(99)		1.0		(182)		2.0
Total net credit default protection		$	(9,799)	100.0	%	$	(8,979)	100.0	%

(1)Represents net credit default protection purchased.

(2)Ratings are refreshed on a quarterly basis.

(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.

(4)NR is comprised of index positions held and any names that have not been rated.

Bank of America 34

For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Non-U.S. Portfolio

Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal

course of business through credit, market and operational risk governance rather than through country risk governance. For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K. For more information on risks related to our non-U.S. portfolio, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

Table 34 presents our 20 largest non-U.S. country exposures at March 31, 2023. These exposures accounted for 89 percent of our total non-U.S. exposure at both March 31, 2023 and December 31, 2022. Net country exposure for these 20 countries decreased $23.7 billion in 2023 primarily driven by decreases in Germany, Japan and France.

Table 34	Top 20 Non-U.S. Countries Exposure
(Dollars in millions)		Funded Loans  and Loan  Equivalents		Unfunded  Loan  Commitments		Net  Counterparty  Exposure		Securities/ Other Investments		Country Exposure at March 31 2023		Hedges and Credit Default Protection		Net Country Exposure at March 31 2023		Increase (Decrease) from December 31 2022
United Kingdom		$	27,566	$	16,909	$	11,117	$	1,629	$	57,221	$	(2,376)	$	54,845	$	(500)
Germany		26,231		9,029		1,487		1,561		38,308		(2,197)		36,111		(9,615)
Canada		11,289		9,558		1,459		3,461		25,767		(415)		25,352		(221)
France		14,459		7,975		1,366		1,414		25,214		(2,163)		23,051		(3,542)
Australia		14,128		4,080		673		2,120		21,001		(241)		20,760		543
Japan		13,834		1,768		1,246		1,258		18,106		(787)		17,319		(5,768)
Brazil		8,554		1,293		691		4,192		14,730		(84)		14,646		2,146
India		7,374		484		466		3,620		11,944		(76)		11,868		1,099
China		6,118		289		568		2,604		9,579		(261)		9,318		(1,490)
South Korea		6,300		737		633		1,676		9,346		(61)		9,285		159
Switzerland		5,610		3,223		318		230		9,381		(832)		8,549		(2,139)
Ireland		6,855		1,240		105		282		8,482		(31)		8,451		(639)
Singapore		3,908		681		45		3,851		8,485		(36)		8,449		(1,158)
Netherlands		2,893		4,756		716		1,097		9,462		(1,365)		8,097		(1,186)
Mexico		4,102		1,745		439		1,601		7,887		(65)		7,822		430
Hong Kong		4,392		344		443		1,105		6,284		(17)		6,267		(1,004)
Spain		2,604		1,866		278		1,257		6,005		(445)		5,560		(281)
Italy		3,613		1,729		233		255		5,830		(1,472)		4,358		(1,310)
Belgium		1,397		1,491		1,102		415		4,405		(178)		4,227		364
Sweden		1,207		1,804		111		232		3,354		(380)		2,974		370
Total top 20 non-U.S. countries exposure		$	172,434	$	71,001	$	23,496	$	33,860	$	300,791	$	(13,482)	$	287,309	$	(23,742)

Our largest non-U.S. country exposure at March 31, 2023 was the United Kingdom with net exposure of $54.8 billion, which represents a decrease of $500 million from December 31, 2022. The decline was driven by decreased exposure across a mix of clients offset by increased net

counterparty exposure with central clearing counterparties. Our second largest non-U.S. country exposure was Germany with net exposure of $36.1 billion at March 31, 2023, a decrease of $9.6 billion from December 31, 2022. The decrease was primarily driven by lower deposits with the central bank.

35 Bank of America

Allowance for Credit Losses

The allowance for credit losses decreased $271 million from December 31, 2022 to $14.0 billion at March 31, 2023, which included a $123 million reserve increase related to the consumer portfolio and a $394 million reserve decrease related to the commercial portfolio. The decrease in the allowance reflected a reserve release in our commercial portfolio primarily driven by certain improved macroeconomic conditions, partially offset by a reserve build in our consumer portfolio primarily due to higher-than-expected credit card balances during the three

months ended March 31, 2023. The decrease in allowance also includes the impact of the accounting change to remove the recognition and measurement guidance on TDRs, which reduced the allowance for credit losses by $243 million. For more information on this change in accounting guidance, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.

Table 35 presents an allocation of the allowance for credit losses by product type at March 31, 2023 and December 31, 2022.

Table 35	Allocation of the Allowance for Credit Losses by Product Type
		Amount		Percent of Total		Percent of Loans and Leases Outstanding (1)		Amount		Percent of Total		Percent of Loans and Leases Outstanding (1)
(Dollars in millions)		March 31, 2023						December 31, 2022
Allowance for loan and lease losses
Residential mortgage		$	305	2.44	%	0.13	%	$	328	2.59	%	0.14	%
Home equity		98		0.78		0.38		92		0.73		0.35
Credit card		6,220		49.70		6.73		6,136		48.38		6.57
Direct/Indirect consumer		628		5.02		0.60		585		4.61		0.55
Other consumer		110		0.88		n/m		96		0.76		n/m
Total consumer		7,361		58.82		1.63		7,237		57.07		1.59
U.S. commercial (2)		2,835		22.66		0.75		3,007		23.71		0.80
Non-U.S. commercial		1,019		8.14		0.82		1,194		9.41		0.96
Commercial real estate		1,253		10.01		1.72		1,192		9.40		1.71
Commercial lease financing		46		0.37		0.34		52		0.41		0.38
Total commercial		5,153		41.18		0.87		5,445		42.93		0.93
Allowance for loan and lease losses		12,514		100.00	%	1.20		12,682		100.00	%	1.22
Reserve for unfunded lending commitments		1,437						1,540
Allowance for credit losses		$	13,951					$	14,222

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $864 million and $844 million at March 31, 2023 and December 31, 2022.

n/m = not meaningful

Net charge-offs for the three months ended March 31, 2023 were $807 million and increased $415 million, or 106 percent, compared to $392 million for the same period in 2022 primarily driven by credit card losses increasing off of historic lows and higher overdraft losses due to an increase in industry-wide check fraud activity. The provision for credit losses increased $901 million to $931 million for the three months ended March 31, 2023 compared to the same period in 2022. The provision for credit losses for the three months ended March 31, 2023 was driven by our consumer portfolio primarily due to higher-than-expected credit card balances during the first quarter of 2023. This was partially offset by certain improved macroeconomic conditions that primarily benefited our commercial portfolio. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, increased $932 million to $946 million for the three months

ended March 31, 2023 compared to the same period in 2022. The provision for credit losses for the commercial portfolio, including unfunded lending commitments, decreased $165 million to $149 million for the three months ended March 31, 2023 compared to the same period in 2022.

Table 36 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three months ended March 31, 2023 and 2022. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Bank of America 36

Table 36	Allowance for Credit Losses
		Three Months Ended March 31
(Dollars in millions)		2023			2022
Allowance for loan and lease losses, December 31		$	12,682		$	12,387
January 1, 2023 adoption of credit loss standard		(243)			—
Allowance for loan and lease losses, January 1		12,439			12,387
Loans and leases charged off
Residential mortgage		(8)			(10)
Home equity		(6)			(13)
Credit card		(650)			(473)
Direct/Indirect consumer		(40)			(62)
Other consumer		(171)			(84)
Total consumer charge-offs		(875)			(642)
U.S. commercial (1)		(134)			(67)
Non-U.S. commercial		(23)			(2)
Commercial real estate		(24)			(23)
Total commercial charge-offs		(181)			(92)
Total loans and leases charged off		(1,056)			(734)
Recoveries of loans and leases previously charged off
Residential mortgage		7			20
Home equity		18			43
Credit card		149			176
Direct/Indirect consumer		39			58
Other consumer		9			5
Total consumer recoveries		222			302
U.S. commercial (2)		21			39
Non-U.S. commercial		3			1
Commercial real estate		2			—
Commercial lease financing		1			—
Total commercial recoveries		27			40
Total recoveries of loans and leases previously charged off		249			342
Net charge-offs		(807)			(392)
Provision for loan and lease losses		900			108
Other		(18)			1
Allowance for loan and lease losses, March 31		12,514			12,104
Reserve for unfunded lending commitments, January 1		1,540			1,456
Provision for unfunded lending commitments		(103)			(78)
Other		—			1
Reserve for unfunded lending commitments, March 31		1,437			1,379
Allowance for credit losses, March 31		$	13,951		$	13,483
Loan and allowance ratios (3) :
Loans and leases outstanding at March 31		$	1,042,009		$	986,034
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31		1.20		%	1.23		%
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at March 31		1.63			1.53
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at March 31		0.87			0.98
Average loans and leases outstanding		$	1,036,337		$	970,491
Net charge-offs as a percentage of average loans and leases outstanding		0.32		%	0.16		%
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31		319			262
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs		3.83			7.62
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (4)		$	7,122		$	6,646
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (4)		138		%	118		%

(1)Includes U.S. small business commercial charge-offs of $75 million and $56 million for the three months ended March 31, 2023 and 2022.

(2)Includes U.S. small business commercial recoveries of $9 million and $14 million for the three months ended March 31, 2023 and 2022.

(3)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.

(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.

37 Bank of America

Market Risk Management

For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K. For more information on market risks, see the Market section within Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.

Trading Risk Management

To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.

Table 37 presents the total market-based portfolio VaR, which is the combination of the total covered positions (and

less liquid trading positions) portfolio and the fair value option portfolio. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

The total market-based portfolio VaR results in Table 37 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.

Table 37 presents period-end, average, high and low daily trading VaR for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022 using a 99 percent confidence level. The amounts disclosed in Table 37 and Table 38 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.

The average of total covered positions and less liquid trading positions portfolio VaR for the three months ended March 31, 2023 compared to the prior quarter slightly decreased due to reductions in market making inventory across FICC and improved diversification across asset classes.

Table 37	Market Risk VaR for Trading Activities
		Three Months Ended
		March 31, 2023								December 31, 2022								March 31, 2022
(Dollars in millions)		Period End		Average		High (1)		Low (1)		Period End		Average		High (1)		Low (1)		Period End		Average		High (1)		Low (1)
Foreign exchange		$	39	$	32	$	42	$	17	$	38	$	30	$	39	$	20	$	20	$	18	$	24	$	13
Interest rate		43		43		56		32		36		36		$	52	28		49		36		56		25
Credit		52		84		108		52		76		79		92		66		55		64		71		52
Equity		19		19		25		14		18		18		23		14		23		23		28		19
Commodities		11		11		14		8		8		11		15		7		13		10		18		7
Portfolio diversification		(103)		(122)		n/a		n/a		(81)		(98)		n/a		n/a		(99)		(95)		n/a		n/a
Total covered positions portfolio		61		67		92		54		95		76		103		56		61		56		69		48
Impact from less liquid exposures (2)		14		42		n/a		n/a		35		41		n/a		n/a		17		23		n/a		n/a
Total covered positions and less liquid trading positions portfolio		75		109		149		69		130		117		152		81		78		79		135		61
Fair value option loans		15		41		49		15		48		46		60		40		63		54		63		45
Fair value option hedges		14		16		17		14		16		16		18		14		22		18		22		16
Fair value option portfolio diversification		(19)		(32)		n/a		n/a		(38)		(36)		n/a		n/a		(51)		(35)		n/a		n/a
Total fair value option portfolio		10		25		30		10		26		26		34		24		34		37		41		31
Portfolio diversification		(7)		(10)		n/a		n/a		9		(7)		n/a		n/a		(18)		(19)		n/a		n/a
Total market-based portfolio		$	78	$	124	173		73		$	165	$	136	197		90		$	94	$	97	153		70

(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.

(2)Impact is net of diversification effects between the covered positions and less liquid trading positions portfolios.

n/a = not applicable

Bank of America 38

The following graph presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 37.

Additional VaR statistics produced within our single VaR model are provided in Table 38 at the same level of detail as in Table 37. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 38 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022.

Table 38	Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
		Three Months Ended
		March 31, 2023				December 31, 2022				March 31, 2022
(Dollars in millions)		99 percent		95 percent		99 percent		95 percent		99 percent		95 percent
Foreign exchange		$	32	$	20	$	30	$	17	$	18	$	12
Interest rate		43		22		36		18		36		16
Credit		84		31		79		33		64		27
Equity		19		8		18		9		23		13
Commodities		11		6		11		6		10		6
Portfolio diversification		(122)		(53)		(98)		(49)		(95)		(47)
Total covered positions portfolio		67		34		76		34		56		27
Impact from less liquid exposures		42		8		41		9		23		3
Total covered positions and less liquid trading positions portfolio		109		42		117		43		79		30
Fair value option loans		41		14		46		13		54		14
Fair value option hedges		16		10		16		10		18		10
Fair value option portfolio diversification		(32)		(14)		(36)		(12)		(35)		(12)
Total fair value option portfolio		25		10		26		11		37		12
Portfolio diversification		(10)		(7)		(7)		(8)		(19)		(8)
Total market-based portfolio		$	124	$	45	$	136	$	46	$	97	$	34

Backtesting

The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

During the three months ended March 31, 2023, there were no days where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.

Total Trading-related Revenue

Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions, including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more

information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended March 31, 2023 compared to the three months ended December 31, 2022. During the three months ended March 31, 2023, positive trading-related revenue was recorded for 100 percent of the trading days, of which 98 percent were daily trading gains of over $25 million. This compares to the three months ended December 31, 2022 where positive trading-related revenue was recorded for 98 percent of the trading days, of which 85 percent were daily trading gains of over $25 million.

39 Bank of America

Trading Portfolio Stress Testing

Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Interest Rate Risk Management for the Banking Book

The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

Table 39 presents the spot and 12-month forward rates used in our baseline forecasts at March 31, 2023 and December 31, 2022.

Table 39	Forward Rates
		March 31, 2023
		Federal Funds		SOFR (1)		10-Year Swap
Spot rates		5.00	%	4.87	%	3.46	%
12-month forward rates		4.00		4.07		3.31
		December 31, 2022
		Federal Funds		Three-month LIBOR		10-Year Swap
Spot rates		4.50	%	4.77	%	3.84	%
12-month forward rates		4.75		4.78		3.62

(1) The Corporation uses SOFR in its baseline forecast as one of the primary ARRs used as a result of the planned cessation of LIBOR in 2023. For more information on the transition from LIBOR to ARRs, see Executive Summary – Recent Developments – LIBOR and Other Benchmark Rates on page 3.

Table 40 shows the pretax impact to forecasted net interest income over the next 12 months from March 31, 2023 and December 31, 2022 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment. The interest rate scenarios also assume U.S. dollar interest rates are floored at zero.

During the three months ended March 31, 2023, the overall decrease in asset sensitivity of our balance sheet to higher and lower rate scenarios was primarily due to changes in deposit product mix and risk management activities performed in our ALM portfolio to respond to changing market conditions. We continue to be asset sensitive to a parallel upward move in interest rates with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates negatively impact the fair value of our debt securities classified as available for sale and adversely affect accumulated OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital would be reduced over time by offsetting positive impacts to net interest income generated from the banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 17.

Table 40	Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
		Short Rate (bps)	Long Rate (bps)
(Dollars in millions)				March 31, 2023		December 31, 2022
Parallel Shifts
+100 bps instantaneous shift		+100	+100	$	3,251	$	3,829
-100 bps   instantaneous shift		-100	-100	(3,593)		(4,591)
Flatteners
Short-end instantaneous change		+100	—	3,134		3,698
Long-end instantaneous change		—	-100	(152)		(157)
Steepeners
Short-end instantaneous change		-100	—	(3,445)		(4,420)
Long-end instantaneous change		—	+100	122		131

The sensitivity analysis in Table 40 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity.

Bank of America 40

The behavior of our deposit portfolio in the baseline forecast and in alternate interest rate scenarios is a key assumption in our projected estimates of net interest income. The sensitivity analysis in Table 40 assumes no change in deposit portfolio size or mix from the baseline forecast in alternate rate environments. In higher rate scenarios, the increase in net interest income would be impacted by any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding as our benefit in those scenarios would be reduced. Conversely, in lower-rate scenarios, any customer activity that results in the replacement of higher yielding deposits or market-based funding with low-cost or noninterest-bearing deposits would reduce our exposure in those scenarios.

For interest rate scenarios larger than 100 bps shifts, it is expected that the interest rate sensitivity will illustrate non-linear behaviors as there are numerous estimates and assumptions, which require a high degree of judgment and are often interrelated, that could impact the outcome. Pertaining to the mortgage-backed securities and residential mortgage portfolio, if long-end interest rates were to significantly decrease over the next twelve months, for example over 200 bps, there would generally be an increase in customer prepayment behaviors with an incremental reduction to net interest income, noting that the extent of changes in customer prepayment activity can be impacted by multiple factors and is not necessarily limited to long-end interest rates. Conversely, if long-end interest rates were to significantly increase over the next twelve months, for example, over 200 bps, customer prepayments would likely modestly decrease and result in an incremental increase to net interest income. In addition, deposit pricing will have non-linear impacts to larger short-end rate movements. In decreasing interest rate scenarios, and particularly where interest rates have decreased to small amounts, the ability to further reduce rates paid is reduced as customer rates near zero. In higher short-end rate scenarios, deposit pricing will likely increase at a faster rate, leading to incremental interest expense and reducing asset sensitivity. While the impact related to the above assumptions used in the asset sensitivity analysis can provide directional analysis on how net interest income will be impacted in changing environments, the ultimate impact is dependent upon the interrelationship of the assumptions and factors, which vary in different macroeconomic scenarios.

Interest Rate and Foreign Exchange Derivative Contracts

We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.

The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 40. The Corporation also uses foreign currency derivatives

in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.

Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is not significant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.

Mortgage Banking Risk Management

We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.

Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage loans held-for-sale (LHFS), as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K.

There were no significant gains or losses related to the change in fair value of MSRs, IRLCs and LHFS, net of gains and losses on the hedge portfolio, for the three months ended March 31, 2023 and 2022. For more information on MSRs, see Note 14 – Fair Value Measurements to the Consolidated Financial Statements.

Climate Risk Management

Climate-related risks are divided into two major categories: (1) risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes. These changes and events may have broad impacts on operations, supply chains, distribution networks, customers and markets and are otherwise referred to, respectively, as physical risk and transition risk. These risks may impact both financial and nonfinancial risk types. Physical climate events may lead to increased credit risk by diminishing borrowers’ repayment capacity or collateral value, or increased operational risk by impacting the Corporation’s facilities, employees, customers or vendors. Climate-related transition changes in policy, technology or the market may amplify credit risk through financial impacts to the Corporation or its customers or counterparties or increase market risk, including through sudden price adjustments. In addition, reputational risk may arise, including from our climate-related practices, disclosures and commitments.

41 Bank of America

As climate risk spans all key risk types, we have developed and continue to enhance processes to embed climate risk considerations into our Risk Framework and risk management programs established for each of our seven key types of risk.

We publicly announced our commitment to achieve net zero emissions in our financing activities, operations, and supply chain before 2050 (Net Zero Goal). In connection with our Net Zero Goal, we set certain 2030 targets, including reducing emissions associated with our operations and financing activities, related to auto manufacturing, energy and power generation, and for our supply chain, including that a certain proportion of our global suppliers set their own climate targets (2030 Targets). We disclosed our 2019 and 2020 financed emission and emission intensity metrics for the above referenced sectors in our 2022 Task Force on Climate-related Financial Disclosures (TCFD) Report, with 2019 serving as the baseline for our financed emissions targets.

We plan to disclose the financed emissions for additional portions of our business loan portfolio in 2023, and we plan to set financing activity emission reduction targets for other key sectors by April 2024.

Achieving our climate-related goals and targets, including our Net Zero Goal and 2030 Targets, may require technological advances, clearly defined roadmaps for industry sectors, new standards and public policies, including those that improve the cost of capital for the transition to a low-carbon economy and better emissions data reporting, as well as ongoing, strong and active engagement with customers, suppliers, investors, government officials and other stakeholders.

Given the extended period of these and other climate-related goals we have established, our initiatives have not resulted in a significant effect on our results of operations or financial position in the relevant periods presented herein.

For more information on our governance framework and climate risk management process, see the Managing Risk and Climate Risk Management sections in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors – Other of the Corporation’s 2022 Annual Report on Form 10-K. For more information on climate-related matters and the Corporation’s climate-related goals and commitments, including our plans to achieve our Net Zero Goal and 2030 Targets and progress on our sustainable finance goals, see the Corporation’s website, including our 2022 TCFD Report and the 2022 Annual Report to shareholders available on the Investor Relations portion of our website. The contents of the Corporation’s website, including the 2022 TCFD Report and 2022 Annual Report to shareholders are not incorporated by reference into this Quarterly Report on Form 10-Q.

The foregoing discussion and our discussion in the 2022 TCFD Report and Annual Report to shareholders regarding our goals and commitments with respect to climate risk management, including environmental transition considerations, include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

Complex Accounting Estimates

Our significant accounting principles, are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2022 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Bank of America 42

Non-GAAP Reconciliations

Table 41 provides reconciliations of certain non-GAAP financial measures to the most closely related GAAP financial measures.

Table 41	Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
		2023 Quarter		2022 Quarters
(Dollars in millions)		First		Fourth		Third		Second		First
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	277,252	$	272,629	$	271,017	$	268,197	$	269,309
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding MSRs)		(2,068)		(2,088)		(2,107)		(2,127)		(2,146)
Related deferred tax liabilities		899		914		920		926		929
Tangible shareholders’ equity		$	207,061	$	202,433	$	200,808	$	197,974	$	199,070
Preferred stock		(28,397)		(28,982)		(29,134)		(28,674)		(26,444)
Tangible common shareholders’ equity		$	178,664	$	173,451	$	171,674	$	169,300	$	172,626
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	280,196	$	273,197	$	269,524	$	269,118	$	266,617
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding MSRs)		(2,055)		(2,075)		(2,094)		(2,114)		(2,133)
Related deferred tax liabilities		895		899		915		920		926
Tangible shareholders’ equity		$	210,014	$	202,999	$	199,323	$	198,902	$	196,388
Preferred stock		(28,397)		(28,397)		(29,134)		(29,134)		(27,137)
Tangible common shareholders’ equity		$	181,617	$	174,602	$	170,189	$	169,768	$	169,251
Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,194,657	$	3,051,375	$	3,072,953	$	3,111,606	$	3,238,223
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding MSRs)		(2,055)		(2,075)		(2,094)		(2,114)		(2,133)
Related deferred tax liabilities		895		899		915		920		926
Tangible assets		$	3,124,475	$	2,981,177	$	3,002,752	$	3,041,390	$	3,167,994

(1)For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 6.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

See Market Risk Management on page 38 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

43 Bank of America

Part I. Financial Information

Item 1. Financial Statements

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income
	Three Months Ended March 31
(In millions, except per share information)	2023		2022
Net interest income
Interest income	$	28,655	$	12,894
Interest expense	14,207		1,322
Net interest income	14,448		11,572
Noninterest income
Fees and commissions	7,894		8,985
Market making and similar activities	4,712		3,238
Other income	(796)		(567)
Total noninterest income	11,810		11,656
Total revenue, net of interest expense	26,258		23,228
Provision for credit losses	931		30
Noninterest expense
Compensation and benefits	9,918		9,482
Occupancy and equipment	1,799		1,760
Information processing and communications	1,697		1,540
Product delivery and transaction related	890		933
Professional fees	537		450
Marketing	458		397
Other general operating	939		757
Total noninterest expense	16,238		15,319
Income before income taxes	9,089		7,879
Income tax expense	928		812
Net income	$	8,161	$	7,067
Preferred stock dividends	505		467
Net income applicable to common shareholders	$	7,656	$	6,600
Per common share information
Earnings	$	0.95	$	0.81
Diluted earnings	0.94		0.80
Average common shares issued and outstanding	8,065.9		8,136.8
Average diluted common shares issued and outstanding	8,182.3		8,202.1

Consolidated Statement of Comprehensive Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Net income	$	8,161	$	7,067
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	555		(3,447)
Net change in debit valuation adjustments	10		261
Net change in derivatives	2,042		(5,179)
Employee benefit plan adjustments	10		24
Net change in foreign currency translation adjustments	12		28
Other comprehensive income (loss)	2,629		(8,313)
Comprehensive income (loss)	$	10,790	$	(1,246)

See accompanying Notes to Consolidated Financial Statements.

Bank of America 44

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet
		March 31 2023		December 31 2022
(Dollars in millions)
Assets
Cash and due from banks		$	29,327	$	30,334
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		346,891		199,869
Cash and cash equivalents		376,218		230,203
Time deposits placed and other short-term investments		11,637		7,259
Federal funds sold and securities borrowed or purchased under agreements to resell    (includes $163,505 and $146,999 measured at fair value)		298,078		267,574
Trading account assets (includes $141,314 and $115,505 pledged as collateral)		314,978		296,108
Derivative assets		40,947		48,642
Debt securities:
Carried at fair value		172,510		229,994
Held-to-maturity, at cost (fair value – $525,452 and $524,267)		624,495		632,825
Total debt securities		797,005		862,819
Loans and leases (includes $4,397 and $5,771 measured at fair value)		1,046,406		1,045,747
Allowance for loan and lease losses		(12,514)		(12,682)
Loans and leases, net of allowance		1,033,892		1,033,065
Premises and equipment, net		11,708		11,510
Goodwill		69,022		69,022
Loans held-for-sale (includes $1,386 and $1,115 measured at fair value)		6,809		6,871
Customer and other receivables		79,902		67,543
Other assets (includes $12,551 and $9,594 measured at fair value)		154,461		150,759
Total assets		$	3,194,657	$	3,051,375
Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	617,922	$	640,745
Interest-bearing (includes $378 and $311 measured at fair value)		1,183,106		1,182,590
Deposits in non-U.S. offices:
Noninterest-bearing		17,686		20,480
Interest-bearing		91,688		86,526
Total deposits		1,910,402		1,930,341
Federal funds purchased and securities loaned or sold under agreements to repurchase    (includes $234,338 and $151,708 measured at fair value)		314,380		195,635
Trading account liabilities		92,452		80,399
Derivative liabilities		40,169		44,816
Short-term borrowings (includes $1,805 and $832 measured at fair value)		56,564		26,932
Accrued expenses and other liabilities (includes $13,659 and $9,752 measured at fair value    and $1,437 and $1,540 of reserve for unfunded lending commitments)		216,621		224,073
Long-term debt (includes $39,413 and $33,070 measured at fair value)		283,873		275,982
Total liabilities		2,914,461		2,778,178
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities)    and (Note 10 – Commitments and Contingencies)
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,099 and 4,088,101 shares		28,397		28,397
Common stock and additional paid-in capital, $0.01  par value; authorized – 12,800,000,000 shares;    issued and outstanding – 7,972,438,148 and 7,996,777,943 shares		57,264		58,953
Retained earnings		213,062		207,003
Accumulated other comprehensive income (loss)		(18,527)		(21,156)
Total shareholders’ equity		280,196		273,197
Total liabilities and shareholders’ equity		$	3,194,657	$	3,051,375
	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,276	$	2,816
	Loans and leases	15,754		16,738
	Allowance for loan and lease losses	(797)		(797)
	Loans and leases, net of allowance	14,957		15,941
	All other assets	129		116
	Total assets of consolidated variable interest entities	$	19,362	$	18,873
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings (includes $22 and $42 of non-recourse short-term borrowings)	$	1,339	$	42
	Long-term debt (includes $4,883 and $4,581 of non-recourse debt)	4,883		4,581
	All other liabilities (includes $7 and $13 of non-recourse liabilities)	7		12
	Total liabilities of consolidated variable interest entities	$	6,229	$	4,635

See accompanying Notes to Consolidated Financial Statements.

45 Bank of America

Bank of America Corporation and Subsidiaries

Consolidated Statement of Changes in Shareholders’ Equity
	Preferred Stock		Common Stock and Additional Paid-in Capital			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
(In millions)			Shares	Amount
Balance, December 31, 2021	$	24,708	8,077.8	$	62,398	$	188,064	$	(5,104)	$	270,066
Net income						7,067				7,067
Net change in debt securities								(3,447)		(3,447)
Net change in debit valuation adjustments								261		261
Net change in derivatives								(5,179)		(5,179)
Employee benefit plan adjustments								24		24
Net change in foreign currency translation adjustments								28		28
Dividends declared:
Common						(1,706)				(1,706)
Preferred						(467)				(467)
Issuance of preferred stock	2,429									2,429
Common stock issued under employee plans, net, and other			41.7	220		(29)				191
Common stock repurchased			(57.4)	(2,650)						(2,650)
Balance, March 31, 2022	$	27,137	8,062.1	$	59,968	$	192,929	$	(13,417)	$	266,617
Balance, December 31, 2022	$	28,397	7,996.8	$	58,953	$	207,003	$	(21,156)	$	273,197
Cumulative adjustment for adoption of credit loss accounting standard						184				184
Net income						8,161				8,161
Net change in debt securities								555		555
Net change in debit valuation adjustments								10		10
Net change in derivatives								2,042		2,042
Employee benefit plan adjustments								10		10
Net change in foreign currency translation adjustments								12		12
Dividends declared:
Common						(1,774)				(1,774)
Preferred						(505)				(505)
Common stock issued under employee plans, net, and other			42.4	526		(7)				519
Common stock repurchased			(66.8)	(2,215)						(2,215)
Balance, March 31, 2023	$	28,397	7,972.4	$	57,264	$	213,062	$	(18,527)	$	280,196

See accompanying Notes to Consolidated Financial Statements.

Bank of America 46

Bank of America Corporation and Subsidiaries

Consolidated Statement of Cash Flows
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Operating activities
Net income	$	8,161	$	7,067
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	931		30
(Gains) losses on sales of debt securities	210		(7)
Depreciation and amortization	503		494
Net amortization of premium/discount on debt securities	34		905
Deferred income taxes	(169)		47
Stock-based compensation	794		739
Loans held-for-sale:
Originations and purchases	(2,285)		(6,832)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities	2,378		12,934
Net change in:
Trading and derivative assets/liabilities	(725)		(64,939)
Other assets	(16,078)		(14,876)
Accrued expenses and other liabilities	(7,066)		19,820
Other operating activities, net	2,012		(812)
Net cash used in operating activities	(11,300)		(45,430)
Investing activities
Net change in:
Time deposits placed and other short-term investments	(4,512)		1,499
Federal funds sold and securities borrowed or purchased under agreements to resell	(30,504)		(51,388)
Debt securities carried at fair value:
Proceeds from sales	61,493		2,341
Proceeds from paydowns and maturities	19,085		29,654
Purchases	(19,104)		(35,661)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities	8,042		21,496
Purchases	(38)		(19,599)
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities	2,168		2,042
Purchases	(1,510)		(1,624)
Other changes in loans and leases, net	(2,319)		(16,193)
Other investing activities, net	(1,955)		(975)
Net cash provided by (used in) investing activities	30,846		(68,408)
Financing activities
Net change in:
Deposits	(19,939)		7,878
Federal funds purchased and securities loaned or sold under agreements to repurchase	118,745		22,356
Short-term borrowings	29,632		1,036
Long-term debt:
Proceeds from issuance	14,319		21,123
Retirement	(11,341)		(8,241)
Preferred stock:
Proceeds from issuance	—		2,429
Common stock repurchased	(2,215)		(2,650)
Cash dividends paid	(2,352)		(2,222)
Other financing activities, net	(728)		(823)
Net cash provided by financing activities	126,121		40,886
Effect of exchange rate changes on cash and cash equivalents	348		(1,335)
Net increase (decrease) in cash and cash equivalents	146,015		(74,287)
Cash and cash equivalents at January 1	230,203		348,221
Cash and cash equivalents at March 31	$	376,218	$	273,934

See accompanying Notes to Consolidated Financial Statements.

47 Bank of America

Bank of America Corporation and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 1 Summary of Significant Accounting Principles

Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.

Principles of Consolidation and Basis of Presentation

The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2022 Annual Report on Form 10-K.

The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current-period presentation.

New Accounting Standard Issued

Investments – Equity Method and Joint Ventures

The FASB updated its guidance on the accounting for tax credit investments, which permits entities to make an accounting policy election to apply the proportional amortization method

when certain conditions are met. The new accounting guidance is effective on a retrospective or modified retrospective basis beginning on January 1, 2024, with early adoption permitted. If adopted, the Corporation does not expect the guidance to have a material impact on its consolidated financial position or results of operations.

New Accounting Standard Adopted

Financial Instruments – Credit Losses

On January 1, 2023, the Corporation adopted the new accounting and disclosure requirements for expected credit losses (ECL) that removed the recognition and measurement guidance on troubled debt restructurings (TDRs) and added disclosures on the financial effect and subsequent performance of certain types of modifications made to borrowers experiencing financial difficulties.

Upon adoption of the standard, the Corporation recorded a reduction of $243 million in the allowance for credit losses for the impact of changes in the methodology used to estimate the allowance for credit losses for non-collateral dependent consumer and commercial TDRs. There was no impact to the valuation of loans previously classified as collateral-dependent TDRs. After adjusting for deferred taxes, the Corporation recorded an increase of $184 million in retained earnings through a cumulative-effect adjustment.

The additional disclosures are included in Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses on a prospective basis and include loan modifications where the contractual payment terms of the borrower’s loan agreement were modified through a refinancing or restructuring. Modifications that do not impact the contractual payment terms, such as covenant waivers, insignificant payment deferrals, and any modifications made to loans carried at fair value, loans held-for-sale (LHFS) and leases are not included in the disclosures.

The Corporation uses various indicators to identify borrowers in financial difficulty. Consumer loan borrowers that are delinquent and commercial loan borrowers that are rated substandard or worse are the primary criteria used to identify borrowers who are experiencing financial difficulty.

If a borrower is current at the time of modification, the loan generally remains a performing loan as long as there is demonstrated performance prior to the modification, and payment in full under the modified terms is expected. Otherwise, the loan is placed on nonaccrual status and reported as nonperforming, excluding fully-insured consumer real estate loans, until there is sustained repayment performance for a reasonable period.

The allowance for loan and lease losses for modified loans is determined in a manner consistent with the methodology for the respective class and credit rating of the financing receivable as described in Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Bank of America 48

NOTE 2 Net Interest Income and Noninterest Income

The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2023 and 2022. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.

	Three Months Ended March 31
(Dollars in millions)	2023		2022
Net interest income
Interest income
Loans and leases	$	13,097	$	7,352
Debt securities	5,460		3,823
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	3,712		(7)
Trading account assets	2,028		1,081
Other interest income	4,358		645
Total interest income	28,655		12,894
Interest expense
Deposits	4,314		164
Short-term borrowings (1)	6,180		(112)
Trading account liabilities	504		364
Long-term debt	3,209		906
Total interest expense	14,207		1,322
Net interest income	$	14,448	$	11,572
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	956	$	935
Other card income	513		468
Total card income	1,469		1,403
Service charges
Deposit-related fees	1,097		1,530
Lending-related fees	313		303
Total service charges	1,410		1,833
Investment and brokerage services
Asset management fees	2,918		3,286
Brokerage fees	934		1,006
Total investment and brokerage services	3,852		4,292
Investment banking fees
Underwriting income	569		672
Syndication fees	231		312
Financial advisory services	363		473
Total investment banking fees	1,163		1,457
Total fees and commissions	7,894		8,985
Market making and similar activities	4,712		3,238
Other income (loss)	(796)		(567)
Total noninterest income	$	11,810	$	11,656

(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(2)Gross interchange fees and merchant income were $3.2 billion and $2.9 billion for the three months ended March 31, 2023 and 2022 and are presented net of $2.2 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

49 Bank of America

NOTE 3 Derivatives

Derivative Balances

Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –

Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.

			March 31, 2023
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	22,832.3	$	149.7	$	8.8	$	158.5	$	129.0	$	28.1	$	157.1
Futures and forwards	4,314.7		7.8		—		7.8		8.0		—		8.0
Written options (2)	1,869.5		—		—		—		34.9		—		34.9
Purchased options (3)	1,751.5		36.5		—		36.5		—		—		—
Foreign exchange contracts
Swaps	1,636.0		36.5		1.1		37.6		33.7		1.1		34.8
Spot, futures and forwards	4,876.0		39.3		0.1		39.4		39.5		0.4		39.9
Written options (2)	444.1		—		—		—		6.6		—		6.6
Purchased options (3)	402.4		6.7		—		6.7		—		—		—
Equity contracts
Swaps	423.9		12.7		—		12.7		13.9		—		13.9
Futures and forwards	140.6		2.4		—		2.4		1.2		—		1.2
Written options (2)	884.7		—		—		—		46.4		—		46.4
Purchased options (3)	767.8		39.2		—		39.2		—		—		—
Commodity contracts
Swaps	59.3		4.0		—		4.0		5.0		—		5.0
Futures and forwards	196.8		4.3		—		4.3		4.0		0.2		4.2
Written options (2)	70.8		—		—		—		3.9		—		3.9
Purchased options (3)	79.1		3.4		—		3.4		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	386.9		2.8		—		2.8		1.9		—		1.9
Total return swaps/options	133.3		0.7		—		0.7		2.9		—		2.9
Written credit derivatives:
Credit default swaps	358.7		1.4		—		1.4		2.4		—		2.4
Total return swaps/options	124.4		3.3		—		3.3		0.8		—		0.8
Gross derivative assets/liabilities			$	350.7	$	10.0	$	360.7	$	334.1	$	29.8	$	363.9
Less: Legally enforceable master netting agreements							(290.8)						(290.8)
Less: Cash collateral received/paid							(29.0)						(32.9)
Total derivative assets/liabilities							$	40.9					$	40.2

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.0) billion and $336.3 billion at March 31, 2023.

Bank of America 50

			December 31, 2022
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	18,285.9	$	138.2	$	20.7	$	158.9	$	120.3	$	36.7	$	157.0
Futures and forwards	2,796.3		8.6		—		8.6		7.8		—		7.8
Written options (2)	1,657.9		—		—		—		41.4		—		41.4
Purchased options (3)	1,594.7		42.4		—		42.4		—		—		—
Foreign exchange contracts
Swaps	1,509.0		44.0		0.3		44.3		43.3		0.4		43.7
Spot, futures and forwards	4,159.3		59.9		0.1		60.0		62.1		0.6		62.7
Written options (2)	392.2		—		—		—		8.1		—		8.1
Purchased options (3)	362.6		8.3		—		8.3		—		—		—
Equity contracts
Swaps	394.0		10.8		—		10.8		12.2		—		12.2
Futures and forwards	114.6		3.3		—		3.3		1.0		—		1.0
Written options (2)	746.8		—		—		—		45.0		—		45.0
Purchased options (3)	671.6		40.9		—		40.9		—		—		—
Commodity contracts
Swaps	56.0		5.1		—		5.1		5.3		—		5.3
Futures and forwards	157.3		3.0		—		3.0		2.3		0.8		3.1
Written options (2)	59.5		—		—		—		3.3		—		3.3
Purchased options (3)	61.8		3.6		—		3.6		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	319.9		2.8		—		2.8		1.6		—		1.6
Total return swaps/options	71.5		0.7		—		0.7		3.0		—		3.0
Written credit derivatives:
Credit default swaps	295.2		1.2		—		1.2		2.4		—		2.4
Total return swaps/options	85.3		4.4		—		4.4		0.9		—		0.9
Gross derivative assets/liabilities			$	377.2	$	21.1	$	398.3	$	360.0	$	38.5	$	398.5
Less: Legally enforceable master netting agreements							(315.9)						(315.9)
Less: Cash collateral received/paid							(33.8)						(37.8)
Total derivative assets/liabilities							$	48.6					$	44.8

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.2) billion and $276.9 billion at December 31, 2022.

Offsetting of Derivatives

The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022 by primary risk (e.g., interest rate risk) and the platform, where applicable,

on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

51 Bank of America

Offsetting of Derivatives (1)
	Derivative Assets		Derivative  Liabilities		Derivative Assets		Derivative  Liabilities
(Dollars in billions)	March 31, 2023				December 31, 2022
Interest rate contracts
Over-the-counter	$	130.0	$	125.0	$	138.4	$	132.3
Exchange-traded	0.3		0.2		0.4		0.1
Over-the-counter cleared	73.8		72.8		71.4		71.1
Foreign exchange contracts
Over-the-counter	81.8		79.2		109.7		110.6
Over-the-counter cleared	0.9		0.9		1.3		1.2
Equity contracts
Over-the-counter	23.8		27.3		21.5		22.6
Exchange-traded	29.9		31.9		33.0		33.8
Commodity contracts
Over-the-counter	8.2		10.3		8.3		9.3
Exchange-traded	2.5		2.3		2.4		1.9
Over-the-counter cleared	0.2		0.3		0.3		0.3
Credit derivatives
Over-the-counter	8.1		7.6		8.9		7.5
Over-the-counter cleared	—		—		—		—
Total gross derivative assets/liabilities, before netting
Over-the-counter	251.9		249.4		286.8		282.3
Exchange-traded	32.7		34.4		35.8		35.8
Over-the-counter cleared	74.9		74.0		73.0		72.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(214.4)		(218.2)		(243.8)		(248.2)
Exchange-traded	(31.7)		(31.7)		(33.5)		(33.5)
Over-the-counter cleared	(73.7)		(73.8)		(72.4)		(72.0)
Derivative assets/liabilities, after netting	39.7		34.1		45.9		37.0
Other gross derivative assets/liabilities (2)	1.2		6.1		2.7		7.8
Total derivative assets/liabilities	40.9		40.2		48.6		44.8
Less: Financial instruments collateral (3)	(15.8)		(8.8)		(18.5)		(7.4)
Total net derivative assets/liabilities	$	25.1	$	31.4	$	30.1	$	37.4

(1)Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Derivatives Designated as Accounting Hedges

The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and foreign exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S.

operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency denominated debt (net investment hedges).

Fair Value Hedges

The table below summarizes information related to fair value hedges for the three months ended March 31, 2023 and 2022.

Gains and Losses on Derivatives Designated as Fair Value Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions)	Derivative		Hedged Item		Derivative		Hedged Item
Interest rate risk on long-term debt (1)	$	3,308	$	(3,305)	$	(11,034)	$	11,219
Interest rate and foreign currency risk on long-term debt (2)	8		(8)		(9)		8
Interest rate risk on available-for-sale securities (3)	(3,027)		3,016		9,817		(9,905)
Price risk on commodity inventory (4)	(519)		519		(232)		237
Total	$	(230)	$	222	$	(1,458)	$	1,559

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)For the three months ended March 31, 2023 and 2022, the derivative amount includes gains (losses) of $8 million and $(21) million in interest expense, $1 million and $14 million in market making and similar activities, and $(1) million and $(2) million in accumulated other comprehensive income (OCI). Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

Bank of America 52

The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated.

Designated Fair Value Hedged Assets and Liabilities
	March 31, 2023				December 31, 2022
(Dollars in millions)	Carrying Value		Cumulative Fair Value Adjustments (1)		Carrying Value		Cumulative Fair Value Adjustments (1)
Long-term debt (2)	$	187,097	$	(12,629)	$	187,402	$	(21,372)
Available-for-sale debt securities (2, 3, 4)	107,422		(4,283)		167,518		(18,190)
Trading account assets (5)	8,295		487		16,119		146

(1)Increase (decrease) to carrying value.

(2)At March 31, 2023 and December 31, 2022, the cumulative fair value adjustments remaining on long-term debt and available-for-sale debt securities from discontinued hedging relationships resulted in a decrease of $4.6 billion and an increase of $137 million in the related liability and a decrease in the related asset of $8.3 billion and $4.9 billion, which are being amortized over the remaining contractual life of the de-designated hedged items.

(3)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At March 31, 2023 and December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $21.1 billion and $21.4 billion, of which $9.3 billion and $9.2 billion were designated in a portfolio layer hedging relationship. At March 31, 2023 and December 31, 2022, the cumulative adjustment associated with these hedging relationships was a decrease of $329 million and $451 million.

(4)Carrying value represents amortized cost.

(5)Represents hedging activities related to certain commodities inventory.

Cash Flow and Net Investment Hedges

The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2023 and 2022. Of the $9.9 billion after-tax net loss ($13.2 billion pretax) on derivatives in accumulated OCI at March 31, 2023, losses of $4.4 billion after-tax ($5.9 billion pretax) related to both open and terminated cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are

expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately five years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions, amounts pretax)	Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI		Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)	$	2,550	$	(160)	$	(6,774)	$	(8)
Price risk on forecasted MBS purchases (1)	2		—		(90)		3
Price risk on certain compensation plans (2)	17		5		(27)		12
Total	$	2,569	$	(155)	$	(6,891)	$	7
Net investment hedges
Foreign exchange risk (3)	$	(377)	$	—	$	219	$	—

(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2023 and 2022, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains (losses) of $33 million and $(74) million.

53 Bank of America

Other Risk Management Derivatives

Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The table below presents gains (losses) on these derivatives for the three months ended March 31, 2023 and 2022. These gains (losses) are largely offset by the income or expense recorded on the hedged item.

Gains and Losses on Other Risk Management Derivatives
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Interest rate risk on mortgage activities (1, 2)	$	26	$	(147)
Credit risk on loans (2)	(28)		(3)
Interest rate and foreign currency risk on asset and liability management activities (3)	(122)		1,310
Price risk on certain compensation plans (4)	195		(335)

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Transfers of Financial Assets with Risk Retained through Derivatives

The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At both March 31, 2023 and December 31, 2022, the Corporation had transferred $4.8 billion of non-U.S. government-guaranteed mortgage-backed securities to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $4.9 billion at the transfer dates. At both March 31, 2023 and December 31, 2022, the fair value of the transferred securities was $4.7 billion.

Sales and Trading Revenue

The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities. It is the Corporation’s policy to include these derivative instruments in its trading activities, which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three months ended March 31, 2023 and 2022. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis.

Sales and Trading Revenue
	Market making and similar activities		Net Interest Income		Other (1)		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Interest rate risk	$	1,244	$	99	$	86	$	1,429
Foreign exchange risk	402		49		24		475
Equity risk	2,000		(838)		460		1,622
Credit risk	480		666		115		1,261
Other risk (2)	272		(78)		(4)		190
Total sales and trading revenue	$	4,398	$	(102)	$	681	$	4,977
	Three Months Ended March 31, 2022
Interest rate risk	$	589	$	452	$	69	$	1,110
Foreign exchange risk	507		(17)		1		491
Equity risk	1,564		(60)		501		2,005
Credit risk	239		476		14		729
Other risk (2)	291		(33)		33		291
Total sales and trading revenue	$	3,190	$	818	$	618	$	4,626

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $529 million and $531 million for the three months ended March 31, 2023 and 2022.

(2)Includes commodity risk.

Credit Derivatives

The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Bank of America 54

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2023 and December 31, 2022 are summarized in the table below.

Credit Derivative Instruments
	Less than One Year		One to Three Years		Three to Five Years		Over Five Years		Total
	March 31, 2023
(Dollars in millions)	Carrying Value
Credit default swaps:
Investment grade	$	6	$	32	$	105	$	42	$	185
Non-investment grade	54		395		919		863		2,231
Total	60		427		1,024		905		2,416
Total return swaps/options:
Investment grade	85		282		—		—		367
Non-investment grade	269		8		109		10		396
Total	354		290		109		10		763
Total credit derivatives	$	414	$	717	$	1,133	$	915	$	3,179
Credit-related notes:
Investment grade	$	—	$	—	$	2	$	824	$	826
Non-investment grade	—		3		4		1,032		1,039
Total credit-related notes	$	—	$	3	$	6	$	1,856	$	1,865
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	32,823	$	67,196	$	123,896	$	37,078	$	260,993
Non-investment grade	17,361		30,171		36,112		14,108		97,752
Total	50,184		97,367		160,008		51,186		358,745
Total return swaps/options:
Investment grade	73,449		11,240		—		—		84,689
Non-investment grade	35,946		783		2,088		906		39,723
Total	109,395		12,023		2,088		906		124,412
Total credit derivatives	$	159,579	$	109,390	$	162,096	$	52,092	$	483,157
	December 31, 2022
	Carrying Value
Credit default swaps:
Investment grade	$	2	$	25	$	133	$	34	$	194
Non-investment grade	120		516		870		697		2,203
Total	122		541		1,003		731		2,397
Total return swaps/options:
Investment grade	55		336		—		—		391
Non-investment grade	332		9		132		10		483
Total	387		345		132		10		874
Total credit derivatives	$	509	$	886	$	1,135	$	741	$	3,271
Credit-related notes:
Investment grade	$	—	$	—	$	19	$	1,017	$	1,036
Non-investment grade	—		7		6		1,035		1,048
Total credit-related notes	$	—	$	7	$	25	$	2,052	$	2,084
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	34,670	$	66,170	$	93,237	$	18,677	$	212,754
Non-investment grade	15,229		29,629		30,891		6,662		82,411
Total	49,899		95,799		124,128		25,339		295,165
Total return swaps/options:
Investment grade	38,722		10,407		—		—		49,129
Non-investment grade	32,764		500		2,054		897		36,215
Total	71,486		10,907		2,054		897		85,344
Total credit derivatives	$	121,385	$	106,706	$	126,182	$	26,236	$	380,509

The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits so that certain credit risk-related losses occur within acceptable, predefined limits.

Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned.

55 Bank of America

Credit-related Contingent Features and Collateral

Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At March 31, 2023 and December 31, 2022, the Corporation held cash and securities collateral of $95.5 billion and $101.3 billion and posted cash and securities collateral of $83.1 billion and $81.2 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements.

In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

At March 31, 2023, the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $3.2 billion, including $2.2 billion for Bank of America, National Association (BANA).

Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At March 31, 2023 and December 31, 2022, the liability recorded for these derivative contracts was not significant.

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2023 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by

one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2023
(Dollars in millions)	One Incremental  Notch		Second Incremental  Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	162	$	908
Bank of America, N.A. and subsidiaries (1)	70		647
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	79	$	600
Collateral posted	60		306

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three months ended March 31, 2023 and 2022. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Derivative assets (CVA)	$	12	$	(59)
Derivative assets/liabilities (FVA)	(43)		35
Derivative liabilities (DVA)	2		121

(1)At March 31, 2023 and December 31, 2022, cumulative CVA reduced the derivative assets balance by $506 million and $518 million, cumulative FVA reduced the net derivative balance by $97 million and $54 million, and cumulative DVA reduced the derivative liabilities balance by $508 million and $506 million.

Bank of America 56

NOTE 4 Securities

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at March 31, 2023 and December 31, 2022.

Debt Securities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(Dollars in millions)	March 31, 2023								December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252	$	25,204	$	5	$	(1,767)	$	23,442
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035		2,452		—		(231)		2,221
Commercial	6,890		31		(481)		6,440		6,894		28		(515)		6,407
Non-agency residential (1)	459		3		(55)		407		461		15		(90)		386
Total mortgage-backed securities	34,310		39		(2,215)		32,134		35,011		48		(2,603)		32,456
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507		160,773		18		(1,769)		159,022
Non-U.S. securities	13,161		5		(46)		13,120		13,455		4		(52)		13,407
Other taxable securities	4,830		1		(85)		4,746		4,728		1		(84)		4,645
Tax-exempt securities	11,105		25		(227)		10,903		11,518		19		(279)		11,258
Total available-for-sale debt securities	166,349		72		(4,011)		162,410		225,485		90		(4,787)		220,788
Other debt securities carried at fair value (2)	10,081		63		(44)		10,100		8,986		376		(156)		9,206
Total debt securities carried at fair value	176,430		135		(4,055)		172,510		234,471		466		(4,943)		229,994
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334		503,233		—		(87,319)		415,914
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098		121,597		—		(20,259)		101,338
Other taxable securities	7,921		—		(901)		7,020		8,033		—		(1,018)		7,015
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452		632,863		—		(108,596)		524,267
Total debt securities (3,4)	$	800,958	$	135	$	(103,131)	$	697,962	$	867,334	$	466	$	(113,539)	$	754,261

(1)At both March 31, 2023 and December 31, 2022, the underlying collateral type included approximately 17 percent prime and 83 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 $174.4 billion and $104.5 billion at March 31, 2023 and December 31, 2022.

(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $285.7 billion and $174.0 billion, and a fair value of $238.6 billion and $144.2 billion at March 31, 2023, and an amortized cost of $290.5 billion and $176.7 billion, and a fair value of $239.6 billion and $144.6 billion at December 31, 2022.

At March 31, 2023, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.9 billion, net of the related income tax benefit of $985 million. At March 31, 2023 and December 31, 2022, nonperforming AFS debt securities held by the Corporation were not significant.

At March 31, 2023 and December 31, 2022, $759.7 billion and $826.5 billion of AFS and HTM debt securities, which were largely U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. The ECL on the remaining $31.2 billion and $31.8 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

At March 31, 2023 and December 31, 2022, the Corporation held equity securities at an aggregate fair value of $574 million and $581 million and other equity securities, as

valued under the measurement alternative, at a carrying value of $354 million and $340 million, both of which are included in other assets. At March 31, 2023 and December 31, 2022, the Corporation also held money market investments at a fair value of $921 million and $868 million, which are included in time deposits placed and other short-term investments.

The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2023 and 2022 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Gross gains	$	96	$	37
Gross losses	(306)		(30)
Net gains (losses) on sales of AFS debt securities	$	(210)	$	7
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$	(53)	$	2

57 Bank of America

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 March 31, 2023 and December 31, 2022.

Total AFS Debt Securities in a Continuous Unrealized Loss Position
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses
(Dollars in millions)	March 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	10,106	$	(323)	$	12,900	$	(1,156)	$	23,006	$	(1,479)
Agency-collateralized mortgage obligations	130		(7)		1,873		(193)		2,003		(200)
Commercial	1,411		(40)		3,741		(441)		5,152		(481)
Non-agency residential	60		(6)		334		(49)		394		(55)
Total mortgage-backed securities	11,707		(376)		18,848		(1,839)		30,555		(2,215)
U.S. Treasury and government agencies	2,230		(74)		99,047		(1,364)		101,277		(1,438)
Non-U.S. securities	5,159		(28)		646		(18)		5,805		(46)
Other taxable securities	2,265		(29)		2,037		(56)		4,302		(85)
Tax-exempt securities	783		(13)		2,302		(214)		3,085		(227)
Total AFS debt securities in a continuous    unrealized loss position	$	22,144	$	(520)	$	122,880	$	(3,491)	$	145,024	$	(4,011)
	December 31, 2022
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	18,759	$	(1,118)	$	4,437	$	(649)	$	23,196	$	(1,767)
Agency-collateralized mortgage obligations	1,165		(96)		1,022		(135)		2,187		(231)
Commercial	3,273		(150)		2,258		(365)		5,531		(515)
Non-agency residential	264		(65)		97		(25)		361		(90)
Total mortgage-backed securities	23,461		(1,429)		7,814		(1,174)		31,275		(2,603)
U.S. Treasury and government agencies	36,730		(308)		118,636		(1,461)		155,366		(1,769)
Non-U.S. securities	9,399		(34)		756		(18)		10,155		(52)
Other taxable securities	2,036		(16)		1,580		(68)		3,616		(84)
Tax-exempt securities	607		(28)		2,849		(251)		3,456		(279)
Total AFS debt securities in a continuous    unrealized loss position	$	72,233	$	(1,815)	$	131,635	$	(2,972)	$	203,868	$	(4,787)

Bank of America 58

The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2023 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) 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	$	—	—	%	$	3	5.67	%	$	54	4.91	%	$	24,669	3.36	%	$	24,726	3.36	%
Agency-collateralized mortgage obligations	—		—		6		2.67		—		—		2,229		2.77		2,235		2.77
Commercial	14		1.93		789		3.07		4,555		2.22		1,545		2.24		6,903		2.32
Non-agency residential	—		—		—		—		—		—		741		9.63		741		9.63
Total mortgage-backed securities	14		1.93		798		3.08		4,609		2.25		29,184		3.41		34,605		3.25
U.S. Treasury and government agencies	1,914		3.36		57,616		2.93		44,698		2.36		38		3.63		104,266		2.69
Non-U.S. securities	18,460		3.20		2,905		4.79		71		7.57		188		7.31		21,624		3.47
Other taxable securities	1,341		5.16		2,829		5.44		453		3.72		207		4.39		4,830		5.16
Tax-exempt securities	670		3.07		4,679		3.67		1,919		3.83		3,837		4.16		11,105		3.83
Total amortized cost of debt securities carried at fair value	$	22,399	3.33		$	68,827	3.17		$	51,750	2.42		$	33,454	3.53		$	176,430	3.04
Amortized cost of HTM debt securities
Agency mortgage-backed securities	$	—	—	%	$	—	—	%	$	13	2.77	%	$	494,985	2.12	%	$	494,998	2.12	%
U.S. Treasury and government agencies	—		—		4,548		1.80		117,061		1.37		—		—		121,609		1.39
Other taxable securities	39		9.16		1,289		2.43		273		3.28		6,320		2.48		7,921		2.53
Total amortized cost of HTM debt securities	$	39	9.16		$	5,837	1.94		$	117,347	1.37		$	501,305	2.12		$	624,528	1.98
Debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—			$	3			$	54			$	23,195			$	23,252
Agency-collateralized mortgage obligations	—				6				—				2,029				2,035
Commercial	14				770				4,334				1,334				6,452
Non-agency residential	—				2				—				705				707
Total mortgage-backed securities	14				781				4,388				27,263				32,446
U.S. Treasury and government agencies	1,911				56,952				43,932				35				102,830
Non-U.S. securities	18,457				2,869				71				185				21,582
Other taxable securities	1,337				2,795				418				199				4,749
Tax-exempt securities	669				4,661				1,907				3,666				10,903
Total debt securities carried at fair value	$	22,388			$	68,058			$	50,716			$	31,348			$	172,510
Fair value of HTM debt securities
Agency mortgage-backed securities	$	—			$	—			$	12			$	414,322			$	414,334
U.S. Treasury and government agencies	—				4,235				99,863				—				104,098
Other taxable securities	38				1,217				261				5,504				7,020
Total fair value of HTM debt securities	$	38			$	5,452			$	100,136			$	419,826			$	525,452

(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.

59 Bank of America

NOTE 5 Outstanding Loans and Leases and Allowance for Credit Losses

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at March 31, 2023 and December 31, 2022.

	30-59 Days  Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total  Current or  Less Than  30 Days  Past Due (1)			Loans  Accounted  for Under  the Fair  Value  Option			Total Outstandings
(Dollars in millions)	March 31, 2023
Consumer real estate
Residential mortgage	$	938		$	255		$	894		$	2,087		$	226,740					$	228,827
Home equity	93			34			189			316			25,552						25,868
Credit card and other consumer
Credit card	500			346			828			1,674			90,795						92,469
Direct/Indirect consumer (2)	206			78			61			345			104,195						104,540
Other consumer	—			—			—			—			120						120
Total consumer	1,737			713			1,972			4,422			447,402						451,824
Consumer loans accounted for under the fair value option (3)																$	334		334
Total consumer loans and leases	1,737			713			1,972			4,422			447,402			334			452,158
Commercial
U.S. commercial	892			156			281			1,329			359,326						360,655
Non-U.S. commercial	124			33			133			290			124,537						124,827
Commercial real estate (4)	257			15			114			386			72,665						73,051
Commercial lease financing	46			12			9			67			13,381						13,448
U.S. small business commercial (5)	109			68			262			439			17,765						18,204
Total commercial	1,428			284			799			2,511			587,674						590,185
Commercial loans accounted for under the fair value option (3)																4,063			4,063
Total commercial loans and leases	1,428			284			799			2,511			587,674			4,063			594,248
Total loans and leases (6)	$	3,165		$	997		$	2,771		$	6,933		$	1,035,076		$	4,397		$	1,046,406
Percentage of outstandings	0.30		%	0.10		%	0.26		%	0.66		%	98.92		%	0.42		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $172 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $69 million and nonperforming loans of $103 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $338 million and nonperforming loans of $745 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $29 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $52.7 billion, U.S. securities-based lending loans of $48.1 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $72 million and home equity loans of $262 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $67.2 billion and non-U.S. commercial real estate loans of $5.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $43.5 billion. The Corporation also pledged $243.8 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

Bank of America 60

	30-59 Days Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total Current or Less Than 30 Days Past Due (1)			Loans Accounted for Under the Fair Value Option			Total Outstandings
(Dollars in millions)	December 31, 2022
Consumer real estate
Residential mortgage	$	1,077		$	245		$	945		$	2,267		$	227,403					$	229,670
Home equity	88			32			211			331			26,232						26,563
Credit card and other consumer
Credit card	466			322			717			1,505			91,916						93,421
Direct/Indirect consumer (2)	204			59			45			308			105,928						106,236
Other consumer	—			—			—			—			156						156
Total consumer	1,835			658			1,918			4,411			451,635						456,046
Consumer loans accounted for under the fair value option (3)																$	339		339
Total consumer loans and leases	1,835			658			1,918			4,411			451,635			339			456,385
Commercial
U.S. commercial	827			288			330			1,445			357,036						358,481
Non-U.S. commercial	317			59			144			520			123,959						124,479
Commercial real estate (4)	409			81			77			567			69,199						69,766
Commercial lease financing	49			9			11			69			13,575						13,644
U.S. small business commercial (5)	107			63			356			526			17,034						17,560
Total commercial	1,709			500			918			3,127			580,803						583,930
Commercial loans accounted for under the fair value option (3)																5,432			5,432
Total commercial loans and leases	1,709			500			918			3,127			580,803			5,432			589,362
Total loans and leases (6)	$	3,544		$	1,158		$	2,836		$	7,538		$	1,032,438		$	5,771		$	1,045,747
Percentage of outstandings	0.34		%	0.11		%	0.27		%	0.72		%	98.73		%	0.55		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $184 million and nonperforming loans of $155 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $75 million and nonperforming loans of $88 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $368 million and nonperforming loans of $788 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $27 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $51.8 billion, U.S. securities-based lending loans of $50.4 billion and non-U.S. consumer loans of $3.0 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million and home equity loans of $268 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $2.5 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $64.9 billion and non-U.S. commercial real estate loans of $4.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $18.5 billion. The Corporation also pledged $163.6 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $9.3 billion and $9.5 billion at March 31, 2023 and December 31, 2022, providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured, and therefore the Corporation does not record an allowance for credit losses related to these loans.

Nonperforming Loans and Leases

Commercial nonperforming loans increased to $1.2 billion at March 31, 2023 from $1.1 billion at December 31, 2022, driven by the commercial real estate office property type. Consumer nonperforming loans decreased to $2.7 billion at March 31, 2023 from $2.8 billion at December 31, 2022

primarily due to decreases from consumer real estate loans as returns to performing status and paydowns more than offset new additions.

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at March 31, 2023 and December 31, 2022. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

61 Bank of America

Credit Quality
	Nonperforming Loans and Leases						Accruing Past Due 90 Days or More
(Dollars in millions)	March 31 2023			December 31 2022			March 31 2023			December 31 2022
Residential mortgage (1)	$	2,125		$	2,167		$	338		$	368
With no related allowance (2)	1,935			1,973			—			—
Home equity (1)	488			510			—			—
With no related allowance (2)	396			393			—			—
Credit Card	n/a			n/a			828			717
Direct/indirect consumer	101			77			2			2
Total consumer	2,714			2,754			1,168			1,087
U.S. commercial	559			553			112			190
Non-U.S. commercial	125			212			92			25
Commercial real estate	502			271			35			46
Commercial lease financing	4			4			6			8
U.S. small business commercial	14			14			261			355
Total commercial	1,204			1,054			506			624
Total nonperforming loans	$	3,918		$	3,808		$	1,674		$	1,711
Percentage of outstanding loans and leases	0.38		%	0.37		%	0.16		%	0.16		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2023 and December 31, 2022 residential mortgage included $232 million and $260 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $106 million and $108 million of loans on which interest was still accruing.

(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Credit Quality Indicators

The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed loan-to-value (LTV) and refreshed Fair Isaac Corporation (FICO) score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV), which measures the carrying value of the Corporation’s loan and available line of credit combined with any outstanding senior liens against the property as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower’s credit history. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a

bankruptcy proceeding) may not have their FICO scores updated. FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans.

The following tables present certain credit quality indicators and gross charge-offs for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at March 31, 2023.

Bank of America 62

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of March 31,  2023		2023		2022		2021		2020		2019		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	214,159	$	3,115	$	39,127	$	79,059	$	37,281	$	18,552	$	37,025
Greater than 90 percent but less than or equal to 100 percent	2,352		196		1,404		612		96		19		25
Greater than 100 percent	934		105		479		240		46		16		48
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,112	$	21	$	385	$	519	$	357	$	109	$	721
Greater than or equal to 620 and less than 680	4,885		68		1,082		1,266		818		327		1,324
Greater than or equal to 680 and less than 740	23,704		309		5,033		7,482		4,046		2,033		4,801
Greater than or equal to 740	186,744		3,018		34,510		70,644		32,202		16,118		30,252
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Gross charge-offs	$	8	$	—	$	3	$	1	$	1	$	—	$	3

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	March 31, 2023
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	25,692	$	1,238	$	19,627	$	4,827
Greater than 90 percent but less than or equal to 100 percent	72		21		35		16
Greater than 100 percent	104		36		38		30
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Home Equity
Refreshed FICO score
Less than 620	$	677	$	167	$	197	$	313
Greater than or equal to 620 and less than 680	1,138		144		504		490
Greater than or equal to 680 and less than 740	4,186		292		2,728		1,166
Greater than or equal to 740	19,867		692		16,271		2,904
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Gross charge-offs	$	6	$	1	$	3	$	2

(1)Includes reverse mortgages of $893 million and home equity loans of $402 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/ Indirect as of March 31, 2023		Revolving Loans		2023		2022		2021		2020		2019		Prior		Total Credit Card as of March 31, 2023		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	940	$	12	$	32	$	308	$	318	$	113	$	76	$	81	$	4,268	$	4,052	$	216
Greater than or equal to 620 and less than 680	2,463		11		245		1,022		707		225		121		132		10,732		10,526		206
Greater than or equal to 680 and less than 740	8,693		49		1,059		3,563		2,375		821		422		404		31,858		31,673		185
Greater than or equal to 740	40,766		77		5,101		15,273		10,501		4,837		2,527		2,450		45,611		45,566		45
Other internal credit    metrics (2,3)	51,678		50,942		52		181		191		63		59		190		—		—		—
Total credit card and other    consumer	$	104,540	$	51,091	$	6,489	$	20,347	$	14,092	$	6,059	$	3,205	$	3,257	$	92,469	$	91,817	$	652
Gross charge-offs	$	40	$	1	$	—	$	17	$	11	$	4	$	2	$	5	$	650	$	633	$	17

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $50.9 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2023.

63 Bank of America

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of March 31, 2023		2023		2022		2021		2020		2019		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	350,224	$	9,255	$	55,496	$	33,787	$	17,310	$	15,264	$	37,296	$	181,816
Reservable criticized	10,431		49		605		803		582		885		1,925		5,582
Total U.S. Commercial	$	360,655	$	9,304	$	56,101	$	34,590	$	17,892	$	16,149	$	39,221	$	187,398
Gross charge-offs	$	59	$	—	$	3	$	18	$	—	$	—	$	5	$	33
Non-U.S. Commercial
Risk ratings
Pass rated	$	122,545	$	4,204	$	19,937	$	18,102	$	4,634	$	3,736	$	6,585	$	65,347
Reservable criticized	2,282		81		144		321		277		254		225		980
Total Non-U.S. Commercial	$	124,827	$	4,285	$	20,081	$	18,423	$	4,911	$	3,990	$	6,810	$	66,327
Gross charge-offs	$	23	$	—	$	—	$	8	$	7	$	1	$	—	$	7
Commercial Real Estate
Risk ratings
Pass rated	$	67,512	$	1,856	$	16,836	$	13,350	$	5,281	$	8,861	$	12,414	$	8,914
Reservable criticized	5,539		—		11		829		538		1,737		2,217		207
Total Commercial Real Estate	$	73,051	$	1,856	$	16,847	$	14,179	$	5,819	$	10,598	$	14,631	$	9,121
Gross charge-offs	$	24	$	—	$	—	$	—	$	—	$	13	$	11	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,227	$	613	$	3,208	$	2,576	$	1,775	$	1,428	$	3,627	$	—
Reservable criticized	221		—		20		43		17		36		105		—
Total Commercial Lease Financing	$	13,448	$	613	$	3,228	$	2,619	$	1,792	$	1,464	$	3,732	$	—
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,653	$	453	$	1,806	$	1,833	$	1,209	$	826	$	2,401	$	125
Reservable criticized	352		—		22		52		52		72		151		3
Total U.S. Small Business Commercial	$	9,005	$	453	$	1,828	$	1,885	$	1,261	$	898	$	2,552	$	128
Gross charge-offs	$	13	$	—	$	—	$	—	$	8	$	1	$	1	$	3
Total	$	580,986	$	16,511	$	98,085	$	71,696	$	31,675	$	33,099	$	66,946	$	262,974
Total gross charge-offs	$	119	$	—	$	3	$	26	$	15	$	15	$	17	$	43

(1) Excludes $4.1 billion of loans accounted for under the fair value option at March 31, 2023.

(2)     Excludes U.S. Small Business Card loans of $9.2 billion. Refreshed FICO scores for this portfolio are $360 million for less than 620; $931 million for greater than or equal to 620 and less than 680; $2.5 billion for greater than or equal to 680 and less than 740; and $5.4 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $62 million.

Bank of America 64

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2022.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of  December 31,  2022		2022		2021		2020		2019		2018		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	215,713	$	39,625	$	81,437	$	37,228	$	18,980	$	5,734	$	32,709
Greater than 90 percent but less than or equal to 100 percent	1,615		950		530		93		15		8		19
Greater than 100 percent	648		374		169		43		15		8		39
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,156	$	377	$	518	$	373	$	124	$	84	$	680
Greater than or equal to 620 and less than 680	4,978		1,011		1,382		840		329		233		1,183
Greater than or equal to 680 and less than 740	25,444		5,411		8,290		4,369		2,187		830		4,357
Greater than or equal to 740	185,398		34,150		71,946		31,782		16,370		4,603		26,547
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Gross charge-offs	$	161	$	—	$	6	$	5	$	6	$	1	$	143

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	December 31, 2022
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	26,395	$	1,304	$	19,960	$	5,131
Greater than 90 percent but less than or equal to 100 percent	62		20		24		18
Greater than 100 percent	106		37		35		34
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Home Equity
Refreshed FICO score
Less than 620	$	683	$	166	$	189	$	328
Greater than or equal to 620 and less than 680	1,190		152		507		531
Greater than or equal to 680 and less than 740	4,321		312		2,747		1,262
Greater than or equal to 740	20,369		731		16,576		3,062
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Gross charge-offs	$	45	$	5	$	24	$	16

(1)Includes reverse mortgages of $937 million and home equity loans of $424 million, which are no longer originated.

65 Bank of America

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/Indirect as of December 31, 2022		Revolving Loans		2022		2021		2020		2019		2018		Prior		Total Credit Card as of December 31, 2022		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	847	$	12	$	237	$	301	$	113	$	84	$	43	$	57	$	4,056	$	3,866	$	190
Greater than or equal to 620 and less than 680	2,521		12		1,108		816		269		150		69		97		10,994		10,805		189
Greater than or equal to 680 and less than 740	8,895		52		4,091		2,730		992		520		214		296		32,186		32,017		169
Greater than or equal to 740	39,679		83		16,663		11,392		5,630		2,992		1,236		1,683		46,185		46,142		43
Other internal credit    metrics (2, 3)	54,294		53,404		259		305		70		57		40		159		—		—		—
Total credit card and other    consumer	$	106,236	$	53,563	$	22,358	$	15,544	$	7,074	$	3,803	$	1,602	$	2,292	$	93,421	$	92,830	$	591
Gross charge-offs	$	232	$	7	$	31	$	79	$	34	$	27	$	14	$	40	$	1,985	$	1,909	$	76

(1)Represents TDRs that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $53.4 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2022.

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of December 31, 2022		2022		2021		2020		2019		2018		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	348,447	$	61,200	$	39,717	$	18,609	$	16,566	$	8,749	$	30,282	$	173,324
Reservable criticized	10,034		278		794		697		884		1,202		856		5,323
Total U.S. Commercial	$	358,481	$	61,478	$	40,511	$	19,306	$	17,450	$	9,951	$	31,138	$	178,647
Gross charge-offs	$	151	$	2	$	24	$	24	$	9	$	6	$	13	$	73
Non-U.S. Commercial
Risk ratings
Pass rated	$	121,890	$	24,839	$	19,098	$	5,183	$	3,882	$	2,423	$	4,697	$	61,768
Reservable criticized	2,589		45		395		331		325		98		475		920
Total Non-U.S. Commercial	$	124,479	$	24,884	$	19,493	$	5,514	$	4,207	$	2,521	$	5,172	$	62,688
Gross charge-offs	$	41	$	—	$	3	$	1	$	—	$	37	$	—	$	—
Commercial Real Estate
Risk ratings
Pass rated	$	64,619	$	15,290	$	13,089	$	5,756	$	9,013	$	4,384	$	8,606	$	8,481
Reservable criticized	5,147		11		837		545		1,501		1,151		1,017		85
Total Commercial Real Estate	$	69,766	$	15,301	$	13,926	$	6,301	$	10,514	$	5,535	$	9,623	$	8,566
Gross charge-offs	$	75	$	—	$	—	$	6	$	—	$	26	$	43	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,404	$	3,255	$	2,757	$	1,955	$	1,578	$	1,301	$	2,558	$	—
Reservable criticized	240		9		35		12		71		50		63		—
Total Commercial Lease Financing	$	13,644	$	3,264	$	2,792	$	1,967	$	1,649	$	1,351	$	2,621	$	—
Gross charge-offs	$	8	$	—	$	4	$	—	$	4	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,726	$	1,825	$	1,953	$	1,408	$	864	$	624	$	1,925	$	127
Reservable criticized	329		11		35		48		76		51		105		3
Total U.S. Small Business Commercial	$	9,055	$	1,836	$	1,988	$	1,456	$	940	$	675	$	2,030	$	130
Gross charge-offs	$	31	$	—	$	1	$	11	$	4	$	1	$	6	$	8
Total	$	575,425	$	106,763	$	78,710	$	34,544	$	34,760	$	20,033	$	50,584	$	250,031
Total gross charge-offs	$	306	$	2	$	32	$	42	$	17	$	70	$	62	$	81

(1) Excludes $5.4 billion of loans accounted for under the fair value option at December 31, 2022.

(2) Excludes U.S. Small Business Card loans of $8.5 billion. Refreshed FICO scores for this portfolio are $297 million for less than 620; $859 million for greater than or equal to 620 and less than 680; $2.4 billion for greater than or equal to 680 and less than 740; and $5.0 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $172 million.

Bank of America 66

During the three months ended March 31, 2023, commercial reservable criticized utilized exposure increased to $19.8 billion at March 31, 2023 from $19.3 billion (to 3.17 percent from 3.12 percent of total commercial reservable utilized exposure) at December 31, 2022, primarily driven by our U.S. commercial and industrial portfolio as well as commercial real estate.

Loan Modifications to Borrowers in Financial Difficulty

As part of its credit risk management, the Corporation may modify a loan agreement with a borrower experiencing financial difficulties through a refinancing or restructuring of the borrower’s loan agreement (modification programs).

Consumer Real Estate

The following modification programs are offered for consumer real estate loans to borrowers experiencing financial difficulties. These modifications represented 0.09 percent and 0.15 percent of outstanding residential mortgage and home equity loans at March 31, 2023.

Forbearance and Other Payment Plans: Forbearance plans generally consist of the Corporation suspending the borrower’s payments for a defined period with those payments then due at the conclusion of the forbearance period. The aging status of a loan is generally frozen when it enters into a forbearance plan. Alternatively, the Corporation may offer the borrower a payment plan, which allows the borrower to repay past due amounts through payments over a defined period. At March 31, 2023, the amortized cost of residential mortgage and home equity loans that were modified through these plans during the three months ended March 31, 2023 was $158 million and $30 million. The weighted-average duration of these modifications was 8.2 months and 8.9 months. The total forborne payments for these modifications was $7 million and $3 million for residential mortgage and home equity loans. If a borrower is unable to fulfill their obligations under the forbearance plans, they may be offered a trial or permanent modification.

Trial Modifications: Trial modification plans generally consist of the Corporation offering a borrower modified loan terms that reduce their contractual payments temporarily over a three-to-four-month trial period. If the customer successfully makes the modified payments during the trial period and formally accepts the modified terms, the modified loan terms become permanent. At March 31, 2023, the amortized cost of residential mortgage and home equity loans entering trial modifications during the three months ended March 31, 2023 was $21 million and $9 million.

Permanent Modifications: Permanent modifications include borrowers that have completed a trial modification and have had their contractual payment terms permanently modified, as well as borrowers that proceed directly to a permanent modification without a trial period. In a permanent modification, the borrower’s payment terms are typically modified in more than one manner but generally include a term extension and an interest rate reduction. At times, the permanent modification may also include principal forgiveness and/or a deferral of past due principal and interest amounts to the end of the loan term. The combinations utilized are based on modifying the terms that give the borrower an improved ability to meet the contractual obligations. At March 31, 2023, the amortized cost of residential mortgage and home equity loans that were granted a permanent modification during the three months ended March 31, 2023 was $47 million and $10 million. The term extensions granted for residential mortgage and home equity permanent modifications vary widely and can be up to 30 years, but are mostly in the range of 1 to 10 years and 1 to 15 years. The weighted-average term extension of permanent modifications for residential mortgage and home equity loans was 7.7 years and 12.1 years, while the weighted-average interest rate reduction was 1.50 percent and 2.37 percent. Principal forgiveness and payment deferrals were insignificant for the three months ended March 31, 2023.

For consumer real estate borrowers in financial difficulty that received a forbearance, trial or permanent modification, there were no commitments to lend additional funds at March 31, 2023. Borrowers with a home equity line of credit that received a forbearance plan could have all or a portion of their lines reinstated in the future if they cure their payment default and meet certain Bank conditions.

Chapter 7 Discharges: If a borrower’s consumer real estate obligation is discharged in a Chapter 7 bankruptcy proceeding, the contractual payment terms of the loan are not modified, although they can no longer be enforced against the individual borrower. The Corporation’s ability to collect amounts due on the loan is limited to enforcement against the property through the foreclosure and sale of the collateral. The Corporation will only pursue foreclosure upon default by the borrower, and otherwise will recover pursuant to the loan terms or at the time of a sale. Residential mortgage and home equity loans that were granted a Chapter 7 discharge were insignificant for the three months ended March 31, 2023.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. Defaults of modified consumer real estate loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. The table below provides aging information as of March 31, 2023 for consumer real estate loans modified since January 1, 2023.

Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty (1)
	Current		30–89 Days Past Due		90+ Days Past Due		Total
(Dollars in millions)	March 31, 2023
Residential mortgage	$	126	$	49	$	30	$	205
Home equity	23		7		10		40
Total	$	149	$	56	$	40	$	245

(1)Excludes trial modifications and Chapter 7 discharges.

67 Bank of America

Consumer real estate foreclosed properties totaled $117 million and $121 million at March 31, 2023 and December 31, 2022. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at March 31, 2023 and December 31, 2022 was $819 million and $871 million. During the three months ended March 31, 2023 and 2022, the Corporation reclassified $37 million and $56 million of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows.

Credit Card and Other Consumer

Credit card and other consumer loans are primarily modified by placing the customer on a fixed payment plan with a fixed interest rate. As of March 31, 2023, substantially all payment plans provided to customers had a 60-month term. In certain circumstances, the Corporation will forgive a portion of the outstanding balance if the borrower makes payments up to a set amount. The Corporation makes modifications directly with borrowers for loans held by the Corporation (internal programs) as well as through third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs). The March 31, 2023 amortized cost of credit card and other consumer loans that were modified through these programs during the three months ended March 31, 2023 was $157 million. The financial effect of modifications resulted in a weighted-average interest rate reduction of 18.65 percent and principal forgiveness of $11 million.

The Corporation tracks the performance of modified loans to assess the effectiveness of modification programs. Defaults of modified credit card and other consumer loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. Of the $157 million in modified credit card and other consumer loans to borrowers experiencing financial difficulty as of March 31, 2023, $109 million were current, $24 million were 30-89 days past due, and $24 million were greater than 90 days past due. These modifications represented 0.08 percent of outstanding credit card and other consumer loans at March 31, 2023.

Commercial Loans

Modifications of loans to commercial borrowers experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique, reflects the borrower’s individual circumstances and is designed to benefit the borrower while mitigating the Corporation’s risk exposure. Commercial modifications are primarily term extensions and payment forbearances. Payment forbearances involve the Bank forbearing its contractual right to collect certain payments or payment in

full (maturity forbearance) for a defined period of time. Reductions in interest rates and principal forgiveness occur infrequently for commercial borrowers. Principal forgiveness may occur in connection with foreclosure, short sales or other settlement agreements, leading to termination or sale of the loan.

As of March 31, 2023, the amortized cost basis of modified commercial loans that were entered into during the three months ended March 31, 2023 was $822 million, including term extensions of $700 million, forbearances of $102 million and other miscellaneous modifications of $20 million. Term extensions granted during the three months ended March 31, 2023 increased the weighted-average life of the impacted loans by 1.3 years. The weighted-average duration of loan payments deferred under the Corporation’s commercial loan forbearance program was 15 months, substantially all of which were deferred over a range of 12 to 24 months. Of the $822 million in modified Commercial loans to borrowers experiencing financial difficulty as of March 31, 2023, $775 million were current, $5 million were 30-89 days past due, and $42 million were greater than 90 days past due. These modifications represented 0.14 percent of outstanding commercial loans at March 31, 2023. Defaults of modified commercial loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. For the three months ended March 31, 2023, the Corporation had commitments to lend $534 million to commercial borrowers experiencing financial difficulty whose loans were modified during the period.

Prior-period Troubled Debt Restructuring Disclosures

Prior to adopting the new accounting standard on loan modifications, the Corporation accounted for modifications of loans to borrowers experiencing financial difficulty as TDRs, when the modification resulted in a concession. The following discussion reflects loans that were considered TDRs prior to January 1, 2023. For more information on TDR accounting policies, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Consumer Real Estate

The following table presents the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three months ended March 31, 2022. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification.

At December 31, 2022, remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were not significant.

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Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate (1)
(Dollars in millions)	March 31, 2022
Residential mortgage	$	585	$	539	3.50	%	3.33	%
Home equity	92		75		3.62		3.63
Total	$	677	$	614	3.52		3.37

(1)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.

The table below presents the March 31, 2022 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2022, by type of modification.

Consumer Real Estate – Modification Programs
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Modifications under proprietary programs	552
Loans discharged in Chapter 7 bankruptcy (1)	5
Trial modifications	57
Total modifications	$	614

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2022 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.

Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
(Dollars in millions)	Three Months Ended March 31, 2022
Modifications under proprietary programs	40
Loans discharged in Chapter 7 bankruptcy (1)	1
Trial modifications (2)	4
Total modifications	$	45

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

(2)Includes trial modification offers to which the customer did not respond.

Credit Card and Other Consumer

The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three months ended March 31, 2022.

Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value (1)		Pre-Modification Interest Rate		Post-Modification Interest Rate
(Dollars in millions)	March 31, 2022
Credit card	$	69	$	73	18.67	%	3.69	%
Direct/Indirect consumer	4		3		5.75		5.75
Total	$	73	$	76	18.03		3.77

(1)Includes accrued interest and fees.

69 Bank of America

The table below presents the March 31, 2022 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three months ended March 31, 2022 by program type.

Credit Card and Other Consumer – TDRs by Program Type (1)
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Internal programs	$	63
External programs	10
Other	3
Total	$	76

(1) Includes accrued interest and fees.

Credit card and other consumer loans are deemed to be in payment default during the quarter in which a borrower misses the second of two consecutive payments. Payment defaults are one of the factors considered when projecting future cash flows in the calculation of the allowance for loan and lease losses for credit card and other consumer. Based on historical experience, the Corporation estimates that 10 percent of new credit card TDRs and 17 percent of new direct/indirect consumer TDRs may be in payment default within 12 months after modification.

Commercial Loans

During the three months ended March 31, 2022, the carrying value of the Corporation’s commercial loans that were modified as TDRs was $848 million. At December 31, 2022, the Corporation had commitments to lend $358 million to commercial borrowers whose loans were classified as TDRs. The balance of commercial TDRs in payment default was $105 million at December 31, 2022.

Loans Held-for-sale

The Corporation had LHFS of $6.8 billion and $6.9 billion at March 31, 2023 and December 31, 2022. Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $2.4 billion and $13.3 billion for the three months ended March 31, 2023 and 2022. Cash used for originations and purchases of LHFS totaled $2.3 billion and $6.8 billion for the three months ended March 31, 2023 and 2022. Also included were non-cash net transfers into LHFS of $459 million and $1.5 billion for the three months ended March 31, 2023 and 2022.

Accrued Interest Receivable

Accrued interest receivable for loans and leases and loans held-for-sale at March 31, 2023 and December 31, 2022 was $4.0 billion and $3.8 billion and is reported in customer and other receivables on the Consolidated Balance Sheet.

Outstanding credit card loan balances include unpaid principal, interest and fees. Credit card loans are not classified as nonperforming but are charged off no later than the end of the month in which the account becomes 180 days past due, within 60 days after receipt of notification of death or bankruptcy, or upon confirmation of fraud. During the three months ended March 31, 2023 and 2022, the Corporation reversed $118 million and $131 million of interest and fee income against the income statement line item in which it was originally recorded upon charge-off of the principal balance of the loan.

For the outstanding residential mortgage, home equity, direct/indirect consumer and commercial loan balances classified as nonperforming during the three months ended March 31, 2023 and 2022, interest and fee income reversed at the time the loans were classified as nonperforming was not

significant. For more information on the Corporation's nonperforming loan policies, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Allowance for Credit Losses

The allowance for credit losses is estimated using quantitative and qualitative methods that consider a variety of factors, such as historical loss experience, the current credit quality of the portfolio and an economic outlook over the life of the loan. Qualitative reserves cover losses that are expected but, in the Corporation's assessment, may not be adequately reflected in the quantitative methods or the economic assumptions. The Corporation incorporates forward-looking information through the use of several macroeconomic scenarios in determining the weighted economic outlook over the forecasted life of the assets. These scenarios include key macroeconomic variables such as gross domestic product, unemployment rate, real estate prices and corporate bond spreads. The scenarios that are chosen each quarter and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, internal and third-party economist views, and industry trends. For more information on the Corporation's credit loss accounting policies including the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The March 31, 2023 estimate for allowance for credit losses was based on various economic scenarios, including a baseline scenario derived from consensus estimates, an adverse scenario reflecting an extended moderate recession, a downside scenario reflecting persistent inflation and interest rates above the baseline scenario, a tail risk scenario similar to the severely adverse scenario used in stress testing and an upside scenario that considers the potential for improvement above the baseline scenario. The overall economic outlook is weighted 95 percent towards a mild recessionary environment in 2023. The weighted economic outlook assumes that the U.S. average unemployment rate will be above five percent by the fourth quarter of 2023 and will remain near this level through the fourth quarter of 2024. Additionally, in this economic outlook, U.S. real gross domestic product is forecasted to contract at 0.5 percent and grow at 1.4 percent year-over-year in the fourth quarters of 2023 and 2024. For comparison, as of December 31, 2022, the weighted economic outlook for the U.S. average unemployment rate was forecasted to be just above five and a half percent by the fourth quarter of 2023 and slowly decline to five percent by the fourth quarter of 2024 and U.S. real gross domestic product was forecasted to contract at 0.4 percent and grow at 1.2 percent year-over-year in the fourth

Bank of America 70

quarters of 2023 and 2024, respectively. In addition, as of March 31, 2023, the latest estimate of the year-over-year real gross domestic product growth in the fourth quarter of 2022 was 0.9 percent. For comparison, as of December 31, 2022, the year-over-year baseline real gross domestic product growth in the fourth quarter of 2022 was forecasted at 0.4 percent.

The allowance for credit losses decreased $271 million from December 31, 2022 to $14.0 billion at March 31, 2023, which included a $123 million reserve increase related to the consumer portfolio and a $394 million reserve decrease related to the commercial portfolio. The decrease in the allowance reflected a reserve release in our commercial portfolio primarily driven by certain improved macroeconomic conditions, partially offset by a reserve build in our consumer portfolio primarily due to higher-than-expected credit card balances during the three months ended March 31, 2023. The decrease in allowance also includes the impact of the accounting change to remove the recognition and measurement guidance on TDRs, which reduced the allowance for credit losses by $243 million. The change in the allowance for credit losses was comprised of a net decrease of $168 million in the allowance for loan and lease losses and a decrease of $103 million in the reserve for unfunded lending commitments. The decrease in the allowance for credit losses

was attributed to decreases in the commercial portfolio of $394 million and the consumer real estate portfolio of $18 million, partially offset by an increase in the credit card and other consumer portfolios of $141 million. The provision for credit losses increased $901 million to $931 million for the three months ended March 31, 2023 compared to the same period in 2022. The provision for credit losses for the three months ended March 31, 2023 was driven by our consumer portfolio primarily due to higher-than-expected credit card balances during the first quarter of 2023. This was partially offset by certain improved macroeconomic conditions that primarily benefited our commercial portfolio.

Outstanding loans and leases excluding loans accounted for under the fair value option increased $2.0 billion during the three months ended March 31, 2023 primarily driven by commercial loans, which increased $6.3 billion driven by broad-based growth, and consumer loans, which decreased $4.2 billion primarily driven by securities-based lending and credit card.

The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the table below.

	Consumer Real Estate		Credit Card and  Other Consumer		Commercial		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Allowance for loan and lease losses, December 31	$	420	$	6,817	$	5,445	$	12,682
January 1, 2023 adoption of credit loss standard	(67)		(109)		(67)		(243)
Allowance for loan and lease losses, January 1	353		6,708		5,378		12,439
Loans and leases charged off	(14)		(861)		(181)		(1,056)
Recoveries of loans and leases previously charged off	25		197		27		249
Net charge-offs	11		(664)		(154)		(807)
Provision for loan and lease losses	34		913		(47)		900
Other	5		1		(24)		(18)
Allowance for loan and lease losses, March 31	403		6,958		5,153		12,514
Reserve for unfunded lending commitments, January 1	94		—		1,446		1,540
Provision for unfunded lending commitments	(1)		—		(102)		(103)
Reserve for unfunded lending commitments, March 31	93		—		1,344		1,437
Allowance for credit losses, March 31	$	496	$	6,958	$	6,497	$	13,951
	Three Months Ended March 31, 2022
Allowance for loan and lease losses, January 1	$	557	$	6,476	$	5,354	$	12,387
Loans and leases charged off	(23)		(619)		(92)		(734)
Recoveries of loans and leases previously charged off	63		239		40		342
Net charge-offs	40		(380)		(52)		(392)
Provision for loan and lease losses	(126)		146		88		108
Other	2		—		(1)		1
Allowance for loan and lease losses, March 31	473		6,242		5,389		12,104
Reserve for unfunded lending commitments, January 1	96		—		1,360		1,456
Provision for unfunded lending commitments	(6)		—		(72)		(78)
Other	1		—		—		1
Reserve for unfunded lending commitments, March 31	91		—		1,288		1,379
Allowance for credit losses, March 31	$	564	$	6,242	$	6,677	$	13,483

NOTE 6 Securitizations and Other Variable Interest Entities

The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at March 31, 2023 and December 31, 2022 in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. The tables also present the Corporation’s maximum loss exposure at March 31, 2023 and December 31, 2022 resulting from its involvement with consolidated VIEs and unconsolidated VIEs in

which the Corporation holds a variable interest. For more information on the Corporation’s use of VIEs and related maximum loss exposure, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs, for example to hold collateral.

71 Bank of America

These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses. In addition, the Corporation has used VIEs in connection with its funding activities.

The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three months ended March 31, 2023 or the year ended December 31, 2022 that it was not previously contractually required to provide, nor does it intend to do so.

The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $975 million and $978 million at March 31, 2023 and December 31, 2022.

First-lien Mortgage Securitizations

As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties. Except as described in Note 10 – Commitments and Contingencies, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.

The table below summarizes select information related to first-lien mortgage securitizations for the three months ended March 31, 2023 and 2022.

First-lien Mortgage Securitizations
	Residential Mortgage - Agency				Commercial Mortgage
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022
Proceeds from loan sales (1)	$	1,347	$	2,322	$	142	$	2,428
Gains on securitizations (2)	(5)		8		3		13
Repurchases from securitization trusts (3)	9		32		—		—

(1)The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the government-sponsored enterprises or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives residential mortgage-backed securities in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt.

(2)A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $10 million and $20 million net of hedges, during the three months ended March 31, 2023 and 2022, are not included in the table above.

(3)The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.

The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $98.3 billion and $110.4 billion at March 31, 2023 and 2022. Servicing fee and ancillary fee income on serviced loans was $69 million and $70 million during the three months ended March 31, 2023 and 2022. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $1.5 billion and $1.6 billion at March 31,

2023 and December 31, 2022. For more information on MSRs,

see Note 14 – Fair Value Measurements.

During the three months ended March 31, 2023 and 2022, the Corporation deconsolidated agency residential mortgage securitization trusts with total assets of $328 million and $527 million.

The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

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First-lien Mortgage VIEs
	Residential Mortgage
					Non-agency
	Agency				Prime				Subprime				Alt-A				Commercial Mortgage
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure (1)	$	8,848	$	9,112	$	90	$	91	$	683	$	735	$	8	$	28	$	1,490	$	1,594
On-balance sheet assets
Senior securities:
Trading account assets	$	197	$	232	$	3	$	3	$	26	$	25	$	6	$	26	$	32	$	91
Debt securities carried at fair value	2,893		3,027		—		—		361		410		—		—		—		—
Held-to-maturity securities	5,758		5,853		—		—		—		—		—		—		1,272		1,268
All other assets	—		—		3		3		22		25		2		2		59		101
Total retained positions	$	8,848	$	9,112	$	6	$	6	$	409	$	460	$	8	$	28	$	1,363	$	1,460
Principal balance outstanding (2)	$	80,077	$	81,644	$	3,872	$	3,973	$	4,929	$	5,034	$	11,259	$	11,568	$	80,157	$	85,101
Consolidated VIEs
Maximum loss exposure (1)	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
On-balance sheet assets
Trading account assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Loans and leases, net	—		—		—		—		—		—		—		—		—		—
Total assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements.

(2)Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.

Other Asset-backed Securitizations

The table below summarizes select information related to home equity, credit card and other asset-backed VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Home Equity Loan, Credit Card and Other Asset-backed VIEs
	Home Equity (1)				Credit Card (2)				Resecuritization Trusts				Municipal Bond Trusts
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure	$	8	$	119	$	—	$	—	$	4,473	$	4,243	$	2,530	$	2,537
On-balance sheet assets
Securities (3):
Trading account assets	$	—	$	—	$	—	$	—	$	910	$	456	$	—	$	—
Debt securities carried at fair value	—		1		—		—		1,105		1,259		—		—
Held-to-maturity securities	—		—		—		—		2,458		2,528		—		—
Total retained positions	$	—	$	1	$	—	$	—	$	4,473	$	4,243	$	—	$	—
Total assets of VIEs	$	301	$	326	$	—	$	—	$	13,802	$	12,255	$	3,032	$	3,016
Consolidated VIEs
Maximum loss exposure	$	29	$	32	$	8,994	$	9,555	$	277	$	551	$	1,390	$	—
On-balance sheet assets
Trading account assets	$	—	$	—	$	—	$	—	$	656	$	650	$	1,390	$	—
Loans and leases	99		97		13,989		14,555		—		—		—		—
Allowance for loan and lease losses	11		12		(807)		(808)		—		—		—		—
All other assets	2		2		67		68		—		—		—		—
Total assets	$	112	$	111	$	13,249	$	13,815	$	656	$	650	$	1,390	$	—
On-balance sheet liabilities
Short-term borrowings	$	—	$	—	$	—	$	—	$	—	$	—	$	1,317	$	—
Long-term debt	83		79		4,248		4,247		379		99		—		—
All other liabilities	—		—		7		13		—		—		—		—
Total liabilities	$	83	$	79	$	4,255	$	4,260	$	379	$	99	$	1,317	$	—

(1)For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies.

(2)At March 31, 2023 and December 31, 2022, loans and leases in the consolidated credit card trust included $4.7 billion and $3.3 billion of seller’s interest.

(3)The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).

Home Equity Loans

The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid

amortization event. This obligation is included in the maximum loss exposure in the preceding table. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines

73 Bank of America

of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows.

Credit Card Securitizations

The Corporation securitizes originated and purchased credit card loans. The Corporation’s continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller’s interest) in the receivables, and holding certain retained interests, including subordinate interests in accrued interest and fees on the securitized receivables and cash reserve accounts.

No new senior debt securities were issued to third-party investors from the credit card securitization trust during the three months ended March 31, 2023 and 2022.

At March 31, 2023 and December 31, 2022, the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $4.7 billion and $6.7 billion. These securities serve as a form of credit enhancement to the senior debt securities and have a stated interest rate of zero percent. No subordinate securities were issued by the credit card securitization trust during the three months ended March 31, 2023 and 2022.

Resecuritization Trusts

The Corporation transfers securities, typically MBS, into resecuritization VIEs generally at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust.

The Corporation resecuritized $1.6 billion and $9.5 billion of securities during the three months ended March 31, 2023 and

2022. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three months ended March 31, 2023 and 2022, resecuritization proceeds included securities with an initial fair value of $586 million and $699 million, of which substantially all of the securities were classified as trading account assets for both periods. Substantially all of the trading account securities carried at fair value were categorized as Level 2 within the fair value hierarchy.

Municipal Bond Trusts

The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors.

The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $2.5 billion at both March 31, 2023 and December 31, 2022. The weighted-average remaining life of bonds held in the trusts at March 31, 2023 was 11.0 years. There were no significant write-downs or downgrades of assets or issuers during the three months ended March 31, 2023 and 2022.

Other Variable Interest Entities

The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Other VIEs
	Consolidated		Unconsolidated		Total		Consolidated		Unconsolidated (1)		Total (1)
(Dollars in millions)	March 31, 2023						December 31, 2022
Maximum loss exposure	$	1,874	$	48,061	$	49,935	$	2,286	$	47,477	$	49,763
On-balance sheet assets
Trading account assets	$	344	$	2,126	$	2,470	$	353	$	2,187	$	2,540
Debt securities carried at fair value	—		247		247		—		473		473
Loans and leases	1,666		14,536		16,202		2,086		14,243		16,329
Allowance for loan and lease losses	(1)		(98)		(99)		(1)		(99)		(100)
All other assets	60		30,717		30,777		46		30,221		30,267
Total	$	2,069	$	47,528	$	49,597	$	2,484	$	47,025	$	49,509
On-balance sheet liabilities
Short-term borrowings	$	22	$	—	$	22	$	42	$	—	$	42
Long-term debt	173		—		173		156		—		156
All other liabilities	—		7,357		7,357		—		7,318		7,318
Total	$	195	$	7,357	$	7,552	$	198	$	7,318	$	7,516

(1)Prior period has been revised to include unconsolidated CLOs.

Customer VIEs

Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs and asset acquisition VIEs, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument.

The Corporation’s involvement in the VIE is limited to its loss exposure. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $1.0 billion and $914 million at March 31, 2023 and December 31, 2022, including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs. Total assets of the consolidated and unconsolidated VIEs were $1.5 billion at both March 31, 2023 and December 31, 2022.

CDO and CLO VIEs

The Corporation holds investments in unconsolidated CDO and CLO VIEs, that hold diversified pools of fixed-income securities, typically corporate debt, ABS or non-investment grade corporate loans, which are funded by multiple tranches of debt instruments and equity securities issued by the VIEs. The VIEs are managed by third-party portfolio managers. The Corporation holds $16.3 billion of loans and securities issued by CDO and CLO VIEs at both March 31, 2023 and December 31, 2022. The Corporation’s loss exposure is limited to its loan and debt security holdings and the notional amount of any derivatives to which the Corporation is a counterparty. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs and CLOs totaled $16.3 billion at both March 31, 2023 and December 31, 2022, which is insignificant to the total assets of the VIEs.

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Investment VIEs

The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At March 31, 2023 and December 31, 2022, the Corporation’s consolidated investment VIEs had total assets of $454 million and $854 million. The Corporation also held investments in unconsolidated VIEs with total assets of $15.1 billion and $12.2 billion at March 31, 2023 and December 31, 2022. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $2.2 billion and $2.4 billion at March 31, 2023 and December 31, 2022 comprised primarily of on-balance sheet assets less non-recourse liabilities.

Leveraged Lease Trusts

The Corporation’s net investment in consolidated leveraged lease trusts totaled $1.2 billion at both March 31, 2023 and December 31, 2022. The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation.

Tax Credit VIEs

The Corporation holds equity investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, renewable energy and certain other projects. The total assets of these unconsolidated tax credit VIEs were $76.0 billion and $74.8 billion as of March 31, 2023 and December 31, 2022. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the VIE. As an investor, tax credits associated with the investments in these entities are allocated to the Corporation, as provided by the U.S. Internal Revenue Code and related regulations, and are recognized as income tax benefits in the Corporation’s Consolidated Statement of Income in the year they are earned, which varies based on the type of investments. Tax credits from environmental, social and governance (ESG) investments in affordable housing are recognized ratably over a term of up to 10 years, and tax credits from renewable energy investments are recognized either at inception for transactions electing Investment Tax Credits (ITCs) or as energy is produced for transactions electing Production Tax Credits (PTCs), which is generally up to a 10-year time period. The volume and types of investments held by the Corporation will influence the amount of tax credits recognized each period.

The Corporation’s equity investments in affordable housing and other projects totaled $14.7 billion at both March 31, 2023 and December 31, 2022, which included unfunded capital contributions of $7.0 billion and $6.9 billion and are probable to be paid over the next five years. The Corporation may be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. During the three months ended March 31, 2023 and 2022, the Corporation recognized tax credits and other tax benefits related to affordable housing and other tax credit equity investments of $527 million and $419 million and reported pretax losses in other income of

$372 million and $337 million. The Corporation’s equity investments in renewable energy totaled $14.1 billion and $13.9 billion at March 31, 2023 and December 31, 2022. In addition, the Corporation had unfunded capital contributions for renewable energy investments of $5.6 billion and $1.9 billion at March 31, 2023 and December 31, 2022, which are contingent on various conditions precedent to funding over the next two years. The Corporation’s risk of loss is generally mitigated by policies requiring the project to qualify for the expected tax credits prior to making its investment. During the three months ended March 31, 2023 and 2022, the Corporation recognized tax credits and other tax benefits related to renewable energy equity investments of $996 million and $865 million and reported pretax losses in other income of $561 million and $530 million. The Corporation may also enter into power purchase agreements with renewable energy tax credit entities. The maximum loss exposure for tax credit VIEs was $28.8 billion at both March 31, 2023 and December 31, 2022.

NOTE 7 Goodwill and Intangible Assets

Goodwill

The table below presents goodwill balances by business segment at March 31, 2023 and December 31, 2022. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)	March 31 2023		December 31 2022
Consumer Banking	$	30,137	$	30,137
Global Wealth & Investment Management	9,677		9,677
Global Banking	24,026		24,026
Global Markets	5,182		5,182
Total goodwill	$	69,022	$	69,022

Intangible Assets

At both March 31, 2023 and December 31, 2022, the net carrying value of intangible assets was $2.1 billion. At both March 31, 2023 and December 31, 2022, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $20 million for both the three months ended March 31, 2023 and 2022.

NOTE 8 Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

75 Bank of America

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

NOTE 9 Securities Financing Agreements, Collateral and Restricted Cash

The Corporation enters into securities financing agreements which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase. These financing agreements (also referred to as “matched-book transactions”) are to accommodate customers, obtain securities to cover short positions and finance inventory positions. The Corporation elects to account for certain securities financing agreements under the fair value option. For more information on the fair value option, see Note 15 – Fair Value Option.

Offsetting of Securities Financing Agreements

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

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Securities Financing Agreements
	Gross Assets/Liabilities (1)		Amounts Offset		Net Balance Sheet Amount		Financial Instruments (2)		Net Assets/Liabilities
(Dollars in millions)	March 31, 2023
Securities borrowed or purchased under agreements to resell (3)	$	633,124	$	(335,046)	$	298,078	$	(268,791)	$	29,287
Securities loaned or sold under agreements to repurchase	$	649,426	$	(335,046)	$	314,380	$	(287,074)	$	27,306
Other (4)	11,993		—		11,993		(11,993)		—
Total	$	661,419	$	(335,046)	$	326,373	$	(299,067)	$	27,306
	December 31, 2022
Securities borrowed or purchased under agreements to resell (3)	$	597,847	$	(330,273)	$	267,574	$	(240,120)	$	27,454
Securities loaned or sold under agreements to repurchase	$	525,908	$	(330,273)	$	195,635	$	(183,265)	$	12,370
Other (4)	8,427		—		8,427		(8,427)		—
Total	$	534,335	$	(330,273)	$	204,062	$	(191,692)	$	12,370

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $9.9 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings

The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the

lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity.

Remaining Contractual Maturity
	Overnight and Continuous		30 Days or Less		After 30 Days Through 90 Days		Greater than 90 Days (1)		Total
(Dollars in millions)	March 31, 2023
Securities sold under agreements to repurchase	$	262,304	$	226,589	$	44,524	$	46,041	$	579,458
Securities loaned	64,599		604		654		4,111		69,968
Other	11,993		—		—		—		11,993
Total	$	338,896	$	227,193	$	45,178	$	50,152	$	661,419
	December 31, 2022
Securities sold under agreements to repurchase	$	200,087	$	181,632	$	41,666	$	30,107	$	453,492
Securities loaned	66,909		288		1,139		4,080		72,416
Other	8,427		—		—		—		8,427
Total	$	275,423	$	181,920	$	42,805	$	34,187	$	534,335

(1)No agreements have maturities greater than four years.

Class of Collateral Pledged
	Securities Sold Under Agreements to Repurchase		Securities Loaned		Other		Total
(Dollars in millions)	March 31, 2023
U.S. government and agency securities	$	313,725	$	—	$	—	$	313,725
Corporate securities, trading loans and other	17,056		2,319		323		19,698
Equity securities	11,543		67,574		11,665		90,782
Non-U.S. sovereign debt	233,043		75		5		233,123
Mortgage trading loans and ABS	4,091		—		—		4,091
Total	$	579,458	$	69,968	$	11,993	$	661,419
	December 31, 2022
U.S. government and agency securities	$	193,005	$	18	$	—	$	193,023
Corporate securities, trading loans and other	14,345		2,896		317		17,558
Equity securities	10,249		69,432		8,110		87,791
Non-U.S. sovereign debt	232,171		70		—		232,241
Mortgage trading loans and ABS	3,722		—		—		3,722
Total	$	453,492	$	72,416	$	8,427	$	534,335

77 Bank of America

Collateral

The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At March 31, 2023 and December 31, 2022, the fair value of this collateral was $891.0 billion and $827.6 billion, of which $878.4 billion and $764.1 billion was sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. For more information on collateral, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Restricted Cash

At March 31, 2023 and December 31, 2022, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $6.5 billion and $7.6 billion, predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with central banks to meet reserve requirements.

NOTE 10 Commitments and Contingencies

In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Credit Extension Commitments

The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.1 billion and $10.4 billion at March 31, 2023 and December 31, 2022. The carrying value of the Corporation’s credit extension commitments at March 31, 2023 and December 31, 2022, excluding commitments accounted for under the fair value option, was $1.5 billion and $1.6 billion, which predominantly related to the reserve for unfunded lending commitments. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet.

Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower’s ability to pay.

The table below includes the notional amount of commitments of $3.1 billion and $3.0 billion at March 31, 2023 and December 31, 2022 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $122 million and $110 million at March 31, 2023 and December 31, 2022, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.

Credit Extension Commitments
	Expire in One Year or Less		Expire After One Year Through Three Years		Expire After Three Years Through Five Years		Expire After Five Years		Total
(Dollars in millions)	March 31, 2023
Notional amount of credit extension commitments
Loan commitments (1)	$	117,267	$	160,450	$	219,304	$	15,920	$	512,941
Home equity lines of credit	1,667		7,986		11,652		22,660		43,965
Standby letters of credit and financial guarantees (2)	22,417		9,328		2,755		528		35,028
Letters of credit	963		32		42		26		1,063
Other commitments (3)	3		68		137		1,059		1,267
Legally binding commitments	142,317		177,864		233,890		40,193		594,264
Credit card lines (4)	429,384		—		—		—		429,384
Total credit extension commitments	$	571,701	$	177,864	$	233,890	$	40,193	$	1,023,648
	December 31, 2022
Notional amount of credit extension commitments
Loan commitments (1)	$	113,962	$	162,890	$	221,374	$	13,667	$	511,893
Home equity lines of credit	1,479		7,230		11,578		22,154		42,441
Standby letters of credit and financial guarantees (2)	22,565		9,237		2,787		628		35,217
Letters of credit	853		46		52		49		1,000
Other commitments (3)	5		93		71		1,103		1,272
Legally binding commitments	138,864		179,496		235,862		37,601		591,823
Credit card lines (4)	419,144		—		—		—		419,144
Total credit extension commitments	$	558,008	$	179,496	$	235,862	$	37,601	$	1,010,967

(1)     At March 31, 2023 and December 31, 2022, $2.9 billion and $2.6 billion of these loan commitments were held in the form of a security.

(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.0 billion and $9.4 billion at March 31, 2023, and $25.1 billion and $9.5 billion at December 31, 2022. Amounts in the table include consumer SBLCs of $563 million and $575 million at March 31, 2023 and December 31, 2022.

(3)     Primarily includes second-loss positions on lease-end residual value guarantees.

(4)     Includes business card unused lines of credit.

Other Commitments

At March 31, 2023 and December 31, 2022, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $749 million and $636 million,

which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $226 million and $294 million, which upon settlement will be included in trading account assets.

Bank of America 78

At March 31, 2023 and December 31, 2022, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $116.5 billion and $92.0 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $90.1 billion and $57.8 billion. These commitments generally expire within the next 12 months.

At March 31, 2023 and December 31, 2022, the Corporation had a commitment to originate or purchase up to $4.1 billion and $3.7 billion on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2026 and can be terminated with 12 months prior notice.

At March 31, 2023 and December 31, 2022, the Corporation had unfunded equity investment commitments of $534 million and $571 million.

Other Guarantees

Bank-owned Life Insurance Book Value Protection

The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to

corporations, primarily banks. At both March 31, 2023 and December 31, 2022, the notional amount of these guarantees totaled $4.3 billion. At March 31, 2023 and December 31, 2022, the Corporation’s maximum exposure related to these guarantees totaled $633 million and $632 million, with estimated maturity dates between 2033 and 2039.

Merchant Services

The Corporation in its role as merchant acquirer or as a sponsor of other merchant acquirers may be held liable for any reversed charges that cannot be collected from the merchants, due to, among other things, merchant fraud or insolvency. If charges are properly reversed after a purchase and cannot be collected from either the merchants or merchant acquirers, the Corporation may be held liable for these reversed charges. The ability to reverse a charge is primarily governed by the applicable payment network rules and regulations, which include, but are not limited to, the type of charge, type of payment used and time limits. The total amount of transactions subject to reversal under payment network rules and regulations processed for the preceding six-month period, which was approximately $470 billion, is an estimate of the Corporation’s maximum potential exposure as of March 31, 2023. The Corporation’s risk in this area primarily relates to circumstances where a cardholder has purchased goods or services for future delivery. The Corporation mitigates this risk by requiring cash deposits, guarantees, letters of credit or other types of collateral from certain merchants. The Corporation’s reserves for contingent losses and the losses incurred related to the merchant processing activity were not significant.

Representations and Warranties Obligations and Corporate Guarantees

For more information on representations and warranties obligations and corporate guarantees, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The reserve for representations and warranties obligations and corporate guarantees was $622 million and $612 million at March 31, 2023 and December 31, 2022 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet, and the related provision is included in other

income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of probable incurred losses, is based on its experience in previous negotiations, and is subject to judgment, a variety of assumptions, and known or unknown uncertainties. Future representations and warranties losses may occur in excess of the amounts recorded for these exposures; however, the Corporation does not expect such amounts to be material to the Corporation's financial condition and liquidity. See Litigation and Regulatory Matters below for the Corporation's combined range of possible loss in excess of the reserve for representations and warranties and the accrued liability for litigation.

Fixed Income Clearing Corporation Sponsored Member Repo Program

The Corporation acts as a sponsoring member in a repo program whereby the Corporation clears certain eligible resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation on behalf of clients that are sponsored members in accordance with the Fixed Income Clearing Corporation’s rules. As part of this program, the Corporation guarantees the payment and performance of its sponsored members to the Fixed Income Clearing Corporation. The Corporation’s guarantee obligation is secured by a security interest in cash or high-quality securities collateral placed by clients with the clearinghouse and therefore, the potential for the Corporation to incur significant losses under this arrangement is remote. The Corporation’s maximum potential exposure, without taking into consideration the related collateral, was $46.7 billion and $59.6 billion at March 31, 2023 and December 31, 2022.

Other Guarantees

In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions.

Guarantees of Certain Long-term Debt

The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a consolidated finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation.

Litigation and Regulatory Matters

The following disclosures supplement the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K (the prior commitments and contingencies disclosure).

In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties

79 Bank of America

related to each pending matter.

As a matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates whether such matter presents a loss contingency that is probable and estimable, and, for the matters disclosed below and in the prior commitments and contingencies disclosure, whether a loss in excess of any accrued liability is reasonably possible in future periods. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation and regulatory investigation-related expense of $89 million and $106 million was recognized for the three months ended March 31, 2023 and 2022.

For any matter disclosed in this Note and in the prior commitments and contingencies disclosure for which a loss in future periods is reasonably possible and estimable (whether in excess of an accrued liability or where there is no accrued liability) and for representations and warranties exposures, the Corporation’s estimated range of possible loss is $0 to $0.8 billion in excess of the accrued liability, if any, as of March 31, 2023.

The accrued liability and estimated range of possible loss are based upon currently available information and subject to significant judgment, a variety of assumptions and known and

unknown uncertainties. The matters underlying the accrued liability and estimated range of possible loss are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Corporation’s maximum loss exposure.

Information is provided below and in the prior commitments and contingencies disclosure regarding the nature of the litigation and, where specified, associated claimed damages. Based on current knowledge, and taking into account accrued liabilities, management does not believe that loss contingencies arising from pending matters, including the matters described below and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial condition or liquidity of the Corporation. However, in light of the significant judgment, variety of assumptions and uncertainties involved in those matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of those matters, an adverse outcome in one or more of those matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm.

Deposit Insurance Assessment

On April 10, 2023, the magistrate judge issued a report and recommendation (the Report) for resolving the parties’ pending summary judgment motions. The Report recommends granting the Federal Deposit Insurance Corporation’s (FDIC) motion for summary judgment on BANA’s statutory liability for the unpaid assessments, subject to BANA’s statute of limitations defenses to assessments for the quarters ended March 31, 2012 through March 31, 2013, on which the Report recommends that relevant issues should be resolved at trial. The Report also recommends denying BANA’s counterclaims challenging the adoption of the relevant assessment regulations and granting BANA’s motion for summary judgment on the FDIC’s claims for unjust enrichment and disgorgement. The Report will be submitted to the district court judge for consideration, and the parties have the opportunity to file objections to the recommendations in the Report.

NOTE 11 Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date	Record Date	Payment Date	Dividend Per Share
April 26, 2023	June 2, 2023	June 30, 2023	$	0.22
February 1, 2023	March 3, 2023	March 31, 2023	0.22

(1) In 2023, and through May 1, 2023.

During the three months ended March 31, 2023, the Corporation repurchased and retired 67 million shares of common stock, which reduced shareholders’ equity by $2.2 billion.

During the three months ended March 31, 2023, in connection with employee stock plans, the Corporation issued 68 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 26 million shares of its common stock. At March 31, 2023, the Corporation had reserved 425 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On April 26, 2023, the Board of Directors declared a quarterly common stock dividend of $0.22 per share.

Preferred Stock

During the three months ended March 31, 2023, the Corporation declared $505 million of cash dividends on preferred stock. For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

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NOTE 12 Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2023 and 2022.

(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)
Net change	(3,447)		261		(5,179)		24		28		(8,313)
Balance, March 31, 2022	$	(402)	$	(1,375)	$	(7,059)	$	(3,618)	$	(963)	$	(13,417)
Balance, December 31, 2022	$	(2,983)	$	(881)	$	(11,935)	$	(4,309)	$	(1,048)	$	(21,156)
Net change	555		10		2,042		10		12		2,629
Balance, March 31, 2023	$	(2,428)	$	(871)	$	(9,893)	$	(4,299)	$	(1,036)	$	(18,527)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the three months ended March 31, 2023 and 2022.

	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2023						2022
Debt securities:
Net increase (decrease) in fair value	$	521	$	(123)	$	398	$	(4,565)	$	1,123	$	(3,442)
Net realized (gains) losses reclassified into earnings (1)	210		(53)		157		(7)		2		(5)
Net change	731		(176)		555		(4,572)		1,125		(3,447)
Debit valuation adjustments:
Net increase (decrease) in fair value	9		(2)		7		343		(83)		260
Net realized (gains) losses reclassified into earnings (1)	4		(1)		3		1		—		1
Net change	13		(3)		10		344		(83)		261
Derivatives:
Net increase (decrease) in fair value	2,568		(643)		1,925		(6,893)		1,719		(5,174)
Reclassifications into earnings:
Net interest income	161		(40)		121		6		(2)		4
Compensation and benefits expense	(5)		1		(4)		(12)		3		(9)
Net realized (gains) losses reclassified into earnings	156		(39)		117		(6)		1		(5)
Net change	2,724		(682)		2,042		(6,899)		1,720		(5,179)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)	13		(3)		10		42		(18)		24
Net change	13		(3)		10		42		(18)		24
Foreign currency:
Net increase (decrease) in fair value	(77)		89		12		80		(52)		28
Net change	(77)		89		12		80		(52)		28
Total other comprehensive income (loss)	$	3,404	$	(775)	$	2,629	$	(11,005)	$	2,692	$	(8,313)

(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.

81 Bank of America

NOTE 13 Earnings Per Common Share

The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2023 and 2022 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

	Three Months Ended March 31
(In millions, except per share information)	2023		2022
Earnings per common share
Net income	$	8,161	$	7,067
Preferred stock dividends	(505)		(467)
Net income applicable to common shareholders	$	7,656	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Earnings per common share	$	0.95	$	0.81
Diluted earnings per common share
Net income applicable to common shareholders	$	7,656	$	6,600
Add preferred stock dividends due to assumed conversions	56		—
Net income allocated to common shareholders	$	7,712	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Dilutive potential common shares (1)	116.4		65.3
Total diluted average common shares issued and outstanding	8,182.3		8,202.1
Diluted earnings per common share	$	0.94	$	0.80

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

For the three months ended March 31, 2023, 62 million average dilutive potential common shares associated with the Series L preferred stock were included in the diluted share count under the “if-converted” method, whereas they were antidilutive for the three months ended March 31, 2022.

NOTE 14 Fair Value Measurements

Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement

date. The Corporation determines the fair values of its financial instruments under applicable accounting standards and conducts a review of fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current

marketplace. During the three months ended March 31, 2023, there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations.

For more information regarding the fair value hierarchy, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 15 – Fair Value Option.

Recurring Fair Value

Assets and liabilities carried at fair value on a recurring basis at

March 31, 2023 and December 31, 2022, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

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	March 31, 2023
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	921	$	—	$	—	$	—	$	921
Federal funds sold and securities borrowed or purchased under agreements to resell	—		163,505		—		—		163,505
Trading account assets:
U.S. Treasury and government agencies	63,966		8		—		—		63,974
Corporate securities, trading loans and other	—		41,121		2,322		—		43,443
Equity securities	90,424		37,493		212		—		128,129
Non-U.S. sovereign debt	9,180		28,892		541		—		38,613
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		30,959		11		—		30,970
Mortgage trading loans, ABS and other MBS	—		8,560		1,289		—		9,849
Total trading account assets (2)	163,570		147,033		4,375		—		314,978
Derivative assets	14,626		342,584		3,555		(319,818)		40,947
AFS debt securities:
U.S. Treasury and government agencies	100,579		928		—		—		101,507
Mortgage-backed securities:
Agency	—		23,252		—		—		23,252
Agency-collateralized mortgage obligations	—		2,035		—		—		2,035
Non-agency residential	—		114		293		—		407
Commercial	—		6,440		—		—		6,440
Non-U.S. securities	—		12,933		187		—		13,120
Other taxable securities	—		4,746		—		—		4,746
Tax-exempt securities	—		10,852		51		—		10,903
Total AFS debt securities	100,579		61,300		531		—		162,410
Other debt securities carried at fair value:
U.S. Treasury and government agencies	1,323		—		—		—		1,323
Non-agency residential MBS	—		206		94		—		300
Non-U.S. and other securities	2,989		5,488		—		—		8,477
Total other debt securities carried at fair value	4,312		5,694		94		—		10,100
Loans and leases	—		4,154		243		—		4,397
Loans held-for-sale	—		1,180		206		—		1,386
Other assets (3)	9,905		877		1,769		—		12,551
Total assets (4)	$	293,913	$	726,327	$	10,773	$	(319,818)	$	711,195
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	378	$	—	$	—	$	378
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		234,338		—		—		234,338
Trading account liabilities:
U.S. Treasury and government agencies	13,886		5		—		—		13,891
Equity securities	44,410		5,528		—		—		49,938
Non-U.S. sovereign debt	12,659		8,165		—		—		20,824
Corporate securities and other	—		7,735		64		—		7,799
Total trading account liabilities	70,955		21,433		64		—		92,452
Derivative liabilities	15,976		341,556		6,334		(323,697)		40,169
Short-term borrowings	—		1,796		9		—		1,805
Accrued expenses and other liabilities	11,042		2,597		20		—		13,659
Long-term debt	—		38,641		772		—		39,413
Total liabilities (4)	$	97,973	$	640,739	$	7,199	$	(323,697)	$	422,214

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $91 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $986 million.

(4)Total recurring Level 3 assets were 0.34 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

83 Bank of America

	December 31, 2022
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	868	$	—	$	—	$	—	$	868
Federal funds sold and securities borrowed or purchased under agreements to resell	—		146,999		—		—		146,999
Trading account assets:
U.S. Treasury and government agencies	58,894		212		—		—		59,106
Corporate securities, trading loans and other	—		46,897		2,384		—		49,281
Equity securities	77,868		35,065		145		—		113,078
Non-U.S. sovereign debt	7,392		26,306		518		—		34,216
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		28,563		34		—		28,597
Mortgage trading loans, ABS and other MBS	—		10,312		1,518		—		11,830
Total trading account assets (2)	144,154		147,355		4,599		—		296,108
Derivative assets	14,775		380,380		3,213		(349,726)		48,642
AFS debt securities:
U.S. Treasury and government agencies	158,102		920		—		—		159,022
Mortgage-backed securities:
Agency	—		23,442		—		—		23,442
Agency-collateralized mortgage obligations	—		2,221		—		—		2,221
Non-agency residential	—		128		258		—		386
Commercial	—		6,407		—		—		6,407
Non-U.S. securities	—		13,212		195		—		13,407
Other taxable securities	—		4,645		—		—		4,645
Tax-exempt securities	—		11,207		51		—		11,258
Total AFS debt securities	158,102		62,182		504		—		220,788
Other debt securities carried at fair value:
U.S. Treasury and government agencies	561		—		—		—		561
Non-agency residential MBS	—		248		119		—		367
Non-U.S. and other securities	3,027		5,251		—		—		8,278
Total other debt securities carried at fair value	3,588		5,499		119		—		9,206
Loans and leases	—		5,518		253		—		5,771
Loans held-for-sale	—		883		232		—		1,115
Other assets (3)	6,898		897		1,799		—		9,594
Total assets (4)	$	328,385	$	749,713	$	10,719	$	(349,726)	$	739,091
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	311	$	—	$	—	$	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		151,708		—		—		151,708
Trading account liabilities:
U.S. Treasury and government agencies	13,906		181		—		—		14,087
Equity securities	36,937		4,825		—		—		41,762
Non-U.S. sovereign debt	9,636		8,228		—		—		17,864
Corporate securities and other	—		6,628		58		—		6,686
Total trading account liabilities	60,479		19,862		58		—		80,399
Derivative liabilities	15,431		376,979		6,106		(353,700)		44,816
Short-term borrowings	—		818		14		—		832
Accrued expenses and other liabilities	7,458		2,262		32		—		9,752
Long-term debt	—		32,208		862		—		33,070
Total liabilities (4)	$	83,368	$	584,148	$	7,072	$	(353,700)	$	320,888

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $40 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $1.0 billion.

(4)Total recurring Level 3 assets were 0.35 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

Bank of America 84

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to

decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

Level 3 – Fair Value Measurements (1)
	Balance January 1		Total Realized/Unrealized Gains  (Losses) in Net  Income (2)		Gains (Losses) in OCI (3)		Gross								Gross Transfers into Level 3		Gross Transfers out of Level 3		Balance March 31		Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)							Purchases		Sales		Issuances		Settlements
Three Months Ended March 31, 2023
Trading account assets:
Corporate securities, trading loans and other	$	2,384	$	27	$	1	$	126	$	(120)	$	14	$	(144)	$	148	$	(114)	$	2,322	$	3
Equity securities	145		(4)		—		6		(12)		—		—		77		—		212		(4)
Non-U.S. sovereign debt	518		26		16		3		(6)		—		(16)		—		—		541		26
Mortgage trading loans, MBS and ABS	1,552		(9)		—		74		(150)		—		(116)		87		(138)		1,300		(25)
Total trading account assets	4,599		40		17		209		(288)		14		(276)		312		(252)		4,375		—
Net derivative assets (liabilities) (4)	(2,893)		69		—		249		(268)		—		(315)		321		58		(2,779)		154
AFS debt securities:
Non-agency residential MBS	258		3		34		—		—		—		(2)		—		—		293		3
Non-U.S. and other taxable securities	195		—		3		—		—		—		(8)		—		(3)		187		—
Tax-exempt securities	51		—		—		—		—		—		—		—		—		51		—
Total AFS debt securities	504		3		37		—		—		—		(10)		—		(3)		531		3
Other debt securities carried at fair value – Non-agency residential MBS	119		(2)		—		—		(19)		—		(2)		—		(2)		94		(2)
Loans and leases (5)	253		2		—		9		—		—		(37)		16		—		243		2
Loans held-for-sale (5)	232		12		2		—		(16)		—		(24)		—		—		206		12
Other assets (6,7)	1,799		10		1		6		—		27		(76)		2		—		1,769		(17)
Trading account liabilities – Corporate securities    and other	(58)		—		—		—		(2)		(1)		—		(4)		1		(64)		—
Short-term borrowings (5)	(14)		—		—		—		(3)		(1)		9		—		—		(9)		—
Accrued expenses and other liabilities (5)	(32)		24		—		(12)		—		—		—		—		—		(20)		24
Long-term debt (5)	(862)		87		(6)		(9)		—		—		11		—		7		(772)		87
Three Months Ended March 31, 2022
Trading account assets:
Corporate securities, trading loans and other	$	2,110	$	(2)	$	—	$	12	$	(153)	$	—	$	(18)	$	368	$	(128)	$	2,189	$	(21)
Equity securities	190		16		—		16		(6)		—		(4)		8		(37)		183		13
Non-U.S. sovereign debt	396		20		53		2		—		—		(15)		45		(5)		496		17
Mortgage trading loans, MBS and ABS	1,527		(92)		—		129		(155)		—		(21)		251		(24)		1,615		(47)
Total trading account assets	4,223		(58)		53		159		(314)		—		(58)		672		(194)		4,483		(38)
Net derivative assets (liabilities) (4)	(2,662)		617		—		58		(185)		—		107		(143)		74		(2,134)		643
AFS debt securities:
Non-agency residential MBS	316		4		(24)		—		(8)		—		(44)		—		—		244		5
Non-U.S. and other taxable securities	71		—		(1)		—		—		—		—		87		(2)		155		—
Tax-exempt securities	52		—		—		—		—		—		—		—		—		52		—
Total AFS debt securities	439		4		(25)		—		(8)		—		(44)		87		(2)		451		5
Other debt securities carried at fair value – Non-agency residential MBS	242		(39)		—		—		—		—		(65)		—		—		138		(39)
Loans and leases (5)	748		(30)		—		—		(1)		—		(27)		—		—		690		(30)
Loans held-for-sale (5)	317		7		12		104		—		—		(58)		—		—		382		5
Other assets (6,7)	1,572		144		3		—		1		40		(69)		4		—		1,695		132
Trading account liabilities – Corporate securities    and other	(11)		—		—		—		—		—		—		—		—		(11)		1
Accrued expenses and other liabilities (5)	—		(50)		—		—		—		—		—		—		—		(50)		(31)
Long-term debt (5)	(1,075)		(109)		33		—		—		—		4		(6)		276		(877)		(111)

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - primarily market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - market making and similar activities and other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option.  Amounts include net unrealized gains of $50 million and $81 million related to financial instruments still held at March 31, 2023 and 2022.

(4)Net derivative assets (liabilities) include derivative assets of $3.6 billion and $3.7 billion and derivative liabilities of $6.3 billion and $5.9 billion at March 31, 2023 and 2022.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

85 Bank of America

The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at March 31, 2023 and December 31, 2022.

Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	763	Discounted cash flow, Market comparables	Yield	0% to 25%		10	%
Trading account assets – Mortgage trading loans, MBS and ABS	230			Prepayment speed	0% to 37% CPR		12% CPR
Loans and leases	146			Default rate	0% to 3% CDR		1% CDR
AFS debt securities – Non-agency residential	293			Price	$0 to $113		$26
Other debt securities carried at fair value – Non-agency residential	94			Loss severity	0% to 100%		23	%
Instruments backed by commercial real estate assets	$	384	Discounted cash flow	Yield	0% to 25%		11	%
Trading account assets – Corporate securities, trading loans and other	325			Price	$0 to $100		$78
Trading account assets – Mortgage trading loans, MBS and ABS	59
Commercial loans, debt securities and other	$	4,090	Discounted cash flow, Market comparables	Yield	6% to 45%		19	%
Trading account assets – Corporate securities, trading loans and other	1,997			Prepayment speed	10% to 20%		15	%
Trading account assets – Non-U.S. sovereign debt	541			Default rate	3% to 4%		4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,011			Loss severity	35% to 40%		38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157		$75
AFS debt securities – Non-U.S. and other taxable securities	187
Loans and leases	97
Loans held-for-sale	206
Other assets, primarily auction rate securities	$	783	Discounted cash flow, Market comparables	Price	$10 to $97		$94
				Discount rate	11	%	n/a
MSRs	$	986	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 13 years		6 years
				Weighted-average life, variable rate (5)	0 to 11 years		3 years
				Option-adjusted spread, fixed rate	7% to 14%		9	%
				Option-adjusted spread, variable rate	9% to 15%		12	%
Structured liabilities
Long-term debt	$	(772)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	32% to 45%		33	%
				Equity correlation	1% to 96%		89	%
				Price	$0 to $122		$92
				Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	4	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	4 to 78 bps		62 bps
				Prepayment speed	15% CPR		n/a
				Default rate	2% CDR		n/a
				Credit correlation	21% to 57%		50	%
				Price	$0 to $151		$95
Equity derivatives	$	(1,403)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%		62	%
				Long-dated equity volatilities	4% to 111%		43	%
Commodity derivatives	$	(495)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
				Power forward price	$5 to $105		$40
Interest rate derivatives	$	(885)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%		66	%
				Correlation (FX/IR)	11% to 58%		43	%
				Long-dated inflation rates	0% to 48%		0	%
				Long-dated inflation volatilities	1% to 5%		2	%
				Interest rate volatilities	0% to 2%		1	%
Total net derivative assets (liabilities)	$	(2,779)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 83: Trading account assets – Corporate securities, trading loans and other of $2.3 billion, Trading account assets – Non-U.S. sovereign debt of $541 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.3 billion, AFS debt securities of $531 million, Other debt securities carried at fair value - Non-agency residential of $94 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $243 million and LHFS of $206 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Bank of America 86

Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs	Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	852	Discounted cash flow, Market comparables	Yield	0% to 25%	10	%
Trading account assets – Mortgage trading loans, MBS and ABS	338			Prepayment speed	0% to 29% CPR	12% CPR
Loans and leases	137			Default rate	0% to 3% CDR	1% CDR
AFS debt securities - Non-agency residential	258			Price	$0 to $111	$26
Other debt securities carried at fair value - Non-agency residential	119			Loss severity	0% to 100%	24	%
Instruments backed by commercial real estate assets	$	362	Discounted cash flow	Yield	0% to 25%	10	%
Trading account assets – Corporate securities, trading loans and other	292			Price	$0 to $100	$75
Trading account assets – Mortgage trading loans, MBS and ABS	66
Loans held-for-sale	4
Commercial loans, debt securities and other	$	4,348	Discounted cash flow, Market comparables	Yield	5% to 43%	15	%
Trading account assets – Corporate securities, trading loans and other	2,092			Prepayment speed	10% to 20%	15	%
Trading account assets – Non-U.S. sovereign debt	518			Default rate	3% to 4%	4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,148			Loss severity	35% to 40%	38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157	$75
AFS debt securities – Non-U.S. and other taxable securities	195
Loans and leases	116
Loans held-for-sale	228
Other assets, primarily auction rate securities	$	779	Discounted cash flow, Market comparables	Price	$10 to $97	$94
				Discount rate	11%	n/a
MSRs	$	1,020	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 14 years	6 years
				Weighted-average life, variable rate (5)	0 to 12 years	4 years
				Option-adjusted spread, fixed rate	7% to 14%	9	%
				Option-adjusted spread, variable rate	9% to 15%	12	%
Structured liabilities
Long-term debt	$	(862)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	22% to 43%	23	%
				Equity correlation	0% to 95%	69	%
				Price	$0 to $119	$90
				Natural gas forward price	$3/MMBtu to $13/MMBtu	$9/MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	(44)	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	3 to 63 bps	22 bps
				Upfront points	0 to 100 points	83 points
				Prepayment speed	15% CPR	n/a
				Default rate	2% CDR	n/a
				Credit correlation	18% to 53%	44	%
				Price	$0 to $151	$63
Equity derivatives	$	(1,534)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%	73	%
				Long-dated equity volatilities	4% to 101%	44	%
Commodity derivatives	$	(291)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $13/MMBtu	$8/MMBtu
				Power forward price	$9 to $123	$43
Interest rate derivatives	$	(1,024)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%	67	%
				Correlation (FX/IR)	11% to 58%	43	%
				Long-dated inflation rates	G0% to 39%	1	%
				Long-dated inflation volatilities	0% to 5%	2	%
				Interest rates volatilities	0% to 2%	1	%
Total net derivative assets (liabilities)	$	(2,893)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 84: Trading account assets – Corporate securities, trading loans and other of $2.4 billion, Trading account assets – Non-U.S. sovereign debt of $518 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.6 billion, AFS debt securities of $504 million, Other debt securities carried at fair value - Non-agency residential of $119 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $253 million and LHFS of $232 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Uncertainty of Fair Value Measurements from Unobservable Inputs

For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

87 Bank of America

Nonrecurring Fair Value

The Corporation holds certain assets that are measured at fair value only in certain situations (e.g., the impairment of an asset), and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2023 and 2022.

Assets Measured at Fair Value on a Nonrecurring Basis
	March 31, 2023				Three Months Ended March 31, 2023
(Dollars in millions)	Level 2		Level 3		Gains (Losses)
Assets
Loans held-for-sale	$	715	$	3,428	$	(34)
Loans and leases (1)	—		57		(11)
Foreclosed properties (2, 3)	—		4		(1)
Other assets	—		30		(6)
	March 31, 2022				Three Months Ended March 31, 2022
Assets
Loans held-for-sale	$	31	$	543	$	(1)
Loans and leases (1)	—		68		(15)
Foreclosed properties (2, 3)	—		1		—
Other assets	—		50		(18)

(1)Includes $3 million and $6 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2023 and 2022.

(2)Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.

(3)Excludes $60 million and $61 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at March 31, 2023 and 2022.

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the three months ended March 31, 2023 and the year ended December 31, 2022.

Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
(Dollars in millions)	Three Months Ended March 31, 2023
Loans held-for-sale	$	3,428	Pricing model	Implied yield	12% to 26%		n/a
Loans and leases (2)	57		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
	Year Ended December 31, 2022
Loans held-for-sale	$	3,079	Pricing model	Implied yield	9% to 24%		n/a
Loans and leases (2)	166		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
Other assets (3)	165		Discounted cash flow	Discount rate	7	%	n/a

(1)The weighted average is calculated based upon the fair value of the loans.

(2)Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.

(3)Represents the fair value of certain impaired renewable energy investments.

n/a = not applicable

NOTE 15 Fair Value Option

The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The following tables provide

information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at March 31, 2023 and December 31, 2022, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022.

Bank of America 88

Fair Value Option Elections
	March 31, 2023						December 31, 2022
(Dollars in millions)	Fair Value  Carrying  Amount		Contractual  Principal  Outstanding		Fair Value Carrying Amount Less  Unpaid Principal		Fair Value Carrying Amount		Contractual  Principal  Outstanding		Fair Value Carrying   Amount Less  Unpaid Principal
Federal funds sold and securities borrowed or purchased under agreements to resell	$	163,505	$	163,392	$	113	$	146,999	$	147,158	$	(159)
Loans reported as trading account assets (1)	10,296		17,946		(7,650)		10,143		17,682		(7,539)
Trading inventory – other	22,423		n/a		n/a		20,770		n/a		n/a
Consumer and commercial loans	4,397		4,571		(174)		5,771		5,897		(126)
Loans held-for-sale (1)	1,386		2,240		(854)		1,115		1,873		(758)
Other assets	633		n/a		n/a		620		n/a		n/a
Long-term deposits	378		432		(54)		311		381		(70)
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338		234,496		(158)		151,708		151,885		(177)
Short-term borrowings	1,805		1,820		(15)		832		833		(1)
Unfunded loan commitments	122		n/a		n/a		110		n/a		n/a
Accrued expenses and other liabilities	1,544		1,523		21		1,217		1,161		56
Long-term debt	39,413		43,379		(3,966)		33,070		36,830		(3,760)

(1)A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.

n/a = not applicable

Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
	2023						2022
(Dollars in millions)	Market making  and similar  activities		Other Income		Total		Market making  and similar  activities		Other Income		Total
Loans reported as trading account assets	$	57	$	—	$	57	$	4	$	—	$	4
Trading inventory – other (1)	1,728		—		1,728		460		—		460
Consumer and commercial loans	(123)		30		(93)		(22)		(13)		(35)
Loans held-for-sale (2)	—		20		20		—		(132)		(132)
Short-term borrowings	5		—		5		559		—		559
Long-term debt (3)	(918)		(16)		(934)		1,124		(11)		1,113
Other (4)	29		(33)		(4)		(5)		10		5
Total	$	778	$	1	$	779	$	2,120	$	(146)	$	1,974

(1)    The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.

(2)    Includes the value of IRLCs on funded loans, including those sold during the period.

(3)    The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(4)    Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, other assets, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, accrued expenses and other liabilities and unfunded loan commitments.

Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Loans reported as trading account assets	$	40	$	(31)
Consumer and commercial loans	24		(20)
Loans held-for-sale	2		(11)
Unfunded loan commitments	(24)		(7)

NOTE 16 Fair Value of Financial Instruments

The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Fair Value of Financial Instruments

The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at March 31, 2023 and December 31, 2022 are presented in the following table.

89 Bank of America

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	March 31, 2023
Financial assets
Loans	$	1,015,672	$	48,940	$	944,580	$	993,520
Loans held-for-sale	6,809		3,073		3,736		6,809
Financial liabilities
Deposits (1)	1,910,402		1,910,537		—		1,910,537
Long-term debt	283,873		280,599		997		281,596
Commercial unfunded lending commitments (2)	1,559		101		5,912		6,013
	December 31, 2022
Financial assets
Loans	$	1,014,593	$	50,194	$	935,282	$	985,476
Loans held-for-sale	6,871		3,417		3,455		6,872
Financial liabilities
Deposits (1)	1,930,341		1,930,165		—		1,930,165
Long-term debt	275,982		271,993		1,136		273,129
Commercial unfunded lending commitments (2)	1,650		77		6,596		6,673

(1)    Includes demand deposits of $924.8 billion and $918.9 billion with no stated maturities at March 31, 2023 and December 31, 2022.

(2)    The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies.

NOTE 17 Business Segment Information

The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s

2022 Annual Report on Form 10-K. The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three months ended March 31, 2023 and 2022, and total assets at March 31, 2023 and 2022 for each business segment, as well as All Other.

Results of Business Segments and All Other
At and for the three months ended March 31	Total Corporation (1)				Consumer Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	14,582	$	11,678	$	8,593	$	6,680	$	1,876	$	1,668
Noninterest income	11,810		11,656		2,113		2,133		3,439		3,808
Total revenue, net of interest expense	26,392		23,334		10,706		8,813		5,315		5,476
Provision for credit losses	931		30		1,089		(52)		25		(41)
Noninterest expense	16,238		15,319		5,473		4,921		4,067		4,015
Income before income taxes	9,223		7,985		4,144		3,944		1,223		1,502
Income tax expense	1,062		918		1,036		966		306		368
Net income	$	8,161	$	7,067	$	3,108	$	2,978	$	917	$	1,134
Period-end total assets	$	3,194,657	$	3,238,223	$	1,124,438	$	1,166,443	$	349,888	$	433,122
	Global Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	3,907	$	2,344	$	109	$	993	$	97	$	(7)
Noninterest income	2,296		2,850		5,517		4,299		(1,555)		(1,434)
Total revenue, net of interest expense	6,203		5,194		5,626		5,292		(1,458)		(1,441)
Provision for credit losses	(237)		165		(53)		5		107		(47)
Noninterest expense	2,940		2,683		3,351		3,117		407		583
Income before income taxes	3,500		2,346		2,328		2,170		(1,972)		(1,977)
Income tax expense	945		622		640		575		(1,865)		(1,613)
Net income	$	2,555	$	1,724	$	1,688	$	1,595	$	(107)	$	(364)
Period-end total assets	$	591,231	$	623,168	$	861,477	$	883,304	$	267,623	$	132,186

(1)There were no material intersegment revenues.

Bank of America 90

The table below presents noninterest income and the associated components for the three months ended March 31, 2023 and 2022 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.

Noninterest Income by Business Segment and All Other
	Total Corporation				Consumer Banking				Global Wealth & Investment Management
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	956	$	935	$	753	$	743	$	—	$	7
Other card income	513		468		521		442		12		11
Total card income	1,469		1,403		1,274		1,185		12		18
Service charges
Deposit-related fees	1,097		1,530		599		844		11		19
Lending-related fees	313		303		—		—		8		—
Total service charges	1,410		1,833		599		844		19		19
Investment and brokerage services
Asset management fees	2,918		3,286		47		52		2,873		3,234
Brokerage fees	934		1,006		27		31		365		420
Total investment and brokerage services	3,852		4,292		74		83		3,238		3,654
Investment banking fees
Underwriting income	569		672		—		—		39		66
Syndication fees	231		312		—		—		—		—
Financial advisory services	363		473		—		—		—		—
Total investment banking fees	1,163		1,457		—		—		39		66
Total fees and commissions	7,894		8,985		1,947		2,112		3,308		3,757
Market making and similar activities	4,712		3,238		5		—		34		13
Other income (loss)	(796)		(567)		161		21		97		38
Total noninterest income	$	11,810	$	11,656	$	2,113	$	2,133	$	3,439	$	3,808
	Global Banking				Global Markets				All Other (1)
	Three Months Ended March 31
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	187	$	175	$	16	$	14	$	—	$	(4)
Other card income	3		1		—		—		(23)		14
Total card income	190		176		16		14		(23)		10
Service charges
Deposit-related fees	467		637		20		28		—		2
Lending-related fees	247		249		58		54		—		—
Total service charges	714		886		78		82		—		2
Investment and brokerage services
Asset management fees	—		—		—		—		(2)		—
Brokerage fees	9		12		533		545		—		(2)
Total investment and brokerage services	9		12		533		545		(2)		(2)
Investment banking fees
Underwriting income	229		275		314		402		(13)		(71)
Syndication fees	126		166		105		146		—		—
Financial advisory services	313		439		50		34		—		—
Total investment banking fees	668		880		469		582		(13)		(71)
Total fees and commissions	1,581		1,954		1,096		1,223		(38)		(61)
Market making and similar activities	45		49		4,398		3,190		230		(14)
Other income (loss)	670		847		23		(114)		(1,747)		(1,359)
Total noninterest income	$	2,296	$	2,850	$	5,517	$	4,299	$	(1,555)	$	(1,434)

(1)All Other includes eliminations of intercompany transactions.

91 Bank of America

Business Segment Reconciliations
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Segments’ total revenue, net of interest expense	$	27,850	$	24,775
Adjustments (1):
Asset and liability management activities	(225)		(67)
Liquidating businesses, eliminations and other	(1,233)		(1,374)
FTE basis adjustment	(134)		(106)
Consolidated revenue, net of interest expense	$	26,258	$	23,228
Segments’ total net income	8,268		7,431
Adjustments, net-of-tax (1):
Asset and liability management activities	(174)		(58)
Liquidating businesses, eliminations and other	67		(306)
Consolidated net income	$	8,161	$	7,067
	March 31
	2023		2022
Segments’ total assets	$	2,927,034	$	3,106,037
Adjustments (1):
Asset and liability management activities, including securities portfolio	1,229,425		1,281,639
Elimination of segment asset allocations to match liabilities	(1,024,196)		(1,216,401)
Other	62,394		66,948
Consolidated total assets	$	3,194,657	$	3,238,223

(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.

Bank of America 92

Glossary

Alt-A Mortgage – A type of U.S. mortgage that is considered riskier than A-paper, or “prime,” and less risky than “subprime,” the riskiest category. Typically, Alt-A mortgages are characterized by borrowers with less than full documentation, lower credit scores and higher LTVs.

Assets Under Management (AUM) – The total market value of assets under the investment advisory and/or discretion of GWIM which generate asset management fees based on a percentage of the assets’ market values. AUM reflects assets that are generally managed for institutional, high net worth and retail clients, and are distributed through various investment products including mutual funds, other commingled vehicles and separate accounts.

Banking Book – All on- and off-balance sheet financial instruments of the Corporation except for those positions that are held for trading purposes.

Brokerage and Other Assets – Non-discretionary client assets which are held in brokerage accounts or held for safekeeping.

Committed Credit Exposure – Any funded portion of a facility plus the unfunded portion of a facility on which the lender is legally bound to advance funds during a specified period under prescribed conditions.

Credit Derivatives – Contractual agreements that provide protection against a specified credit event on one or more referenced obligations.

Credit Valuation Adjustment (CVA) – A portfolio adjustment required to properly reflect the counterparty credit risk exposure as part of the fair value of derivative instruments.

Debit Valuation Adjustment (DVA) – A portfolio adjustment required to properly reflect the Corporation’s own credit risk exposure as part of the fair value of derivative instruments and/or structured liabilities.

Funding Valuation Adjustment (FVA) – A portfolio adjustment required to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives.

Interest Rate Lock Commitment (IRLC) – Commitment with a loan applicant in which the loan terms are guaranteed for a designated period of time subject to credit approval.

Letter of Credit – A document issued on behalf of a customer to a third party promising to pay the third party upon presentation of specified documents. A letter of credit effectively substitutes the issuer’s credit for that of the customer.

Loan-to-value (LTV) – A commonly used credit quality metric. LTV is calculated as the outstanding carrying value of the loan divided by the estimated value of the property securing the loan.

Macro Products – Include currencies, interest rates and commodities products.

Margin Receivable – An extension of credit secured by eligible securities in certain brokerage accounts.

Matched Book – Repurchase and resale agreements or securities borrowed and loaned transactions where the overall asset and liability position is similar in size and/or maturity. Generally, these are entered into to accommodate customers where the Corporation earns the interest rate spread.

Mortgage Servicing Right (MSR) – The right to service a mortgage loan when the underlying loan is sold or securitized. Servicing includes collections for principal, interest and escrow payments from borrowers and accounting for and remitting principal and interest payments to investors.

Nonperforming Loans and Leases – Includes loans and leases that have been placed on nonaccrual status, including nonaccruing loans whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties.

Prompt Corrective Action (PCA) – A framework established by the U.S. banking regulators requiring banks to maintain certain levels of regulatory capital ratios, comprised of five categories of capitalization: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” Insured depository institutions that fail to meet certain of these capital levels are subject to increasingly strict limits on their activities, including their ability to make capital distributions, pay management compensation, grow assets and take other actions.

Subprime Loans – Although a standard industry definition for subprime loans (including subprime mortgage loans) does not exist, the Corporation defines subprime loans as specific product offerings for higher risk borrowers.

Troubled Debt Restructurings (TDRs) – Loans whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. Certain consumer loans for which a binding offer to restructure has been extended are also classified as TDRs.

Value-at-Risk (VaR) – VaR is a model that simulates the value of a portfolio under a range of hypothetical scenarios in order to generate a distribution of potential gains and losses. VaR represents the loss the portfolio is expected to experience with a given confidence level based on historical data. A VaR model is an effective tool in estimating ranges of potential gains and losses on our trading portfolios.

93 Bank of America

Key Metrics

Active Digital Banking Users – Mobile and/or online active users over the past 90 days.

Active Mobile Banking Users – Mobile active users over the past 90 days.

Book Value – Ending common shareholders’ equity divided by ending common shares outstanding.

Common Equity Ratio - Ending common shareholders’ equity divided by ending total assets.

Deposit Spread – Annualized net interest income divided by average deposits.

Dividend Payout Ratio – Common dividends declared divided by net income applicable to common shareholders.

Efficiency Ratio – Noninterest expense divided by total revenue, net of interest expense.

Gross Interest Yield – Effective annual percentage rate divided by average loans.

Net Interest Yield – Net interest income divided by average total interest-earning assets.

Operating Margin – Income before income taxes divided by total revenue, net of interest expense.

Return on Average Allocated Capital – Adjusted net income divided by allocated capital.

Return on Average Assets – Net income divided by total average assets.

Return on Average Common Shareholders’ Equity – Net income applicable to common shareholders divided by average common shareholders’ equity.

Return on Average Shareholders’ Equity – Net income divided by average shareholders’ equity.

Risk-adjusted Margin – Difference between total revenue, net of interest expense, and net credit losses divided by average loans.

Bank of America 94

Acronyms

ABS	Asset-backed securities
AFS	Available-for-sale
ALM	Asset and liability management
ARR	Alternative reference rates
AUM	Assets under management
BANA	Bank of America, National Association
BHC	Bank holding company
BofAS	BofA Securities, Inc.
BofASE	BofA Securities Europe SA
bps	Basis points
CCAR	Comprehensive Capital Analysis and Review
CDO	Collateralized debt obligation
CDS	Credit default swap
CECL	Current expected credit losses
CET1	Common equity tier 1
CFTC	Commodity Futures Trading Commission
CLO	Collateralized loan obligation
CLTV	Combined loan-to-value
CVA	Credit valuation adjustment
DVA	Debit valuation adjustment
ECL	Expected credit losses
EPS	Earnings per common share
ESG	Environmental, social and governance
FCA	Financial Conduct Authority
FDIC	Federal Deposit Insurance Corporation
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Freddie Mac
FICC	Fixed income, currencies and commodities
FICO	Fair Isaac Corporation (credit score)
FNMA	Fannie Mae
FTE	Fully taxable-equivalent
FVA	Funding valuation adjustment
GAAP	Accounting principles generally accepted in the United States of America
GLS	Global Liquidity Sources
GNMA	Government National Mortgage Association

GWIM	Global Wealth & Investment Management
HELOC	Home equity line of credit
HQLA	High Quality Liquid Assets
HTM	Held-to-maturity
IBOR	Interbank Offered Rates
IRLC	Interest rate lock commitment
ISDA	International Swaps and Derivatives Association, Inc.
LCR	Liquidity Coverage Ratio
LHFS	Loans held-for-sale
LIBOR	London Interbank Offered Rate
LTV	Loan-to-value
MBS	Mortgage-backed securities
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MLI	Merrill Lynch International
MLPCC	Merrill Lynch Professional Clearing Corp
MLPF&S	Merrill Lynch, Pierce, Fenner & Smith Incorporated
MSA	Metropolitan Statistical Area
MSR	Mortgage servicing right
NSFR	Net Stable Funding Ratio
OCI	Other comprehensive income
OREO	Other real estate owned
PCA	Prompt Corrective Action
PPP	Paycheck Protection Program
RMBS	Residential mortgage-backed securities
RSU	Restricted stock unit
RWA	Risk-weighted assets
SBA	Small Business Administration
SBLC	Standby letter of credit
SCB	Stress capital buffer
SEC	Securities and Exchange Commission
SLR	Supplementary leverage ratio
SOFR	Secured Overnight Financing Rate
TDR	Troubled debt restructuring
TLAC	Total loss-absorbing capacity
VaR	Value-at-Risk
VIE	Variable interest entity

95 Bank of America

Part II. Other Information

Bank of America Corporation and Subsidiaries

Item 1. Legal Proceedings

See Litigation and Regulatory Matters in Note 10 – Commitments and Contingencies to the Consolidated Financial Statements, which is incorporated by reference in this Item 1, for litigation and regulatory disclosure that supplements the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Item 1A. Risk Factors

There are no material changes from the risk factors set forth under Part 1, Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The table below presents share repurchase activity for the three months ended March 31, 2023. The primary source of funds for cash distributions by the Corporation to its shareholders is dividends received from its banking subsidiaries. Each of the banking subsidiaries is subject to various regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums. All of the Corporation’s preferred stock outstanding has preference over the Corporation’s common stock with respect to payment of dividends.

(Dollars in millions, except per share information; shares in thousands)	Total Common Shares Repurchased (1,2)	Weighted-Average Per Share Price		Total Shares Purchased as Part of Publicly Announced Programs (2)	Remaining Buyback Authority Amounts (3)
January 1 - 31, 2023	11,828	$	34.56	9,568	$	15,529
February 1 - 28, 2023	43,057	35.58		23,341	14,886
March 1 - 31, 2023	37,564	31.44		33,881	14,101
Three months ended March 31, 2023	92,449	33.77		66,790

(1)Includes 26 million shares of the Corporation’s common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans.

(2)In October 2021, the Corporation’s Board of Directors (Board) authorized the repurchase of up to $25 billion of common stock over time (October 2021 Authorization). Additionally, the Board authorized repurchases to offset shares awarded under equity-based compensation plans. During the three months ended March 31, 2023, pursuant to the Board’s authorizations, the Corporation repurchased 67 million shares, or $2.2 billion, of its common stock, including repurchases to offset shares awarded under equity-based compensation plans. For more information, see Capital Management - CCAR and Capital Planning in the MD&A on page 17 and Note 11 – Shareholders’ Equity to the Consolidated Financial Statements.

(3)Remaining Buyback Authority Amounts represents the remaining buyback authority of the October 2021 Authorization. Excludes repurchases to offset shares awarded under equity-based compensation plans.

The Corporation did not have any unregistered sales of equity securities during the three months ended March 31, 2023.

Bank of America 96

Item 6. Exhibits

			Incorporated by Reference
Exhibit No.	Description	Notes	Form	Exhibit	Filing Date	File No.
3.1	Restated Certificate of Incorporation, as amended and in effect on the date hereof		10-Q	3.1	4/29/22	1-6523
3.2	Amended and Restated Bylaws of the Corporation as in effect on the date hereof		10-K	3.2	2/22/23	1-6523
10.1	ESA Retention Agreement dated March 15, 2004 between the Corporation and Dean C. Athanasia	2	10-Q	10(c)	4/26/19	1-6523
22	Subsidiary Issuers of Guaranteed Securities		10-K	22	2/22/23	1-6523
31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	1
31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	1
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	3
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	3
101.INS	Inline XBRL Instance Document	4
101.SCH	Inline XBRL Taxonomy Extension Schema Document	1
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	1
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	1
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	1
101.DEF	Inline XBRL Taxonomy Extension Definitions Linkbase Document	1
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Filed herewith.

(2)Exhibit is a management contract or compensatory plan or arrangement.

(3)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(4)The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Bank of America Corporation Registrant
Date:	May 1, 2023		/s/ Rudolf A. Bless
			Rudolf A. Bless  Chief Accounting Officer

97 Bank of America

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

FOR THE CHIEF EXECUTIVE OFFICER

I, Brian T. Moynihan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2023 /s/ Brian T. Moynihan Brian T. Moynihan Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

FOR THE CHIEF FINANCIAL OFFICER

I, Alastair M. Borthwick, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2023 /s/ Alastair M. Borthwick Alastair M. Borthwick Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Brian T. Moynihan, state and attest that:

1.I am the Chief Executive Officer of Bank of America Corporation (the registrant).

2.I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2023 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

•the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 1, 2023 /s/ Brian T. Moynihan Brian T. Moynihan Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Alastair M. Borthwick, state and attest that:

1.I am the Chief Financial Officer of Bank of America Corporation (the registrant).

2.I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2023 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

•the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 1, 2023 /s/ Alastair M. Borthwick Alastair M. Borthwick Chief Financial Officer

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-6523
Entity Registrant Name	Bank of America Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-0906609
Entity Address, Address Line One	100 N. Tryon Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28255
City Area Code	704
Local Phone Number	386-5681
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,969,152,819
Entity Central Index Key	0000070858
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BAC
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BAC PrE
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BAC PrB
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BAC PrK
Security Exchange Name	NYSE
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
Document Information [Line Items]
Title of 12(b) Security	7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
Trading Symbol	BAC PrL
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share
Trading Symbol	BML PrG
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share
Trading Symbol	BML PrH
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share
Trading Symbol	BML PrJ
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share
Trading Symbol	BML PrL
Security Exchange Name	NYSE
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Preferred Hybrid Income Term Securities of BAC Capital
Trading Symbol	BAC/PF
Security Exchange Name	NYSE
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
Document Information [Line Items]
Title of 12(b) Security	5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities
Trading Symbol	BAC/PG
Security Exchange Name	NYSE
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation
Document Information [Line Items]
Title of 12(b) Security	Income Capital Obligation Notes initially due December 15, 2066 of
Trading Symbol	MER PrK
Security Exchange Name	NYSE
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto)
Document Information [Line Items]
Title of 12(b) Security	Senior Medium-Term Notes, Series A, Step Up Callable Notes, due
Trading Symbol	BAC/31B
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of
Trading Symbol	BAC PrM
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BAC PrN
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of
Trading Symbol	BAC PrO
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of
Trading Symbol	BAC PrP
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of
Trading Symbol	BAC PrQ
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BAC PrS
Security Exchange Name	NYSE

XML

Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net interest income
Interest income	$ 28,655	$ 12,894
Interest expense	14,207	1,322
Net interest income	14,448	11,572
Noninterest income
Fees and commissions	7,894	8,985
Market making and similar activities	4,712	3,238
Other income	(796)	(567)
Total noninterest income	11,810	11,656
Total revenue, net of interest expense	26,258	23,228
Provision for credit losses	931	30
Noninterest expense
Compensation and benefits	9,918	9,482
Occupancy and equipment	1,799	1,760
Information processing and communications	1,697	1,540
Product delivery and transaction related	890	933
Professional fees	537	450
Marketing	458	397
Other general operating	939	757
Total noninterest expense	16,238	15,319
Income before income taxes	9,089	7,879
Income tax expense	928	812
Net income	8,161	7,067
Preferred stock dividends	505	467
Net income applicable to common shareholders	$ 7,656	$ 6,600
Per common share information
Earnings (in dollars per share)	$ 0.95	$ 0.81
Diluted earnings (in dollars per share)	$ 0.94	$ 0.80
Average common shares issued and outstanding (in shares)	8,065.9	8,136.8
Average diluted common shares issued and outstanding (in shares)	8,182.3	8,202.1

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 8,161	$ 7,067
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	555	(3,447)
Net change in debit valuation adjustments	10	261
Net change in derivatives	2,042	(5,179)
Employee benefit plan adjustments	10	24
Net change in foreign currency translation adjustments	12	28
Other comprehensive income (loss)	2,629	(8,313)
Comprehensive income (loss)	$ 10,790	$ (1,246)

XML

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 29,327	$ 30,334
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	346,891	199,869
Cash and cash equivalents	376,218	230,203
Time deposits placed and other short-term investments	11,637	7,259
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $163,505 and $146,999 measured at fair value)	298,078	267,574
Trading account assets (includes $141,314 and $115,505 pledged as collateral)	314,978	296,108
Derivative assets	40,947	48,642
Debt securities:
Carried at fair value	172,510	229,994
Held-to-maturity, at cost (fair value – $525,452 and $524,267)	624,495	632,825
Total debt securities	797,005	862,819
Loans and leases (includes $4,397 and $5,771 measured at fair value)	1,046,406	1,045,747
Allowance for loan and lease losses	(12,514)	(12,682)
Loans and leases, net of allowance	1,033,892	1,033,065
Premises and equipment, net	11,708	11,510
Goodwill	69,022	69,022
Loans held-for-sale (includes $1,386 and $1,115 measured at fair value)	6,809	6,871
Customer and other receivables	79,902	67,543
Other assets (includes $12,551 and $9,594 measured at fair value)	154,461	150,759
Total assets	3,194,657	3,051,375
Deposits in U.S. offices:
Noninterest-bearing	617,922	640,745
Interest-bearing (includes $378 and $311 measured at fair value)	1,183,106	1,182,590
Deposits in non-U.S. offices:
Noninterest-bearing	17,686	20,480
Interest-bearing	91,688	86,526
Total deposits	1,910,402	1,930,341
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $234,338 and $151,708 measured at fair value)	314,380	195,635
Trading account liabilities	92,452	80,399
Derivative liabilities	40,169	44,816
Short-term borrowings (includes $1,805 and $832 measured at fair value)	56,564	26,932
Accrued expenses and other liabilities (includes $13,659 and $9,752 measured at fair value and $1,437 and $1,540 of reserve for unfunded lending commitments)	216,621	224,073
Long-term debt (includes $39,413 and $33,070 measured at fair value)	283,873	275,982
Total liabilities	2,914,461	2,778,178
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities) and (Note 10 – Commitments and Contingencies)
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,099 and 4,088,101 shares	28,397	28,397
Common stock and additional paid-in capital, $0.01  par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,972,438,148 and 7,996,777,943 shares	57,264	58,953
Retained earnings	213,062	207,003
Accumulated other comprehensive income (loss)	(18,527)	(21,156)
Total shareholders’ equity	280,196	273,197
Total liabilities and shareholders’ equity	3,194,657	3,051,375
Consolidated VIEs
Assets
Trading account assets (includes $141,314 and $115,505 pledged as collateral)	4,276	2,816
Debt securities:
Loans and leases (includes $4,397 and $5,771 measured at fair value)	15,754	16,738
Allowance for loan and lease losses	(797)	(797)
Loans and leases, net of allowance	14,957	15,941
Other assets (includes $12,551 and $9,594 measured at fair value)	129	116
Total assets	19,362	18,873
Deposits in non-U.S. offices:
Short-term borrowings (includes $1,805 and $832 measured at fair value)	1,339	42
Long-term debt (includes $39,413 and $33,070 measured at fair value)	4,883	4,581
All other liabilities (includes $7 and $13 of non-recourse liabilities)	7	12
Total liabilities	$ 6,229	$ 4,635

XML

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value	$ 163,505	$ 146,999
Trading account assets, pledged as collateral	141,314	115,505
Debt securities:
Fair Value	525,452	524,267
Loans and leases, measured at fair value	4,397	5,771
Loans held for sale, measured at fair value	1,386	1,115
Other assets, measured at fair value	12,551	9,594
Deposits in U.S. offices:
Interest bearing, measured at fair value	378	311
Federal funds purchased and securities loans or sold under agreements to repurchase, at fair value	234,338	151,708
Short-term borrowings, measured at fair value	1,805	832
Accrued expenses and other liabilities, measured at fair value	13,659	9,752
Accrued expenses and other liabilities, reserve for unfunded lending commitments	1,437	1,540
Long-term debt, measured at fair value	$ 39,413	$ 33,070
Shareholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	4,088,099	4,088,101
Preferred stock outstanding (in shares)	4,088,099	4,088,101
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	12,800,000,000	12,800,000,000
Common stock issued (in shares)	7,972,438,148	7,996,777,943
Common stock outstanding (in shares)	7,972,438,148	7,996,777,943
Short-term borrowings	$ 56,564	$ 26,932
Long-term debt	283,873	275,982
Consolidated VIEs
Shareholders’ equity
Short-term borrowings	1,339	42
Long-term debt	4,883	4,581
All other liabilities	7	12
Consolidated VIEs | Nonrecourse
Shareholders’ equity
Short-term borrowings	22	42
Long-term debt	4,883	4,581
All other liabilities	$ 7	$ 13

XML

Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock and Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 270,066		$ 24,708	$ 62,398	$ 188,064		$ (5,104)
Beginning Balance (in shares) at Dec. 31, 2021				8,077.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,067				7,067
Net change in debt securities	(3,447)						(3,447)
Net change in debit valuation adjustments	261						261
Net change in derivatives	(5,179)						(5,179)
Employee benefit plan adjustments	24						24
Net change in foreign currency translation adjustments	28						28
Dividends declared:
Common	(1,706)				(1,706)
Preferred	(467)				(467)
Issuance of preferred stock	2,429		2,429
Common stock issued under employee plans, net, and other	191			$ 220	(29)
Common stock issued under employee plans, net, and other (in shares)				41.7
Common stock repurchased	(2,650)			$ (2,650)
Common stock repurchased (in shares)				(57.4)
Ending balance at Mar. 31, 2022	266,617		27,137	$ 59,968	192,929		(13,417)
Ending Balance (in shares) at Mar. 31, 2022				8,062.1
Beginning balance at Dec. 31, 2021	$ 270,066		24,708	$ 62,398	188,064		(5,104)
Beginning Balance (in shares) at Dec. 31, 2021				8,077.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative adjustment for adoption of credit loss accounting standard	Accounting Standards Update 2022-02 [Member]
Ending balance at Dec. 31, 2022	$ 273,197	$ 184	28,397	$ 58,953	207,003	$ 184	(21,156)
Ending Balance (in shares) at Dec. 31, 2022				7,996.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,161				8,161
Net change in debt securities	555						555
Net change in debit valuation adjustments	10						10
Net change in derivatives	2,042						2,042
Employee benefit plan adjustments	10						10
Net change in foreign currency translation adjustments	12						12
Dividends declared:
Common	(1,774)				(1,774)
Preferred	(505)				(505)
Common stock issued under employee plans, net, and other	519			$ 526	(7)
Common stock issued under employee plans, net, and other (in shares)				42.4
Common stock repurchased	(2,215)			$ (2,215)
Common stock repurchased (in shares)				(66.8)
Ending balance at Mar. 31, 2023	$ 280,196		$ 28,397	$ 57,264	$ 213,062		$ (18,527)
Ending Balance (in shares) at Mar. 31, 2023				7,972.4

XML

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 8,161	$ 7,067
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	931	30
(Gains) losses on sales of debt securities	210	(7)
Depreciation and amortization	503	494
Net amortization of premium/discount on debt securities	34	905
Deferred income taxes	(169)	47
Stock-based compensation	794	739
Loans held-for-sale:
Originations and purchases	(2,285)	(6,832)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities	2,378	12,934
Net change in:
Trading and derivative assets/liabilities	(725)	(64,939)
Other assets	(16,078)	(14,876)
Accrued expenses and other liabilities	(7,066)	19,820
Other operating activities, net	2,012	(812)
Net cash used in operating activities	(11,300)	(45,430)
Investing activities
Time deposits placed and other short-term investments	(4,512)	1,499
Federal funds sold and securities borrowed or purchased under agreements to resell	(30,504)	(51,388)
Debt securities carried at fair value:
Proceeds from sales	61,493	2,341
Proceeds from paydowns and maturities	19,085	29,654
Purchases	(19,104)	(35,661)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities	8,042	21,496
Purchases	(38)	(19,599)
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities	2,168	2,042
Purchases	(1,510)	(1,624)
Other changes in loans and leases, net	(2,319)	(16,193)
Other investing activities, net	(1,955)	(975)
Net cash provided by (used in) investing activities	30,846	(68,408)
Financing activities
Deposits	(19,939)	7,878
Federal funds purchased and securities loaned or sold under agreements to repurchase	118,745	22,356
Short-term borrowings	29,632	1,036
Long-term debt:
Proceeds from issuance	14,319	21,123
Retirement	(11,341)	(8,241)
Preferred stock:
Proceeds from issuance	0	2,429
Common stock repurchased	(2,215)	(2,650)
Cash dividends paid	(2,352)	(2,222)
Other financing activities, net	(728)	(823)
Net cash provided by financing activities	126,121	40,886
Effect of exchange rate changes on cash and cash equivalents	348	(1,335)
Net increase (decrease) in cash and cash equivalents	146,015	(74,287)
Cash and cash equivalents at January 1	230,203	348,221
Cash and cash equivalents at March 31	$ 376,218	$ 273,934

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Summary of Significant Accounting Principles

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Principles

Summary of Significant Accounting Principles

Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.

Principles of Consolidation and Basis of Presentation

The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2022 Annual Report on Form 10-K.

The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current-period presentation.

New Accounting Standard Issued

Investments – Equity Method and Joint Ventures

The FASB updated its guidance on the accounting for tax credit investments, which permits entities to make an accounting policy election to apply the proportional amortization method

when certain conditions are met. The new accounting guidance is effective on a retrospective or modified retrospective basis beginning on January 1, 2024, with early adoption permitted. If adopted, the Corporation does not expect the guidance to have a material impact on its consolidated financial position or results of operations.

New Accounting Standard Adopted

Financial Instruments – Credit Losses

On January 1, 2023, the Corporation adopted the new accounting and disclosure requirements for expected credit losses (ECL) that removed the recognition and measurement guidance on troubled debt restructurings (TDRs) and added disclosures on the financial effect and subsequent performance of certain types of modifications made to borrowers experiencing financial difficulties.

Upon adoption of the standard, the Corporation recorded a reduction of $243 million in the allowance for credit losses for the impact of changes in the methodology used to estimate the allowance for credit losses for non-collateral dependent consumer and commercial TDRs. There was no impact to the valuation of loans previously classified as collateral-dependent TDRs. After adjusting for deferred taxes, the Corporation recorded an increase of $184 million in retained earnings through a cumulative-effect adjustment.

The additional disclosures are included in Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses on a prospective basis and include loan modifications where the contractual payment terms of the borrower’s loan agreement were modified through a refinancing or restructuring. Modifications that do not impact the contractual payment terms, such as covenant waivers, insignificant payment deferrals, and any modifications made to loans carried at fair value, loans held-for-sale (LHFS) and leases are not included in the disclosures.

The Corporation uses various indicators to identify borrowers in financial difficulty. Consumer loan borrowers that are delinquent and commercial loan borrowers that are rated substandard or worse are the primary criteria used to identify borrowers who are experiencing financial difficulty.

If a borrower is current at the time of modification, the loan generally remains a performing loan as long as there is demonstrated performance prior to the modification, and payment in full under the modified terms is expected. Otherwise, the loan is placed on nonaccrual status and reported as nonperforming, excluding fully-insured consumer real estate loans, until there is sustained repayment performance for a reasonable period.

The allowance for loan and lease losses for modified loans is determined in a manner consistent with the methodology for the respective class and credit rating of the financing receivable as described in Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

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Net Interest Income and Noninterest Income

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Net Interest Income and Noninterest Income

Net Interest Income and Noninterest Income

The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2023 and 2022. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.

	Three Months Ended March 31
(Dollars in millions)	2023		2022
Net interest income
Interest income
Loans and leases	$	13,097	$	7,352
Debt securities	5,460		3,823
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	3,712		(7)
Trading account assets	2,028		1,081
Other interest income	4,358		645
Total interest income	28,655		12,894
Interest expense
Deposits	4,314		164
Short-term borrowings (1)	6,180		(112)
Trading account liabilities	504		364
Long-term debt	3,209		906
Total interest expense	14,207		1,322
Net interest income	$	14,448	$	11,572
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	956	$	935
Other card income	513		468
Total card income	1,469		1,403
Service charges
Deposit-related fees	1,097		1,530
Lending-related fees	313		303
Total service charges	1,410		1,833
Investment and brokerage services
Asset management fees	2,918		3,286
Brokerage fees	934		1,006
Total investment and brokerage services	3,852		4,292
Investment banking fees
Underwriting income	569		672
Syndication fees	231		312
Financial advisory services	363		473
Total investment banking fees	1,163		1,457
Total fees and commissions	7,894		8,985
Market making and similar activities	4,712		3,238
Other income (loss)	(796)		(567)
Total noninterest income	$	11,810	$	11,656

(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(2)Gross interchange fees and merchant income were $3.2 billion and $2.9 billion for the three months ended March 31, 2023 and 2022 and are presented net of $2.2 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

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Derivatives

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

Derivative Balances

Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –

Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.

			March 31, 2023
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	22,832.3	$	149.7	$	8.8	$	158.5	$	129.0	$	28.1	$	157.1
Futures and forwards	4,314.7		7.8		—		7.8		8.0		—		8.0
Written options (2)	1,869.5		—		—		—		34.9		—		34.9
Purchased options (3)	1,751.5		36.5		—		36.5		—		—		—
Foreign exchange contracts
Swaps	1,636.0		36.5		1.1		37.6		33.7		1.1		34.8
Spot, futures and forwards	4,876.0		39.3		0.1		39.4		39.5		0.4		39.9
Written options (2)	444.1		—		—		—		6.6		—		6.6
Purchased options (3)	402.4		6.7		—		6.7		—		—		—
Equity contracts
Swaps	423.9		12.7		—		12.7		13.9		—		13.9
Futures and forwards	140.6		2.4		—		2.4		1.2		—		1.2
Written options (2)	884.7		—		—		—		46.4		—		46.4
Purchased options (3)	767.8		39.2		—		39.2		—		—		—
Commodity contracts
Swaps	59.3		4.0		—		4.0		5.0		—		5.0
Futures and forwards	196.8		4.3		—		4.3		4.0		0.2		4.2
Written options (2)	70.8		—		—		—		3.9		—		3.9
Purchased options (3)	79.1		3.4		—		3.4		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	386.9		2.8		—		2.8		1.9		—		1.9
Total return swaps/options	133.3		0.7		—		0.7		2.9		—		2.9
Written credit derivatives:
Credit default swaps	358.7		1.4		—		1.4		2.4		—		2.4
Total return swaps/options	124.4		3.3		—		3.3		0.8		—		0.8
Gross derivative assets/liabilities			$	350.7	$	10.0	$	360.7	$	334.1	$	29.8	$	363.9
Less: Legally enforceable master netting agreements							(290.8)						(290.8)
Less: Cash collateral received/paid							(29.0)						(32.9)
Total derivative assets/liabilities							$	40.9					$	40.2

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.0) billion and $336.3 billion at March 31, 2023.

			December 31, 2022
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	18,285.9	$	138.2	$	20.7	$	158.9	$	120.3	$	36.7	$	157.0
Futures and forwards	2,796.3		8.6		—		8.6		7.8		—		7.8
Written options (2)	1,657.9		—		—		—		41.4		—		41.4
Purchased options (3)	1,594.7		42.4		—		42.4		—		—		—
Foreign exchange contracts
Swaps	1,509.0		44.0		0.3		44.3		43.3		0.4		43.7
Spot, futures and forwards	4,159.3		59.9		0.1		60.0		62.1		0.6		62.7
Written options (2)	392.2		—		—		—		8.1		—		8.1
Purchased options (3)	362.6		8.3		—		8.3		—		—		—
Equity contracts
Swaps	394.0		10.8		—		10.8		12.2		—		12.2
Futures and forwards	114.6		3.3		—		3.3		1.0		—		1.0
Written options (2)	746.8		—		—		—		45.0		—		45.0
Purchased options (3)	671.6		40.9		—		40.9		—		—		—
Commodity contracts
Swaps	56.0		5.1		—		5.1		5.3		—		5.3
Futures and forwards	157.3		3.0		—		3.0		2.3		0.8		3.1
Written options (2)	59.5		—		—		—		3.3		—		3.3
Purchased options (3)	61.8		3.6		—		3.6		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	319.9		2.8		—		2.8		1.6		—		1.6
Total return swaps/options	71.5		0.7		—		0.7		3.0		—		3.0
Written credit derivatives:
Credit default swaps	295.2		1.2		—		1.2		2.4		—		2.4
Total return swaps/options	85.3		4.4		—		4.4		0.9		—		0.9
Gross derivative assets/liabilities			$	377.2	$	21.1	$	398.3	$	360.0	$	38.5	$	398.5
Less: Legally enforceable master netting agreements							(315.9)						(315.9)
Less: Cash collateral received/paid							(33.8)						(37.8)
Total derivative assets/liabilities							$	48.6					$	44.8

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.2) billion and $276.9 billion at December 31, 2022.

Offsetting of Derivatives

The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022 by primary risk (e.g., interest rate risk) and the platform, where applicable,

on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

Offsetting of Derivatives (1)
	Derivative Assets		Derivative  Liabilities		Derivative Assets		Derivative  Liabilities
(Dollars in billions)	March 31, 2023				December 31, 2022
Interest rate contracts
Over-the-counter	$	130.0	$	125.0	$	138.4	$	132.3
Exchange-traded	0.3		0.2		0.4		0.1
Over-the-counter cleared	73.8		72.8		71.4		71.1
Foreign exchange contracts
Over-the-counter	81.8		79.2		109.7		110.6
Over-the-counter cleared	0.9		0.9		1.3		1.2
Equity contracts
Over-the-counter	23.8		27.3		21.5		22.6
Exchange-traded	29.9		31.9		33.0		33.8
Commodity contracts
Over-the-counter	8.2		10.3		8.3		9.3
Exchange-traded	2.5		2.3		2.4		1.9
Over-the-counter cleared	0.2		0.3		0.3		0.3
Credit derivatives
Over-the-counter	8.1		7.6		8.9		7.5
Over-the-counter cleared	—		—		—		—
Total gross derivative assets/liabilities, before netting
Over-the-counter	251.9		249.4		286.8		282.3
Exchange-traded	32.7		34.4		35.8		35.8
Over-the-counter cleared	74.9		74.0		73.0		72.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(214.4)		(218.2)		(243.8)		(248.2)
Exchange-traded	(31.7)		(31.7)		(33.5)		(33.5)
Over-the-counter cleared	(73.7)		(73.8)		(72.4)		(72.0)
Derivative assets/liabilities, after netting	39.7		34.1		45.9		37.0
Other gross derivative assets/liabilities (2)	1.2		6.1		2.7		7.8
Total derivative assets/liabilities	40.9		40.2		48.6		44.8
Less: Financial instruments collateral (3)	(15.8)		(8.8)		(18.5)		(7.4)
Total net derivative assets/liabilities	$	25.1	$	31.4	$	30.1	$	37.4

(1)Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Derivatives Designated as Accounting Hedges

The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and foreign exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S.

operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency denominated debt (net investment hedges).

Fair Value Hedges

The table below summarizes information related to fair value hedges for the three months ended March 31, 2023 and 2022.

Gains and Losses on Derivatives Designated as Fair Value Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions)	Derivative		Hedged Item		Derivative		Hedged Item
Interest rate risk on long-term debt (1)	$	3,308	$	(3,305)	$	(11,034)	$	11,219
Interest rate and foreign currency risk on long-term debt (2)	8		(8)		(9)		8
Interest rate risk on available-for-sale securities (3)	(3,027)		3,016		9,817		(9,905)
Price risk on commodity inventory (4)	(519)		519		(232)		237
Total	$	(230)	$	222	$	(1,458)	$	1,559

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)For the three months ended March 31, 2023 and 2022, the derivative amount includes gains (losses) of $8 million and $(21) million in interest expense, $1 million and $14 million in market making and similar activities, and $(1) million and $(2) million in accumulated other comprehensive income (OCI). Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated.

Designated Fair Value Hedged Assets and Liabilities
	March 31, 2023				December 31, 2022
(Dollars in millions)	Carrying Value		Cumulative Fair Value Adjustments (1)		Carrying Value		Cumulative Fair Value Adjustments (1)
Long-term debt (2)	$	187,097	$	(12,629)	$	187,402	$	(21,372)
Available-for-sale debt securities (2, 3, 4)	107,422		(4,283)		167,518		(18,190)
Trading account assets (5)	8,295		487		16,119		146

(1)Increase (decrease) to carrying value.

(2)At March 31, 2023 and December 31, 2022, the cumulative fair value adjustments remaining on long-term debt and available-for-sale debt securities from discontinued hedging relationships resulted in a decrease of $4.6 billion and an increase of $137 million in the related liability and a decrease in the related asset of $8.3 billion and $4.9 billion, which are being amortized over the remaining contractual life of the de-designated hedged items.

(3)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At March 31, 2023 and December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $21.1 billion and $21.4 billion, of which $9.3 billion and $9.2 billion were designated in a portfolio layer hedging relationship. At March 31, 2023 and December 31, 2022, the cumulative adjustment associated with these hedging relationships was a decrease of $329 million and $451 million.

(4)Carrying value represents amortized cost.

(5)Represents hedging activities related to certain commodities inventory.

Cash Flow and Net Investment Hedges

The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2023 and 2022. Of the $9.9 billion after-tax net loss ($13.2 billion pretax) on derivatives in accumulated OCI at March 31, 2023, losses of $4.4 billion after-tax ($5.9 billion pretax) related to both open and terminated cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are

expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately five years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions, amounts pretax)	Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI		Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)	$	2,550	$	(160)	$	(6,774)	$	(8)
Price risk on forecasted MBS purchases (1)	2		—		(90)		3
Price risk on certain compensation plans (2)	17		5		(27)		12
Total	$	2,569	$	(155)	$	(6,891)	$	7
Net investment hedges
Foreign exchange risk (3)	$	(377)	$	—	$	219	$	—

(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2023 and 2022, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains (losses) of $33 million and $(74) million.

Other Risk Management Derivatives

Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The table below presents gains (losses) on these derivatives for the three months ended March 31, 2023 and 2022. These gains (losses) are largely offset by the income or expense recorded on the hedged item.

Gains and Losses on Other Risk Management Derivatives
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Interest rate risk on mortgage activities (1, 2)	$	26	$	(147)
Credit risk on loans (2)	(28)		(3)
Interest rate and foreign currency risk on asset and liability management activities (3)	(122)		1,310
Price risk on certain compensation plans (4)	195		(335)

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Transfers of Financial Assets with Risk Retained through Derivatives

The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At both March 31, 2023 and December 31, 2022, the Corporation had transferred $4.8 billion of non-U.S. government-guaranteed mortgage-backed securities to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $4.9 billion at the transfer dates. At both March 31, 2023 and December 31, 2022, the fair value of the transferred securities was $4.7 billion.

Sales and Trading Revenue

The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities. It is the Corporation’s policy to include these derivative instruments in its trading activities, which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three months ended March 31, 2023 and 2022. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis.

Sales and Trading Revenue
	Market making and similar activities		Net Interest Income		Other (1)		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Interest rate risk	$	1,244	$	99	$	86	$	1,429
Foreign exchange risk	402		49		24		475
Equity risk	2,000		(838)		460		1,622
Credit risk	480		666		115		1,261
Other risk (2)	272		(78)		(4)		190
Total sales and trading revenue	$	4,398	$	(102)	$	681	$	4,977
	Three Months Ended March 31, 2022
Interest rate risk	$	589	$	452	$	69	$	1,110
Foreign exchange risk	507		(17)		1		491
Equity risk	1,564		(60)		501		2,005
Credit risk	239		476		14		729
Other risk (2)	291		(33)		33		291
Total sales and trading revenue	$	3,190	$	818	$	618	$	4,626

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $529 million and $531 million for the three months ended March 31, 2023 and 2022.

(2)Includes commodity risk.

Credit Derivatives

The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2023 and December 31, 2022 are summarized in the table below.

Credit Derivative Instruments
	Less than One Year		One to Three Years		Three to Five Years		Over Five Years		Total
	March 31, 2023
(Dollars in millions)	Carrying Value
Credit default swaps:
Investment grade	$	6	$	32	$	105	$	42	$	185
Non-investment grade	54		395		919		863		2,231
Total	60		427		1,024		905		2,416
Total return swaps/options:
Investment grade	85		282		—		—		367
Non-investment grade	269		8		109		10		396
Total	354		290		109		10		763
Total credit derivatives	$	414	$	717	$	1,133	$	915	$	3,179
Credit-related notes:
Investment grade	$	—	$	—	$	2	$	824	$	826
Non-investment grade	—		3		4		1,032		1,039
Total credit-related notes	$	—	$	3	$	6	$	1,856	$	1,865
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	32,823	$	67,196	$	123,896	$	37,078	$	260,993
Non-investment grade	17,361		30,171		36,112		14,108		97,752
Total	50,184		97,367		160,008		51,186		358,745
Total return swaps/options:
Investment grade	73,449		11,240		—		—		84,689
Non-investment grade	35,946		783		2,088		906		39,723
Total	109,395		12,023		2,088		906		124,412
Total credit derivatives	$	159,579	$	109,390	$	162,096	$	52,092	$	483,157
	December 31, 2022
	Carrying Value
Credit default swaps:
Investment grade	$	2	$	25	$	133	$	34	$	194
Non-investment grade	120		516		870		697		2,203
Total	122		541		1,003		731		2,397
Total return swaps/options:
Investment grade	55		336		—		—		391
Non-investment grade	332		9		132		10		483
Total	387		345		132		10		874
Total credit derivatives	$	509	$	886	$	1,135	$	741	$	3,271
Credit-related notes:
Investment grade	$	—	$	—	$	19	$	1,017	$	1,036
Non-investment grade	—		7		6		1,035		1,048
Total credit-related notes	$	—	$	7	$	25	$	2,052	$	2,084
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	34,670	$	66,170	$	93,237	$	18,677	$	212,754
Non-investment grade	15,229		29,629		30,891		6,662		82,411
Total	49,899		95,799		124,128		25,339		295,165
Total return swaps/options:
Investment grade	38,722		10,407		—		—		49,129
Non-investment grade	32,764		500		2,054		897		36,215
Total	71,486		10,907		2,054		897		85,344
Total credit derivatives	$	121,385	$	106,706	$	126,182	$	26,236	$	380,509

The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits so that certain credit risk-related losses occur within acceptable, predefined limits.

Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned.

Credit-related Contingent Features and Collateral

Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At March 31, 2023 and December 31, 2022, the Corporation held cash and securities collateral of $95.5 billion and $101.3 billion and posted cash and securities collateral of $83.1 billion and $81.2 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements.

In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

At March 31, 2023, the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $3.2 billion, including $2.2 billion for Bank of America, National Association (BANA).

Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At March 31, 2023 and December 31, 2022, the liability recorded for these derivative contracts was not significant.

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2023 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by

one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2023
(Dollars in millions)	One Incremental  Notch		Second Incremental  Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	162	$	908
Bank of America, N.A. and subsidiaries (1)	70		647
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	79	$	600
Collateral posted	60		306

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three months ended March 31, 2023 and 2022. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Derivative assets (CVA)	$	12	$	(59)
Derivative assets/liabilities (FVA)	(43)		35
Derivative liabilities (DVA)	2		121

(1)At March 31, 2023 and December 31, 2022, cumulative CVA reduced the derivative assets balance by $506 million and $518 million, cumulative FVA reduced the net derivative balance by $97 million and $54 million, and cumulative DVA reduced the derivative liabilities balance by $508 million and $506 million.

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Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

Securities

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at March 31, 2023 and December 31, 2022.

Debt Securities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(Dollars in millions)	March 31, 2023								December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252	$	25,204	$	5	$	(1,767)	$	23,442
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035		2,452		—		(231)		2,221
Commercial	6,890		31		(481)		6,440		6,894		28		(515)		6,407
Non-agency residential (1)	459		3		(55)		407		461		15		(90)		386
Total mortgage-backed securities	34,310		39		(2,215)		32,134		35,011		48		(2,603)		32,456
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507		160,773		18		(1,769)		159,022
Non-U.S. securities	13,161		5		(46)		13,120		13,455		4		(52)		13,407
Other taxable securities	4,830		1		(85)		4,746		4,728		1		(84)		4,645
Tax-exempt securities	11,105		25		(227)		10,903		11,518		19		(279)		11,258
Total available-for-sale debt securities	166,349		72		(4,011)		162,410		225,485		90		(4,787)		220,788
Other debt securities carried at fair value (2)	10,081		63		(44)		10,100		8,986		376		(156)		9,206
Total debt securities carried at fair value	176,430		135		(4,055)		172,510		234,471		466		(4,943)		229,994
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334		503,233		—		(87,319)		415,914
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098		121,597		—		(20,259)		101,338
Other taxable securities	7,921		—		(901)		7,020		8,033		—		(1,018)		7,015
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452		632,863		—		(108,596)		524,267
Total debt securities (3,4)	$	800,958	$	135	$	(103,131)	$	697,962	$	867,334	$	466	$	(113,539)	$	754,261

(1)At both March 31, 2023 and December 31, 2022, the underlying collateral type included approximately 17 percent prime and 83 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 $174.4 billion and $104.5 billion at March 31, 2023 and December 31, 2022.

(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $285.7 billion and $174.0 billion, and a fair value of $238.6 billion and $144.2 billion at March 31, 2023, and an amortized cost of $290.5 billion and $176.7 billion, and a fair value of $239.6 billion and $144.6 billion at December 31, 2022.

At March 31, 2023, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.9 billion, net of the related income tax benefit of $985 million. At March 31, 2023 and December 31, 2022, nonperforming AFS debt securities held by the Corporation were not significant.

At March 31, 2023 and December 31, 2022, $759.7 billion and $826.5 billion of AFS and HTM debt securities, which were largely U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. The ECL on the remaining $31.2 billion and $31.8 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

At March 31, 2023 and December 31, 2022, the Corporation held equity securities at an aggregate fair value of $574 million and $581 million and other equity securities, as

valued under the measurement alternative, at a carrying value of $354 million and $340 million, both of which are included in other assets. At March 31, 2023 and December 31, 2022, the Corporation also held money market investments at a fair value of $921 million and $868 million, which are included in time deposits placed and other short-term investments.

The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2023 and 2022 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Gross gains	$	96	$	37
Gross losses	(306)		(30)
Net gains (losses) on sales of AFS debt securities	$	(210)	$	7
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$	(53)	$	2

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 March 31, 2023 and December 31, 2022.

Total AFS Debt Securities in a Continuous Unrealized Loss Position
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses
(Dollars in millions)	March 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	10,106	$	(323)	$	12,900	$	(1,156)	$	23,006	$	(1,479)
Agency-collateralized mortgage obligations	130		(7)		1,873		(193)		2,003		(200)
Commercial	1,411		(40)		3,741		(441)		5,152		(481)
Non-agency residential	60		(6)		334		(49)		394		(55)
Total mortgage-backed securities	11,707		(376)		18,848		(1,839)		30,555		(2,215)
U.S. Treasury and government agencies	2,230		(74)		99,047		(1,364)		101,277		(1,438)
Non-U.S. securities	5,159		(28)		646		(18)		5,805		(46)
Other taxable securities	2,265		(29)		2,037		(56)		4,302		(85)
Tax-exempt securities	783		(13)		2,302		(214)		3,085		(227)
Total AFS debt securities in a continuous    unrealized loss position	$	22,144	$	(520)	$	122,880	$	(3,491)	$	145,024	$	(4,011)
	December 31, 2022
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	18,759	$	(1,118)	$	4,437	$	(649)	$	23,196	$	(1,767)
Agency-collateralized mortgage obligations	1,165		(96)		1,022		(135)		2,187		(231)
Commercial	3,273		(150)		2,258		(365)		5,531		(515)
Non-agency residential	264		(65)		97		(25)		361		(90)
Total mortgage-backed securities	23,461		(1,429)		7,814		(1,174)		31,275		(2,603)
U.S. Treasury and government agencies	36,730		(308)		118,636		(1,461)		155,366		(1,769)
Non-U.S. securities	9,399		(34)		756		(18)		10,155		(52)
Other taxable securities	2,036		(16)		1,580		(68)		3,616		(84)
Tax-exempt securities	607		(28)		2,849		(251)		3,456		(279)
Total AFS debt securities in a continuous    unrealized loss position	$	72,233	$	(1,815)	$	131,635	$	(2,972)	$	203,868	$	(4,787)

The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2023 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) 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	$	—	—	%	$	3	5.67	%	$	54	4.91	%	$	24,669	3.36	%	$	24,726	3.36	%
Agency-collateralized mortgage obligations	—		—		6		2.67		—		—		2,229		2.77		2,235		2.77
Commercial	14		1.93		789		3.07		4,555		2.22		1,545		2.24		6,903		2.32
Non-agency residential	—		—		—		—		—		—		741		9.63		741		9.63
Total mortgage-backed securities	14		1.93		798		3.08		4,609		2.25		29,184		3.41		34,605		3.25
U.S. Treasury and government agencies	1,914		3.36		57,616		2.93		44,698		2.36		38		3.63		104,266		2.69
Non-U.S. securities	18,460		3.20		2,905		4.79		71		7.57		188		7.31		21,624		3.47
Other taxable securities	1,341		5.16		2,829		5.44		453		3.72		207		4.39		4,830		5.16
Tax-exempt securities	670		3.07		4,679		3.67		1,919		3.83		3,837		4.16		11,105		3.83
Total amortized cost of debt securities carried at fair value	$	22,399	3.33		$	68,827	3.17		$	51,750	2.42		$	33,454	3.53		$	176,430	3.04
Amortized cost of HTM debt securities
Agency mortgage-backed securities	$	—	—	%	$	—	—	%	$	13	2.77	%	$	494,985	2.12	%	$	494,998	2.12	%
U.S. Treasury and government agencies	—		—		4,548		1.80		117,061		1.37		—		—		121,609		1.39
Other taxable securities	39		9.16		1,289		2.43		273		3.28		6,320		2.48		7,921		2.53
Total amortized cost of HTM debt securities	$	39	9.16		$	5,837	1.94		$	117,347	1.37		$	501,305	2.12		$	624,528	1.98
Debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—			$	3			$	54			$	23,195			$	23,252
Agency-collateralized mortgage obligations	—				6				—				2,029				2,035
Commercial	14				770				4,334				1,334				6,452
Non-agency residential	—				2				—				705				707
Total mortgage-backed securities	14				781				4,388				27,263				32,446
U.S. Treasury and government agencies	1,911				56,952				43,932				35				102,830
Non-U.S. securities	18,457				2,869				71				185				21,582
Other taxable securities	1,337				2,795				418				199				4,749
Tax-exempt securities	669				4,661				1,907				3,666				10,903
Total debt securities carried at fair value	$	22,388			$	68,058			$	50,716			$	31,348			$	172,510
Fair value of HTM debt securities
Agency mortgage-backed securities	$	—			$	—			$	12			$	414,322			$	414,334
U.S. Treasury and government agencies	—				4,235				99,863				—				104,098
Other taxable securities	38				1,217				261				5,504				7,020
Total fair value of HTM debt securities	$	38			$	5,452			$	100,136			$	419,826			$	525,452

(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.

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Outstanding Loans and Leases and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Outstanding Loans and Leases and Allowance for Credit Losses

Outstanding Loans and Leases and Allowance for Credit Losses

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at March 31, 2023 and December 31, 2022.

	30-59 Days  Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total  Current or  Less Than  30 Days  Past Due (1)			Loans  Accounted  for Under  the Fair  Value  Option			Total Outstandings
(Dollars in millions)	March 31, 2023
Consumer real estate
Residential mortgage	$	938		$	255		$	894		$	2,087		$	226,740					$	228,827
Home equity	93			34			189			316			25,552						25,868
Credit card and other consumer
Credit card	500			346			828			1,674			90,795						92,469
Direct/Indirect consumer (2)	206			78			61			345			104,195						104,540
Other consumer	—			—			—			—			120						120
Total consumer	1,737			713			1,972			4,422			447,402						451,824
Consumer loans accounted for under the fair value option (3)																$	334		334
Total consumer loans and leases	1,737			713			1,972			4,422			447,402			334			452,158
Commercial
U.S. commercial	892			156			281			1,329			359,326						360,655
Non-U.S. commercial	124			33			133			290			124,537						124,827
Commercial real estate (4)	257			15			114			386			72,665						73,051
Commercial lease financing	46			12			9			67			13,381						13,448
U.S. small business commercial (5)	109			68			262			439			17,765						18,204
Total commercial	1,428			284			799			2,511			587,674						590,185
Commercial loans accounted for under the fair value option (3)																4,063			4,063
Total commercial loans and leases	1,428			284			799			2,511			587,674			4,063			594,248
Total loans and leases (6)	$	3,165		$	997		$	2,771		$	6,933		$	1,035,076		$	4,397		$	1,046,406
Percentage of outstandings	0.30		%	0.10		%	0.26		%	0.66		%	98.92		%	0.42		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $172 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $69 million and nonperforming loans of $103 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $338 million and nonperforming loans of $745 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $29 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $52.7 billion, U.S. securities-based lending loans of $48.1 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $72 million and home equity loans of $262 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $67.2 billion and non-U.S. commercial real estate loans of $5.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $43.5 billion. The Corporation also pledged $243.8 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

	30-59 Days Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total Current or Less Than 30 Days Past Due (1)			Loans Accounted for Under the Fair Value Option			Total Outstandings
(Dollars in millions)	December 31, 2022
Consumer real estate
Residential mortgage	$	1,077		$	245		$	945		$	2,267		$	227,403					$	229,670
Home equity	88			32			211			331			26,232						26,563
Credit card and other consumer
Credit card	466			322			717			1,505			91,916						93,421
Direct/Indirect consumer (2)	204			59			45			308			105,928						106,236
Other consumer	—			—			—			—			156						156
Total consumer	1,835			658			1,918			4,411			451,635						456,046
Consumer loans accounted for under the fair value option (3)																$	339		339
Total consumer loans and leases	1,835			658			1,918			4,411			451,635			339			456,385
Commercial
U.S. commercial	827			288			330			1,445			357,036						358,481
Non-U.S. commercial	317			59			144			520			123,959						124,479
Commercial real estate (4)	409			81			77			567			69,199						69,766
Commercial lease financing	49			9			11			69			13,575						13,644
U.S. small business commercial (5)	107			63			356			526			17,034						17,560
Total commercial	1,709			500			918			3,127			580,803						583,930
Commercial loans accounted for under the fair value option (3)																5,432			5,432
Total commercial loans and leases	1,709			500			918			3,127			580,803			5,432			589,362
Total loans and leases (6)	$	3,544		$	1,158		$	2,836		$	7,538		$	1,032,438		$	5,771		$	1,045,747
Percentage of outstandings	0.34		%	0.11		%	0.27		%	0.72		%	98.73		%	0.55		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $184 million and nonperforming loans of $155 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $75 million and nonperforming loans of $88 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $368 million and nonperforming loans of $788 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $27 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $51.8 billion, U.S. securities-based lending loans of $50.4 billion and non-U.S. consumer loans of $3.0 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million and home equity loans of $268 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $2.5 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $64.9 billion and non-U.S. commercial real estate loans of $4.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $18.5 billion. The Corporation also pledged $163.6 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $9.3 billion and $9.5 billion at March 31, 2023 and December 31, 2022, providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured, and therefore the Corporation does not record an allowance for credit losses related to these loans.

Nonperforming Loans and Leases

Commercial nonperforming loans increased to $1.2 billion at March 31, 2023 from $1.1 billion at December 31, 2022, driven by the commercial real estate office property type. Consumer nonperforming loans decreased to $2.7 billion at March 31, 2023 from $2.8 billion at December 31, 2022

primarily due to decreases from consumer real estate loans as returns to performing status and paydowns more than offset new additions.

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at March 31, 2023 and December 31, 2022. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Credit Quality
	Nonperforming Loans and Leases						Accruing Past Due 90 Days or More
(Dollars in millions)	March 31 2023			December 31 2022			March 31 2023			December 31 2022
Residential mortgage (1)	$	2,125		$	2,167		$	338		$	368
With no related allowance (2)	1,935			1,973			—			—
Home equity (1)	488			510			—			—
With no related allowance (2)	396			393			—			—
Credit Card	n/a			n/a			828			717
Direct/indirect consumer	101			77			2			2
Total consumer	2,714			2,754			1,168			1,087
U.S. commercial	559			553			112			190
Non-U.S. commercial	125			212			92			25
Commercial real estate	502			271			35			46
Commercial lease financing	4			4			6			8
U.S. small business commercial	14			14			261			355
Total commercial	1,204			1,054			506			624
Total nonperforming loans	$	3,918		$	3,808		$	1,674		$	1,711
Percentage of outstanding loans and leases	0.38		%	0.37		%	0.16		%	0.16		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2023 and December 31, 2022 residential mortgage included $232 million and $260 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $106 million and $108 million of loans on which interest was still accruing.

(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Credit Quality Indicators

The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed loan-to-value (LTV) and refreshed Fair Isaac Corporation (FICO) score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV), which measures the carrying value of the Corporation’s loan and available line of credit combined with any outstanding senior liens against the property as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower’s credit history. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a

bankruptcy proceeding) may not have their FICO scores updated. FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans.

The following tables present certain credit quality indicators and gross charge-offs for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at March 31, 2023.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of March 31,  2023		2023		2022		2021		2020		2019		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	214,159	$	3,115	$	39,127	$	79,059	$	37,281	$	18,552	$	37,025
Greater than 90 percent but less than or equal to 100 percent	2,352		196		1,404		612		96		19		25
Greater than 100 percent	934		105		479		240		46		16		48
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,112	$	21	$	385	$	519	$	357	$	109	$	721
Greater than or equal to 620 and less than 680	4,885		68		1,082		1,266		818		327		1,324
Greater than or equal to 680 and less than 740	23,704		309		5,033		7,482		4,046		2,033		4,801
Greater than or equal to 740	186,744		3,018		34,510		70,644		32,202		16,118		30,252
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Gross charge-offs	$	8	$	—	$	3	$	1	$	1	$	—	$	3

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	March 31, 2023
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	25,692	$	1,238	$	19,627	$	4,827
Greater than 90 percent but less than or equal to 100 percent	72		21		35		16
Greater than 100 percent	104		36		38		30
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Home Equity
Refreshed FICO score
Less than 620	$	677	$	167	$	197	$	313
Greater than or equal to 620 and less than 680	1,138		144		504		490
Greater than or equal to 680 and less than 740	4,186		292		2,728		1,166
Greater than or equal to 740	19,867		692		16,271		2,904
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Gross charge-offs	$	6	$	1	$	3	$	2

(1)Includes reverse mortgages of $893 million and home equity loans of $402 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/ Indirect as of March 31, 2023		Revolving Loans		2023		2022		2021		2020		2019		Prior		Total Credit Card as of March 31, 2023		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	940	$	12	$	32	$	308	$	318	$	113	$	76	$	81	$	4,268	$	4,052	$	216
Greater than or equal to 620 and less than 680	2,463		11		245		1,022		707		225		121		132		10,732		10,526		206
Greater than or equal to 680 and less than 740	8,693		49		1,059		3,563		2,375		821		422		404		31,858		31,673		185
Greater than or equal to 740	40,766		77		5,101		15,273		10,501		4,837		2,527		2,450		45,611		45,566		45
Other internal credit    metrics (2,3)	51,678		50,942		52		181		191		63		59		190		—		—		—
Total credit card and other    consumer	$	104,540	$	51,091	$	6,489	$	20,347	$	14,092	$	6,059	$	3,205	$	3,257	$	92,469	$	91,817	$	652
Gross charge-offs	$	40	$	1	$	—	$	17	$	11	$	4	$	2	$	5	$	650	$	633	$	17

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $50.9 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2023.

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of March 31, 2023		2023		2022		2021		2020		2019		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	350,224	$	9,255	$	55,496	$	33,787	$	17,310	$	15,264	$	37,296	$	181,816
Reservable criticized	10,431		49		605		803		582		885		1,925		5,582
Total U.S. Commercial	$	360,655	$	9,304	$	56,101	$	34,590	$	17,892	$	16,149	$	39,221	$	187,398
Gross charge-offs	$	59	$	—	$	3	$	18	$	—	$	—	$	5	$	33
Non-U.S. Commercial
Risk ratings
Pass rated	$	122,545	$	4,204	$	19,937	$	18,102	$	4,634	$	3,736	$	6,585	$	65,347
Reservable criticized	2,282		81		144		321		277		254		225		980
Total Non-U.S. Commercial	$	124,827	$	4,285	$	20,081	$	18,423	$	4,911	$	3,990	$	6,810	$	66,327
Gross charge-offs	$	23	$	—	$	—	$	8	$	7	$	1	$	—	$	7
Commercial Real Estate
Risk ratings
Pass rated	$	67,512	$	1,856	$	16,836	$	13,350	$	5,281	$	8,861	$	12,414	$	8,914
Reservable criticized	5,539		—		11		829		538		1,737		2,217		207
Total Commercial Real Estate	$	73,051	$	1,856	$	16,847	$	14,179	$	5,819	$	10,598	$	14,631	$	9,121
Gross charge-offs	$	24	$	—	$	—	$	—	$	—	$	13	$	11	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,227	$	613	$	3,208	$	2,576	$	1,775	$	1,428	$	3,627	$	—
Reservable criticized	221		—		20		43		17		36		105		—
Total Commercial Lease Financing	$	13,448	$	613	$	3,228	$	2,619	$	1,792	$	1,464	$	3,732	$	—
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,653	$	453	$	1,806	$	1,833	$	1,209	$	826	$	2,401	$	125
Reservable criticized	352		—		22		52		52		72		151		3
Total U.S. Small Business Commercial	$	9,005	$	453	$	1,828	$	1,885	$	1,261	$	898	$	2,552	$	128
Gross charge-offs	$	13	$	—	$	—	$	—	$	8	$	1	$	1	$	3
Total	$	580,986	$	16,511	$	98,085	$	71,696	$	31,675	$	33,099	$	66,946	$	262,974
Total gross charge-offs	$	119	$	—	$	3	$	26	$	15	$	15	$	17	$	43

(1) Excludes $4.1 billion of loans accounted for under the fair value option at March 31, 2023.

(2)     Excludes U.S. Small Business Card loans of $9.2 billion. Refreshed FICO scores for this portfolio are $360 million for less than 620; $931 million for greater than or equal to 620 and less than 680; $2.5 billion for greater than or equal to 680 and less than 740; and $5.4 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $62 million.

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2022.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of  December 31,  2022		2022		2021		2020		2019		2018		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	215,713	$	39,625	$	81,437	$	37,228	$	18,980	$	5,734	$	32,709
Greater than 90 percent but less than or equal to 100 percent	1,615		950		530		93		15		8		19
Greater than 100 percent	648		374		169		43		15		8		39
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,156	$	377	$	518	$	373	$	124	$	84	$	680
Greater than or equal to 620 and less than 680	4,978		1,011		1,382		840		329		233		1,183
Greater than or equal to 680 and less than 740	25,444		5,411		8,290		4,369		2,187		830		4,357
Greater than or equal to 740	185,398		34,150		71,946		31,782		16,370		4,603		26,547
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Gross charge-offs	$	161	$	—	$	6	$	5	$	6	$	1	$	143

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	December 31, 2022
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	26,395	$	1,304	$	19,960	$	5,131
Greater than 90 percent but less than or equal to 100 percent	62		20		24		18
Greater than 100 percent	106		37		35		34
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Home Equity
Refreshed FICO score
Less than 620	$	683	$	166	$	189	$	328
Greater than or equal to 620 and less than 680	1,190		152		507		531
Greater than or equal to 680 and less than 740	4,321		312		2,747		1,262
Greater than or equal to 740	20,369		731		16,576		3,062
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Gross charge-offs	$	45	$	5	$	24	$	16

(1)Includes reverse mortgages of $937 million and home equity loans of $424 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/Indirect as of December 31, 2022		Revolving Loans		2022		2021		2020		2019		2018		Prior		Total Credit Card as of December 31, 2022		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	847	$	12	$	237	$	301	$	113	$	84	$	43	$	57	$	4,056	$	3,866	$	190
Greater than or equal to 620 and less than 680	2,521		12		1,108		816		269		150		69		97		10,994		10,805		189
Greater than or equal to 680 and less than 740	8,895		52		4,091		2,730		992		520		214		296		32,186		32,017		169
Greater than or equal to 740	39,679		83		16,663		11,392		5,630		2,992		1,236		1,683		46,185		46,142		43
Other internal credit    metrics (2, 3)	54,294		53,404		259		305		70		57		40		159		—		—		—
Total credit card and other    consumer	$	106,236	$	53,563	$	22,358	$	15,544	$	7,074	$	3,803	$	1,602	$	2,292	$	93,421	$	92,830	$	591
Gross charge-offs	$	232	$	7	$	31	$	79	$	34	$	27	$	14	$	40	$	1,985	$	1,909	$	76

(1)Represents TDRs that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $53.4 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2022.

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of December 31, 2022		2022		2021		2020		2019		2018		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	348,447	$	61,200	$	39,717	$	18,609	$	16,566	$	8,749	$	30,282	$	173,324
Reservable criticized	10,034		278		794		697		884		1,202		856		5,323
Total U.S. Commercial	$	358,481	$	61,478	$	40,511	$	19,306	$	17,450	$	9,951	$	31,138	$	178,647
Gross charge-offs	$	151	$	2	$	24	$	24	$	9	$	6	$	13	$	73
Non-U.S. Commercial
Risk ratings
Pass rated	$	121,890	$	24,839	$	19,098	$	5,183	$	3,882	$	2,423	$	4,697	$	61,768
Reservable criticized	2,589		45		395		331		325		98		475		920
Total Non-U.S. Commercial	$	124,479	$	24,884	$	19,493	$	5,514	$	4,207	$	2,521	$	5,172	$	62,688
Gross charge-offs	$	41	$	—	$	3	$	1	$	—	$	37	$	—	$	—
Commercial Real Estate
Risk ratings
Pass rated	$	64,619	$	15,290	$	13,089	$	5,756	$	9,013	$	4,384	$	8,606	$	8,481
Reservable criticized	5,147		11		837		545		1,501		1,151		1,017		85
Total Commercial Real Estate	$	69,766	$	15,301	$	13,926	$	6,301	$	10,514	$	5,535	$	9,623	$	8,566
Gross charge-offs	$	75	$	—	$	—	$	6	$	—	$	26	$	43	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,404	$	3,255	$	2,757	$	1,955	$	1,578	$	1,301	$	2,558	$	—
Reservable criticized	240		9		35		12		71		50		63		—
Total Commercial Lease Financing	$	13,644	$	3,264	$	2,792	$	1,967	$	1,649	$	1,351	$	2,621	$	—
Gross charge-offs	$	8	$	—	$	4	$	—	$	4	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,726	$	1,825	$	1,953	$	1,408	$	864	$	624	$	1,925	$	127
Reservable criticized	329		11		35		48		76		51		105		3
Total U.S. Small Business Commercial	$	9,055	$	1,836	$	1,988	$	1,456	$	940	$	675	$	2,030	$	130
Gross charge-offs	$	31	$	—	$	1	$	11	$	4	$	1	$	6	$	8
Total	$	575,425	$	106,763	$	78,710	$	34,544	$	34,760	$	20,033	$	50,584	$	250,031
Total gross charge-offs	$	306	$	2	$	32	$	42	$	17	$	70	$	62	$	81

(1) Excludes $5.4 billion of loans accounted for under the fair value option at December 31, 2022.

(2) Excludes U.S. Small Business Card loans of $8.5 billion. Refreshed FICO scores for this portfolio are $297 million for less than 620; $859 million for greater than or equal to 620 and less than 680; $2.4 billion for greater than or equal to 680 and less than 740; and $5.0 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $172 million.

During the three months ended March 31, 2023, commercial reservable criticized utilized exposure increased to $19.8 billion at March 31, 2023 from $19.3 billion (to 3.17 percent from 3.12 percent of total commercial reservable utilized exposure) at December 31, 2022, primarily driven by our U.S. commercial and industrial portfolio as well as commercial real estate.

Loan Modifications to Borrowers in Financial Difficulty

As part of its credit risk management, the Corporation may modify a loan agreement with a borrower experiencing financial difficulties through a refinancing or restructuring of the borrower’s loan agreement (modification programs).

Consumer Real Estate

The following modification programs are offered for consumer real estate loans to borrowers experiencing financial difficulties. These modifications represented 0.09 percent and 0.15 percent of outstanding residential mortgage and home equity loans at March 31, 2023.

Forbearance and Other Payment Plans: Forbearance plans generally consist of the Corporation suspending the borrower’s payments for a defined period with those payments then due at the conclusion of the forbearance period. The aging status of a loan is generally frozen when it enters into a forbearance plan. Alternatively, the Corporation may offer the borrower a payment plan, which allows the borrower to repay past due amounts through payments over a defined period. At March 31, 2023, the amortized cost of residential mortgage and home equity loans that were modified through these plans during the three months ended March 31, 2023 was $158 million and $30 million. The weighted-average duration of these modifications was 8.2 months and 8.9 months. The total forborne payments for these modifications was $7 million and $3 million for residential mortgage and home equity loans. If a borrower is unable to fulfill their obligations under the forbearance plans, they may be offered a trial or permanent modification.

Trial Modifications: Trial modification plans generally consist of the Corporation offering a borrower modified loan terms that reduce their contractual payments temporarily over a three-to-four-month trial period. If the customer successfully makes the modified payments during the trial period and formally accepts the modified terms, the modified loan terms become permanent. At March 31, 2023, the amortized cost of residential mortgage and home equity loans entering trial modifications during the three months ended March 31, 2023 was $21 million and $9 million.

Permanent Modifications: Permanent modifications include borrowers that have completed a trial modification and have had their contractual payment terms permanently modified, as well as borrowers that proceed directly to a permanent modification without a trial period. In a permanent modification, the borrower’s payment terms are typically modified in more than one manner but generally include a term extension and an interest rate reduction. At times, the permanent modification may also include principal forgiveness and/or a deferral of past due principal and interest amounts to the end of the loan term. The combinations utilized are based on modifying the terms that give the borrower an improved ability to meet the contractual obligations. At March 31, 2023, the amortized cost of residential mortgage and home equity loans that were granted a permanent modification during the three months ended March 31, 2023 was $47 million and $10 million. The term extensions granted for residential mortgage and home equity permanent modifications vary widely and can be up to 30 years, but are mostly in the range of 1 to 10 years and 1 to 15 years. The weighted-average term extension of permanent modifications for residential mortgage and home equity loans was 7.7 years and 12.1 years, while the weighted-average interest rate reduction was 1.50 percent and 2.37 percent. Principal forgiveness and payment deferrals were insignificant for the three months ended March 31, 2023.

For consumer real estate borrowers in financial difficulty that received a forbearance, trial or permanent modification, there were no commitments to lend additional funds at March 31, 2023. Borrowers with a home equity line of credit that received a forbearance plan could have all or a portion of their lines reinstated in the future if they cure their payment default and meet certain Bank conditions.

Chapter 7 Discharges: If a borrower’s consumer real estate obligation is discharged in a Chapter 7 bankruptcy proceeding, the contractual payment terms of the loan are not modified, although they can no longer be enforced against the individual borrower. The Corporation’s ability to collect amounts due on the loan is limited to enforcement against the property through the foreclosure and sale of the collateral. The Corporation will only pursue foreclosure upon default by the borrower, and otherwise will recover pursuant to the loan terms or at the time of a sale. Residential mortgage and home equity loans that were granted a Chapter 7 discharge were insignificant for the three months ended March 31, 2023.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. Defaults of modified consumer real estate loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. The table below provides aging information as of March 31, 2023 for consumer real estate loans modified since January 1, 2023.

Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty (1)
	Current		30–89 Days Past Due		90+ Days Past Due		Total
(Dollars in millions)	March 31, 2023
Residential mortgage	$	126	$	49	$	30	$	205
Home equity	23		7		10		40
Total	$	149	$	56	$	40	$	245

(1)Excludes trial modifications and Chapter 7 discharges.

Consumer real estate foreclosed properties totaled $117 million and $121 million at March 31, 2023 and December 31, 2022. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at March 31, 2023 and December 31, 2022 was $819 million and $871 million. During the three months ended March 31, 2023 and 2022, the Corporation reclassified $37 million and $56 million of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows.

Credit Card and Other Consumer

Credit card and other consumer loans are primarily modified by placing the customer on a fixed payment plan with a fixed interest rate. As of March 31, 2023, substantially all payment plans provided to customers had a 60-month term. In certain circumstances, the Corporation will forgive a portion of the outstanding balance if the borrower makes payments up to a set amount. The Corporation makes modifications directly with borrowers for loans held by the Corporation (internal programs) as well as through third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs). The March 31, 2023 amortized cost of credit card and other consumer loans that were modified through these programs during the three months ended March 31, 2023 was $157 million. The financial effect of modifications resulted in a weighted-average interest rate reduction of 18.65 percent and principal forgiveness of $11 million.

The Corporation tracks the performance of modified loans to assess the effectiveness of modification programs. Defaults of modified credit card and other consumer loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. Of the $157 million in modified credit card and other consumer loans to borrowers experiencing financial difficulty as of March 31, 2023, $109 million were current, $24 million were 30-89 days past due, and $24 million were greater than 90 days past due. These modifications represented 0.08 percent of outstanding credit card and other consumer loans at March 31, 2023.

Commercial Loans

Modifications of loans to commercial borrowers experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique, reflects the borrower’s individual circumstances and is designed to benefit the borrower while mitigating the Corporation’s risk exposure. Commercial modifications are primarily term extensions and payment forbearances. Payment forbearances involve the Bank forbearing its contractual right to collect certain payments or payment in

full (maturity forbearance) for a defined period of time. Reductions in interest rates and principal forgiveness occur infrequently for commercial borrowers. Principal forgiveness may occur in connection with foreclosure, short sales or other settlement agreements, leading to termination or sale of the loan.

As of March 31, 2023, the amortized cost basis of modified commercial loans that were entered into during the three months ended March 31, 2023 was $822 million, including term extensions of $700 million, forbearances of $102 million and other miscellaneous modifications of $20 million. Term extensions granted during the three months ended March 31, 2023 increased the weighted-average life of the impacted loans by 1.3 years. The weighted-average duration of loan payments deferred under the Corporation’s commercial loan forbearance program was 15 months, substantially all of which were deferred over a range of 12 to 24 months. Of the $822 million in modified Commercial loans to borrowers experiencing financial difficulty as of March 31, 2023, $775 million were current, $5 million were 30-89 days past due, and $42 million were greater than 90 days past due. These modifications represented 0.14 percent of outstanding commercial loans at March 31, 2023. Defaults of modified commercial loans since January 1, 2023 were insignificant during the three months ended March 31, 2023. For the three months ended March 31, 2023, the Corporation had commitments to lend $534 million to commercial borrowers experiencing financial difficulty whose loans were modified during the period.

Prior-period Troubled Debt Restructuring Disclosures

Prior to adopting the new accounting standard on loan modifications, the Corporation accounted for modifications of loans to borrowers experiencing financial difficulty as TDRs, when the modification resulted in a concession. The following discussion reflects loans that were considered TDRs prior to January 1, 2023. For more information on TDR accounting policies, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Consumer Real Estate

The following table presents the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three months ended March 31, 2022. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification.

At December 31, 2022, remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were not significant.

Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate (1)
(Dollars in millions)	March 31, 2022
Residential mortgage	$	585	$	539	3.50	%	3.33	%
Home equity	92		75		3.62		3.63
Total	$	677	$	614	3.52		3.37

(1)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.

The table below presents the March 31, 2022 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2022, by type of modification.

Consumer Real Estate – Modification Programs
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Modifications under proprietary programs	552
Loans discharged in Chapter 7 bankruptcy (1)	5
Trial modifications	57
Total modifications	$	614

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2022 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.

Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
(Dollars in millions)	Three Months Ended March 31, 2022
Modifications under proprietary programs	40
Loans discharged in Chapter 7 bankruptcy (1)	1
Trial modifications (2)	4
Total modifications	$	45

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

(2)Includes trial modification offers to which the customer did not respond.

Credit Card and Other Consumer

The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three months ended March 31, 2022.

Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value (1)		Pre-Modification Interest Rate		Post-Modification Interest Rate
(Dollars in millions)	March 31, 2022
Credit card	$	69	$	73	18.67	%	3.69	%
Direct/Indirect consumer	4		3		5.75		5.75
Total	$	73	$	76	18.03		3.77

(1)Includes accrued interest and fees.

The table below presents the March 31, 2022 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three months ended March 31, 2022 by program type.

Credit Card and Other Consumer – TDRs by Program Type (1)
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Internal programs	$	63
External programs	10
Other	3
Total	$	76

(1) Includes accrued interest and fees.

Credit card and other consumer loans are deemed to be in payment default during the quarter in which a borrower misses the second of two consecutive payments. Payment defaults are one of the factors considered when projecting future cash flows in the calculation of the allowance for loan and lease losses for credit card and other consumer. Based on historical experience, the Corporation estimates that 10 percent of new credit card TDRs and 17 percent of new direct/indirect consumer TDRs may be in payment default within 12 months after modification.

Commercial Loans

During the three months ended March 31, 2022, the carrying value of the Corporation’s commercial loans that were modified as TDRs was $848 million. At December 31, 2022, the Corporation had commitments to lend $358 million to commercial borrowers whose loans were classified as TDRs. The balance of commercial TDRs in payment default was $105 million at December 31, 2022.

Loans Held-for-sale

The Corporation had LHFS of $6.8 billion and $6.9 billion at March 31, 2023 and December 31, 2022. Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $2.4 billion and $13.3 billion for the three months ended March 31, 2023 and 2022. Cash used for originations and purchases of LHFS totaled $2.3 billion and $6.8 billion for the three months ended March 31, 2023 and 2022. Also included were non-cash net transfers into LHFS of $459 million and $1.5 billion for the three months ended March 31, 2023 and 2022.

Accrued Interest Receivable

Accrued interest receivable for loans and leases and loans held-for-sale at March 31, 2023 and December 31, 2022 was $4.0 billion and $3.8 billion and is reported in customer and other receivables on the Consolidated Balance Sheet.

Outstanding credit card loan balances include unpaid principal, interest and fees. Credit card loans are not classified as nonperforming but are charged off no later than the end of the month in which the account becomes 180 days past due, within 60 days after receipt of notification of death or bankruptcy, or upon confirmation of fraud. During the three months ended March 31, 2023 and 2022, the Corporation reversed $118 million and $131 million of interest and fee income against the income statement line item in which it was originally recorded upon charge-off of the principal balance of the loan.

For the outstanding residential mortgage, home equity, direct/indirect consumer and commercial loan balances classified as nonperforming during the three months ended March 31, 2023 and 2022, interest and fee income reversed at the time the loans were classified as nonperforming was not

significant. For more information on the Corporation's nonperforming loan policies, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K

Allowance for Credit Losses

The allowance for credit losses is estimated using quantitative and qualitative methods that consider a variety of factors, such as historical loss experience, the current credit quality of the portfolio and an economic outlook over the life of the loan. Qualitative reserves cover losses that are expected but, in the Corporation's assessment, may not be adequately reflected in the quantitative methods or the economic assumptions. The Corporation incorporates forward-looking information through the use of several macroeconomic scenarios in determining the weighted economic outlook over the forecasted life of the assets. These scenarios include key macroeconomic variables such as gross domestic product, unemployment rate, real estate prices and corporate bond spreads. The scenarios that are chosen each quarter and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, internal and third-party economist views, and industry trends. For more information on the Corporation's credit loss accounting policies including the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The March 31, 2023 estimate for allowance for credit losses was based on various economic scenarios, including a baseline scenario derived from consensus estimates, an adverse scenario reflecting an extended moderate recession, a downside scenario reflecting persistent inflation and interest rates above the baseline scenario, a tail risk scenario similar to the severely adverse scenario used in stress testing and an upside scenario that considers the potential for improvement above the baseline scenario. The overall economic outlook is weighted 95 percent towards a mild recessionary environment in 2023. The weighted economic outlook assumes that the U.S. average unemployment rate will be above five percent by the fourth quarter of 2023 and will remain near this level through the fourth quarter of 2024. Additionally, in this economic outlook, U.S. real gross domestic product is forecasted to contract at 0.5 percent and grow at 1.4 percent year-over-year in the fourth quarters of 2023 and 2024. For comparison, as of December 31, 2022, the weighted economic outlook for the U.S. average unemployment rate was forecasted to be just above five and a half percent by the fourth quarter of 2023 and slowly decline to five percent by the fourth quarter of 2024 and U.S. real gross domestic product was forecasted to contract at 0.4 percent and grow at 1.2 percent year-over-year in the fourth

quarters of 2023 and 2024, respectively. In addition, as of March 31, 2023, the latest estimate of the year-over-year real gross domestic product growth in the fourth quarter of 2022 was 0.9 percent. For comparison, as of December 31, 2022, the year-over-year baseline real gross domestic product growth in the fourth quarter of 2022 was forecasted at 0.4 percent.

The allowance for credit losses decreased $271 million from December 31, 2022 to $14.0 billion at March 31, 2023, which included a $123 million reserve increase related to the consumer portfolio and a $394 million reserve decrease related to the commercial portfolio. The decrease in the allowance reflected a reserve release in our commercial portfolio primarily driven by certain improved macroeconomic conditions, partially offset by a reserve build in our consumer portfolio primarily due to higher-than-expected credit card balances during the three months ended March 31, 2023. The decrease in allowance also includes the impact of the accounting change to remove the recognition and measurement guidance on TDRs, which reduced the allowance for credit losses by $243 million. The change in the allowance for credit losses was comprised of a net decrease of $168 million in the allowance for loan and lease losses and a decrease of $103 million in the reserve for unfunded lending commitments. The decrease in the allowance for credit losses

was attributed to decreases in the commercial portfolio of $394 million and the consumer real estate portfolio of $18 million, partially offset by an increase in the credit card and other consumer portfolios of $141 million. The provision for credit losses increased $901 million to $931 million for the three months ended March 31, 2023 compared to the same period in 2022. The provision for credit losses for the three months ended March 31, 2023 was driven by our consumer portfolio primarily due to higher-than-expected credit card balances during the first quarter of 2023. This was partially offset by certain improved macroeconomic conditions that primarily benefited our commercial portfolio.

Outstanding loans and leases excluding loans accounted for under the fair value option increased $2.0 billion during the three months ended March 31, 2023 primarily driven by commercial loans, which increased $6.3 billion driven by broad-based growth, and consumer loans, which decreased $4.2 billion primarily driven by securities-based lending and credit card.

The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the table below.

	Consumer Real Estate		Credit Card and  Other Consumer		Commercial		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Allowance for loan and lease losses, December 31	$	420	$	6,817	$	5,445	$	12,682
January 1, 2023 adoption of credit loss standard	(67)		(109)		(67)		(243)
Allowance for loan and lease losses, January 1	353		6,708		5,378		12,439
Loans and leases charged off	(14)		(861)		(181)		(1,056)
Recoveries of loans and leases previously charged off	25		197		27		249
Net charge-offs	11		(664)		(154)		(807)
Provision for loan and lease losses	34		913		(47)		900
Other	5		1		(24)		(18)
Allowance for loan and lease losses, March 31	403		6,958		5,153		12,514
Reserve for unfunded lending commitments, January 1	94		—		1,446		1,540
Provision for unfunded lending commitments	(1)		—		(102)		(103)
Reserve for unfunded lending commitments, March 31	93		—		1,344		1,437
Allowance for credit losses, March 31	$	496	$	6,958	$	6,497	$	13,951
	Three Months Ended March 31, 2022
Allowance for loan and lease losses, January 1	$	557	$	6,476	$	5,354	$	12,387
Loans and leases charged off	(23)		(619)		(92)		(734)
Recoveries of loans and leases previously charged off	63		239		40		342
Net charge-offs	40		(380)		(52)		(392)
Provision for loan and lease losses	(126)		146		88		108
Other	2		—		(1)		1
Allowance for loan and lease losses, March 31	473		6,242		5,389		12,104
Reserve for unfunded lending commitments, January 1	96		—		1,360		1,456
Provision for unfunded lending commitments	(6)		—		(72)		(78)
Other	1		—		—		1
Reserve for unfunded lending commitments, March 31	91		—		1,288		1,379
Allowance for credit losses, March 31	$	564	$	6,242	$	6,677	$	13,483

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Securitizations and Other Variable Interest Entities

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Securitizations and Other Variable Interest Entities

Securitizations and Other Variable Interest EntitiesThe Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at March 31, 2023 and December 31, 2022 in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. The tables also present the Corporation’s maximum loss exposure at March 31, 2023 and December 31, 2022 resulting from its involvement with consolidated VIEs and unconsolidated VIEs in

which the Corporation holds a variable interest. For more information on the Corporation’s use of VIEs and related maximum loss exposure, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs, for example to hold collateral.

These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses. In addition, the Corporation has used VIEs in connection with its funding activities.

The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three months ended March 31, 2023 or the year ended December 31, 2022 that it was not previously contractually required to provide, nor does it intend to do so.

The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $975 million and $978 million at March 31, 2023 and December 31, 2022.

First-lien Mortgage Securitizations

As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties. Except as described in Note 10 – Commitments and Contingencies, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.

The table below summarizes select information related to first-lien mortgage securitizations for the three months ended March 31, 2023 and 2022.

First-lien Mortgage Securitizations
	Residential Mortgage - Agency				Commercial Mortgage
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022
Proceeds from loan sales (1)	$	1,347	$	2,322	$	142	$	2,428
Gains on securitizations (2)	(5)		8		3		13
Repurchases from securitization trusts (3)	9		32		—		—

(1)The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the government-sponsored enterprises or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives residential mortgage-backed securities in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt.

(2)A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $10 million and $20 million net of hedges, during the three months ended March 31, 2023 and 2022, are not included in the table above.

(3)The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.

The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $98.3 billion and $110.4 billion at March 31, 2023 and 2022. Servicing fee and ancillary fee income on serviced loans was $69 million and $70 million during the three months ended March 31, 2023 and 2022. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $1.5 billion and $1.6 billion at March 31,

2023 and December 31, 2022. For more information on MSRs,

see Note 14 – Fair Value Measurements.

During the three months ended March 31, 2023 and 2022, the Corporation deconsolidated agency residential mortgage securitization trusts with total assets of $328 million and $527 million.

The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

First-lien Mortgage VIEs
	Residential Mortgage
					Non-agency
	Agency				Prime				Subprime				Alt-A				Commercial Mortgage
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure (1)	$	8,848	$	9,112	$	90	$	91	$	683	$	735	$	8	$	28	$	1,490	$	1,594
On-balance sheet assets
Senior securities:
Trading account assets	$	197	$	232	$	3	$	3	$	26	$	25	$	6	$	26	$	32	$	91
Debt securities carried at fair value	2,893		3,027		—		—		361		410		—		—		—		—
Held-to-maturity securities	5,758		5,853		—		—		—		—		—		—		1,272		1,268
All other assets	—		—		3		3		22		25		2		2		59		101
Total retained positions	$	8,848	$	9,112	$	6	$	6	$	409	$	460	$	8	$	28	$	1,363	$	1,460
Principal balance outstanding (2)	$	80,077	$	81,644	$	3,872	$	3,973	$	4,929	$	5,034	$	11,259	$	11,568	$	80,157	$	85,101
Consolidated VIEs
Maximum loss exposure (1)	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
On-balance sheet assets
Trading account assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Loans and leases, net	—		—		—		—		—		—		—		—		—		—
Total assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements.

(2)Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.

Other Asset-backed Securitizations

The table below summarizes select information related to home equity, credit card and other asset-backed VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Home Equity Loan, Credit Card and Other Asset-backed VIEs
	Home Equity (1)				Credit Card (2)				Resecuritization Trusts				Municipal Bond Trusts
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure	$	8	$	119	$	—	$	—	$	4,473	$	4,243	$	2,530	$	2,537
On-balance sheet assets
Securities (3):
Trading account assets	$	—	$	—	$	—	$	—	$	910	$	456	$	—	$	—
Debt securities carried at fair value	—		1		—		—		1,105		1,259		—		—
Held-to-maturity securities	—		—		—		—		2,458		2,528		—		—
Total retained positions	$	—	$	1	$	—	$	—	$	4,473	$	4,243	$	—	$	—
Total assets of VIEs	$	301	$	326	$	—	$	—	$	13,802	$	12,255	$	3,032	$	3,016
Consolidated VIEs
Maximum loss exposure	$	29	$	32	$	8,994	$	9,555	$	277	$	551	$	1,390	$	—
On-balance sheet assets
Trading account assets	$	—	$	—	$	—	$	—	$	656	$	650	$	1,390	$	—
Loans and leases	99		97		13,989		14,555		—		—		—		—
Allowance for loan and lease losses	11		12		(807)		(808)		—		—		—		—
All other assets	2		2		67		68		—		—		—		—
Total assets	$	112	$	111	$	13,249	$	13,815	$	656	$	650	$	1,390	$	—
On-balance sheet liabilities
Short-term borrowings	$	—	$	—	$	—	$	—	$	—	$	—	$	1,317	$	—
Long-term debt	83		79		4,248		4,247		379		99		—		—
All other liabilities	—		—		7		13		—		—		—		—
Total liabilities	$	83	$	79	$	4,255	$	4,260	$	379	$	99	$	1,317	$	—

(1)For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies.

(2)At March 31, 2023 and December 31, 2022, loans and leases in the consolidated credit card trust included $4.7 billion and $3.3 billion of seller’s interest.

(3)The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).

Home Equity Loans

The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid

amortization event. This obligation is included in the maximum loss exposure in the preceding table. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines

of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows.

Credit Card Securitizations

The Corporation securitizes originated and purchased credit card loans. The Corporation’s continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller’s interest) in the receivables, and holding certain retained interests, including subordinate interests in accrued interest and fees on the securitized receivables and cash reserve accounts.

No new senior debt securities were issued to third-party investors from the credit card securitization trust during the three months ended March 31, 2023 and 2022.

At March 31, 2023 and December 31, 2022, the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $4.7 billion and $6.7 billion. These securities serve as a form of credit enhancement to the senior debt securities and have a stated interest rate of zero percent. No subordinate securities were issued by the credit card securitization trust during the three months ended March 31, 2023 and 2022.

Resecuritization Trusts

The Corporation transfers securities, typically MBS, into resecuritization VIEs generally at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust.

The Corporation resecuritized $1.6 billion and $9.5 billion of securities during the three months ended March 31, 2023 and

2022. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three months ended March 31, 2023 and 2022, resecuritization proceeds included securities with an initial fair value of $586 million and $699 million, of which substantially all of the securities were classified as trading account assets for both periods. Substantially all of the trading account securities carried at fair value were categorized as Level 2 within the fair value hierarchy.

Municipal Bond Trusts

The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors.

The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $2.5 billion at both March 31, 2023 and December 31, 2022. The weighted-average remaining life of bonds held in the trusts at March 31, 2023 was 11.0 years. There were no significant write-downs or downgrades of assets or issuers during the three months ended March 31, 2023 and 2022.

Other Variable Interest Entities

The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Other VIEs
	Consolidated		Unconsolidated		Total		Consolidated		Unconsolidated (1)		Total (1)
(Dollars in millions)	March 31, 2023						December 31, 2022
Maximum loss exposure	$	1,874	$	48,061	$	49,935	$	2,286	$	47,477	$	49,763
On-balance sheet assets
Trading account assets	$	344	$	2,126	$	2,470	$	353	$	2,187	$	2,540
Debt securities carried at fair value	—		247		247		—		473		473
Loans and leases	1,666		14,536		16,202		2,086		14,243		16,329
Allowance for loan and lease losses	(1)		(98)		(99)		(1)		(99)		(100)
All other assets	60		30,717		30,777		46		30,221		30,267
Total	$	2,069	$	47,528	$	49,597	$	2,484	$	47,025	$	49,509
On-balance sheet liabilities
Short-term borrowings	$	22	$	—	$	22	$	42	$	—	$	42
Long-term debt	173		—		173		156		—		156
All other liabilities	—		7,357		7,357		—		7,318		7,318
Total	$	195	$	7,357	$	7,552	$	198	$	7,318	$	7,516

(1)Prior period has been revised to include unconsolidated CLOs.

Customer VIEs

Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs and asset acquisition VIEs, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument.

The Corporation’s involvement in the VIE is limited to its loss exposure. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $1.0 billion and $914 million at March 31, 2023 and December 31, 2022, including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs. Total assets of the consolidated and unconsolidated VIEs were $1.5 billion at both March 31, 2023 and December 31, 2022.

CDO and CLO VIEs

The Corporation holds investments in unconsolidated CDO and CLO VIEs, that hold diversified pools of fixed-income securities, typically corporate debt, ABS or non-investment grade corporate loans, which are funded by multiple tranches of debt instruments and equity securities issued by the VIEs. The VIEs are managed by third-party portfolio managers. The Corporation holds $16.3 billion of loans and securities issued by CDO and CLO VIEs at both March 31, 2023 and December 31, 2022. The Corporation’s loss exposure is limited to its loan and debt security holdings and the notional amount of any derivatives to which the Corporation is a counterparty. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs and CLOs totaled $16.3 billion at both March 31, 2023 and December 31, 2022, which is insignificant to the total assets of the VIEs.

Investment VIEs

The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At March 31, 2023 and December 31, 2022, the Corporation’s consolidated investment VIEs had total assets of $454 million and $854 million. The Corporation also held investments in unconsolidated VIEs with total assets of $15.1 billion and $12.2 billion at March 31, 2023 and December 31, 2022. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $2.2 billion and $2.4 billion at March 31, 2023 and December 31, 2022 comprised primarily of on-balance sheet assets less non-recourse liabilities.

Leveraged Lease Trusts

The Corporation’s net investment in consolidated leveraged lease trusts totaled $1.2 billion at both March 31, 2023 and December 31, 2022. The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation.

Tax Credit VIEs

The Corporation holds equity investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, renewable energy and certain other projects. The total assets of these unconsolidated tax credit VIEs were $76.0 billion and $74.8 billion as of March 31, 2023 and December 31, 2022. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the VIE. As an investor, tax credits associated with the investments in these entities are allocated to the Corporation, as provided by the U.S. Internal Revenue Code and related regulations, and are recognized as income tax benefits in the Corporation’s Consolidated Statement of Income in the year they are earned, which varies based on the type of investments. Tax credits from environmental, social and governance (ESG) investments in affordable housing are recognized ratably over a term of up to 10 years, and tax credits from renewable energy investments are recognized either at inception for transactions electing Investment Tax Credits (ITCs) or as energy is produced for transactions electing Production Tax Credits (PTCs), which is generally up to a 10-year time period. The volume and types of investments held by the Corporation will influence the amount of tax credits recognized each period.

The Corporation’s equity investments in affordable housing and other projects totaled $14.7 billion at both March 31, 2023 and December 31, 2022, which included unfunded capital contributions of $7.0 billion and $6.9 billion and are probable to be paid over the next five years. The Corporation may be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. During the three months ended March 31, 2023 and 2022, the Corporation recognized tax credits and other tax benefits related to affordable housing and other tax credit equity investments of $527 million and $419 million and reported pretax losses in other income of

$372 million and $337 million. The Corporation’s equity investments in renewable energy totaled $14.1 billion and $13.9 billion at March 31, 2023 and December 31, 2022. In addition, the Corporation had unfunded capital contributions for renewable energy investments of $5.6 billion and $1.9 billion at March 31, 2023 and December 31, 2022, which are contingent on various conditions precedent to funding over the next two years. The Corporation’s risk of loss is generally mitigated by policies requiring the project to qualify for the expected tax credits prior to making its investment. During the three months ended March 31, 2023 and 2022, the Corporation recognized tax credits and other tax benefits related to renewable energy equity investments of $996 million and $865 million and reported pretax losses in other income of $561 million and $530 million. The Corporation may also enter into power purchase agreements with renewable energy tax credit entities. The maximum loss exposure for tax credit VIEs was $28.8 billion at both March 31, 2023 and December 31, 2022.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The table below presents goodwill balances by business segment at March 31, 2023 and December 31, 2022. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)	March 31 2023		December 31 2022
Consumer Banking	$	30,137	$	30,137
Global Wealth & Investment Management	9,677		9,677
Global Banking	24,026		24,026
Global Markets	5,182		5,182
Total goodwill	$	69,022	$	69,022

Intangible Assets

At both March 31, 2023 and December 31, 2022, the net carrying value of intangible assets was $2.1 billion. At both March 31, 2023 and December 31, 2022, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $20 million for both the three months ended March 31, 2023 and 2022

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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

Leases

Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

Leases

Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

Leases

Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

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Securities Financing Agreements, Collateral and Restricted Cash

3 Months Ended

Mar. 31, 2023

Securities Financing Agreements, Collateral and Restricted Cash [Abstract]

Securities Financing Agreements, Collateral and Restricted Cash

Securities Financing Agreements, Collateral and Restricted Cash

The Corporation enters into securities financing agreements which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase. These financing agreements (also referred to as “matched-book transactions”) are to accommodate customers, obtain securities to cover short positions and finance inventory positions. The Corporation elects to account for certain securities financing agreements under the fair value option. For more information on the fair value option, see Note 15 – Fair Value Option.

Offsetting of Securities Financing Agreements

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Securities Financing Agreements
	Gross Assets/Liabilities (1)		Amounts Offset		Net Balance Sheet Amount		Financial Instruments (2)		Net Assets/Liabilities
(Dollars in millions)	March 31, 2023
Securities borrowed or purchased under agreements to resell (3)	$	633,124	$	(335,046)	$	298,078	$	(268,791)	$	29,287
Securities loaned or sold under agreements to repurchase	$	649,426	$	(335,046)	$	314,380	$	(287,074)	$	27,306
Other (4)	11,993		—		11,993		(11,993)		—
Total	$	661,419	$	(335,046)	$	326,373	$	(299,067)	$	27,306
	December 31, 2022
Securities borrowed or purchased under agreements to resell (3)	$	597,847	$	(330,273)	$	267,574	$	(240,120)	$	27,454
Securities loaned or sold under agreements to repurchase	$	525,908	$	(330,273)	$	195,635	$	(183,265)	$	12,370
Other (4)	8,427		—		8,427		(8,427)		—
Total	$	534,335	$	(330,273)	$	204,062	$	(191,692)	$	12,370

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $9.9 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings

The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the

lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity.

Remaining Contractual Maturity
	Overnight and Continuous		30 Days or Less		After 30 Days Through 90 Days		Greater than 90 Days (1)		Total
(Dollars in millions)	March 31, 2023
Securities sold under agreements to repurchase	$	262,304	$	226,589	$	44,524	$	46,041	$	579,458
Securities loaned	64,599		604		654		4,111		69,968
Other	11,993		—		—		—		11,993
Total	$	338,896	$	227,193	$	45,178	$	50,152	$	661,419
	December 31, 2022
Securities sold under agreements to repurchase	$	200,087	$	181,632	$	41,666	$	30,107	$	453,492
Securities loaned	66,909		288		1,139		4,080		72,416
Other	8,427		—		—		—		8,427
Total	$	275,423	$	181,920	$	42,805	$	34,187	$	534,335

(1)No agreements have maturities greater than four years.

Class of Collateral Pledged
	Securities Sold Under Agreements to Repurchase		Securities Loaned		Other		Total
(Dollars in millions)	March 31, 2023
U.S. government and agency securities	$	313,725	$	—	$	—	$	313,725
Corporate securities, trading loans and other	17,056		2,319		323		19,698
Equity securities	11,543		67,574		11,665		90,782
Non-U.S. sovereign debt	233,043		75		5		233,123
Mortgage trading loans and ABS	4,091		—		—		4,091
Total	$	579,458	$	69,968	$	11,993	$	661,419
	December 31, 2022
U.S. government and agency securities	$	193,005	$	18	$	—	$	193,023
Corporate securities, trading loans and other	14,345		2,896		317		17,558
Equity securities	10,249		69,432		8,110		87,791
Non-U.S. sovereign debt	232,171		70		—		232,241
Mortgage trading loans and ABS	3,722		—		—		3,722
Total	$	453,492	$	72,416	$	8,427	$	534,335

Collateral

The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At March 31, 2023 and December 31, 2022, the fair value of this collateral was $891.0 billion and $827.6 billion, of which $878.4 billion and $764.1 billion was sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. For more information on collateral, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Restricted Cash

At March 31, 2023 and December 31, 2022, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $6.5 billion and $7.6 billion, predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with central banks to meet reserve requirements.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesIn the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Credit Extension Commitments

The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.1 billion and $10.4 billion at March 31, 2023 and December 31, 2022. The carrying value of the Corporation’s credit extension commitments at March 31, 2023 and December 31, 2022, excluding commitments accounted for under the fair value option, was $1.5 billion and $1.6 billion, which predominantly related to the reserve for unfunded lending commitments. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet.

Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower’s ability to pay.

The table below includes the notional amount of commitments of $3.1 billion and $3.0 billion at March 31, 2023 and December 31, 2022 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $122 million and $110 million at March 31, 2023 and December 31, 2022, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.

Credit Extension Commitments
	Expire in One Year or Less		Expire After One Year Through Three Years		Expire After Three Years Through Five Years		Expire After Five Years		Total
(Dollars in millions)	March 31, 2023
Notional amount of credit extension commitments
Loan commitments (1)	$	117,267	$	160,450	$	219,304	$	15,920	$	512,941
Home equity lines of credit	1,667		7,986		11,652		22,660		43,965
Standby letters of credit and financial guarantees (2)	22,417		9,328		2,755		528		35,028
Letters of credit	963		32		42		26		1,063
Other commitments (3)	3		68		137		1,059		1,267
Legally binding commitments	142,317		177,864		233,890		40,193		594,264
Credit card lines (4)	429,384		—		—		—		429,384
Total credit extension commitments	$	571,701	$	177,864	$	233,890	$	40,193	$	1,023,648
	December 31, 2022
Notional amount of credit extension commitments
Loan commitments (1)	$	113,962	$	162,890	$	221,374	$	13,667	$	511,893
Home equity lines of credit	1,479		7,230		11,578		22,154		42,441
Standby letters of credit and financial guarantees (2)	22,565		9,237		2,787		628		35,217
Letters of credit	853		46		52		49		1,000
Other commitments (3)	5		93		71		1,103		1,272
Legally binding commitments	138,864		179,496		235,862		37,601		591,823
Credit card lines (4)	419,144		—		—		—		419,144
Total credit extension commitments	$	558,008	$	179,496	$	235,862	$	37,601	$	1,010,967

(1)     At March 31, 2023 and December 31, 2022, $2.9 billion and $2.6 billion of these loan commitments were held in the form of a security.

(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.0 billion and $9.4 billion at March 31, 2023, and $25.1 billion and $9.5 billion at December 31, 2022. Amounts in the table include consumer SBLCs of $563 million and $575 million at March 31, 2023 and December 31, 2022.

(3)     Primarily includes second-loss positions on lease-end residual value guarantees.

(4)     Includes business card unused lines of credit.

Other Commitments

At March 31, 2023 and December 31, 2022, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $749 million and $636 million,

which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $226 million and $294 million, which upon settlement will be included in trading account assets.

At March 31, 2023 and December 31, 2022, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $116.5 billion and $92.0 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $90.1 billion and $57.8 billion. These commitments generally expire within the next 12 months.

At March 31, 2023 and December 31, 2022, the Corporation had a commitment to originate or purchase up to $4.1 billion and $3.7 billion on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2026 and can be terminated with 12 months prior notice.

At March 31, 2023 and December 31, 2022, the Corporation had unfunded equity investment commitments of $534 million and $571 million.

Other Guarantees

Bank-owned Life Insurance Book Value Protection

The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to

corporations, primarily banks. At both March 31, 2023 and December 31, 2022, the notional amount of these guarantees totaled $4.3 billion. At March 31, 2023 and December 31, 2022, the Corporation’s maximum exposure related to these guarantees totaled $633 million and $632 million, with estimated maturity dates between 2033 and 2039.

Merchant Services

The Corporation in its role as merchant acquirer or as a sponsor of other merchant acquirers may be held liable for any reversed charges that cannot be collected from the merchants, due to, among other things, merchant fraud or insolvency. If charges are properly reversed after a purchase and cannot be collected from either the merchants or merchant acquirers, the Corporation may be held liable for these reversed charges. The ability to reverse a charge is primarily governed by the applicable payment network rules and regulations, which include, but are not limited to, the type of charge, type of payment used and time limits. The total amount of transactions subject to reversal under payment network rules and regulations processed for the preceding six-month period, which was approximately $470 billion, is an estimate of the Corporation’s maximum potential exposure as of March 31, 2023. The Corporation’s risk in this area primarily relates to circumstances where a cardholder has purchased goods or services for future delivery. The Corporation mitigates this risk by requiring cash deposits, guarantees, letters of credit or other types of collateral from certain merchants. The Corporation’s reserves for contingent losses and the losses incurred related to the merchant processing activity were not significant.

Representations and Warranties Obligations and Corporate Guarantees

For more information on representations and warranties obligations and corporate guarantees, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

The reserve for representations and warranties obligations and corporate guarantees was $622 million and $612 million at March 31, 2023 and December 31, 2022 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet, and the related provision is included in other

income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of probable incurred losses, is based on its experience in previous negotiations, and is subject to judgment, a variety of assumptions, and known or unknown uncertainties. Future representations and warranties losses may occur in excess of the amounts recorded for these exposures; however, the Corporation does not expect such amounts to be material to the Corporation's financial condition and liquidity. See Litigation and Regulatory Matters below for the Corporation's combined range of possible loss in excess of the reserve for representations and warranties and the accrued liability for litigation.

Fixed Income Clearing Corporation Sponsored Member Repo Program

The Corporation acts as a sponsoring member in a repo program whereby the Corporation clears certain eligible resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation on behalf of clients that are sponsored members in accordance with the Fixed Income Clearing Corporation’s rules. As part of this program, the Corporation guarantees the payment and performance of its sponsored members to the Fixed Income Clearing Corporation. The Corporation’s guarantee obligation is secured by a security interest in cash or high-quality securities collateral placed by clients with the clearinghouse and therefore, the potential for the Corporation to incur significant losses under this arrangement is remote. The Corporation’s maximum potential exposure, without taking into consideration the related collateral, was $46.7 billion and $59.6 billion at March 31, 2023 and December 31, 2022.

Other Guarantees

In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions.

Guarantees of Certain Long-term Debt

The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a consolidated finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation.

Litigation and Regulatory Matters

The following disclosures supplement the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K (the prior commitments and contingencies disclosure).

In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties

related to each pending matter.

As a matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates whether such matter presents a loss contingency that is probable and estimable, and, for the matters disclosed below and in the prior commitments and contingencies disclosure, whether a loss in excess of any accrued liability is reasonably possible in future periods. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation and regulatory investigation-related expense of $89 million and $106 million was recognized for the three months ended March 31, 2023 and 2022.

For any matter disclosed in this Note and in the prior commitments and contingencies disclosure for which a loss in future periods is reasonably possible and estimable (whether in excess of an accrued liability or where there is no accrued liability) and for representations and warranties exposures, the Corporation’s estimated range of possible loss is $0 to $0.8 billion in excess of the accrued liability, if any, as of March 31, 2023.

The accrued liability and estimated range of possible loss are based upon currently available information and subject to significant judgment, a variety of assumptions and known and

unknown uncertainties. The matters underlying the accrued liability and estimated range of possible loss are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Corporation’s maximum loss exposure.

Information is provided below and in the prior commitments and contingencies disclosure regarding the nature of the litigation and, where specified, associated claimed damages. Based on current knowledge, and taking into account accrued liabilities, management does not believe that loss contingencies arising from pending matters, including the matters described below and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial condition or liquidity of the Corporation. However, in light of the significant judgment, variety of assumptions and uncertainties involved in those matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of those matters, an adverse outcome in one or more of those matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm.

Deposit Insurance AssessmentOn April 10, 2023, the magistrate judge issued a report and recommendation (the Report) for resolving the parties’ pending summary judgment motions. The Report recommends granting the Federal Deposit Insurance Corporation’s (FDIC) motion for summary judgment on BANA’s statutory liability for the unpaid assessments, subject to BANA’s statute of limitations defenses to assessments for the quarters ended March 31, 2012 through March 31, 2013, on which the Report recommends that relevant issues should be resolved at trial. The Report also recommends denying BANA’s counterclaims challenging the adoption of the relevant assessment regulations and granting BANA’s motion for summary judgment on the FDIC’s claims for unjust enrichment and disgorgement. The Report will be submitted to the district court judge for consideration, and the parties have the opportunity to file objections to the recommendations in the Report.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date	Record Date	Payment Date	Dividend Per Share
April 26, 2023	June 2, 2023	June 30, 2023	$	0.22
February 1, 2023	March 3, 2023	March 31, 2023	0.22

(1) In 2023, and through May 1, 2023.

During the three months ended March 31, 2023, the Corporation repurchased and retired 67 million shares of common stock, which reduced shareholders’ equity by $2.2 billion.

During the three months ended March 31, 2023, in connection with employee stock plans, the Corporation issued 68 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 26 million shares of its common stock. At March 31, 2023, the Corporation had reserved 425 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On April 26, 2023, the Board of Directors declared a quarterly common stock dividend of $0.22 per share.

Preferred Stock

During the three months ended March 31, 2023, the Corporation declared $505 million of cash dividends on preferred stock. For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2023 and 2022.

(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)
Net change	(3,447)		261		(5,179)		24		28		(8,313)
Balance, March 31, 2022	$	(402)	$	(1,375)	$	(7,059)	$	(3,618)	$	(963)	$	(13,417)
Balance, December 31, 2022	$	(2,983)	$	(881)	$	(11,935)	$	(4,309)	$	(1,048)	$	(21,156)
Net change	555		10		2,042		10		12		2,629
Balance, March 31, 2023	$	(2,428)	$	(871)	$	(9,893)	$	(4,299)	$	(1,036)	$	(18,527)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the three months ended March 31, 2023 and 2022.

	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2023						2022
Debt securities:
Net increase (decrease) in fair value	$	521	$	(123)	$	398	$	(4,565)	$	1,123	$	(3,442)
Net realized (gains) losses reclassified into earnings (1)	210		(53)		157		(7)		2		(5)
Net change	731		(176)		555		(4,572)		1,125		(3,447)
Debit valuation adjustments:
Net increase (decrease) in fair value	9		(2)		7		343		(83)		260
Net realized (gains) losses reclassified into earnings (1)	4		(1)		3		1		—		1
Net change	13		(3)		10		344		(83)		261
Derivatives:
Net increase (decrease) in fair value	2,568		(643)		1,925		(6,893)		1,719		(5,174)
Reclassifications into earnings:
Net interest income	161		(40)		121		6		(2)		4
Compensation and benefits expense	(5)		1		(4)		(12)		3		(9)
Net realized (gains) losses reclassified into earnings	156		(39)		117		(6)		1		(5)
Net change	2,724		(682)		2,042		(6,899)		1,720		(5,179)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)	13		(3)		10		42		(18)		24
Net change	13		(3)		10		42		(18)		24
Foreign currency:
Net increase (decrease) in fair value	(77)		89		12		80		(52)		28
Net change	(77)		89		12		80		(52)		28
Total other comprehensive income (loss)	$	3,404	$	(775)	$	2,629	$	(11,005)	$	2,692	$	(8,313)

(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2023 and 2022 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

	Three Months Ended March 31
(In millions, except per share information)	2023		2022
Earnings per common share
Net income	$	8,161	$	7,067
Preferred stock dividends	(505)		(467)
Net income applicable to common shareholders	$	7,656	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Earnings per common share	$	0.95	$	0.81
Diluted earnings per common share
Net income applicable to common shareholders	$	7,656	$	6,600
Add preferred stock dividends due to assumed conversions	56		—
Net income allocated to common shareholders	$	7,712	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Dilutive potential common shares (1)	116.4		65.3
Total diluted average common shares issued and outstanding	8,182.3		8,202.1
Diluted earnings per common share	$	0.94	$	0.80

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

For the three months ended March 31, 2023, 62 million average dilutive potential common shares associated with the Series L preferred stock were included in the diluted share count under the “if-converted” method, whereas they were antidilutive for the three months ended March 31, 2022

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Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement

date. The Corporation determines the fair values of its financial instruments under applicable accounting standards and conducts a review of fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current

marketplace. During the three months ended March 31, 2023, there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations.

For more information regarding the fair value hierarchy, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 15 – Fair Value Option.

Recurring Fair Value

Assets and liabilities carried at fair value on a recurring basis at

March 31, 2023 and December 31, 2022, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

	March 31, 2023
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	921	$	—	$	—	$	—	$	921
Federal funds sold and securities borrowed or purchased under agreements to resell	—		163,505		—		—		163,505
Trading account assets:
U.S. Treasury and government agencies	63,966		8		—		—		63,974
Corporate securities, trading loans and other	—		41,121		2,322		—		43,443
Equity securities	90,424		37,493		212		—		128,129
Non-U.S. sovereign debt	9,180		28,892		541		—		38,613
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		30,959		11		—		30,970
Mortgage trading loans, ABS and other MBS	—		8,560		1,289		—		9,849
Total trading account assets (2)	163,570		147,033		4,375		—		314,978
Derivative assets	14,626		342,584		3,555		(319,818)		40,947
AFS debt securities:
U.S. Treasury and government agencies	100,579		928		—		—		101,507
Mortgage-backed securities:
Agency	—		23,252		—		—		23,252
Agency-collateralized mortgage obligations	—		2,035		—		—		2,035
Non-agency residential	—		114		293		—		407
Commercial	—		6,440		—		—		6,440
Non-U.S. securities	—		12,933		187		—		13,120
Other taxable securities	—		4,746		—		—		4,746
Tax-exempt securities	—		10,852		51		—		10,903
Total AFS debt securities	100,579		61,300		531		—		162,410
Other debt securities carried at fair value:
U.S. Treasury and government agencies	1,323		—		—		—		1,323
Non-agency residential MBS	—		206		94		—		300
Non-U.S. and other securities	2,989		5,488		—		—		8,477
Total other debt securities carried at fair value	4,312		5,694		94		—		10,100
Loans and leases	—		4,154		243		—		4,397
Loans held-for-sale	—		1,180		206		—		1,386
Other assets (3)	9,905		877		1,769		—		12,551
Total assets (4)	$	293,913	$	726,327	$	10,773	$	(319,818)	$	711,195
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	378	$	—	$	—	$	378
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		234,338		—		—		234,338
Trading account liabilities:
U.S. Treasury and government agencies	13,886		5		—		—		13,891
Equity securities	44,410		5,528		—		—		49,938
Non-U.S. sovereign debt	12,659		8,165		—		—		20,824
Corporate securities and other	—		7,735		64		—		7,799
Total trading account liabilities	70,955		21,433		64		—		92,452
Derivative liabilities	15,976		341,556		6,334		(323,697)		40,169
Short-term borrowings	—		1,796		9		—		1,805
Accrued expenses and other liabilities	11,042		2,597		20		—		13,659
Long-term debt	—		38,641		772		—		39,413
Total liabilities (4)	$	97,973	$	640,739	$	7,199	$	(323,697)	$	422,214

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $91 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $986 million.

(4)Total recurring Level 3 assets were 0.34 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

	December 31, 2022
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	868	$	—	$	—	$	—	$	868
Federal funds sold and securities borrowed or purchased under agreements to resell	—		146,999		—		—		146,999
Trading account assets:
U.S. Treasury and government agencies	58,894		212		—		—		59,106
Corporate securities, trading loans and other	—		46,897		2,384		—		49,281
Equity securities	77,868		35,065		145		—		113,078
Non-U.S. sovereign debt	7,392		26,306		518		—		34,216
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		28,563		34		—		28,597
Mortgage trading loans, ABS and other MBS	—		10,312		1,518		—		11,830
Total trading account assets (2)	144,154		147,355		4,599		—		296,108
Derivative assets	14,775		380,380		3,213		(349,726)		48,642
AFS debt securities:
U.S. Treasury and government agencies	158,102		920		—		—		159,022
Mortgage-backed securities:
Agency	—		23,442		—		—		23,442
Agency-collateralized mortgage obligations	—		2,221		—		—		2,221
Non-agency residential	—		128		258		—		386
Commercial	—		6,407		—		—		6,407
Non-U.S. securities	—		13,212		195		—		13,407
Other taxable securities	—		4,645		—		—		4,645
Tax-exempt securities	—		11,207		51		—		11,258
Total AFS debt securities	158,102		62,182		504		—		220,788
Other debt securities carried at fair value:
U.S. Treasury and government agencies	561		—		—		—		561
Non-agency residential MBS	—		248		119		—		367
Non-U.S. and other securities	3,027		5,251		—		—		8,278
Total other debt securities carried at fair value	3,588		5,499		119		—		9,206
Loans and leases	—		5,518		253		—		5,771
Loans held-for-sale	—		883		232		—		1,115
Other assets (3)	6,898		897		1,799		—		9,594
Total assets (4)	$	328,385	$	749,713	$	10,719	$	(349,726)	$	739,091
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	311	$	—	$	—	$	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		151,708		—		—		151,708
Trading account liabilities:
U.S. Treasury and government agencies	13,906		181		—		—		14,087
Equity securities	36,937		4,825		—		—		41,762
Non-U.S. sovereign debt	9,636		8,228		—		—		17,864
Corporate securities and other	—		6,628		58		—		6,686
Total trading account liabilities	60,479		19,862		58		—		80,399
Derivative liabilities	15,431		376,979		6,106		(353,700)		44,816
Short-term borrowings	—		818		14		—		832
Accrued expenses and other liabilities	7,458		2,262		32		—		9,752
Long-term debt	—		32,208		862		—		33,070
Total liabilities (4)	$	83,368	$	584,148	$	7,072	$	(353,700)	$	320,888

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $40 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $1.0 billion.

(4)Total recurring Level 3 assets were 0.35 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to

decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

Level 3 – Fair Value Measurements (1)
	Balance January 1		Total Realized/Unrealized Gains  (Losses) in Net  Income (2)		Gains (Losses) in OCI (3)		Gross								Gross Transfers into Level 3		Gross Transfers out of Level 3		Balance March 31		Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)							Purchases		Sales		Issuances		Settlements
Three Months Ended March 31, 2023
Trading account assets:
Corporate securities, trading loans and other	$	2,384	$	27	$	1	$	126	$	(120)	$	14	$	(144)	$	148	$	(114)	$	2,322	$	3
Equity securities	145		(4)		—		6		(12)		—		—		77		—		212		(4)
Non-U.S. sovereign debt	518		26		16		3		(6)		—		(16)		—		—		541		26
Mortgage trading loans, MBS and ABS	1,552		(9)		—		74		(150)		—		(116)		87		(138)		1,300		(25)
Total trading account assets	4,599		40		17		209		(288)		14		(276)		312		(252)		4,375		—
Net derivative assets (liabilities) (4)	(2,893)		69		—		249		(268)		—		(315)		321		58		(2,779)		154
AFS debt securities:
Non-agency residential MBS	258		3		34		—		—		—		(2)		—		—		293		3
Non-U.S. and other taxable securities	195		—		3		—		—		—		(8)		—		(3)		187		—
Tax-exempt securities	51		—		—		—		—		—		—		—		—		51		—
Total AFS debt securities	504		3		37		—		—		—		(10)		—		(3)		531		3
Other debt securities carried at fair value – Non-agency residential MBS	119		(2)		—		—		(19)		—		(2)		—		(2)		94		(2)
Loans and leases (5)	253		2		—		9		—		—		(37)		16		—		243		2
Loans held-for-sale (5)	232		12		2		—		(16)		—		(24)		—		—		206		12
Other assets (6,7)	1,799		10		1		6		—		27		(76)		2		—		1,769		(17)
Trading account liabilities – Corporate securities    and other	(58)		—		—		—		(2)		(1)		—		(4)		1		(64)		—
Short-term borrowings (5)	(14)		—		—		—		(3)		(1)		9		—		—		(9)		—
Accrued expenses and other liabilities (5)	(32)		24		—		(12)		—		—		—		—		—		(20)		24
Long-term debt (5)	(862)		87		(6)		(9)		—		—		11		—		7		(772)		87
Three Months Ended March 31, 2022
Trading account assets:
Corporate securities, trading loans and other	$	2,110	$	(2)	$	—	$	12	$	(153)	$	—	$	(18)	$	368	$	(128)	$	2,189	$	(21)
Equity securities	190		16		—		16		(6)		—		(4)		8		(37)		183		13
Non-U.S. sovereign debt	396		20		53		2		—		—		(15)		45		(5)		496		17
Mortgage trading loans, MBS and ABS	1,527		(92)		—		129		(155)		—		(21)		251		(24)		1,615		(47)
Total trading account assets	4,223		(58)		53		159		(314)		—		(58)		672		(194)		4,483		(38)
Net derivative assets (liabilities) (4)	(2,662)		617		—		58		(185)		—		107		(143)		74		(2,134)		643
AFS debt securities:
Non-agency residential MBS	316		4		(24)		—		(8)		—		(44)		—		—		244		5
Non-U.S. and other taxable securities	71		—		(1)		—		—		—		—		87		(2)		155		—
Tax-exempt securities	52		—		—		—		—		—		—		—		—		52		—
Total AFS debt securities	439		4		(25)		—		(8)		—		(44)		87		(2)		451		5
Other debt securities carried at fair value – Non-agency residential MBS	242		(39)		—		—		—		—		(65)		—		—		138		(39)
Loans and leases (5)	748		(30)		—		—		(1)		—		(27)		—		—		690		(30)
Loans held-for-sale (5)	317		7		12		104		—		—		(58)		—		—		382		5
Other assets (6,7)	1,572		144		3		—		1		40		(69)		4		—		1,695		132
Trading account liabilities – Corporate securities    and other	(11)		—		—		—		—		—		—		—		—		(11)		1
Accrued expenses and other liabilities (5)	—		(50)		—		—		—		—		—		—		—		(50)		(31)
Long-term debt (5)	(1,075)		(109)		33		—		—		—		4		(6)		276		(877)		(111)

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - primarily market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - market making and similar activities and other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option.  Amounts include net unrealized gains of $50 million and $81 million related to financial instruments still held at March 31, 2023 and 2022.

(4)Net derivative assets (liabilities) include derivative assets of $3.6 billion and $3.7 billion and derivative liabilities of $6.3 billion and $5.9 billion at March 31, 2023 and 2022.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at March 31, 2023 and December 31, 2022.

Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	763	Discounted cash flow, Market comparables	Yield	0% to 25%		10	%
Trading account assets – Mortgage trading loans, MBS and ABS	230			Prepayment speed	0% to 37% CPR		12% CPR
Loans and leases	146			Default rate	0% to 3% CDR		1% CDR
AFS debt securities – Non-agency residential	293			Price	$0 to $113		$26
Other debt securities carried at fair value – Non-agency residential	94			Loss severity	0% to 100%		23	%
Instruments backed by commercial real estate assets	$	384	Discounted cash flow	Yield	0% to 25%		11	%
Trading account assets – Corporate securities, trading loans and other	325			Price	$0 to $100		$78
Trading account assets – Mortgage trading loans, MBS and ABS	59
Commercial loans, debt securities and other	$	4,090	Discounted cash flow, Market comparables	Yield	6% to 45%		19	%
Trading account assets – Corporate securities, trading loans and other	1,997			Prepayment speed	10% to 20%		15	%
Trading account assets – Non-U.S. sovereign debt	541			Default rate	3% to 4%		4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,011			Loss severity	35% to 40%		38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157		$75
AFS debt securities – Non-U.S. and other taxable securities	187
Loans and leases	97
Loans held-for-sale	206
Other assets, primarily auction rate securities	$	783	Discounted cash flow, Market comparables	Price	$10 to $97		$94
				Discount rate	11	%	n/a
MSRs	$	986	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 13 years		6 years
				Weighted-average life, variable rate (5)	0 to 11 years		3 years
				Option-adjusted spread, fixed rate	7% to 14%		9	%
				Option-adjusted spread, variable rate	9% to 15%		12	%
Structured liabilities
Long-term debt	$	(772)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	32% to 45%		33	%
				Equity correlation	1% to 96%		89	%
				Price	$0 to $122		$92
				Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	4	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	4 to 78 bps		62 bps
				Prepayment speed	15% CPR		n/a
				Default rate	2% CDR		n/a
				Credit correlation	21% to 57%		50	%
				Price	$0 to $151		$95
Equity derivatives	$	(1,403)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%		62	%
				Long-dated equity volatilities	4% to 111%		43	%
Commodity derivatives	$	(495)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
				Power forward price	$5 to $105		$40
Interest rate derivatives	$	(885)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%		66	%
				Correlation (FX/IR)	11% to 58%		43	%
				Long-dated inflation rates	0% to 48%		0	%
				Long-dated inflation volatilities	1% to 5%		2	%
				Interest rate volatilities	0% to 2%		1	%
Total net derivative assets (liabilities)	$	(2,779)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 83: Trading account assets – Corporate securities, trading loans and other of $2.3 billion, Trading account assets – Non-U.S. sovereign debt of $541 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.3 billion, AFS debt securities of $531 million, Other debt securities carried at fair value - Non-agency residential of $94 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $243 million and LHFS of $206 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs	Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	852	Discounted cash flow, Market comparables	Yield	0% to 25%	10	%
Trading account assets – Mortgage trading loans, MBS and ABS	338			Prepayment speed	0% to 29% CPR	12% CPR
Loans and leases	137			Default rate	0% to 3% CDR	1% CDR
AFS debt securities - Non-agency residential	258			Price	$0 to $111	$26
Other debt securities carried at fair value - Non-agency residential	119			Loss severity	0% to 100%	24	%
Instruments backed by commercial real estate assets	$	362	Discounted cash flow	Yield	0% to 25%	10	%
Trading account assets – Corporate securities, trading loans and other	292			Price	$0 to $100	$75
Trading account assets – Mortgage trading loans, MBS and ABS	66
Loans held-for-sale	4
Commercial loans, debt securities and other	$	4,348	Discounted cash flow, Market comparables	Yield	5% to 43%	15	%
Trading account assets – Corporate securities, trading loans and other	2,092			Prepayment speed	10% to 20%	15	%
Trading account assets – Non-U.S. sovereign debt	518			Default rate	3% to 4%	4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,148			Loss severity	35% to 40%	38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157	$75
AFS debt securities – Non-U.S. and other taxable securities	195
Loans and leases	116
Loans held-for-sale	228
Other assets, primarily auction rate securities	$	779	Discounted cash flow, Market comparables	Price	$10 to $97	$94
				Discount rate	11%	n/a
MSRs	$	1,020	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 14 years	6 years
				Weighted-average life, variable rate (5)	0 to 12 years	4 years
				Option-adjusted spread, fixed rate	7% to 14%	9	%
				Option-adjusted spread, variable rate	9% to 15%	12	%
Structured liabilities
Long-term debt	$	(862)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	22% to 43%	23	%
				Equity correlation	0% to 95%	69	%
				Price	$0 to $119	$90
				Natural gas forward price	$3/MMBtu to $13/MMBtu	$9/MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	(44)	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	3 to 63 bps	22 bps
				Upfront points	0 to 100 points	83 points
				Prepayment speed	15% CPR	n/a
				Default rate	2% CDR	n/a
				Credit correlation	18% to 53%	44	%
				Price	$0 to $151	$63
Equity derivatives	$	(1,534)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%	73	%
				Long-dated equity volatilities	4% to 101%	44	%
Commodity derivatives	$	(291)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $13/MMBtu	$8/MMBtu
				Power forward price	$9 to $123	$43
Interest rate derivatives	$	(1,024)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%	67	%
				Correlation (FX/IR)	11% to 58%	43	%
				Long-dated inflation rates	G0% to 39%	1	%
				Long-dated inflation volatilities	0% to 5%	2	%
				Interest rates volatilities	0% to 2%	1	%
Total net derivative assets (liabilities)	$	(2,893)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 84: Trading account assets – Corporate securities, trading loans and other of $2.4 billion, Trading account assets – Non-U.S. sovereign debt of $518 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.6 billion, AFS debt securities of $504 million, Other debt securities carried at fair value - Non-agency residential of $119 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $253 million and LHFS of $232 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Uncertainty of Fair Value Measurements from Unobservable Inputs

For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Nonrecurring Fair Value

The Corporation holds certain assets that are measured at fair value only in certain situations (e.g., the impairment of an asset), and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2023 and 2022.

Assets Measured at Fair Value on a Nonrecurring Basis
	March 31, 2023				Three Months Ended March 31, 2023
(Dollars in millions)	Level 2		Level 3		Gains (Losses)
Assets
Loans held-for-sale	$	715	$	3,428	$	(34)
Loans and leases (1)	—		57		(11)
Foreclosed properties (2, 3)	—		4		(1)
Other assets	—		30		(6)
	March 31, 2022				Three Months Ended March 31, 2022
Assets
Loans held-for-sale	$	31	$	543	$	(1)
Loans and leases (1)	—		68		(15)
Foreclosed properties (2, 3)	—		1		—
Other assets	—		50		(18)

(1)Includes $3 million and $6 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2023 and 2022.

(2)Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.

(3)Excludes $60 million and $61 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at March 31, 2023 and 2022.

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the three months ended March 31, 2023 and the year ended December 31, 2022.

Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
(Dollars in millions)	Three Months Ended March 31, 2023
Loans held-for-sale	$	3,428	Pricing model	Implied yield	12% to 26%		n/a
Loans and leases (2)	57		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
	Year Ended December 31, 2022
Loans held-for-sale	$	3,079	Pricing model	Implied yield	9% to 24%		n/a
Loans and leases (2)	166		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
Other assets (3)	165		Discounted cash flow	Discount rate	7	%	n/a

(1)The weighted average is calculated based upon the fair value of the loans.

(2)Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.

(3)Represents the fair value of certain impaired renewable energy investments.

n/a = not applicable

XML

Fair Value Option

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Option

Fair Value OptionThe Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at March 31, 2023 and December 31, 2022, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022.

Fair Value Option Elections
	March 31, 2023						December 31, 2022
(Dollars in millions)	Fair Value  Carrying  Amount		Contractual  Principal  Outstanding		Fair Value Carrying Amount Less  Unpaid Principal		Fair Value Carrying Amount		Contractual  Principal  Outstanding		Fair Value Carrying   Amount Less  Unpaid Principal
Federal funds sold and securities borrowed or purchased under agreements to resell	$	163,505	$	163,392	$	113	$	146,999	$	147,158	$	(159)
Loans reported as trading account assets (1)	10,296		17,946		(7,650)		10,143		17,682		(7,539)
Trading inventory – other	22,423		n/a		n/a		20,770		n/a		n/a
Consumer and commercial loans	4,397		4,571		(174)		5,771		5,897		(126)
Loans held-for-sale (1)	1,386		2,240		(854)		1,115		1,873		(758)
Other assets	633		n/a		n/a		620		n/a		n/a
Long-term deposits	378		432		(54)		311		381		(70)
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338		234,496		(158)		151,708		151,885		(177)
Short-term borrowings	1,805		1,820		(15)		832		833		(1)
Unfunded loan commitments	122		n/a		n/a		110		n/a		n/a
Accrued expenses and other liabilities	1,544		1,523		21		1,217		1,161		56
Long-term debt	39,413		43,379		(3,966)		33,070		36,830		(3,760)

(1)A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.

n/a = not applicable

Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
	2023						2022
(Dollars in millions)	Market making  and similar  activities		Other Income		Total		Market making  and similar  activities		Other Income		Total
Loans reported as trading account assets	$	57	$	—	$	57	$	4	$	—	$	4
Trading inventory – other (1)	1,728		—		1,728		460		—		460
Consumer and commercial loans	(123)		30		(93)		(22)		(13)		(35)
Loans held-for-sale (2)	—		20		20		—		(132)		(132)
Short-term borrowings	5		—		5		559		—		559
Long-term debt (3)	(918)		(16)		(934)		1,124		(11)		1,113
Other (4)	29		(33)		(4)		(5)		10		5
Total	$	778	$	1	$	779	$	2,120	$	(146)	$	1,974

(1)    The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.

(2)    Includes the value of IRLCs on funded loans, including those sold during the period.

(3)    The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(4)    Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, other assets, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, accrued expenses and other liabilities and unfunded loan commitments.

Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Loans reported as trading account assets	$	40	$	(31)
Consumer and commercial loans	24		(20)
Loans held-for-sale	2		(11)
Unfunded loan commitments	(24)		(7)

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Fair Value of Financial Instruments

The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at March 31, 2023 and December 31, 2022 are presented in the following table.

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	March 31, 2023
Financial assets
Loans	$	1,015,672	$	48,940	$	944,580	$	993,520
Loans held-for-sale	6,809		3,073		3,736		6,809
Financial liabilities
Deposits (1)	1,910,402		1,910,537		—		1,910,537
Long-term debt	283,873		280,599		997		281,596
Commercial unfunded lending commitments (2)	1,559		101		5,912		6,013
	December 31, 2022
Financial assets
Loans	$	1,014,593	$	50,194	$	935,282	$	985,476
Loans held-for-sale	6,871		3,417		3,455		6,872
Financial liabilities
Deposits (1)	1,930,341		1,930,165		—		1,930,165
Long-term debt	275,982		271,993		1,136		273,129
Commercial unfunded lending commitments (2)	1,650		77		6,596		6,673

(1)    Includes demand deposits of $924.8 billion and $918.9 billion with no stated maturities at March 31, 2023 and December 31, 2022.

(2)    The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies.

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Business Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three months ended March 31, 2023 and 2022, and total assets at March 31, 2023 and 2022 for each business segment, as well as All Other.

Results of Business Segments and All Other
At and for the three months ended March 31	Total Corporation (1)				Consumer Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	14,582	$	11,678	$	8,593	$	6,680	$	1,876	$	1,668
Noninterest income	11,810		11,656		2,113		2,133		3,439		3,808
Total revenue, net of interest expense	26,392		23,334		10,706		8,813		5,315		5,476
Provision for credit losses	931		30		1,089		(52)		25		(41)
Noninterest expense	16,238		15,319		5,473		4,921		4,067		4,015
Income before income taxes	9,223		7,985		4,144		3,944		1,223		1,502
Income tax expense	1,062		918		1,036		966		306		368
Net income	$	8,161	$	7,067	$	3,108	$	2,978	$	917	$	1,134
Period-end total assets	$	3,194,657	$	3,238,223	$	1,124,438	$	1,166,443	$	349,888	$	433,122
	Global Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	3,907	$	2,344	$	109	$	993	$	97	$	(7)
Noninterest income	2,296		2,850		5,517		4,299		(1,555)		(1,434)
Total revenue, net of interest expense	6,203		5,194		5,626		5,292		(1,458)		(1,441)
Provision for credit losses	(237)		165		(53)		5		107		(47)
Noninterest expense	2,940		2,683		3,351		3,117		407		583
Income before income taxes	3,500		2,346		2,328		2,170		(1,972)		(1,977)
Income tax expense	945		622		640		575		(1,865)		(1,613)
Net income	$	2,555	$	1,724	$	1,688	$	1,595	$	(107)	$	(364)
Period-end total assets	$	591,231	$	623,168	$	861,477	$	883,304	$	267,623	$	132,186

(1)There were no material intersegment revenues.

The table below presents noninterest income and the associated components for the three months ended March 31, 2023 and 2022 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.

Noninterest Income by Business Segment and All Other
	Total Corporation				Consumer Banking				Global Wealth & Investment Management
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	956	$	935	$	753	$	743	$	—	$	7
Other card income	513		468		521		442		12		11
Total card income	1,469		1,403		1,274		1,185		12		18
Service charges
Deposit-related fees	1,097		1,530		599		844		11		19
Lending-related fees	313		303		—		—		8		—
Total service charges	1,410		1,833		599		844		19		19
Investment and brokerage services
Asset management fees	2,918		3,286		47		52		2,873		3,234
Brokerage fees	934		1,006		27		31		365		420
Total investment and brokerage services	3,852		4,292		74		83		3,238		3,654
Investment banking fees
Underwriting income	569		672		—		—		39		66
Syndication fees	231		312		—		—		—		—
Financial advisory services	363		473		—		—		—		—
Total investment banking fees	1,163		1,457		—		—		39		66
Total fees and commissions	7,894		8,985		1,947		2,112		3,308		3,757
Market making and similar activities	4,712		3,238		5		—		34		13
Other income (loss)	(796)		(567)		161		21		97		38
Total noninterest income	$	11,810	$	11,656	$	2,113	$	2,133	$	3,439	$	3,808
	Global Banking				Global Markets				All Other (1)
	Three Months Ended March 31
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	187	$	175	$	16	$	14	$	—	$	(4)
Other card income	3		1		—		—		(23)		14
Total card income	190		176		16		14		(23)		10
Service charges
Deposit-related fees	467		637		20		28		—		2
Lending-related fees	247		249		58		54		—		—
Total service charges	714		886		78		82		—		2
Investment and brokerage services
Asset management fees	—		—		—		—		(2)		—
Brokerage fees	9		12		533		545		—		(2)
Total investment and brokerage services	9		12		533		545		(2)		(2)
Investment banking fees
Underwriting income	229		275		314		402		(13)		(71)
Syndication fees	126		166		105		146		—		—
Financial advisory services	313		439		50		34		—		—
Total investment banking fees	668		880		469		582		(13)		(71)
Total fees and commissions	1,581		1,954		1,096		1,223		(38)		(61)
Market making and similar activities	45		49		4,398		3,190		230		(14)
Other income (loss)	670		847		23		(114)		(1,747)		(1,359)
Total noninterest income	$	2,296	$	2,850	$	5,517	$	4,299	$	(1,555)	$	(1,434)

(1)All Other includes eliminations of intercompany transactions.

Business Segment Reconciliations
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Segments’ total revenue, net of interest expense	$	27,850	$	24,775
Adjustments (1):
Asset and liability management activities	(225)		(67)
Liquidating businesses, eliminations and other	(1,233)		(1,374)
FTE basis adjustment	(134)		(106)
Consolidated revenue, net of interest expense	$	26,258	$	23,228
Segments’ total net income	8,268		7,431
Adjustments, net-of-tax (1):
Asset and liability management activities	(174)		(58)
Liquidating businesses, eliminations and other	67		(306)
Consolidated net income	$	8,161	$	7,067
	March 31
	2023		2022
Segments’ total assets	$	2,927,034	$	3,106,037
Adjustments (1):
Asset and liability management activities, including securities portfolio	1,229,425		1,281,639
Elimination of segment asset allocations to match liabilities	(1,024,196)		(1,216,401)
Other	62,394		66,948
Consolidated total assets	$	3,194,657	$	3,238,223

(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.

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Summary of Significant Accounting Principles (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.

Basis of Presentation

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2022 Annual Report on Form 10-K.

The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current-period presentation.

New Accounting Standards Issued

New Accounting Standard Issued

Investments – Equity Method and Joint Ventures

The FASB updated its guidance on the accounting for tax credit investments, which permits entities to make an accounting policy election to apply the proportional amortization method

when certain conditions are met. The new accounting guidance is effective on a retrospective or modified retrospective basis beginning on January 1, 2024, with early adoption permitted. If adopted, the Corporation does not expect the guidance to have a material impact on its consolidated financial position or results of operations.

Financial Instruments - Credit Losses

Financial Instruments – Credit Losses

On January 1, 2023, the Corporation adopted the new accounting and disclosure requirements for expected credit losses (ECL) that removed the recognition and measurement guidance on troubled debt restructurings (TDRs) and added disclosures on the financial effect and subsequent performance of certain types of modifications made to borrowers experiencing financial difficulties.

Upon adoption of the standard, the Corporation recorded a reduction of $243 million in the allowance for credit losses for the impact of changes in the methodology used to estimate the allowance for credit losses for non-collateral dependent consumer and commercial TDRs. There was no impact to the valuation of loans previously classified as collateral-dependent TDRs. After adjusting for deferred taxes, the Corporation recorded an increase of $184 million in retained earnings through a cumulative-effect adjustment.

The additional disclosures are included in Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses on a prospective basis and include loan modifications where the contractual payment terms of the borrower’s loan agreement were modified through a refinancing or restructuring. Modifications that do not impact the contractual payment terms, such as covenant waivers, insignificant payment deferrals, and any modifications made to loans carried at fair value, loans held-for-sale (LHFS) and leases are not included in the disclosures.

The Corporation uses various indicators to identify borrowers in financial difficulty. Consumer loan borrowers that are delinquent and commercial loan borrowers that are rated substandard or worse are the primary criteria used to identify borrowers who are experiencing financial difficulty.

If a borrower is current at the time of modification, the loan generally remains a performing loan as long as there is demonstrated performance prior to the modification, and payment in full under the modified terms is expected. Otherwise, the loan is placed on nonaccrual status and reported as nonperforming, excluding fully-insured consumer real estate loans, until there is sustained repayment performance for a reasonable period.

The allowance for loan and lease losses for modified loans is determined in a manner consistent with the methodology for the respective class and credit rating of the financing receivable as described in Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

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Net Interest Income and Noninterest Income (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2023 and 2022. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.

	Three Months Ended March 31
(Dollars in millions)	2023		2022
Net interest income
Interest income
Loans and leases	$	13,097	$	7,352
Debt securities	5,460		3,823
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	3,712		(7)
Trading account assets	2,028		1,081
Other interest income	4,358		645
Total interest income	28,655		12,894
Interest expense
Deposits	4,314		164
Short-term borrowings (1)	6,180		(112)
Trading account liabilities	504		364
Long-term debt	3,209		906
Total interest expense	14,207		1,322
Net interest income	$	14,448	$	11,572
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	956	$	935
Other card income	513		468
Total card income	1,469		1,403
Service charges
Deposit-related fees	1,097		1,530
Lending-related fees	313		303
Total service charges	1,410		1,833
Investment and brokerage services
Asset management fees	2,918		3,286
Brokerage fees	934		1,006
Total investment and brokerage services	3,852		4,292
Investment banking fees
Underwriting income	569		672
Syndication fees	231		312
Financial advisory services	363		473
Total investment banking fees	1,163		1,457
Total fees and commissions	7,894		8,985
Market making and similar activities	4,712		3,238
Other income (loss)	(796)		(567)
Total noninterest income	$	11,810	$	11,656

(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(2)Gross interchange fees and merchant income were $3.2 billion and $2.9 billion for the three months ended March 31, 2023 and 2022 and are presented net of $2.2 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

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Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative [Line Items]

Schedule of Derivative Instruments

The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.

			March 31, 2023
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	22,832.3	$	149.7	$	8.8	$	158.5	$	129.0	$	28.1	$	157.1
Futures and forwards	4,314.7		7.8		—		7.8		8.0		—		8.0
Written options (2)	1,869.5		—		—		—		34.9		—		34.9
Purchased options (3)	1,751.5		36.5		—		36.5		—		—		—
Foreign exchange contracts
Swaps	1,636.0		36.5		1.1		37.6		33.7		1.1		34.8
Spot, futures and forwards	4,876.0		39.3		0.1		39.4		39.5		0.4		39.9
Written options (2)	444.1		—		—		—		6.6		—		6.6
Purchased options (3)	402.4		6.7		—		6.7		—		—		—
Equity contracts
Swaps	423.9		12.7		—		12.7		13.9		—		13.9
Futures and forwards	140.6		2.4		—		2.4		1.2		—		1.2
Written options (2)	884.7		—		—		—		46.4		—		46.4
Purchased options (3)	767.8		39.2		—		39.2		—		—		—
Commodity contracts
Swaps	59.3		4.0		—		4.0		5.0		—		5.0
Futures and forwards	196.8		4.3		—		4.3		4.0		0.2		4.2
Written options (2)	70.8		—		—		—		3.9		—		3.9
Purchased options (3)	79.1		3.4		—		3.4		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	386.9		2.8		—		2.8		1.9		—		1.9
Total return swaps/options	133.3		0.7		—		0.7		2.9		—		2.9
Written credit derivatives:
Credit default swaps	358.7		1.4		—		1.4		2.4		—		2.4
Total return swaps/options	124.4		3.3		—		3.3		0.8		—		0.8
Gross derivative assets/liabilities			$	350.7	$	10.0	$	360.7	$	334.1	$	29.8	$	363.9
Less: Legally enforceable master netting agreements							(290.8)						(290.8)
Less: Cash collateral received/paid							(29.0)						(32.9)
Total derivative assets/liabilities							$	40.9					$	40.2

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.0) billion and $336.3 billion at March 31, 2023.

			December 31, 2022
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	18,285.9	$	138.2	$	20.7	$	158.9	$	120.3	$	36.7	$	157.0
Futures and forwards	2,796.3		8.6		—		8.6		7.8		—		7.8
Written options (2)	1,657.9		—		—		—		41.4		—		41.4
Purchased options (3)	1,594.7		42.4		—		42.4		—		—		—
Foreign exchange contracts
Swaps	1,509.0		44.0		0.3		44.3		43.3		0.4		43.7
Spot, futures and forwards	4,159.3		59.9		0.1		60.0		62.1		0.6		62.7
Written options (2)	392.2		—		—		—		8.1		—		8.1
Purchased options (3)	362.6		8.3		—		8.3		—		—		—
Equity contracts
Swaps	394.0		10.8		—		10.8		12.2		—		12.2
Futures and forwards	114.6		3.3		—		3.3		1.0		—		1.0
Written options (2)	746.8		—		—		—		45.0		—		45.0
Purchased options (3)	671.6		40.9		—		40.9		—		—		—
Commodity contracts
Swaps	56.0		5.1		—		5.1		5.3		—		5.3
Futures and forwards	157.3		3.0		—		3.0		2.3		0.8		3.1
Written options (2)	59.5		—		—		—		3.3		—		3.3
Purchased options (3)	61.8		3.6		—		3.6		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	319.9		2.8		—		2.8		1.6		—		1.6
Total return swaps/options	71.5		0.7		—		0.7		3.0		—		3.0
Written credit derivatives:
Credit default swaps	295.2		1.2		—		1.2		2.4		—		2.4
Total return swaps/options	85.3		4.4		—		4.4		0.9		—		0.9
Gross derivative assets/liabilities			$	377.2	$	21.1	$	398.3	$	360.0	$	38.5	$	398.5
Less: Legally enforceable master netting agreements							(315.9)						(315.9)
Less: Cash collateral received/paid							(33.8)						(37.8)
Total derivative assets/liabilities							$	48.6					$	44.8

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(1.2) billion and $276.9 billion at December 31, 2022.

Gains and Losses on Derivatives Designated as Fair Value Hedges

The table below summarizes information related to fair value hedges for the three months ended March 31, 2023 and 2022.

Gains and Losses on Derivatives Designated as Fair Value Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions)	Derivative		Hedged Item		Derivative		Hedged Item
Interest rate risk on long-term debt (1)	$	3,308	$	(3,305)	$	(11,034)	$	11,219
Interest rate and foreign currency risk on long-term debt (2)	8		(8)		(9)		8
Interest rate risk on available-for-sale securities (3)	(3,027)		3,016		9,817		(9,905)
Price risk on commodity inventory (4)	(519)		519		(232)		237
Total	$	(230)	$	222	$	(1,458)	$	1,559

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)For the three months ended March 31, 2023 and 2022, the derivative amount includes gains (losses) of $8 million and $(21) million in interest expense, $1 million and $14 million in market making and similar activities, and $(1) million and $(2) million in accumulated other comprehensive income (OCI). Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated.

Designated Fair Value Hedged Assets and Liabilities
	March 31, 2023				December 31, 2022
(Dollars in millions)	Carrying Value		Cumulative Fair Value Adjustments (1)		Carrying Value		Cumulative Fair Value Adjustments (1)
Long-term debt (2)	$	187,097	$	(12,629)	$	187,402	$	(21,372)
Available-for-sale debt securities (2, 3, 4)	107,422		(4,283)		167,518		(18,190)
Trading account assets (5)	8,295		487		16,119		146

(1)Increase (decrease) to carrying value.

(2)At March 31, 2023 and December 31, 2022, the cumulative fair value adjustments remaining on long-term debt and available-for-sale debt securities from discontinued hedging relationships resulted in a decrease of $4.6 billion and an increase of $137 million in the related liability and a decrease in the related asset of $8.3 billion and $4.9 billion, which are being amortized over the remaining contractual life of the de-designated hedged items.

(3)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At March 31, 2023 and December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $21.1 billion and $21.4 billion, of which $9.3 billion and $9.2 billion were designated in a portfolio layer hedging relationship. At March 31, 2023 and December 31, 2022, the cumulative adjustment associated with these hedging relationships was a decrease of $329 million and $451 million.

(4)Carrying value represents amortized cost.

(5)Represents hedging activities related to certain commodities inventory.

Cash Flow and Net Investment Hedges

The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2023 and 2022. Of the $9.9 billion after-tax net loss ($13.2 billion pretax) on derivatives in accumulated OCI at March 31, 2023, losses of $4.4 billion after-tax ($5.9 billion pretax) related to both open and terminated cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately five years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
	Three Months Ended March 31
	2023				2022
(Dollars in millions, amounts pretax)	Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI		Gains (Losses) Recognized in Accumulated OCI on Derivatives		Gains (Losses) in Income Reclassified from Accumulated OCI
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)	$	2,550	$	(160)	$	(6,774)	$	(8)
Price risk on forecasted MBS purchases (1)	2		—		(90)		3
Price risk on certain compensation plans (2)	17		5		(27)		12
Total	$	2,569	$	(155)	$	(6,891)	$	7
Net investment hedges
Foreign exchange risk (3)	$	(377)	$	—	$	219	$	—

(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2023 and 2022, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains (losses) of $33 million and $(74) million.

Other Risk Management Derivatives

The table below presents gains (losses) on these derivatives for the three months ended March 31, 2023 and 2022. These gains (losses) are largely offset by the income or expense recorded on the hedged item.

Gains and Losses on Other Risk Management Derivatives
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Interest rate risk on mortgage activities (1, 2)	$	26	$	(147)
Credit risk on loans (2)	(28)		(3)
Interest rate and foreign currency risk on asset and liability management activities (3)	(122)		1,310
Price risk on certain compensation plans (4)	195		(335)

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Schedule of Derivative Instruments Included in Trading Activities

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three months ended March 31, 2023 and 2022. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis.

Sales and Trading Revenue
	Market making and similar activities		Net Interest Income		Other (1)		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Interest rate risk	$	1,244	$	99	$	86	$	1,429
Foreign exchange risk	402		49		24		475
Equity risk	2,000		(838)		460		1,622
Credit risk	480		666		115		1,261
Other risk (2)	272		(78)		(4)		190
Total sales and trading revenue	$	4,398	$	(102)	$	681	$	4,977
	Three Months Ended March 31, 2022
Interest rate risk	$	589	$	452	$	69	$	1,110
Foreign exchange risk	507		(17)		1		491
Equity risk	1,564		(60)		501		2,005
Credit risk	239		476		14		729
Other risk (2)	291		(33)		33		291
Total sales and trading revenue	$	3,190	$	818	$	618	$	4,626

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $529 million and $531 million for the three months ended March 31, 2023 and 2022.

(2)Includes commodity risk.

Disclosure of Credit Derivatives

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2023 and December 31, 2022 are summarized in the table below.

Credit Derivative Instruments
	Less than One Year		One to Three Years		Three to Five Years		Over Five Years		Total
	March 31, 2023
(Dollars in millions)	Carrying Value
Credit default swaps:
Investment grade	$	6	$	32	$	105	$	42	$	185
Non-investment grade	54		395		919		863		2,231
Total	60		427		1,024		905		2,416
Total return swaps/options:
Investment grade	85		282		—		—		367
Non-investment grade	269		8		109		10		396
Total	354		290		109		10		763
Total credit derivatives	$	414	$	717	$	1,133	$	915	$	3,179
Credit-related notes:
Investment grade	$	—	$	—	$	2	$	824	$	826
Non-investment grade	—		3		4		1,032		1,039
Total credit-related notes	$	—	$	3	$	6	$	1,856	$	1,865
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	32,823	$	67,196	$	123,896	$	37,078	$	260,993
Non-investment grade	17,361		30,171		36,112		14,108		97,752
Total	50,184		97,367		160,008		51,186		358,745
Total return swaps/options:
Investment grade	73,449		11,240		—		—		84,689
Non-investment grade	35,946		783		2,088		906		39,723
Total	109,395		12,023		2,088		906		124,412
Total credit derivatives	$	159,579	$	109,390	$	162,096	$	52,092	$	483,157
	December 31, 2022
	Carrying Value
Credit default swaps:
Investment grade	$	2	$	25	$	133	$	34	$	194
Non-investment grade	120		516		870		697		2,203
Total	122		541		1,003		731		2,397
Total return swaps/options:
Investment grade	55		336		—		—		391
Non-investment grade	332		9		132		10		483
Total	387		345		132		10		874
Total credit derivatives	$	509	$	886	$	1,135	$	741	$	3,271
Credit-related notes:
Investment grade	$	—	$	—	$	19	$	1,017	$	1,036
Non-investment grade	—		7		6		1,035		1,048
Total credit-related notes	$	—	$	7	$	25	$	2,052	$	2,084
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	34,670	$	66,170	$	93,237	$	18,677	$	212,754
Non-investment grade	15,229		29,629		30,891		6,662		82,411
Total	49,899		95,799		124,128		25,339		295,165
Total return swaps/options:
Investment grade	38,722		10,407		—		—		49,129
Non-investment grade	32,764		500		2,054		897		36,215
Total	71,486		10,907		2,054		897		85,344
Total credit derivatives	$	121,385	$	106,706	$	126,182	$	26,236	$	380,509

Additional Collateral Required to be Posted Upon Downgrade

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2023 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by

one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2023
(Dollars in millions)	One Incremental  Notch		Second Incremental  Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	162	$	908
Bank of America, N.A. and subsidiaries (1)	70		647
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	79	$	600
Collateral posted	60		306

(1)Included in Bank of America Corporation collateral requirements in this table.

Derivative Liability Subject to Unilateral Termination Upon Downgrade

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2023 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by

one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2023
(Dollars in millions)	One Incremental  Notch		Second Incremental  Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	162	$	908
Bank of America, N.A. and subsidiaries (1)	70		647
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	79	$	600
Collateral posted	60		306

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three months ended March 31, 2023 and 2022. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Derivative assets (CVA)	$	12	$	(59)
Derivative assets/liabilities (FVA)	(43)		35
Derivative liabilities (DVA)	2		121

(1)At March 31, 2023 and December 31, 2022, cumulative CVA reduced the derivative assets balance by $506 million and $518 million, cumulative FVA reduced the net derivative balance by $97 million and $54 million, and cumulative DVA reduced the derivative liabilities balance by $508 million and $506 million.

Derivative

Derivative [Line Items]

Offsetting Assets

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022 by primary risk (e.g., interest rate risk) and the platform, where applicable,

on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

Offsetting of Derivatives (1)
	Derivative Assets		Derivative  Liabilities		Derivative Assets		Derivative  Liabilities
(Dollars in billions)	March 31, 2023				December 31, 2022
Interest rate contracts
Over-the-counter	$	130.0	$	125.0	$	138.4	$	132.3
Exchange-traded	0.3		0.2		0.4		0.1
Over-the-counter cleared	73.8		72.8		71.4		71.1
Foreign exchange contracts
Over-the-counter	81.8		79.2		109.7		110.6
Over-the-counter cleared	0.9		0.9		1.3		1.2
Equity contracts
Over-the-counter	23.8		27.3		21.5		22.6
Exchange-traded	29.9		31.9		33.0		33.8
Commodity contracts
Over-the-counter	8.2		10.3		8.3		9.3
Exchange-traded	2.5		2.3		2.4		1.9
Over-the-counter cleared	0.2		0.3		0.3		0.3
Credit derivatives
Over-the-counter	8.1		7.6		8.9		7.5
Over-the-counter cleared	—		—		—		—
Total gross derivative assets/liabilities, before netting
Over-the-counter	251.9		249.4		286.8		282.3
Exchange-traded	32.7		34.4		35.8		35.8
Over-the-counter cleared	74.9		74.0		73.0		72.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(214.4)		(218.2)		(243.8)		(248.2)
Exchange-traded	(31.7)		(31.7)		(33.5)		(33.5)
Over-the-counter cleared	(73.7)		(73.8)		(72.4)		(72.0)
Derivative assets/liabilities, after netting	39.7		34.1		45.9		37.0
Other gross derivative assets/liabilities (2)	1.2		6.1		2.7		7.8
Total derivative assets/liabilities	40.9		40.2		48.6		44.8
Less: Financial instruments collateral (3)	(15.8)		(8.8)		(18.5)		(7.4)
Total net derivative assets/liabilities	$	25.1	$	31.4	$	30.1	$	37.4

(1)Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Offsetting Liabilities

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022 by primary risk (e.g., interest rate risk) and the platform, where applicable,

on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

Offsetting of Derivatives (1)
	Derivative Assets		Derivative  Liabilities		Derivative Assets		Derivative  Liabilities
(Dollars in billions)	March 31, 2023				December 31, 2022
Interest rate contracts
Over-the-counter	$	130.0	$	125.0	$	138.4	$	132.3
Exchange-traded	0.3		0.2		0.4		0.1
Over-the-counter cleared	73.8		72.8		71.4		71.1
Foreign exchange contracts
Over-the-counter	81.8		79.2		109.7		110.6
Over-the-counter cleared	0.9		0.9		1.3		1.2
Equity contracts
Over-the-counter	23.8		27.3		21.5		22.6
Exchange-traded	29.9		31.9		33.0		33.8
Commodity contracts
Over-the-counter	8.2		10.3		8.3		9.3
Exchange-traded	2.5		2.3		2.4		1.9
Over-the-counter cleared	0.2		0.3		0.3		0.3
Credit derivatives
Over-the-counter	8.1		7.6		8.9		7.5
Over-the-counter cleared	—		—		—		—
Total gross derivative assets/liabilities, before netting
Over-the-counter	251.9		249.4		286.8		282.3
Exchange-traded	32.7		34.4		35.8		35.8
Over-the-counter cleared	74.9		74.0		73.0		72.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(214.4)		(218.2)		(243.8)		(248.2)
Exchange-traded	(31.7)		(31.7)		(33.5)		(33.5)
Over-the-counter cleared	(73.7)		(73.8)		(72.4)		(72.0)
Derivative assets/liabilities, after netting	39.7		34.1		45.9		37.0
Other gross derivative assets/liabilities (2)	1.2		6.1		2.7		7.8
Total derivative assets/liabilities	40.9		40.2		48.6		44.8
Less: Financial instruments collateral (3)	(15.8)		(8.8)		(18.5)		(7.4)
Total net derivative assets/liabilities	$	25.1	$	31.4	$	30.1	$	37.4

(1)Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

XML

Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at March 31, 2023 and December 31, 2022.

Debt Securities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(Dollars in millions)	March 31, 2023								December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252	$	25,204	$	5	$	(1,767)	$	23,442
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035		2,452		—		(231)		2,221
Commercial	6,890		31		(481)		6,440		6,894		28		(515)		6,407
Non-agency residential (1)	459		3		(55)		407		461		15		(90)		386
Total mortgage-backed securities	34,310		39		(2,215)		32,134		35,011		48		(2,603)		32,456
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507		160,773		18		(1,769)		159,022
Non-U.S. securities	13,161		5		(46)		13,120		13,455		4		(52)		13,407
Other taxable securities	4,830		1		(85)		4,746		4,728		1		(84)		4,645
Tax-exempt securities	11,105		25		(227)		10,903		11,518		19		(279)		11,258
Total available-for-sale debt securities	166,349		72		(4,011)		162,410		225,485		90		(4,787)		220,788
Other debt securities carried at fair value (2)	10,081		63		(44)		10,100		8,986		376		(156)		9,206
Total debt securities carried at fair value	176,430		135		(4,055)		172,510		234,471		466		(4,943)		229,994
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334		503,233		—		(87,319)		415,914
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098		121,597		—		(20,259)		101,338
Other taxable securities	7,921		—		(901)		7,020		8,033		—		(1,018)		7,015
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452		632,863		—		(108,596)		524,267
Total debt securities (3,4)	$	800,958	$	135	$	(103,131)	$	697,962	$	867,334	$	466	$	(113,539)	$	754,261

(1)At both March 31, 2023 and December 31, 2022, the underlying collateral type included approximately 17 percent prime and 83 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 $174.4 billion and $104.5 billion at March 31, 2023 and December 31, 2022.

(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $285.7 billion and $174.0 billion, and a fair value of $238.6 billion and $144.2 billion at March 31, 2023, and an amortized cost of $290.5 billion and $176.7 billion, and a fair value of $239.6 billion and $144.6 billion at December 31, 2022.

Gross Realized Gains (Losses) on Sales of Available For Sale Debt

The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2023 and 2022 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Gross gains	$	96	$	37
Gross losses	(306)		(30)
Net gains (losses) on sales of AFS debt securities	$	(210)	$	7
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$	(53)	$	2

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 March 31, 2023 and December 31, 2022.

Total AFS Debt Securities in a Continuous Unrealized Loss Position
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses		Fair Value		Gross  Unrealized  Losses
(Dollars in millions)	March 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	10,106	$	(323)	$	12,900	$	(1,156)	$	23,006	$	(1,479)
Agency-collateralized mortgage obligations	130		(7)		1,873		(193)		2,003		(200)
Commercial	1,411		(40)		3,741		(441)		5,152		(481)
Non-agency residential	60		(6)		334		(49)		394		(55)
Total mortgage-backed securities	11,707		(376)		18,848		(1,839)		30,555		(2,215)
U.S. Treasury and government agencies	2,230		(74)		99,047		(1,364)		101,277		(1,438)
Non-U.S. securities	5,159		(28)		646		(18)		5,805		(46)
Other taxable securities	2,265		(29)		2,037		(56)		4,302		(85)
Tax-exempt securities	783		(13)		2,302		(214)		3,085		(227)
Total AFS debt securities in a continuous    unrealized loss position	$	22,144	$	(520)	$	122,880	$	(3,491)	$	145,024	$	(4,011)
	December 31, 2022
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	18,759	$	(1,118)	$	4,437	$	(649)	$	23,196	$	(1,767)
Agency-collateralized mortgage obligations	1,165		(96)		1,022		(135)		2,187		(231)
Commercial	3,273		(150)		2,258		(365)		5,531		(515)
Non-agency residential	264		(65)		97		(25)		361		(90)
Total mortgage-backed securities	23,461		(1,429)		7,814		(1,174)		31,275		(2,603)
U.S. Treasury and government agencies	36,730		(308)		118,636		(1,461)		155,366		(1,769)
Non-U.S. securities	9,399		(34)		756		(18)		10,155		(52)
Other taxable securities	2,036		(16)		1,580		(68)		3,616		(84)
Tax-exempt securities	607		(28)		2,849		(251)		3,456		(279)
Total AFS debt securities in a continuous    unrealized loss position	$	72,233	$	(1,815)	$	131,635	$	(2,972)	$	203,868	$	(4,787)

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 March 31, 2023 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) 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	$	—	—	%	$	3	5.67	%	$	54	4.91	%	$	24,669	3.36	%	$	24,726	3.36	%
Agency-collateralized mortgage obligations	—		—		6		2.67		—		—		2,229		2.77		2,235		2.77
Commercial	14		1.93		789		3.07		4,555		2.22		1,545		2.24		6,903		2.32
Non-agency residential	—		—		—		—		—		—		741		9.63		741		9.63
Total mortgage-backed securities	14		1.93		798		3.08		4,609		2.25		29,184		3.41		34,605		3.25
U.S. Treasury and government agencies	1,914		3.36		57,616		2.93		44,698		2.36		38		3.63		104,266		2.69
Non-U.S. securities	18,460		3.20		2,905		4.79		71		7.57		188		7.31		21,624		3.47
Other taxable securities	1,341		5.16		2,829		5.44		453		3.72		207		4.39		4,830		5.16
Tax-exempt securities	670		3.07		4,679		3.67		1,919		3.83		3,837		4.16		11,105		3.83
Total amortized cost of debt securities carried at fair value	$	22,399	3.33		$	68,827	3.17		$	51,750	2.42		$	33,454	3.53		$	176,430	3.04
Amortized cost of HTM debt securities
Agency mortgage-backed securities	$	—	—	%	$	—	—	%	$	13	2.77	%	$	494,985	2.12	%	$	494,998	2.12	%
U.S. Treasury and government agencies	—		—		4,548		1.80		117,061		1.37		—		—		121,609		1.39
Other taxable securities	39		9.16		1,289		2.43		273		3.28		6,320		2.48		7,921		2.53
Total amortized cost of HTM debt securities	$	39	9.16		$	5,837	1.94		$	117,347	1.37		$	501,305	2.12		$	624,528	1.98
Debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—			$	3			$	54			$	23,195			$	23,252
Agency-collateralized mortgage obligations	—				6				—				2,029				2,035
Commercial	14				770				4,334				1,334				6,452
Non-agency residential	—				2				—				705				707
Total mortgage-backed securities	14				781				4,388				27,263				32,446
U.S. Treasury and government agencies	1,911				56,952				43,932				35				102,830
Non-U.S. securities	18,457				2,869				71				185				21,582
Other taxable securities	1,337				2,795				418				199				4,749
Tax-exempt securities	669				4,661				1,907				3,666				10,903
Total debt securities carried at fair value	$	22,388			$	68,058			$	50,716			$	31,348			$	172,510
Fair value of HTM debt securities
Agency mortgage-backed securities	$	—			$	—			$	12			$	414,322			$	414,334
U.S. Treasury and government agencies	—				4,235				99,863				—				104,098
Other taxable securities	38				1,217				261				5,504				7,020
Total fair value of HTM debt securities	$	38			$	5,452			$	100,136			$	419,826			$	525,452

(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.

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Outstanding Loans and Leases and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans and Leases Outstanding

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at March 31, 2023 and December 31, 2022.

	30-59 Days  Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total  Current or  Less Than  30 Days  Past Due (1)			Loans  Accounted  for Under  the Fair  Value  Option			Total Outstandings
(Dollars in millions)	March 31, 2023
Consumer real estate
Residential mortgage	$	938		$	255		$	894		$	2,087		$	226,740					$	228,827
Home equity	93			34			189			316			25,552						25,868
Credit card and other consumer
Credit card	500			346			828			1,674			90,795						92,469
Direct/Indirect consumer (2)	206			78			61			345			104,195						104,540
Other consumer	—			—			—			—			120						120
Total consumer	1,737			713			1,972			4,422			447,402						451,824
Consumer loans accounted for under the fair value option (3)																$	334		334
Total consumer loans and leases	1,737			713			1,972			4,422			447,402			334			452,158
Commercial
U.S. commercial	892			156			281			1,329			359,326						360,655
Non-U.S. commercial	124			33			133			290			124,537						124,827
Commercial real estate (4)	257			15			114			386			72,665						73,051
Commercial lease financing	46			12			9			67			13,381						13,448
U.S. small business commercial (5)	109			68			262			439			17,765						18,204
Total commercial	1,428			284			799			2,511			587,674						590,185
Commercial loans accounted for under the fair value option (3)																4,063			4,063
Total commercial loans and leases	1,428			284			799			2,511			587,674			4,063			594,248
Total loans and leases (6)	$	3,165		$	997		$	2,771		$	6,933		$	1,035,076		$	4,397		$	1,046,406
Percentage of outstandings	0.30		%	0.10		%	0.26		%	0.66		%	98.92		%	0.42		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $172 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $69 million and nonperforming loans of $103 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $338 million and nonperforming loans of $745 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $29 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $52.7 billion, U.S. securities-based lending loans of $48.1 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $72 million and home equity loans of $262 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $67.2 billion and non-U.S. commercial real estate loans of $5.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $43.5 billion. The Corporation also pledged $243.8 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

	30-59 Days Past Due (1)			60-89 Days  Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total Current or Less Than 30 Days Past Due (1)			Loans Accounted for Under the Fair Value Option			Total Outstandings
(Dollars in millions)	December 31, 2022
Consumer real estate
Residential mortgage	$	1,077		$	245		$	945		$	2,267		$	227,403					$	229,670
Home equity	88			32			211			331			26,232						26,563
Credit card and other consumer
Credit card	466			322			717			1,505			91,916						93,421
Direct/Indirect consumer (2)	204			59			45			308			105,928						106,236
Other consumer	—			—			—			—			156						156
Total consumer	1,835			658			1,918			4,411			451,635						456,046
Consumer loans accounted for under the fair value option (3)																$	339		339
Total consumer loans and leases	1,835			658			1,918			4,411			451,635			339			456,385
Commercial
U.S. commercial	827			288			330			1,445			357,036						358,481
Non-U.S. commercial	317			59			144			520			123,959						124,479
Commercial real estate (4)	409			81			77			567			69,199						69,766
Commercial lease financing	49			9			11			69			13,575						13,644
U.S. small business commercial (5)	107			63			356			526			17,034						17,560
Total commercial	1,709			500			918			3,127			580,803						583,930
Commercial loans accounted for under the fair value option (3)																5,432			5,432
Total commercial loans and leases	1,709			500			918			3,127			580,803			5,432			589,362
Total loans and leases (6)	$	3,544		$	1,158		$	2,836		$	7,538		$	1,032,438		$	5,771		$	1,045,747
Percentage of outstandings	0.34		%	0.11		%	0.27		%	0.72		%	98.73		%	0.55		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $184 million and nonperforming loans of $155 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $75 million and nonperforming loans of $88 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $368 million and nonperforming loans of $788 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $27 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $51.8 billion, U.S. securities-based lending loans of $50.4 billion and non-U.S. consumer loans of $3.0 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million and home equity loans of $268 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $2.5 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $64.9 billion and non-U.S. commercial real estate loans of $4.8 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $18.5 billion. The Corporation also pledged $163.6 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

Schedule of Financing Receivables, Non Accrual Status

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at March 31, 2023 and December 31, 2022. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Credit Quality
	Nonperforming Loans and Leases						Accruing Past Due 90 Days or More
(Dollars in millions)	March 31 2023			December 31 2022			March 31 2023			December 31 2022
Residential mortgage (1)	$	2,125		$	2,167		$	338		$	368
With no related allowance (2)	1,935			1,973			—			—
Home equity (1)	488			510			—			—
With no related allowance (2)	396			393			—			—
Credit Card	n/a			n/a			828			717
Direct/indirect consumer	101			77			2			2
Total consumer	2,714			2,754			1,168			1,087
U.S. commercial	559			553			112			190
Non-U.S. commercial	125			212			92			25
Commercial real estate	502			271			35			46
Commercial lease financing	4			4			6			8
U.S. small business commercial	14			14			261			355
Total commercial	1,204			1,054			506			624
Total nonperforming loans	$	3,918		$	3,808		$	1,674		$	1,711
Percentage of outstanding loans and leases	0.38		%	0.37		%	0.16		%	0.16		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2023 and December 31, 2022 residential mortgage included $232 million and $260 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $106 million and $108 million of loans on which interest was still accruing.

(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Financing Receivable Credit Quality Indicators

March 31, 2023.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of March 31,  2023		2023		2022		2021		2020		2019		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	214,159	$	3,115	$	39,127	$	79,059	$	37,281	$	18,552	$	37,025
Greater than 90 percent but less than or equal to 100 percent	2,352		196		1,404		612		96		19		25
Greater than 100 percent	934		105		479		240		46		16		48
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,112	$	21	$	385	$	519	$	357	$	109	$	721
Greater than or equal to 620 and less than 680	4,885		68		1,082		1,266		818		327		1,324
Greater than or equal to 680 and less than 740	23,704		309		5,033		7,482		4,046		2,033		4,801
Greater than or equal to 740	186,744		3,018		34,510		70,644		32,202		16,118		30,252
Fully-insured loans	11,382		44		464		3,624		3,033		924		3,293
Total Residential Mortgage	$	228,827	$	3,460	$	41,474	$	83,535	$	40,456	$	19,511	$	40,391
Gross charge-offs	$	8	$	—	$	3	$	1	$	1	$	—	$	3

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	March 31, 2023
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	25,692	$	1,238	$	19,627	$	4,827
Greater than 90 percent but less than or equal to 100 percent	72		21		35		16
Greater than 100 percent	104		36		38		30
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Home Equity
Refreshed FICO score
Less than 620	$	677	$	167	$	197	$	313
Greater than or equal to 620 and less than 680	1,138		144		504		490
Greater than or equal to 680 and less than 740	4,186		292		2,728		1,166
Greater than or equal to 740	19,867		692		16,271		2,904
Total Home Equity	$	25,868	$	1,295	$	19,700	$	4,873
Gross charge-offs	$	6	$	1	$	3	$	2

(1)Includes reverse mortgages of $893 million and home equity loans of $402 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/ Indirect as of March 31, 2023		Revolving Loans		2023		2022		2021		2020		2019		Prior		Total Credit Card as of March 31, 2023		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	940	$	12	$	32	$	308	$	318	$	113	$	76	$	81	$	4,268	$	4,052	$	216
Greater than or equal to 620 and less than 680	2,463		11		245		1,022		707		225		121		132		10,732		10,526		206
Greater than or equal to 680 and less than 740	8,693		49		1,059		3,563		2,375		821		422		404		31,858		31,673		185
Greater than or equal to 740	40,766		77		5,101		15,273		10,501		4,837		2,527		2,450		45,611		45,566		45
Other internal credit    metrics (2,3)	51,678		50,942		52		181		191		63		59		190		—		—		—
Total credit card and other    consumer	$	104,540	$	51,091	$	6,489	$	20,347	$	14,092	$	6,059	$	3,205	$	3,257	$	92,469	$	91,817	$	652
Gross charge-offs	$	40	$	1	$	—	$	17	$	11	$	4	$	2	$	5	$	650	$	633	$	17

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $50.9 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2023.

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of March 31, 2023		2023		2022		2021		2020		2019		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	350,224	$	9,255	$	55,496	$	33,787	$	17,310	$	15,264	$	37,296	$	181,816
Reservable criticized	10,431		49		605		803		582		885		1,925		5,582
Total U.S. Commercial	$	360,655	$	9,304	$	56,101	$	34,590	$	17,892	$	16,149	$	39,221	$	187,398
Gross charge-offs	$	59	$	—	$	3	$	18	$	—	$	—	$	5	$	33
Non-U.S. Commercial
Risk ratings
Pass rated	$	122,545	$	4,204	$	19,937	$	18,102	$	4,634	$	3,736	$	6,585	$	65,347
Reservable criticized	2,282		81		144		321		277		254		225		980
Total Non-U.S. Commercial	$	124,827	$	4,285	$	20,081	$	18,423	$	4,911	$	3,990	$	6,810	$	66,327
Gross charge-offs	$	23	$	—	$	—	$	8	$	7	$	1	$	—	$	7
Commercial Real Estate
Risk ratings
Pass rated	$	67,512	$	1,856	$	16,836	$	13,350	$	5,281	$	8,861	$	12,414	$	8,914
Reservable criticized	5,539		—		11		829		538		1,737		2,217		207
Total Commercial Real Estate	$	73,051	$	1,856	$	16,847	$	14,179	$	5,819	$	10,598	$	14,631	$	9,121
Gross charge-offs	$	24	$	—	$	—	$	—	$	—	$	13	$	11	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,227	$	613	$	3,208	$	2,576	$	1,775	$	1,428	$	3,627	$	—
Reservable criticized	221		—		20		43		17		36		105		—
Total Commercial Lease Financing	$	13,448	$	613	$	3,228	$	2,619	$	1,792	$	1,464	$	3,732	$	—
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,653	$	453	$	1,806	$	1,833	$	1,209	$	826	$	2,401	$	125
Reservable criticized	352		—		22		52		52		72		151		3
Total U.S. Small Business Commercial	$	9,005	$	453	$	1,828	$	1,885	$	1,261	$	898	$	2,552	$	128
Gross charge-offs	$	13	$	—	$	—	$	—	$	8	$	1	$	1	$	3
Total	$	580,986	$	16,511	$	98,085	$	71,696	$	31,675	$	33,099	$	66,946	$	262,974
Total gross charge-offs	$	119	$	—	$	3	$	26	$	15	$	15	$	17	$	43

(1) Excludes $4.1 billion of loans accounted for under the fair value option at March 31, 2023.

(2)     Excludes U.S. Small Business Card loans of $9.2 billion. Refreshed FICO scores for this portfolio are $360 million for less than 620; $931 million for greater than or equal to 620 and less than 680; $2.5 billion for greater than or equal to 680 and less than 740; and $5.4 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $62 million.

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2022.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of  December 31,  2022		2022		2021		2020		2019		2018		Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	215,713	$	39,625	$	81,437	$	37,228	$	18,980	$	5,734	$	32,709
Greater than 90 percent but less than or equal to 100 percent	1,615		950		530		93		15		8		19
Greater than 100 percent	648		374		169		43		15		8		39
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Residential Mortgage
Refreshed FICO score
Less than 620	$	2,156	$	377	$	518	$	373	$	124	$	84	$	680
Greater than or equal to 620 and less than 680	4,978		1,011		1,382		840		329		233		1,183
Greater than or equal to 680 and less than 740	25,444		5,411		8,290		4,369		2,187		830		4,357
Greater than or equal to 740	185,398		34,150		71,946		31,782		16,370		4,603		26,547
Fully-insured loans	11,694		580		3,667		3,102		949		156		3,240
Total Residential Mortgage	$	229,670	$	41,529	$	85,803	$	40,466	$	19,959	$	5,906	$	36,007
Gross charge-offs	$	161	$	—	$	6	$	5	$	6	$	1	$	143

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	December 31, 2022
Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	26,395	$	1,304	$	19,960	$	5,131
Greater than 90 percent but less than or equal to 100 percent	62		20		24		18
Greater than 100 percent	106		37		35		34
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Home Equity
Refreshed FICO score
Less than 620	$	683	$	166	$	189	$	328
Greater than or equal to 620 and less than 680	1,190		152		507		531
Greater than or equal to 680 and less than 740	4,321		312		2,747		1,262
Greater than or equal to 740	20,369		731		16,576		3,062
Total Home Equity	$	26,563	$	1,361	$	20,019	$	5,183
Gross charge-offs	$	45	$	5	$	24	$	16

(1)Includes reverse mortgages of $937 million and home equity loans of $424 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/Indirect as of December 31, 2022		Revolving Loans		2022		2021		2020		2019		2018		Prior		Total Credit Card as of December 31, 2022		Revolving Loans		Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620	$	847	$	12	$	237	$	301	$	113	$	84	$	43	$	57	$	4,056	$	3,866	$	190
Greater than or equal to 620 and less than 680	2,521		12		1,108		816		269		150		69		97		10,994		10,805		189
Greater than or equal to 680 and less than 740	8,895		52		4,091		2,730		992		520		214		296		32,186		32,017		169
Greater than or equal to 740	39,679		83		16,663		11,392		5,630		2,992		1,236		1,683		46,185		46,142		43
Other internal credit    metrics (2, 3)	54,294		53,404		259		305		70		57		40		159		—		—		—
Total credit card and other    consumer	$	106,236	$	53,563	$	22,358	$	15,544	$	7,074	$	3,803	$	1,602	$	2,292	$	93,421	$	92,830	$	591
Gross charge-offs	$	232	$	7	$	31	$	79	$	34	$	27	$	14	$	40	$	1,985	$	1,909	$	76

(1)Represents TDRs that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $53.4 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2022.

Commercial – Credit Quality Indicators By Vintage (1)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of December 31, 2022		2022		2021		2020		2019		2018		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	348,447	$	61,200	$	39,717	$	18,609	$	16,566	$	8,749	$	30,282	$	173,324
Reservable criticized	10,034		278		794		697		884		1,202		856		5,323
Total U.S. Commercial	$	358,481	$	61,478	$	40,511	$	19,306	$	17,450	$	9,951	$	31,138	$	178,647
Gross charge-offs	$	151	$	2	$	24	$	24	$	9	$	6	$	13	$	73
Non-U.S. Commercial
Risk ratings
Pass rated	$	121,890	$	24,839	$	19,098	$	5,183	$	3,882	$	2,423	$	4,697	$	61,768
Reservable criticized	2,589		45		395		331		325		98		475		920
Total Non-U.S. Commercial	$	124,479	$	24,884	$	19,493	$	5,514	$	4,207	$	2,521	$	5,172	$	62,688
Gross charge-offs	$	41	$	—	$	3	$	1	$	—	$	37	$	—	$	—
Commercial Real Estate
Risk ratings
Pass rated	$	64,619	$	15,290	$	13,089	$	5,756	$	9,013	$	4,384	$	8,606	$	8,481
Reservable criticized	5,147		11		837		545		1,501		1,151		1,017		85
Total Commercial Real Estate	$	69,766	$	15,301	$	13,926	$	6,301	$	10,514	$	5,535	$	9,623	$	8,566
Gross charge-offs	$	75	$	—	$	—	$	6	$	—	$	26	$	43	$	—
Commercial Lease Financing
Risk ratings
Pass rated	$	13,404	$	3,255	$	2,757	$	1,955	$	1,578	$	1,301	$	2,558	$	—
Reservable criticized	240		9		35		12		71		50		63		—
Total Commercial Lease Financing	$	13,644	$	3,264	$	2,792	$	1,967	$	1,649	$	1,351	$	2,621	$	—
Gross charge-offs	$	8	$	—	$	4	$	—	$	4	$	—	$	—	$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated	$	8,726	$	1,825	$	1,953	$	1,408	$	864	$	624	$	1,925	$	127
Reservable criticized	329		11		35		48		76		51		105		3
Total U.S. Small Business Commercial	$	9,055	$	1,836	$	1,988	$	1,456	$	940	$	675	$	2,030	$	130
Gross charge-offs	$	31	$	—	$	1	$	11	$	4	$	1	$	6	$	8
Total	$	575,425	$	106,763	$	78,710	$	34,544	$	34,760	$	20,033	$	50,584	$	250,031
Total gross charge-offs	$	306	$	2	$	32	$	42	$	17	$	70	$	62	$	81

(1) Excludes $5.4 billion of loans accounted for under the fair value option at December 31, 2022.

(2) Excludes U.S. Small Business Card loans of $8.5 billion. Refreshed FICO scores for this portfolio are $297 million for less than 620; $859 million for greater than or equal to 620 and less than 680; $2.4 billion for greater than or equal to 680 and less than 740; and $5.0 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $172 million.

Troubled Debt Restructurings on Financing Receivables

The table below provides aging information as of March 31, 2023 for consumer real estate loans modified since January 1, 2023.

Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty (1)
	Current		30–89 Days Past Due		90+ Days Past Due		Total
(Dollars in millions)	March 31, 2023
Residential mortgage	$	126	$	49	$	30	$	205
Home equity	23		7		10		40
Total	$	149	$	56	$	40	$	245

(1)Excludes trial modifications and Chapter 7 discharges.

The following table presents the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three months ended March 31, 2022. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification.

At December 31, 2022, remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were not significant.

Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate (1)
(Dollars in millions)	March 31, 2022
Residential mortgage	$	585	$	539	3.50	%	3.33	%
Home equity	92		75		3.62		3.63
Total	$	677	$	614	3.52		3.37

(1)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.

The table below presents the March 31, 2022 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2022, by type of modification.

Consumer Real Estate – Modification Programs
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Modifications under proprietary programs	552
Loans discharged in Chapter 7 bankruptcy (1)	5
Trial modifications	57
Total modifications	$	614

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2022 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.

Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
(Dollars in millions)	Three Months Ended March 31, 2022
Modifications under proprietary programs	40
Loans discharged in Chapter 7 bankruptcy (1)	1
Trial modifications (2)	4
Total modifications	$	45

(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

(2)Includes trial modification offers to which the customer did not respond.

The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the March 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three months ended March 31, 2022.

Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2022
	Unpaid Principal Balance		Carrying Value (1)		Pre-Modification Interest Rate		Post-Modification Interest Rate
(Dollars in millions)	March 31, 2022
Credit card	$	69	$	73	18.67	%	3.69	%
Direct/Indirect consumer	4		3		5.75		5.75
Total	$	73	$	76	18.03		3.77

(1)Includes accrued interest and fees.

The table below presents the March 31, 2022 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three months ended March 31, 2022 by program type.

Credit Card and Other Consumer – TDRs by Program Type (1)
(Dollars in millions)	TDRs Entered into During the Three Months Ended March 31, 2022
Internal programs	$	63
External programs	10
Other	3
Total	$	76

(1) Includes accrued interest and fees.

Changes in the Allowance for Credit Losses

The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the table below.

	Consumer Real Estate		Credit Card and  Other Consumer		Commercial		Total
(Dollars in millions)	Three Months Ended March 31, 2023
Allowance for loan and lease losses, December 31	$	420	$	6,817	$	5,445	$	12,682
January 1, 2023 adoption of credit loss standard	(67)		(109)		(67)		(243)
Allowance for loan and lease losses, January 1	353		6,708		5,378		12,439
Loans and leases charged off	(14)		(861)		(181)		(1,056)
Recoveries of loans and leases previously charged off	25		197		27		249
Net charge-offs	11		(664)		(154)		(807)
Provision for loan and lease losses	34		913		(47)		900
Other	5		1		(24)		(18)
Allowance for loan and lease losses, March 31	403		6,958		5,153		12,514
Reserve for unfunded lending commitments, January 1	94		—		1,446		1,540
Provision for unfunded lending commitments	(1)		—		(102)		(103)
Reserve for unfunded lending commitments, March 31	93		—		1,344		1,437
Allowance for credit losses, March 31	$	496	$	6,958	$	6,497	$	13,951
	Three Months Ended March 31, 2022
Allowance for loan and lease losses, January 1	$	557	$	6,476	$	5,354	$	12,387
Loans and leases charged off	(23)		(619)		(92)		(734)
Recoveries of loans and leases previously charged off	63		239		40		342
Net charge-offs	40		(380)		(52)		(392)
Provision for loan and lease losses	(126)		146		88		108
Other	2		—		(1)		1
Allowance for loan and lease losses, March 31	473		6,242		5,389		12,104
Reserve for unfunded lending commitments, January 1	96		—		1,360		1,456
Provision for unfunded lending commitments	(6)		—		(72)		(78)
Other	1		—		—		1
Reserve for unfunded lending commitments, March 31	91		—		1,288		1,379
Allowance for credit losses, March 31	$	564	$	6,242	$	6,677	$	13,483

XML

Securitizations and Other Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Mortgage Related Securitizations

The table below summarizes select information related to first-lien mortgage securitizations for the three months ended March 31, 2023 and 2022.

First-lien Mortgage Securitizations
	Residential Mortgage - Agency				Commercial Mortgage
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022
Proceeds from loan sales (1)	$	1,347	$	2,322	$	142	$	2,428
Gains on securitizations (2)	(5)		8		3		13
Repurchases from securitization trusts (3)	9		32		—		—

(1)The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the government-sponsored enterprises or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives residential mortgage-backed securities in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt.

(2)A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $10 million and $20 million net of hedges, during the three months ended March 31, 2023 and 2022, are not included in the table above.

(3)The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The table below summarizes select information related to home equity, credit card and other asset-backed VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Home Equity Loan, Credit Card and Other Asset-backed VIEs
	Home Equity (1)				Credit Card (2)				Resecuritization Trusts				Municipal Bond Trusts
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure	$	8	$	119	$	—	$	—	$	4,473	$	4,243	$	2,530	$	2,537
On-balance sheet assets
Securities (3):
Trading account assets	$	—	$	—	$	—	$	—	$	910	$	456	$	—	$	—
Debt securities carried at fair value	—		1		—		—		1,105		1,259		—		—
Held-to-maturity securities	—		—		—		—		2,458		2,528		—		—
Total retained positions	$	—	$	1	$	—	$	—	$	4,473	$	4,243	$	—	$	—
Total assets of VIEs	$	301	$	326	$	—	$	—	$	13,802	$	12,255	$	3,032	$	3,016
Consolidated VIEs
Maximum loss exposure	$	29	$	32	$	8,994	$	9,555	$	277	$	551	$	1,390	$	—
On-balance sheet assets
Trading account assets	$	—	$	—	$	—	$	—	$	656	$	650	$	1,390	$	—
Loans and leases	99		97		13,989		14,555		—		—		—		—
Allowance for loan and lease losses	11		12		(807)		(808)		—		—		—		—
All other assets	2		2		67		68		—		—		—		—
Total assets	$	112	$	111	$	13,249	$	13,815	$	656	$	650	$	1,390	$	—
On-balance sheet liabilities
Short-term borrowings	$	—	$	—	$	—	$	—	$	—	$	—	$	1,317	$	—
Long-term debt	83		79		4,248		4,247		379		99		—		—
All other liabilities	—		—		7		13		—		—		—		—
Total liabilities	$	83	$	79	$	4,255	$	4,260	$	379	$	99	$	1,317	$	—

(1)For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies.

(2)At March 31, 2023 and December 31, 2022, loans and leases in the consolidated credit card trust included $4.7 billion and $3.3 billion of seller’s interest.

(3)The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).

First Lien Mortgages

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

First-lien Mortgage VIEs
	Residential Mortgage
					Non-agency
	Agency				Prime				Subprime				Alt-A				Commercial Mortgage
(Dollars in millions)	March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022		March 31 2023		December 31 2022
Unconsolidated VIEs
Maximum loss exposure (1)	$	8,848	$	9,112	$	90	$	91	$	683	$	735	$	8	$	28	$	1,490	$	1,594
On-balance sheet assets
Senior securities:
Trading account assets	$	197	$	232	$	3	$	3	$	26	$	25	$	6	$	26	$	32	$	91
Debt securities carried at fair value	2,893		3,027		—		—		361		410		—		—		—		—
Held-to-maturity securities	5,758		5,853		—		—		—		—		—		—		1,272		1,268
All other assets	—		—		3		3		22		25		2		2		59		101
Total retained positions	$	8,848	$	9,112	$	6	$	6	$	409	$	460	$	8	$	28	$	1,363	$	1,460
Principal balance outstanding (2)	$	80,077	$	81,644	$	3,872	$	3,973	$	4,929	$	5,034	$	11,259	$	11,568	$	80,157	$	85,101
Consolidated VIEs
Maximum loss exposure (1)	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
On-balance sheet assets
Trading account assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Loans and leases, net	—		—		—		—		—		—		—		—		—		—
Total assets	$	1,886	$	1,735	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements.

(2)Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.

Other Variable Interest Entities

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at March 31, 2023 and December 31, 2022.

Other VIEs
	Consolidated		Unconsolidated		Total		Consolidated		Unconsolidated (1)		Total (1)
(Dollars in millions)	March 31, 2023						December 31, 2022
Maximum loss exposure	$	1,874	$	48,061	$	49,935	$	2,286	$	47,477	$	49,763
On-balance sheet assets
Trading account assets	$	344	$	2,126	$	2,470	$	353	$	2,187	$	2,540
Debt securities carried at fair value	—		247		247		—		473		473
Loans and leases	1,666		14,536		16,202		2,086		14,243		16,329
Allowance for loan and lease losses	(1)		(98)		(99)		(1)		(99)		(100)
All other assets	60		30,717		30,777		46		30,221		30,267
Total	$	2,069	$	47,528	$	49,597	$	2,484	$	47,025	$	49,509
On-balance sheet liabilities
Short-term borrowings	$	22	$	—	$	22	$	42	$	—	$	42
Long-term debt	173		—		173		156		—		156
All other liabilities	—		7,357		7,357		—		7,318		7,318
Total	$	195	$	7,357	$	7,552	$	198	$	7,318	$	7,516

(1)Prior period has been revised to include unconsolidated CLOs.

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The table below presents goodwill balances by business segment at March 31, 2023 and December 31, 2022. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)	March 31 2023		December 31 2022
Consumer Banking	$	30,137	$	30,137
Global Wealth & Investment Management	9,677		9,677
Global Banking	24,026		24,026
Global Markets	5,182		5,182
Total goodwill	$	69,022	$	69,022

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Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Net Investment in Sales-type and Direct Financing Leases

The following table presents the net investment in sales-type and direct financing leases at March 31, 2023 and December 31, 2022.

Net Investment (1)
(Dollars in millions)	March 31 2023		December 31 2022
Lease receivables	$	14,895	$	15,123
Unguaranteed residuals	2,116		2,143
Total net investment in sales-type and direct       financing leases	$	17,011	$	17,266

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.4 billion and $6.5 billion at March 31, 2023 and December 31, 2022.

Sales-type Lease, Lease Income

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Operating Lease, Lease Income

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Direct Financing Lease, Lease Income

The table below presents lease income for the three months ended March 31, 2023 and 2022.

Lease Income
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Sales-type and direct financing leases	$	172	$	142
Operating leases	238		232
Total lease income	$	410	$	374

Supplemental Information

The table below provides information on the right-of-use assets and lease liabilities at March 31, 2023 and December 31, 2022.

Lessee Arrangements
(Dollars in millions)	March 31 2023		December 31 2022
Right-of-use asset	$	9,527	$	9,755
Lease liabilities	10,137		10,359

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Securities Financing Agreements, Collateral and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2023

Offsetting Liabilities [Line Items]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity.

Remaining Contractual Maturity
	Overnight and Continuous		30 Days or Less		After 30 Days Through 90 Days		Greater than 90 Days (1)		Total
(Dollars in millions)	March 31, 2023
Securities sold under agreements to repurchase	$	262,304	$	226,589	$	44,524	$	46,041	$	579,458
Securities loaned	64,599		604		654		4,111		69,968
Other	11,993		—		—		—		11,993
Total	$	338,896	$	227,193	$	45,178	$	50,152	$	661,419
	December 31, 2022
Securities sold under agreements to repurchase	$	200,087	$	181,632	$	41,666	$	30,107	$	453,492
Securities loaned	66,909		288		1,139		4,080		72,416
Other	8,427		—		—		—		8,427
Total	$	275,423	$	181,920	$	42,805	$	34,187	$	534,335

(1)No agreements have maturities greater than four years.

Class of Collateral Pledged
	Securities Sold Under Agreements to Repurchase		Securities Loaned		Other		Total
(Dollars in millions)	March 31, 2023
U.S. government and agency securities	$	313,725	$	—	$	—	$	313,725
Corporate securities, trading loans and other	17,056		2,319		323		19,698
Equity securities	11,543		67,574		11,665		90,782
Non-U.S. sovereign debt	233,043		75		5		233,123
Mortgage trading loans and ABS	4,091		—		—		4,091
Total	$	579,458	$	69,968	$	11,993	$	661,419
	December 31, 2022
U.S. government and agency securities	$	193,005	$	18	$	—	$	193,023
Corporate securities, trading loans and other	14,345		2,896		317		17,558
Equity securities	10,249		69,432		8,110		87,791
Non-U.S. sovereign debt	232,171		70		—		232,241
Mortgage trading loans and ABS	3,722		—		—		3,722
Total	$	453,492	$	72,416	$	8,427	$	534,335

Securities Borrowed And Securities Purchased Under Agreements To Resell

Offsetting Liabilities [Line Items]

Offsetting Assets

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Securities Financing Agreements
	Gross Assets/Liabilities (1)		Amounts Offset		Net Balance Sheet Amount		Financial Instruments (2)		Net Assets/Liabilities
(Dollars in millions)	March 31, 2023
Securities borrowed or purchased under agreements to resell (3)	$	633,124	$	(335,046)	$	298,078	$	(268,791)	$	29,287
Securities loaned or sold under agreements to repurchase	$	649,426	$	(335,046)	$	314,380	$	(287,074)	$	27,306
Other (4)	11,993		—		11,993		(11,993)		—
Total	$	661,419	$	(335,046)	$	326,373	$	(299,067)	$	27,306
	December 31, 2022
Securities borrowed or purchased under agreements to resell (3)	$	597,847	$	(330,273)	$	267,574	$	(240,120)	$	27,454
Securities loaned or sold under agreements to repurchase	$	525,908	$	(330,273)	$	195,635	$	(183,265)	$	12,370
Other (4)	8,427		—		8,427		(8,427)		—
Total	$	534,335	$	(330,273)	$	204,062	$	(191,692)	$	12,370

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $9.9 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Securities Loaned And Financial Assets Sold Under Agreements To Repurchase

Offsetting Liabilities [Line Items]

Offsetting Liabilities

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at March 31, 2023 and December 31, 2022. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

Securities Financing Agreements
	Gross Assets/Liabilities (1)		Amounts Offset		Net Balance Sheet Amount		Financial Instruments (2)		Net Assets/Liabilities
(Dollars in millions)	March 31, 2023
Securities borrowed or purchased under agreements to resell (3)	$	633,124	$	(335,046)	$	298,078	$	(268,791)	$	29,287
Securities loaned or sold under agreements to repurchase	$	649,426	$	(335,046)	$	314,380	$	(287,074)	$	27,306
Other (4)	11,993		—		11,993		(11,993)		—
Total	$	661,419	$	(335,046)	$	326,373	$	(299,067)	$	27,306
	December 31, 2022
Securities borrowed or purchased under agreements to resell (3)	$	597,847	$	(330,273)	$	267,574	$	(240,120)	$	27,454
Securities loaned or sold under agreements to repurchase	$	525,908	$	(330,273)	$	195,635	$	(183,265)	$	12,370
Other (4)	8,427		—		8,427		(8,427)		—
Total	$	534,335	$	(330,273)	$	204,062	$	(191,692)	$	12,370

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $9.9 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2023 and December 31, 2022.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Credit Extension Commitment Expirations

The table below includes the notional amount of commitments of $3.1 billion and $3.0 billion at March 31, 2023 and December 31, 2022 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $122 million and $110 million at March 31, 2023 and December 31, 2022, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.

Credit Extension Commitments
	Expire in One Year or Less		Expire After One Year Through Three Years		Expire After Three Years Through Five Years		Expire After Five Years		Total
(Dollars in millions)	March 31, 2023
Notional amount of credit extension commitments
Loan commitments (1)	$	117,267	$	160,450	$	219,304	$	15,920	$	512,941
Home equity lines of credit	1,667		7,986		11,652		22,660		43,965
Standby letters of credit and financial guarantees (2)	22,417		9,328		2,755		528		35,028
Letters of credit	963		32		42		26		1,063
Other commitments (3)	3		68		137		1,059		1,267
Legally binding commitments	142,317		177,864		233,890		40,193		594,264
Credit card lines (4)	429,384		—		—		—		429,384
Total credit extension commitments	$	571,701	$	177,864	$	233,890	$	40,193	$	1,023,648
	December 31, 2022
Notional amount of credit extension commitments
Loan commitments (1)	$	113,962	$	162,890	$	221,374	$	13,667	$	511,893
Home equity lines of credit	1,479		7,230		11,578		22,154		42,441
Standby letters of credit and financial guarantees (2)	22,565		9,237		2,787		628		35,217
Letters of credit	853		46		52		49		1,000
Other commitments (3)	5		93		71		1,103		1,272
Legally binding commitments	138,864		179,496		235,862		37,601		591,823
Credit card lines (4)	419,144		—		—		—		419,144
Total credit extension commitments	$	558,008	$	179,496	$	235,862	$	37,601	$	1,010,967

(1)     At March 31, 2023 and December 31, 2022, $2.9 billion and $2.6 billion of these loan commitments were held in the form of a security.

(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.0 billion and $9.4 billion at March 31, 2023, and $25.1 billion and $9.5 billion at December 31, 2022. Amounts in the table include consumer SBLCs of $563 million and $575 million at March 31, 2023 and December 31, 2022.

(3)     Primarily includes second-loss positions on lease-end residual value guarantees.

(4)     Includes business card unused lines of credit.

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Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Dividends

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date	Record Date	Payment Date	Dividend Per Share
April 26, 2023	June 2, 2023	June 30, 2023	$	0.22
February 1, 2023	March 3, 2023	March 31, 2023	0.22

(1) In 2023, and through May 1, 2023.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated OCI

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2023 and 2022.

(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)
Net change	(3,447)		261		(5,179)		24		28		(8,313)
Balance, March 31, 2022	$	(402)	$	(1,375)	$	(7,059)	$	(3,618)	$	(963)	$	(13,417)
Balance, December 31, 2022	$	(2,983)	$	(881)	$	(11,935)	$	(4,309)	$	(1,048)	$	(21,156)
Net change	555		10		2,042		10		12		2,629
Balance, March 31, 2023	$	(2,428)	$	(871)	$	(9,893)	$	(4,299)	$	(1,036)	$	(18,527)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the three months ended March 31, 2023 and 2022.

	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2023						2022
Debt securities:
Net increase (decrease) in fair value	$	521	$	(123)	$	398	$	(4,565)	$	1,123	$	(3,442)
Net realized (gains) losses reclassified into earnings (1)	210		(53)		157		(7)		2		(5)
Net change	731		(176)		555		(4,572)		1,125		(3,447)
Debit valuation adjustments:
Net increase (decrease) in fair value	9		(2)		7		343		(83)		260
Net realized (gains) losses reclassified into earnings (1)	4		(1)		3		1		—		1
Net change	13		(3)		10		344		(83)		261
Derivatives:
Net increase (decrease) in fair value	2,568		(643)		1,925		(6,893)		1,719		(5,174)
Reclassifications into earnings:
Net interest income	161		(40)		121		6		(2)		4
Compensation and benefits expense	(5)		1		(4)		(12)		3		(9)
Net realized (gains) losses reclassified into earnings	156		(39)		117		(6)		1		(5)
Net change	2,724		(682)		2,042		(6,899)		1,720		(5,179)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)	13		(3)		10		42		(18)		24
Net change	13		(3)		10		42		(18)		24
Foreign currency:
Net increase (decrease) in fair value	(77)		89		12		80		(52)		28
Net change	(77)		89		12		80		(52)		28
Total other comprehensive income (loss)	$	3,404	$	(775)	$	2,629	$	(11,005)	$	2,692	$	(8,313)

(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Calculation of earnings per common share and diluted earnings per common share

The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2023 and 2022 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

	Three Months Ended March 31
(In millions, except per share information)	2023		2022
Earnings per common share
Net income	$	8,161	$	7,067
Preferred stock dividends	(505)		(467)
Net income applicable to common shareholders	$	7,656	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Earnings per common share	$	0.95	$	0.81
Diluted earnings per common share
Net income applicable to common shareholders	$	7,656	$	6,600
Add preferred stock dividends due to assumed conversions	56		—
Net income allocated to common shareholders	$	7,712	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Dilutive potential common shares (1)	116.4		65.3
Total diluted average common shares issued and outstanding	8,182.3		8,202.1
Diluted earnings per common share	$	0.94	$	0.80

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value on a Recurring Basis

Assets and liabilities carried at fair value on a recurring basis at

March 31, 2023 and December 31, 2022, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

	March 31, 2023
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	921	$	—	$	—	$	—	$	921
Federal funds sold and securities borrowed or purchased under agreements to resell	—		163,505		—		—		163,505
Trading account assets:
U.S. Treasury and government agencies	63,966		8		—		—		63,974
Corporate securities, trading loans and other	—		41,121		2,322		—		43,443
Equity securities	90,424		37,493		212		—		128,129
Non-U.S. sovereign debt	9,180		28,892		541		—		38,613
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		30,959		11		—		30,970
Mortgage trading loans, ABS and other MBS	—		8,560		1,289		—		9,849
Total trading account assets (2)	163,570		147,033		4,375		—		314,978
Derivative assets	14,626		342,584		3,555		(319,818)		40,947
AFS debt securities:
U.S. Treasury and government agencies	100,579		928		—		—		101,507
Mortgage-backed securities:
Agency	—		23,252		—		—		23,252
Agency-collateralized mortgage obligations	—		2,035		—		—		2,035
Non-agency residential	—		114		293		—		407
Commercial	—		6,440		—		—		6,440
Non-U.S. securities	—		12,933		187		—		13,120
Other taxable securities	—		4,746		—		—		4,746
Tax-exempt securities	—		10,852		51		—		10,903
Total AFS debt securities	100,579		61,300		531		—		162,410
Other debt securities carried at fair value:
U.S. Treasury and government agencies	1,323		—		—		—		1,323
Non-agency residential MBS	—		206		94		—		300
Non-U.S. and other securities	2,989		5,488		—		—		8,477
Total other debt securities carried at fair value	4,312		5,694		94		—		10,100
Loans and leases	—		4,154		243		—		4,397
Loans held-for-sale	—		1,180		206		—		1,386
Other assets (3)	9,905		877		1,769		—		12,551
Total assets (4)	$	293,913	$	726,327	$	10,773	$	(319,818)	$	711,195
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	378	$	—	$	—	$	378
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		234,338		—		—		234,338
Trading account liabilities:
U.S. Treasury and government agencies	13,886		5		—		—		13,891
Equity securities	44,410		5,528		—		—		49,938
Non-U.S. sovereign debt	12,659		8,165		—		—		20,824
Corporate securities and other	—		7,735		64		—		7,799
Total trading account liabilities	70,955		21,433		64		—		92,452
Derivative liabilities	15,976		341,556		6,334		(323,697)		40,169
Short-term borrowings	—		1,796		9		—		1,805
Accrued expenses and other liabilities	11,042		2,597		20		—		13,659
Long-term debt	—		38,641		772		—		39,413
Total liabilities (4)	$	97,973	$	640,739	$	7,199	$	(323,697)	$	422,214

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $91 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $986 million.

(4)Total recurring Level 3 assets were 0.34 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

	December 31, 2022
	Fair Value Measurements
(Dollars in millions)	Level 1		Level 2		Level 3		Netting Adjustments (1)		Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments	$	868	$	—	$	—	$	—	$	868
Federal funds sold and securities borrowed or purchased under agreements to resell	—		146,999		—		—		146,999
Trading account assets:
U.S. Treasury and government agencies	58,894		212		—		—		59,106
Corporate securities, trading loans and other	—		46,897		2,384		—		49,281
Equity securities	77,868		35,065		145		—		113,078
Non-U.S. sovereign debt	7,392		26,306		518		—		34,216
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed	—		28,563		34		—		28,597
Mortgage trading loans, ABS and other MBS	—		10,312		1,518		—		11,830
Total trading account assets (2)	144,154		147,355		4,599		—		296,108
Derivative assets	14,775		380,380		3,213		(349,726)		48,642
AFS debt securities:
U.S. Treasury and government agencies	158,102		920		—		—		159,022
Mortgage-backed securities:
Agency	—		23,442		—		—		23,442
Agency-collateralized mortgage obligations	—		2,221		—		—		2,221
Non-agency residential	—		128		258		—		386
Commercial	—		6,407		—		—		6,407
Non-U.S. securities	—		13,212		195		—		13,407
Other taxable securities	—		4,645		—		—		4,645
Tax-exempt securities	—		11,207		51		—		11,258
Total AFS debt securities	158,102		62,182		504		—		220,788
Other debt securities carried at fair value:
U.S. Treasury and government agencies	561		—		—		—		561
Non-agency residential MBS	—		248		119		—		367
Non-U.S. and other securities	3,027		5,251		—		—		8,278
Total other debt securities carried at fair value	3,588		5,499		119		—		9,206
Loans and leases	—		5,518		253		—		5,771
Loans held-for-sale	—		883		232		—		1,115
Other assets (3)	6,898		897		1,799		—		9,594
Total assets (4)	$	328,385	$	749,713	$	10,719	$	(349,726)	$	739,091
Liabilities
Interest-bearing deposits in U.S. offices	$	—	$	311	$	—	$	—	$	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	—		151,708		—		—		151,708
Trading account liabilities:
U.S. Treasury and government agencies	13,906		181		—		—		14,087
Equity securities	36,937		4,825		—		—		41,762
Non-U.S. sovereign debt	9,636		8,228		—		—		17,864
Corporate securities and other	—		6,628		58		—		6,686
Total trading account liabilities	60,479		19,862		58		—		80,399
Derivative liabilities	15,431		376,979		6,106		(353,700)		44,816
Short-term borrowings	—		818		14		—		832
Accrued expenses and other liabilities	7,458		2,262		32		—		9,752
Long-term debt	—		32,208		862		—		33,070
Total liabilities (4)	$	83,368	$	584,148	$	7,072	$	(353,700)	$	320,888

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $40 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $1.0 billion.

(4)Total recurring Level 3 assets were 0.35 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to

decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

Level 3 – Fair Value Measurements (1)
	Balance January 1		Total Realized/Unrealized Gains  (Losses) in Net  Income (2)		Gains (Losses) in OCI (3)		Gross								Gross Transfers into Level 3		Gross Transfers out of Level 3		Balance March 31		Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)							Purchases		Sales		Issuances		Settlements
Three Months Ended March 31, 2023
Trading account assets:
Corporate securities, trading loans and other	$	2,384	$	27	$	1	$	126	$	(120)	$	14	$	(144)	$	148	$	(114)	$	2,322	$	3
Equity securities	145		(4)		—		6		(12)		—		—		77		—		212		(4)
Non-U.S. sovereign debt	518		26		16		3		(6)		—		(16)		—		—		541		26
Mortgage trading loans, MBS and ABS	1,552		(9)		—		74		(150)		—		(116)		87		(138)		1,300		(25)
Total trading account assets	4,599		40		17		209		(288)		14		(276)		312		(252)		4,375		—
Net derivative assets (liabilities) (4)	(2,893)		69		—		249		(268)		—		(315)		321		58		(2,779)		154
AFS debt securities:
Non-agency residential MBS	258		3		34		—		—		—		(2)		—		—		293		3
Non-U.S. and other taxable securities	195		—		3		—		—		—		(8)		—		(3)		187		—
Tax-exempt securities	51		—		—		—		—		—		—		—		—		51		—
Total AFS debt securities	504		3		37		—		—		—		(10)		—		(3)		531		3
Other debt securities carried at fair value – Non-agency residential MBS	119		(2)		—		—		(19)		—		(2)		—		(2)		94		(2)
Loans and leases (5)	253		2		—		9		—		—		(37)		16		—		243		2
Loans held-for-sale (5)	232		12		2		—		(16)		—		(24)		—		—		206		12
Other assets (6,7)	1,799		10		1		6		—		27		(76)		2		—		1,769		(17)
Trading account liabilities – Corporate securities    and other	(58)		—		—		—		(2)		(1)		—		(4)		1		(64)		—
Short-term borrowings (5)	(14)		—		—		—		(3)		(1)		9		—		—		(9)		—
Accrued expenses and other liabilities (5)	(32)		24		—		(12)		—		—		—		—		—		(20)		24
Long-term debt (5)	(862)		87		(6)		(9)		—		—		11		—		7		(772)		87
Three Months Ended March 31, 2022
Trading account assets:
Corporate securities, trading loans and other	$	2,110	$	(2)	$	—	$	12	$	(153)	$	—	$	(18)	$	368	$	(128)	$	2,189	$	(21)
Equity securities	190		16		—		16		(6)		—		(4)		8		(37)		183		13
Non-U.S. sovereign debt	396		20		53		2		—		—		(15)		45		(5)		496		17
Mortgage trading loans, MBS and ABS	1,527		(92)		—		129		(155)		—		(21)		251		(24)		1,615		(47)
Total trading account assets	4,223		(58)		53		159		(314)		—		(58)		672		(194)		4,483		(38)
Net derivative assets (liabilities) (4)	(2,662)		617		—		58		(185)		—		107		(143)		74		(2,134)		643
AFS debt securities:
Non-agency residential MBS	316		4		(24)		—		(8)		—		(44)		—		—		244		5
Non-U.S. and other taxable securities	71		—		(1)		—		—		—		—		87		(2)		155		—
Tax-exempt securities	52		—		—		—		—		—		—		—		—		52		—
Total AFS debt securities	439		4		(25)		—		(8)		—		(44)		87		(2)		451		5
Other debt securities carried at fair value – Non-agency residential MBS	242		(39)		—		—		—		—		(65)		—		—		138		(39)
Loans and leases (5)	748		(30)		—		—		(1)		—		(27)		—		—		690		(30)
Loans held-for-sale (5)	317		7		12		104		—		—		(58)		—		—		382		5
Other assets (6,7)	1,572		144		3		—		1		40		(69)		4		—		1,695		132
Trading account liabilities – Corporate securities    and other	(11)		—		—		—		—		—		—		—		—		(11)		1
Accrued expenses and other liabilities (5)	—		(50)		—		—		—		—		—		—		—		(50)		(31)
Long-term debt (5)	(1,075)		(109)		33		—		—		—		4		(6)		276		(877)		(111)

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - primarily market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - market making and similar activities and other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option.  Amounts include net unrealized gains of $50 million and $81 million related to financial instruments still held at March 31, 2023 and 2022.

(4)Net derivative assets (liabilities) include derivative assets of $3.6 billion and $3.7 billion and derivative liabilities of $6.3 billion and $5.9 billion at March 31, 2023 and 2022.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to

decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

Level 3 – Fair Value Measurements (1)
	Balance January 1		Total Realized/Unrealized Gains  (Losses) in Net  Income (2)		Gains (Losses) in OCI (3)		Gross								Gross Transfers into Level 3		Gross Transfers out of Level 3		Balance March 31		Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)							Purchases		Sales		Issuances		Settlements
Three Months Ended March 31, 2023
Trading account assets:
Corporate securities, trading loans and other	$	2,384	$	27	$	1	$	126	$	(120)	$	14	$	(144)	$	148	$	(114)	$	2,322	$	3
Equity securities	145		(4)		—		6		(12)		—		—		77		—		212		(4)
Non-U.S. sovereign debt	518		26		16		3		(6)		—		(16)		—		—		541		26
Mortgage trading loans, MBS and ABS	1,552		(9)		—		74		(150)		—		(116)		87		(138)		1,300		(25)
Total trading account assets	4,599		40		17		209		(288)		14		(276)		312		(252)		4,375		—
Net derivative assets (liabilities) (4)	(2,893)		69		—		249		(268)		—		(315)		321		58		(2,779)		154
AFS debt securities:
Non-agency residential MBS	258		3		34		—		—		—		(2)		—		—		293		3
Non-U.S. and other taxable securities	195		—		3		—		—		—		(8)		—		(3)		187		—
Tax-exempt securities	51		—		—		—		—		—		—		—		—		51		—
Total AFS debt securities	504		3		37		—		—		—		(10)		—		(3)		531		3
Other debt securities carried at fair value – Non-agency residential MBS	119		(2)		—		—		(19)		—		(2)		—		(2)		94		(2)
Loans and leases (5)	253		2		—		9		—		—		(37)		16		—		243		2
Loans held-for-sale (5)	232		12		2		—		(16)		—		(24)		—		—		206		12
Other assets (6,7)	1,799		10		1		6		—		27		(76)		2		—		1,769		(17)
Trading account liabilities – Corporate securities    and other	(58)		—		—		—		(2)		(1)		—		(4)		1		(64)		—
Short-term borrowings (5)	(14)		—		—		—		(3)		(1)		9		—		—		(9)		—
Accrued expenses and other liabilities (5)	(32)		24		—		(12)		—		—		—		—		—		(20)		24
Long-term debt (5)	(862)		87		(6)		(9)		—		—		11		—		7		(772)		87
Three Months Ended March 31, 2022
Trading account assets:
Corporate securities, trading loans and other	$	2,110	$	(2)	$	—	$	12	$	(153)	$	—	$	(18)	$	368	$	(128)	$	2,189	$	(21)
Equity securities	190		16		—		16		(6)		—		(4)		8		(37)		183		13
Non-U.S. sovereign debt	396		20		53		2		—		—		(15)		45		(5)		496		17
Mortgage trading loans, MBS and ABS	1,527		(92)		—		129		(155)		—		(21)		251		(24)		1,615		(47)
Total trading account assets	4,223		(58)		53		159		(314)		—		(58)		672		(194)		4,483		(38)
Net derivative assets (liabilities) (4)	(2,662)		617		—		58		(185)		—		107		(143)		74		(2,134)		643
AFS debt securities:
Non-agency residential MBS	316		4		(24)		—		(8)		—		(44)		—		—		244		5
Non-U.S. and other taxable securities	71		—		(1)		—		—		—		—		87		(2)		155		—
Tax-exempt securities	52		—		—		—		—		—		—		—		—		52		—
Total AFS debt securities	439		4		(25)		—		(8)		—		(44)		87		(2)		451		5
Other debt securities carried at fair value – Non-agency residential MBS	242		(39)		—		—		—		—		(65)		—		—		138		(39)
Loans and leases (5)	748		(30)		—		—		(1)		—		(27)		—		—		690		(30)
Loans held-for-sale (5)	317		7		12		104		—		—		(58)		—		—		382		5
Other assets (6,7)	1,572		144		3		—		1		40		(69)		4		—		1,695		132
Trading account liabilities – Corporate securities    and other	(11)		—		—		—		—		—		—		—		—		(11)		1
Accrued expenses and other liabilities (5)	—		(50)		—		—		—		—		—		—		—		(50)		(31)
Long-term debt (5)	(1,075)		(109)		33		—		—		—		4		(6)		276		(877)		(111)

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - primarily market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - market making and similar activities and other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option.  Amounts include net unrealized gains of $50 million and $81 million related to financial instruments still held at March 31, 2023 and 2022.

(4)Net derivative assets (liabilities) include derivative assets of $3.6 billion and $3.7 billion and derivative liabilities of $6.3 billion and $5.9 billion at March 31, 2023 and 2022.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

Fair Value Measurement Inputs and Valuation Techniques

The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at March 31, 2023 and December 31, 2022.

Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	763	Discounted cash flow, Market comparables	Yield	0% to 25%		10	%
Trading account assets – Mortgage trading loans, MBS and ABS	230			Prepayment speed	0% to 37% CPR		12% CPR
Loans and leases	146			Default rate	0% to 3% CDR		1% CDR
AFS debt securities – Non-agency residential	293			Price	$0 to $113		$26
Other debt securities carried at fair value – Non-agency residential	94			Loss severity	0% to 100%		23	%
Instruments backed by commercial real estate assets	$	384	Discounted cash flow	Yield	0% to 25%		11	%
Trading account assets – Corporate securities, trading loans and other	325			Price	$0 to $100		$78
Trading account assets – Mortgage trading loans, MBS and ABS	59
Commercial loans, debt securities and other	$	4,090	Discounted cash flow, Market comparables	Yield	6% to 45%		19	%
Trading account assets – Corporate securities, trading loans and other	1,997			Prepayment speed	10% to 20%		15	%
Trading account assets – Non-U.S. sovereign debt	541			Default rate	3% to 4%		4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,011			Loss severity	35% to 40%		38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157		$75
AFS debt securities – Non-U.S. and other taxable securities	187
Loans and leases	97
Loans held-for-sale	206
Other assets, primarily auction rate securities	$	783	Discounted cash flow, Market comparables	Price	$10 to $97		$94
				Discount rate	11	%	n/a
MSRs	$	986	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 13 years		6 years
				Weighted-average life, variable rate (5)	0 to 11 years		3 years
				Option-adjusted spread, fixed rate	7% to 14%		9	%
				Option-adjusted spread, variable rate	9% to 15%		12	%
Structured liabilities
Long-term debt	$	(772)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	32% to 45%		33	%
				Equity correlation	1% to 96%		89	%
				Price	$0 to $122		$92
				Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	4	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	4 to 78 bps		62 bps
				Prepayment speed	15% CPR		n/a
				Default rate	2% CDR		n/a
				Credit correlation	21% to 57%		50	%
				Price	$0 to $151		$95
Equity derivatives	$	(1,403)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%		62	%
				Long-dated equity volatilities	4% to 111%		43	%
Commodity derivatives	$	(495)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $8/MMBtu		$4 /MMBtu
				Power forward price	$5 to $105		$40
Interest rate derivatives	$	(885)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%		66	%
				Correlation (FX/IR)	11% to 58%		43	%
				Long-dated inflation rates	0% to 48%		0	%
				Long-dated inflation volatilities	1% to 5%		2	%
				Interest rate volatilities	0% to 2%		1	%
Total net derivative assets (liabilities)	$	(2,779)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 83: Trading account assets – Corporate securities, trading loans and other of $2.3 billion, Trading account assets – Non-U.S. sovereign debt of $541 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.3 billion, AFS debt securities of $531 million, Other debt securities carried at fair value - Non-agency residential of $94 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $243 million and LHFS of $206 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
(Dollars in millions)				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs	Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets	$	852	Discounted cash flow, Market comparables	Yield	0% to 25%	10	%
Trading account assets – Mortgage trading loans, MBS and ABS	338			Prepayment speed	0% to 29% CPR	12% CPR
Loans and leases	137			Default rate	0% to 3% CDR	1% CDR
AFS debt securities - Non-agency residential	258			Price	$0 to $111	$26
Other debt securities carried at fair value - Non-agency residential	119			Loss severity	0% to 100%	24	%
Instruments backed by commercial real estate assets	$	362	Discounted cash flow	Yield	0% to 25%	10	%
Trading account assets – Corporate securities, trading loans and other	292			Price	$0 to $100	$75
Trading account assets – Mortgage trading loans, MBS and ABS	66
Loans held-for-sale	4
Commercial loans, debt securities and other	$	4,348	Discounted cash flow, Market comparables	Yield	5% to 43%	15	%
Trading account assets – Corporate securities, trading loans and other	2,092			Prepayment speed	10% to 20%	15	%
Trading account assets – Non-U.S. sovereign debt	518			Default rate	3% to 4%	4	%
Trading account assets – Mortgage trading loans, MBS and ABS	1,148			Loss severity	35% to 40%	38	%
AFS debt securities – Tax-exempt securities	51			Price	$0 to $157	$75
AFS debt securities – Non-U.S. and other taxable securities	195
Loans and leases	116
Loans held-for-sale	228
Other assets, primarily auction rate securities	$	779	Discounted cash flow, Market comparables	Price	$10 to $97	$94
				Discount rate	11%	n/a
MSRs	$	1,020	Discounted cash flow	Weighted-average life, fixed rate (5)	0 to 14 years	6 years
				Weighted-average life, variable rate (5)	0 to 12 years	4 years
				Option-adjusted spread, fixed rate	7% to 14%	9	%
				Option-adjusted spread, variable rate	9% to 15%	12	%
Structured liabilities
Long-term debt	$	(862)	Discounted cash flow, Market comparables, Industry standard derivative pricing (3)	Yield	22% to 43%	23	%
				Equity correlation	0% to 95%	69	%
				Price	$0 to $119	$90
				Natural gas forward price	$3/MMBtu to $13/MMBtu	$9/MMBtu
Net derivative assets (liabilities)
Credit derivatives	$	(44)	Discounted cash flow, Stochastic recovery correlation model	Credit spreads	3 to 63 bps	22 bps
				Upfront points	0 to 100 points	83 points
				Prepayment speed	15% CPR	n/a
				Default rate	2% CDR	n/a
				Credit correlation	18% to 53%	44	%
				Price	$0 to $151	$63
Equity derivatives	$	(1,534)	Industry standard derivative pricing (3)	Equity correlation	0% to 100%	73	%
				Long-dated equity volatilities	4% to 101%	44	%
Commodity derivatives	$	(291)	Discounted cash flow, Industry standard derivative pricing (3)	Natural gas forward price	$3/MMBtu to $13/MMBtu	$8/MMBtu
				Power forward price	$9 to $123	$43
Interest rate derivatives	$	(1,024)	Industry standard derivative pricing (4)	Correlation (IR/IR)	(35)% to 89%	67	%
				Correlation (FX/IR)	11% to 58%	43	%
				Long-dated inflation rates	G0% to 39%	1	%
				Long-dated inflation volatilities	0% to 5%	2	%
				Interest rates volatilities	0% to 2%	1	%
Total net derivative assets (liabilities)	$	(2,893)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 84: Trading account assets – Corporate securities, trading loans and other of $2.4 billion, Trading account assets – Non-U.S. sovereign debt of $518 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.6 billion, AFS debt securities of $504 million, Other debt securities carried at fair value - Non-agency residential of $119 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $253 million and LHFS of $232 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Fair Value Measurements, Nonrecurring

The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2023 and 2022.

Assets Measured at Fair Value on a Nonrecurring Basis
	March 31, 2023				Three Months Ended March 31, 2023
(Dollars in millions)	Level 2		Level 3		Gains (Losses)
Assets
Loans held-for-sale	$	715	$	3,428	$	(34)
Loans and leases (1)	—		57		(11)
Foreclosed properties (2, 3)	—		4		(1)
Other assets	—		30		(6)
	March 31, 2022				Three Months Ended March 31, 2022
Assets
Loans held-for-sale	$	31	$	543	$	(1)
Loans and leases (1)	—		68		(15)
Foreclosed properties (2, 3)	—		1		—
Other assets	—		50		(18)

(1)Includes $3 million and $6 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2023 and 2022.

(2)Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.

(3)Excludes $60 million and $61 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at March 31, 2023 and 2022.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the three months ended March 31, 2023 and the year ended December 31, 2022.

Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
				Inputs
Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Ranges of Inputs		Weighted Average (1)
(Dollars in millions)	Three Months Ended March 31, 2023
Loans held-for-sale	$	3,428	Pricing model	Implied yield	12% to 26%		n/a
Loans and leases (2)	57		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
	Year Ended December 31, 2022
Loans held-for-sale	$	3,079	Pricing model	Implied yield	9% to 24%		n/a
Loans and leases (2)	166		Market comparables	OREO discount	10% to 66%		26	%
				Costs to sell	8% to 24%		9	%
Other assets (3)	165		Discounted cash flow	Discount rate	7	%	n/a

(1)The weighted average is calculated based upon the fair value of the loans.

(2)Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.

(3)Represents the fair value of certain impaired renewable energy investments.

n/a = not applicable

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Fair Value Option (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Option Elections

The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at March 31, 2023 and December 31, 2022, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022.

Fair Value Option Elections
	March 31, 2023						December 31, 2022
(Dollars in millions)	Fair Value  Carrying  Amount		Contractual  Principal  Outstanding		Fair Value Carrying Amount Less  Unpaid Principal		Fair Value Carrying Amount		Contractual  Principal  Outstanding		Fair Value Carrying   Amount Less  Unpaid Principal
Federal funds sold and securities borrowed or purchased under agreements to resell	$	163,505	$	163,392	$	113	$	146,999	$	147,158	$	(159)
Loans reported as trading account assets (1)	10,296		17,946		(7,650)		10,143		17,682		(7,539)
Trading inventory – other	22,423		n/a		n/a		20,770		n/a		n/a
Consumer and commercial loans	4,397		4,571		(174)		5,771		5,897		(126)
Loans held-for-sale (1)	1,386		2,240		(854)		1,115		1,873		(758)
Other assets	633		n/a		n/a		620		n/a		n/a
Long-term deposits	378		432		(54)		311		381		(70)
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338		234,496		(158)		151,708		151,885		(177)
Short-term borrowings	1,805		1,820		(15)		832		833		(1)
Unfunded loan commitments	122		n/a		n/a		110		n/a		n/a
Accrued expenses and other liabilities	1,544		1,523		21		1,217		1,161		56
Long-term debt	39,413		43,379		(3,966)		33,070		36,830		(3,760)

(1)A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.

n/a = not applicable

Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
	2023						2022
(Dollars in millions)	Market making  and similar  activities		Other Income		Total		Market making  and similar  activities		Other Income		Total
Loans reported as trading account assets	$	57	$	—	$	57	$	4	$	—	$	4
Trading inventory – other (1)	1,728		—		1,728		460		—		460
Consumer and commercial loans	(123)		30		(93)		(22)		(13)		(35)
Loans held-for-sale (2)	—		20		20		—		(132)		(132)
Short-term borrowings	5		—		5		559		—		559
Long-term debt (3)	(918)		(16)		(934)		1,124		(11)		1,113
Other (4)	29		(33)		(4)		(5)		10		5
Total	$	778	$	1	$	779	$	2,120	$	(146)	$	1,974

(1)    The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.

(2)    Includes the value of IRLCs on funded loans, including those sold during the period.

(3)    The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.

(4)    Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, other assets, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, accrued expenses and other liabilities and unfunded loan commitments.

Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Loans reported as trading account assets	$	40	$	(31)
Consumer and commercial loans	24		(20)
Loans held-for-sale	2		(11)
Unfunded loan commitments	(24)		(7)

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Carrying and Fair Value of Financial Instruments

The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at March 31, 2023 and December 31, 2022 are presented in the following table.

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	March 31, 2023
Financial assets
Loans	$	1,015,672	$	48,940	$	944,580	$	993,520
Loans held-for-sale	6,809		3,073		3,736		6,809
Financial liabilities
Deposits (1)	1,910,402		1,910,537		—		1,910,537
Long-term debt	283,873		280,599		997		281,596
Commercial unfunded lending commitments (2)	1,559		101		5,912		6,013
	December 31, 2022
Financial assets
Loans	$	1,014,593	$	50,194	$	935,282	$	985,476
Loans held-for-sale	6,871		3,417		3,455		6,872
Financial liabilities
Deposits (1)	1,930,341		1,930,165		—		1,930,165
Long-term debt	275,982		271,993		1,136		273,129
Commercial unfunded lending commitments (2)	1,650		77		6,596		6,673

(1)    Includes demand deposits of $924.8 billion and $918.9 billion with no stated maturities at March 31, 2023 and December 31, 2022.

(2)    The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies.

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three months ended March 31, 2023 and 2022, and total assets at March 31, 2023 and 2022 for each business segment, as well as All Other.

Results of Business Segments and All Other
At and for the three months ended March 31	Total Corporation (1)				Consumer Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	14,582	$	11,678	$	8,593	$	6,680	$	1,876	$	1,668
Noninterest income	11,810		11,656		2,113		2,133		3,439		3,808
Total revenue, net of interest expense	26,392		23,334		10,706		8,813		5,315		5,476
Provision for credit losses	931		30		1,089		(52)		25		(41)
Noninterest expense	16,238		15,319		5,473		4,921		4,067		4,015
Income before income taxes	9,223		7,985		4,144		3,944		1,223		1,502
Income tax expense	1,062		918		1,036		966		306		368
Net income	$	8,161	$	7,067	$	3,108	$	2,978	$	917	$	1,134
Period-end total assets	$	3,194,657	$	3,238,223	$	1,124,438	$	1,166,443	$	349,888	$	433,122
	Global Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	3,907	$	2,344	$	109	$	993	$	97	$	(7)
Noninterest income	2,296		2,850		5,517		4,299		(1,555)		(1,434)
Total revenue, net of interest expense	6,203		5,194		5,626		5,292		(1,458)		(1,441)
Provision for credit losses	(237)		165		(53)		5		107		(47)
Noninterest expense	2,940		2,683		3,351		3,117		407		583
Income before income taxes	3,500		2,346		2,328		2,170		(1,972)		(1,977)
Income tax expense	945		622		640		575		(1,865)		(1,613)
Net income	$	2,555	$	1,724	$	1,688	$	1,595	$	(107)	$	(364)
Period-end total assets	$	591,231	$	623,168	$	861,477	$	883,304	$	267,623	$	132,186

(1)There were no material intersegment revenues.

The table below presents noninterest income and the associated components for the three months ended March 31, 2023 and 2022 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.

Noninterest Income by Business Segment and All Other
	Total Corporation				Consumer Banking				Global Wealth & Investment Management
	Three Months Ended March 31
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	956	$	935	$	753	$	743	$	—	$	7
Other card income	513		468		521		442		12		11
Total card income	1,469		1,403		1,274		1,185		12		18
Service charges
Deposit-related fees	1,097		1,530		599		844		11		19
Lending-related fees	313		303		—		—		8		—
Total service charges	1,410		1,833		599		844		19		19
Investment and brokerage services
Asset management fees	2,918		3,286		47		52		2,873		3,234
Brokerage fees	934		1,006		27		31		365		420
Total investment and brokerage services	3,852		4,292		74		83		3,238		3,654
Investment banking fees
Underwriting income	569		672		—		—		39		66
Syndication fees	231		312		—		—		—		—
Financial advisory services	363		473		—		—		—		—
Total investment banking fees	1,163		1,457		—		—		39		66
Total fees and commissions	7,894		8,985		1,947		2,112		3,308		3,757
Market making and similar activities	4,712		3,238		5		—		34		13
Other income (loss)	(796)		(567)		161		21		97		38
Total noninterest income	$	11,810	$	11,656	$	2,113	$	2,133	$	3,439	$	3,808
	Global Banking				Global Markets				All Other (1)
	Three Months Ended March 31
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	187	$	175	$	16	$	14	$	—	$	(4)
Other card income	3		1		—		—		(23)		14
Total card income	190		176		16		14		(23)		10
Service charges
Deposit-related fees	467		637		20		28		—		2
Lending-related fees	247		249		58		54		—		—
Total service charges	714		886		78		82		—		2
Investment and brokerage services
Asset management fees	—		—		—		—		(2)		—
Brokerage fees	9		12		533		545		—		(2)
Total investment and brokerage services	9		12		533		545		(2)		(2)
Investment banking fees
Underwriting income	229		275		314		402		(13)		(71)
Syndication fees	126		166		105		146		—		—
Financial advisory services	313		439		50		34		—		—
Total investment banking fees	668		880		469		582		(13)		(71)
Total fees and commissions	1,581		1,954		1,096		1,223		(38)		(61)
Market making and similar activities	45		49		4,398		3,190		230		(14)
Other income (loss)	670		847		23		(114)		(1,747)		(1,359)
Total noninterest income	$	2,296	$	2,850	$	5,517	$	4,299	$	(1,555)	$	(1,434)

(1)All Other includes eliminations of intercompany transactions.

Business Segment Reconciliations
	Three Months Ended March 31
(Dollars in millions)	2023		2022
Segments’ total revenue, net of interest expense	$	27,850	$	24,775
Adjustments (1):
Asset and liability management activities	(225)		(67)
Liquidating businesses, eliminations and other	(1,233)		(1,374)
FTE basis adjustment	(134)		(106)
Consolidated revenue, net of interest expense	$	26,258	$	23,228
Segments’ total net income	8,268		7,431
Adjustments, net-of-tax (1):
Asset and liability management activities	(174)		(58)
Liquidating businesses, eliminations and other	67		(306)
Consolidated net income	$	8,161	$	7,067
	March 31
	2023		2022
Segments’ total assets	$	2,927,034	$	3,106,037
Adjustments (1):
Asset and liability management activities, including securities portfolio	1,229,425		1,281,639
Elimination of segment asset allocations to match liabilities	(1,024,196)		(1,216,401)
Other	62,394		66,948
Consolidated total assets	$	3,194,657	$	3,238,223

(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.

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Summary of Significant Accounting Principles - Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to allowance for credit losses	$ (12,514)	$ (12,682)	$ (12,104)	$ (12,387)
Increase to retained earnings	280,196	273,197	266,617	270,066
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings	$ 213,062	207,003	$ 192,929	$ 188,064
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to allowance for credit losses		243
Increase to retained earnings		184
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings		$ 184

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Net Interest Income and Noninterest Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income
Loans and leases	$ 13,097	$ 7,352
Debt securities	5,460	3,823
Federal funds sold and securities borrowed or purchased under agreements to resell	3,712	(7)
Trading account assets	2,028	1,081
Other interest income	4,358	645
Total interest income	28,655	12,894
Interest expense
Deposits	4,314	164
Short-term borrowings	6,180	(112)
Trading account liabilities	504	364
Long-term debt	3,209	906
Total interest expense	14,207	1,322
Net interest income	14,448	11,572
Noninterest income
Total fees and commissions	7,894	8,985
Market making and similar activities	4,712	3,238
Other income (loss)	(796)	(567)
Total noninterest income	11,810	11,656
Rewards, rebates and compensation expense	2,200	2,000
Card income
Noninterest income
Card income and service charges	1,469	1,403
Interchange fees
Noninterest income
Card income and service charges	956	935
Other card income
Noninterest income
Card income and service charges	513	468
Card Income, Interchange Fees and Merchant Income
Noninterest income
Interchange fees, gross and merchant income	3,200	2,900
Service charges
Noninterest income
Card income and service charges	1,410	1,833
Deposit-related fees
Noninterest income
Card income and service charges	1,097	1,530
Lending-related fees
Noninterest income
Card income and service charges	313	303
Investment and brokerage services
Noninterest income
Investment and brokerage services	3,852	4,292
Asset management fees
Noninterest income
Investment and brokerage services	2,918	3,286
Brokerage fees
Noninterest income
Investment and brokerage services	934	1,006
Total investment banking fees
Noninterest income
Investment banking fees	1,163	1,457
Underwriting income
Noninterest income
Investment banking fees	569	672
Syndication fees
Noninterest income
Investment banking fees	231	312
Financial advisory services
Noninterest income
Investment banking fees	$ 363	$ 473

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Derivatives - Derivative Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Gross Derivative Assets
Gross Derivative Assets	$ 360,700	$ 398,300
Less: Legally enforceable master netting agreements	(290,800)	(315,900)
Less: Cash collateral received/paid	(29,000)	(33,800)
Derivative assets	40,947	48,642
Gross Derivative Liabilities
Gross Derivative Liabilities	363,900	398,500
Less: Legally enforceable master netting agreements	(290,800)	(315,900)
Less: Cash collateral received/paid	(32,900)	(37,800)
Derivative liabilities	40,169	44,816
Interest Rate Swap
Maximum Payout/Notional
Contract/Notional	22,832,300	18,285,900
Gross Derivative Assets
Gross Derivative Assets	158,500	158,900
Gross Derivative Liabilities
Gross Derivative Liabilities	157,100	157,000
Interest Rate Future and Forwards
Maximum Payout/Notional
Contract/Notional	4,314,700	2,796,300
Gross Derivative Assets
Gross Derivative Assets	7,800	8,600
Gross Derivative Liabilities
Gross Derivative Liabilities	8,000	7,800
Interest Rate Options | Written options
Maximum Payout/Notional
Contract/Notional	1,869,500	1,657,900
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	34,900	41,400
Interest Rate Options | Purchased options
Maximum Payout/Notional
Contract/Notional	1,751,500	1,594,700
Gross Derivative Assets
Gross Derivative Assets	36,500	42,400
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Foreign Exchange Swaps
Maximum Payout/Notional
Contract/Notional	1,636,000	1,509,000
Gross Derivative Assets
Gross Derivative Assets	37,600	44,300
Gross Derivative Liabilities
Gross Derivative Liabilities	34,800	43,700
Foreign Exchange Spot, Futures, and Forwards
Maximum Payout/Notional
Contract/Notional	4,876,000	4,159,300
Gross Derivative Assets
Gross Derivative Assets	39,400	60,000
Gross Derivative Liabilities
Gross Derivative Liabilities	39,900	62,700
Foreign Exchange Options | Written options
Maximum Payout/Notional
Contract/Notional	444,100	392,200
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	6,600	8,100
Foreign Exchange Options | Purchased options
Maximum Payout/Notional
Contract/Notional	402,400	362,600
Gross Derivative Assets
Gross Derivative Assets	6,700	8,300
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Equity Swaps
Maximum Payout/Notional
Contract/Notional	423,900	394,000
Gross Derivative Assets
Gross Derivative Assets	12,700	10,800
Gross Derivative Liabilities
Gross Derivative Liabilities	13,900	12,200
Equity Futures and Forwards
Maximum Payout/Notional
Contract/Notional	140,600	114,600
Gross Derivative Assets
Gross Derivative Assets	2,400	3,300
Gross Derivative Liabilities
Gross Derivative Liabilities	1,200	1,000
Equity Options | Written options
Maximum Payout/Notional
Contract/Notional	884,700	746,800
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	46,400	45,000
Equity Options | Purchased options
Maximum Payout/Notional
Contract/Notional	767,800	671,600
Gross Derivative Assets
Gross Derivative Assets	39,200	40,900
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Commodity Swaps
Maximum Payout/Notional
Contract/Notional	59,300	56,000
Gross Derivative Assets
Gross Derivative Assets	4,000	5,100
Gross Derivative Liabilities
Gross Derivative Liabilities	5,000	5,300
Commodity Futures and Forwards
Maximum Payout/Notional
Contract/Notional	196,800	157,300
Gross Derivative Assets
Gross Derivative Assets	4,300	3,000
Gross Derivative Liabilities
Gross Derivative Liabilities	4,200	3,100
Commodity Options | Written options
Maximum Payout/Notional
Contract/Notional	70,800	59,500
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	3,900	3,300
Commodity Options | Purchased options
Maximum Payout/Notional
Contract/Notional	79,100	61,800
Gross Derivative Assets
Gross Derivative Assets	3,400	3,600
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Credit default swaps: | Purchased credit derivatives:
Maximum Payout/Notional
Contract/Notional	386,900	319,900
Gross Derivative Assets
Gross Derivative Assets	2,800	2,800
Gross Derivative Liabilities
Gross Derivative Liabilities	1,900	1,600
Credit default swaps: | Written credit derivatives:
Maximum Payout/Notional
Contract/Notional	358,745	295,165
Gross Derivative Assets
Gross Derivative Assets	1,400	1,200
Gross Derivative Liabilities
Gross Derivative Liabilities	2,416	2,397
Total return swaps/options: | Purchased credit derivatives:
Maximum Payout/Notional
Contract/Notional	133,300	71,500
Gross Derivative Assets
Gross Derivative Assets	700	700
Gross Derivative Liabilities
Gross Derivative Liabilities	2,900	3,000
Total return swaps/options: | Written credit derivatives:
Maximum Payout/Notional
Contract/Notional	124,412	85,344
Gross Derivative Assets
Gross Derivative Assets	3,300	4,400
Gross Derivative Liabilities
Gross Derivative Liabilities	763	874
Credit derivatives | Purchased credit derivatives:
Gross Derivative Liabilities
Fair value asset (liability), with identical underlying referenced names and terms	(1,000)	(1,200)
Notional amount, with identical underlying referenced names and terms	336,300	276,900
Credit derivatives | Written credit derivatives:
Maximum Payout/Notional
Contract/Notional	483,157	380,509
Gross Derivative Liabilities
Gross Derivative Liabilities	3,179	3,271
Trading and Other Risk Management Derivatives
Gross Derivative Assets
Gross Derivative Assets	350,700	377,200
Gross Derivative Liabilities
Gross Derivative Liabilities	334,100	360,000
Trading and Other Risk Management Derivatives | Interest Rate Swap
Gross Derivative Assets
Gross Derivative Assets	149,700	138,200
Gross Derivative Liabilities
Gross Derivative Liabilities	129,000	120,300
Trading and Other Risk Management Derivatives | Interest Rate Future and Forwards
Gross Derivative Assets
Gross Derivative Assets	7,800	8,600
Gross Derivative Liabilities
Gross Derivative Liabilities	8,000	7,800
Trading and Other Risk Management Derivatives | Interest Rate Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	34,900	41,400
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	36,500	42,400
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps
Gross Derivative Assets
Gross Derivative Assets	36,500	44,000
Gross Derivative Liabilities
Gross Derivative Liabilities	33,700	43,300
Trading and Other Risk Management Derivatives | Foreign Exchange Spot, Futures, and Forwards
Gross Derivative Assets
Gross Derivative Assets	39,300	59,900
Gross Derivative Liabilities
Gross Derivative Liabilities	39,500	62,100
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	6,600	8,100
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	6,700	8,300
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Trading and Other Risk Management Derivatives | Equity Swaps
Gross Derivative Assets
Gross Derivative Assets	12,700	10,800
Gross Derivative Liabilities
Gross Derivative Liabilities	13,900	12,200
Trading and Other Risk Management Derivatives | Equity Futures and Forwards
Gross Derivative Assets
Gross Derivative Assets	2,400	3,300
Gross Derivative Liabilities
Gross Derivative Liabilities	1,200	1,000
Trading and Other Risk Management Derivatives | Equity Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	46,400	45,000
Trading and Other Risk Management Derivatives | Equity Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	39,200	40,900
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Trading and Other Risk Management Derivatives | Commodity Swaps
Gross Derivative Assets
Gross Derivative Assets	4,000	5,100
Gross Derivative Liabilities
Gross Derivative Liabilities	5,000	5,300
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards
Gross Derivative Assets
Gross Derivative Assets	4,300	3,000
Gross Derivative Liabilities
Gross Derivative Liabilities	4,000	2,300
Trading and Other Risk Management Derivatives | Commodity Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	3,900	3,300
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	3,400	3,600
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Trading and Other Risk Management Derivatives | Credit default swaps: | Purchased credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	2,800	2,800
Gross Derivative Liabilities
Gross Derivative Liabilities	1,900	1,600
Trading and Other Risk Management Derivatives | Credit default swaps: | Written credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	1,400	1,200
Gross Derivative Liabilities
Gross Derivative Liabilities	2,400	2,400
Trading and Other Risk Management Derivatives | Total return swaps/options: | Purchased credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	700	700
Gross Derivative Liabilities
Gross Derivative Liabilities	2,900	3,000
Trading and Other Risk Management Derivatives | Total return swaps/options: | Written credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	3,300	4,400
Gross Derivative Liabilities
Gross Derivative Liabilities	800	900
Qualifying Accounting Hedges
Gross Derivative Assets
Gross Derivative Assets	10,000	21,100
Gross Derivative Liabilities
Gross Derivative Liabilities	29,800	38,500
Qualifying Accounting Hedges | Interest Rate Swap
Gross Derivative Assets
Gross Derivative Assets	8,800	20,700
Gross Derivative Liabilities
Gross Derivative Liabilities	28,100	36,700
Qualifying Accounting Hedges | Interest Rate Future and Forwards
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Interest Rate Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Interest Rate Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Foreign Exchange Swaps
Gross Derivative Assets
Gross Derivative Assets	1,100	300
Gross Derivative Liabilities
Gross Derivative Liabilities	1,100	400
Qualifying Accounting Hedges | Foreign Exchange Spot, Futures, and Forwards
Gross Derivative Assets
Gross Derivative Assets	100	100
Gross Derivative Liabilities
Gross Derivative Liabilities	400	600
Qualifying Accounting Hedges | Foreign Exchange Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Foreign Exchange Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Equity Swaps
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Equity Futures and Forwards
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Equity Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Equity Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Commodity Swaps
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Commodity Futures and Forwards
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	200	800
Qualifying Accounting Hedges | Commodity Options | Written options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Commodity Options | Purchased options
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Credit default swaps: | Purchased credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Credit default swaps: | Written credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Total return swaps/options: | Purchased credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	0	0
Qualifying Accounting Hedges | Total return swaps/options: | Written credit derivatives:
Gross Derivative Assets
Gross Derivative Assets	0	0
Gross Derivative Liabilities
Gross Derivative Liabilities	$ 0	$ 0

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Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Derivative assets, after netting	$ 39,700	$ 45,900
Other gross derivative assets	1,200	2,700
Derivative assets	40,947	48,642
Less: Financial instruments collateral	(15,800)	(18,500)
Total net derivative assets	25,100	30,100
Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	251,900	286,800
Less: Legally enforceable master netting agreements and cash collateral received/paid	(214,400)	(243,800)
Exchange-traded
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	32,700	35,800
Less: Legally enforceable master netting agreements and cash collateral received/paid	(31,700)	(33,500)
Over-the-counter cleared
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	74,900	73,000
Less: Legally enforceable master netting agreements and cash collateral received/paid	(73,700)	(72,400)
Interest rate contracts | Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	130,000	138,400
Interest rate contracts | Exchange-traded
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	300	400
Interest rate contracts | Over-the-counter cleared
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	73,800	71,400
Foreign exchange contracts | Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	81,800	109,700
Foreign exchange contracts | Over-the-counter cleared
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	900	1,300
Equity contracts | Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	23,800	21,500
Equity contracts | Exchange-traded
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	29,900	33,000
Commodity contracts | Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	8,200	8,300
Commodity contracts | Exchange-traded
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	2,500	2,400
Commodity contracts | Over-the-counter cleared
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	200	300
Credit derivatives | Over-the-counter
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	8,100	8,900
Credit derivatives | Over-the-counter cleared
Offsetting Assets [Line Items]
Total gross derivative assets, before netting	$ 0	$ 0

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Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Derivative liabilities, after netting	$ 34,100	$ 37,000
Other gross derivative liabilities	6,100	7,800
Derivative liabilities	40,169	44,816
Less: Financial instruments collateral	(8,800)	(7,400)
Total net derivative liabilities	31,400	37,400
Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	249,400	282,300
Less: Legally enforceable master netting agreements and cash collateral received/paid	(218,200)	(248,200)
Exchange-traded
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	34,400	35,800
Less: Legally enforceable master netting agreements and cash collateral received/paid	(31,700)	(33,500)
Over-the-counter cleared
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	74,000	72,600
Less: Legally enforceable master netting agreements and cash collateral received/paid	(73,800)	(72,000)
Interest rate contracts | Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	125,000	132,300
Interest rate contracts | Exchange-traded
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	200	100
Interest rate contracts | Over-the-counter cleared
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	72,800	71,100
Foreign exchange contracts | Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	79,200	110,600
Foreign exchange contracts | Over-the-counter cleared
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	900	1,200
Equity contracts | Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	27,300	22,600
Equity contracts | Exchange-traded
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	31,900	33,800
Commodity contracts | Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	10,300	9,300
Commodity contracts | Exchange-traded
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	2,300	1,900
Commodity contracts | Over-the-counter cleared
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	300	300
Credit derivatives | Over-the-counter
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	7,600	7,500
Credit derivatives | Over-the-counter cleared
Offsetting Liabilities [Line Items]
Total gross derivative liabilities, before netting	$ 0	$ 0

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Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	$ (230)	$ (1,458)
Hedged Item	222	1,559
Interest rate risk on long-term debt
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	3,308	(11,034)
Hedged Item	(3,305)	11,219
Interest rate and foreign currency risk on long-term debt
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	8	(9)
Hedged Item	(8)	8
Interest rate and foreign currency risk on long-term debt | Interest expense
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	8	(21)
Interest rate and foreign currency risk on long-term debt | Market making and similar activities
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	1	14
Interest rate risk on AFS securities
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	(3,027)	9,817
Hedged Item	3,016	(9,905)
Price risk on commodity inventory | Interest Income
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	(519)	(232)
Hedged Item	519	237
Accumulated Other Comprehensive Income (Loss) | Interest rate and foreign currency risk on long-term debt
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative	$ (1)	$ (2)

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Derivatives - Designated Fair Value Hedged Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Hedged liability, long-term debt, carrying value	$ 187,097	$ 187,402
Hedged liability, long-term debt, cumulative fair value adjustments	(12,629)	(21,372)
Amortized cost basis of portfolios used in hedging relationships	21,100	21,400
Hedged asset, portfolio layer	9,300	9,200
Cumulative basis adjustments, decrease, hedging relationships	329	451
AFS debt securities – Non-agency residential
Derivative [Line Items]
Hedged asset, available-for-sale debt securities and trading account assets, carrying value	107,422	167,518
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments	(4,283)	(18,190)
Total trading account assets
Derivative [Line Items]
Hedged asset, available-for-sale debt securities and trading account assets, carrying value	8,295	16,119
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments	487	146
Interest rate risk on long-term debt
Derivative [Line Items]
Increase (decrease) in liability	(4,600)	137
Interest rate risk on AFS securities
Derivative [Line Items]
Available-for-sale securities from discontinued hedging relationships cumulative decrease	$ 8,300	$ 4,900

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Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Shareholders’ equity	$ 280,196	$ 273,197	$ 266,617	$ 270,066
Net income (loss) in AOCI expected to be reclassified, after tax	(4,400)
Net income (loss) in AOCI expected to be reclassified	$ (5,900)
Open cash flow hedge, forecasted transactions hedging period (in years)	7 years
Terminated cash flow hedges, period forecasted transaction recognized in interest income (in years)	5 years
Bank of America, N.A.
Derivative [Line Items]
Collateral not yet posted	$ 2,200
Credit derivatives
Derivative [Line Items]
Cash and securities held as collateral	95,500	101,300
Cash and securities collateral posted	83,100	81,200
Collateral not yet posted	3,200
Foreign Mortgage-backed Securities and Foreign Securities
Derivative [Line Items]
Transfer of mortgage-backed securities to third-party trust	4,800	4,800
Gross cash proceeds from transfer of securities	4,900	4,900
Fair value of derecognized assets	4,700	4,700
Derivatives
Derivative [Line Items]
Shareholders’ equity	(9,893)	$ (11,935)	$ (7,059)	$ (1,880)
Pretax income (loss) in accumulated OCI	$ (13,200)

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Derivatives - Derivatives Designated as Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) excluded from effectiveness testing and recognized in market making and similar activities	$ 33	$ (74)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated OCI on Derivatives	2,569	(6,891)
Gains (Losses) in Income Reclassified from Accumulated OCI	(155)	7
Interest rate risk on variable-rate portfolios | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated OCI on Derivatives	2,550	(6,774)
Gains (Losses) in Income Reclassified from Accumulated OCI	(160)	(8)
Price risk on forecasted MBS purchases | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated OCI on Derivatives	2	(90)
Gains (Losses) in Income Reclassified from Accumulated OCI	0	3
Price risk on certain compensation plans | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated OCI on Derivatives	17	(27)
Gains (Losses) in Income Reclassified from Accumulated OCI	5	12
Foreign exchange risk | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated OCI on Derivatives	(377)	219
Gains (Losses) in Income Reclassified from Accumulated OCI	$ 0	$ 0

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Derivatives - Other Risk Management Derivatives (Details) - Other income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest rate risk on mortgage activities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedging	$ 26	$ (147)
Credit risk on loans
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedging	(28)	(3)
Interest rate and foreign currency risk on ALM activities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedging	(122)	1,310
Price risk on certain compensation plans
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedging	$ 195	$ (335)

XML

Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	$ 4,712	$ 3,238
Brokerage commissions and asset management fee revenue | Global Markets
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	529	531
Trading Derivatives and Securities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	4,977	4,626
Trading Derivatives and Securities | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	4,398	3,190
Trading Derivatives and Securities | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	(102)	818
Trading Derivatives and Securities | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	681	618
Trading Derivatives and Securities | Interest rate risk
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	1,429	1,110
Trading Derivatives and Securities | Interest rate risk | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	1,244	589
Trading Derivatives and Securities | Interest rate risk | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	99	452
Trading Derivatives and Securities | Interest rate risk | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	86	69
Trading Derivatives and Securities | Foreign exchange risk
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	475	491
Trading Derivatives and Securities | Foreign exchange risk | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	402	507
Trading Derivatives and Securities | Foreign exchange risk | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	49	(17)
Trading Derivatives and Securities | Foreign exchange risk | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	24	1
Trading Derivatives and Securities | Equity risk
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	1,622	2,005
Trading Derivatives and Securities | Equity risk | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	2,000	1,564
Trading Derivatives and Securities | Equity risk | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	(838)	(60)
Trading Derivatives and Securities | Equity risk | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	460	501
Trading Derivatives and Securities | Credit risk
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	1,261	729
Trading Derivatives and Securities | Credit risk | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	480	239
Trading Derivatives and Securities | Credit risk | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	666	476
Trading Derivatives and Securities | Credit risk | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	115	14
Trading Derivatives and Securities | Other risk
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	190	291
Trading Derivatives and Securities | Other risk | Market making and similar activities
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	272	291
Trading Derivatives and Securities | Other risk | Net Interest Income
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	(78)	(33)
Trading Derivatives and Securities | Other risk | Other
Trading Activity, Gains and Losses, Net [Line Items]
Sales and trading revenue	$ (4)	$ 33

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Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Value of Credit Derivatives
Total	$ 363,900	$ 398,500
Carrying Value of Credit-related Notes
Less than One Year	0	0
One to Three Years	3	7
Three to Five Years	6	25
Over Five Years	1,856	2,052
Total	1,865	2,084
Credit derivatives | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	414	509
One to Three Years	717	886
Three to Five Years	1,133	1,135
Over Five Years	915	741
Total	3,179	3,271
Maximum Payout/Notional
Less than One Year	159,579	121,385
One to Three Years	109,390	106,706
Three to Five Years	162,096	126,182
Over Five Years	52,092	26,236
Total	483,157	380,509
Credit default swaps: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	60	122
One to Three Years	427	541
Three to Five Years	1,024	1,003
Over Five Years	905	731
Total	2,416	2,397
Maximum Payout/Notional
Less than One Year	50,184	49,899
One to Three Years	97,367	95,799
Three to Five Years	160,008	124,128
Over Five Years	51,186	25,339
Total	358,745	295,165
Total return swaps/options: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	354	387
One to Three Years	290	345
Three to Five Years	109	132
Over Five Years	10	10
Total	763	874
Maximum Payout/Notional
Less than One Year	109,395	71,486
One to Three Years	12,023	10,907
Three to Five Years	2,088	2,054
Over Five Years	906	897
Total	124,412	85,344
Investment grade
Carrying Value of Credit-related Notes
Less than One Year	0	0
One to Three Years	0	0
Three to Five Years	2	19
Over Five Years	824	1,017
Total	826	1,036
Investment grade | Credit default swaps: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	6	2
One to Three Years	32	25
Three to Five Years	105	133
Over Five Years	42	34
Total	185	194
Maximum Payout/Notional
Less than One Year	32,823	34,670
One to Three Years	67,196	66,170
Three to Five Years	123,896	93,237
Over Five Years	37,078	18,677
Total	260,993	212,754
Investment grade | Total return swaps/options: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	85	55
One to Three Years	282	336
Three to Five Years	0	0
Over Five Years	0	0
Total	367	391
Maximum Payout/Notional
Less than One Year	73,449	38,722
One to Three Years	11,240	10,407
Three to Five Years	0	0
Over Five Years	0	0
Total	84,689	49,129
Non-investment grade
Carrying Value of Credit-related Notes
Less than One Year	0	0
One to Three Years	3	7
Three to Five Years	4	6
Over Five Years	1,032	1,035
Total	1,039	1,048
Non-investment grade | Credit default swaps: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	54	120
One to Three Years	395	516
Three to Five Years	919	870
Over Five Years	863	697
Total	2,231	2,203
Maximum Payout/Notional
Less than One Year	17,361	15,229
One to Three Years	30,171	29,629
Three to Five Years	36,112	30,891
Over Five Years	14,108	6,662
Total	97,752	82,411
Non-investment grade | Total return swaps/options: | Written credit derivatives:
Carrying Value of Credit Derivatives
Less than One Year	269	332
One to Three Years	8	9
Three to Five Years	109	132
Over Five Years	10	10
Total	396	483
Maximum Payout/Notional
Less than One Year	35,946	32,764
One to Three Years	783	500
Three to Five Years	2,088	2,054
Over Five Years	906	897
Total	$ 39,723	$ 36,215

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Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Additional collateral required to be posted upon downgrade, one incremental notch	$ 162
Additional collateral required to be posted upon downgrade, second incremental notch	908
Credit derivatives
Derivative [Line Items]
Derivative liability subject to unilateral termination upon downgrade, one incremental notch	79
Derivative liability subject to unilateral termination upon downgrade, second incremental notch	600
Collateral posted subject to unilateral termination upon downgrade, one incremental notch	60
Collateral posted subject to unilateral termination upon downgrade, second incremental notch	306
Bank of America, N.A.
Derivative [Line Items]
Additional collateral required to be posted upon downgrade, one incremental notch	70
Additional collateral required to be posted upon downgrade, second incremental notch	$ 647

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Derivatives - Valuation Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Valuation Gain Loss on Derivatives, Gross [Abstract]
Derivative assets (CVA)	$ 12	$ (59)
Derivative assets/liabilities (FVA)	(43)	35
Derivative liabilities (DVA)	2	$ 121
Cumulative credit valuation adjustment	506		$ 518
Cumulative funding valuation adjustment	97		54
Cumulative debit valuation adjustment	$ 508		$ 506

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Securities - Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale debt securities
Amortized Cost	$ 166,349	$ 225,485
Gross Unrealized Gains	72	90
Gross Unrealized Losses	(4,011)	(4,787)
Fair Value	162,410	220,788
Other Debt Securities, Carried at Fair Value:
Amortized Cost	10,081	8,986
Gross Unrealized Gains	63	376
Gross Unrealized Losses	(44)	(156)
Fair Value	10,100	9,206
Debt securities carried at fair value:
Amortized Cost	176,430	234,471
Gross Unrealized Gains	135	466
Gross Unrealized Losses	(4,055)	(4,943)
Fair Value	172,510	229,994
Held-to-maturity Securities:
Amortized Cost	624,528	632,863
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(99,076)	(108,596)
Fair Value	525,452	524,267
Debt securities:
Amortized Cost	800,958	867,334
Gross Unrealized Gains	135	466
Gross Unrealized Losses	(103,131)	(113,539)
Fair Value	697,962	754,261
Securities, pledged as collateral	174,400	104,500
FNMA
Debt securities carried at fair value:
Amortized Cost	285,700	290,500
Fair Value	238,600	239,600
FHLMC
Debt securities carried at fair value:
Amortized Cost	174,000	176,700
Fair Value	144,200	144,600
Mortgage-backed securities
Available-for-sale debt securities
Amortized Cost	34,310	35,011
Gross Unrealized Gains	39	48
Gross Unrealized Losses	(2,215)	(2,603)
Fair Value	32,134	32,456
Debt securities carried at fair value:
Fair Value	32,446
Agency
Available-for-sale debt securities
Amortized Cost	24,726	25,204
Gross Unrealized Gains	5	5
Gross Unrealized Losses	(1,479)	(1,767)
Fair Value	23,252	23,442
Debt securities carried at fair value:
Fair Value	23,252
Held-to-maturity Securities:
Amortized Cost	494,998	503,233
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(80,664)	(87,319)
Fair Value	414,334	415,914
Agency-collateralized mortgage obligations
Available-for-sale debt securities
Amortized Cost	2,235	2,452
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(200)	(231)
Fair Value	2,035	2,221
Debt securities carried at fair value:
Fair Value	2,035
Commercial
Available-for-sale debt securities
Amortized Cost	6,890	6,894
Gross Unrealized Gains	31	28
Gross Unrealized Losses	(481)	(515)
Fair Value	6,440	6,407
Debt securities carried at fair value:
Fair Value	6,452
Non-agency residential
Available-for-sale debt securities
Amortized Cost	459	461
Gross Unrealized Gains	3	15
Gross Unrealized Losses	(55)	(90)
Fair Value	407	$ 386
Debt securities carried at fair value:
Fair Value	$ 707
Non-agency residential | Prime
Debt securities:
Available-for-sale securities, percent held by rating	17.00%	17.00%
Non-agency residential | Subprime
Debt securities:
Available-for-sale securities, percent held by rating	83.00%	83.00%
U.S. Treasury and government agencies
Available-for-sale debt securities
Amortized Cost	$ 102,943	$ 160,773
Gross Unrealized Gains	2	18
Gross Unrealized Losses	(1,438)	(1,769)
Fair Value	101,507	159,022
Debt securities carried at fair value:
Fair Value	102,830
Held-to-maturity Securities:
Amortized Cost	121,609	121,597
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(17,511)	(20,259)
Fair Value	104,098	101,338
Non-U.S. securities
Available-for-sale debt securities
Amortized Cost	13,161	13,455
Gross Unrealized Gains	5	4
Gross Unrealized Losses	(46)	(52)
Fair Value	13,120	13,407
Debt securities carried at fair value:
Fair Value	21,582
Other taxable securities
Available-for-sale debt securities
Amortized Cost	4,830	4,728
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(85)	(84)
Fair Value	4,746	4,645
Debt securities carried at fair value:
Fair Value	4,749
Held-to-maturity Securities:
Amortized Cost	7,921	8,033
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(901)	(1,018)
Fair Value	7,020	7,015
Tax-exempt securities
Available-for-sale debt securities
Amortized Cost	11,105	11,518
Gross Unrealized Gains	25	19
Gross Unrealized Losses	(227)	(279)
Fair Value	10,903	$ 11,258
Debt securities carried at fair value:
Fair Value	$ 10,903

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Securities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other assets
Investments, Debt And Equity Securities [Line Items]
Equity securities, fair value	$ 574	$ 581
Equity securities, cost	354	340
Time Deposits Placed and Other Short-term Investments
Investments, Debt And Equity Securities [Line Items]
Time deposits placed and other short-term investments	921	868
AFS securities
Investments, Debt And Equity Securities [Line Items]
Accumulated net unrealized loss on AFS debt securities	(2,900)
Accumulated other comprehensive income benefit	(985)
U.S. Agency And U.S. Treasury Securities
Investments, Debt And Equity Securities [Line Items]
AFS and HTM debt securities	759,700	826,500
All Non U.S. Agency And Non U.S. Treasury Securities
Investments, Debt And Equity Securities [Line Items]
AFS and HTM debt securities	$ 31,200	$ 31,800

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Securities - Gross Realized Gains (Losses) on Sales of Available For Sale Debt Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross gains	$ 96	$ 37
Gross losses	(306)	(30)
Net gains (losses) on sales of AFS debt securities	(210)	7
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$ (53)	$ 2

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Securities - AFS Debt Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Less than Twelve Months	$ 22,144	$ 72,233
Twelve Months or Longer	122,880	131,635
Total	145,024	203,868
Gross Unrealized Losses
Less than Twelve Months	(520)	(1,815)
Twelve Months or Longer	(3,491)	(2,972)
Total	(4,011)	(4,787)
Mortgage-backed securities
Fair Value
Less than Twelve Months	11,707	23,461
Twelve Months or Longer	18,848	7,814
Total	30,555	31,275
Gross Unrealized Losses
Less than Twelve Months	(376)	(1,429)
Twelve Months or Longer	(1,839)	(1,174)
Total	(2,215)	(2,603)
Agency
Fair Value
Less than Twelve Months	10,106	18,759
Twelve Months or Longer	12,900	4,437
Total	23,006	23,196
Gross Unrealized Losses
Less than Twelve Months	(323)	(1,118)
Twelve Months or Longer	(1,156)	(649)
Total	(1,479)	(1,767)
Agency-collateralized mortgage obligations
Fair Value
Less than Twelve Months	130	1,165
Twelve Months or Longer	1,873	1,022
Total	2,003	2,187
Gross Unrealized Losses
Less than Twelve Months	(7)	(96)
Twelve Months or Longer	(193)	(135)
Total	(200)	(231)
Commercial
Fair Value
Less than Twelve Months	1,411	3,273
Twelve Months or Longer	3,741	2,258
Total	5,152	5,531
Gross Unrealized Losses
Less than Twelve Months	(40)	(150)
Twelve Months or Longer	(441)	(365)
Total	(481)	(515)
Non-agency residential
Fair Value
Less than Twelve Months	60	264
Twelve Months or Longer	334	97
Total	394	361
Gross Unrealized Losses
Less than Twelve Months	(6)	(65)
Twelve Months or Longer	(49)	(25)
Total	(55)	(90)
U.S. Treasury and government agencies
Fair Value
Less than Twelve Months	2,230	36,730
Twelve Months or Longer	99,047	118,636
Total	101,277	155,366
Gross Unrealized Losses
Less than Twelve Months	(74)	(308)
Twelve Months or Longer	(1,364)	(1,461)
Total	(1,438)	(1,769)
Non-U.S. securities
Fair Value
Less than Twelve Months	5,159	9,399
Twelve Months or Longer	646	756
Total	5,805	10,155
Gross Unrealized Losses
Less than Twelve Months	(28)	(34)
Twelve Months or Longer	(18)	(18)
Total	(46)	(52)
Other taxable securities
Fair Value
Less than Twelve Months	2,265	2,036
Twelve Months or Longer	2,037	1,580
Total	4,302	3,616
Gross Unrealized Losses
Less than Twelve Months	(29)	(16)
Twelve Months or Longer	(56)	(68)
Total	(85)	(84)
Tax-exempt securities
Fair Value
Less than Twelve Months	783	607
Twelve Months or Longer	2,302	2,849
Total	3,085	3,456
Gross Unrealized Losses
Less than Twelve Months	(13)	(28)
Twelve Months or Longer	(214)	(251)
Total	$ (227)	$ (279)

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Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due in one year or less, amount	$ 39
Due in one year or less, yield	9.16%
Due after one year through five years, amount	$ 5,837
Due after one year through five years, yield	1.94%
Due after five years through ten years, amount	$ 117,347
Due after five years though ten years, yield	1.37%
Due after ten years, amount	$ 501,305
Due after ten years, yield	2.12%
Amortized Cost	$ 624,528	$ 632,863
Total, yield	1.98%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 172,510	229,994
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Due in One Year or Less	38
Due after One Year through Five Years	5,452
Due after Five Years through Ten Years	100,136
Due after Ten Years	419,826
Held-to-maturity, fair value	525,452	524,267
AFS securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 22,399
Due in one year or less, yield	3.33%
Due after one year through five years, amount	$ 68,827
Due after one year through five years, yield	3.17%
Due after five years through ten years, amount	$ 51,750
Due after five years through ten years, yield	2.42%
Due after ten years, amount	$ 33,454
Due after ten years, yield	3.53%
Amount	$ 176,430
Total, yield	3.04%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 22,388
Due after one year through five years, amount	68,058
Due after five years though ten years, amount	50,716
Due after ten years, amount	31,348
Fair Value	172,510
Mortgage-backed securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 14
Due in one year or less, yield	1.93%
Due after one year through five years, amount	$ 798
Due after one year through five years, yield	3.08%
Due after five years through ten years, amount	$ 4,609
Due after five years through ten years, yield	2.25%
Due after ten years, amount	$ 29,184
Due after ten years, yield	3.41%
Amount	$ 34,605
Total, yield	3.25%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 14
Due after one year through five years, amount	781
Due after five years though ten years, amount	4,388
Due after ten years, amount	27,263
Fair Value	32,446
Agency
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due in one year or less, yield	0.00%
Due after one year through five years, amount	$ 3
Due after one year through five years, yield	5.67%
Due after five years through ten years, amount	$ 54
Due after five years through ten years, yield	4.91%
Due after ten years, amount	$ 24,669
Due after ten years, yield	3.36%
Amount	$ 24,726
Total, yield	3.36%
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due in one year or less, amount	$ 0
Due in one year or less, yield	0.00%
Due after one year through five years, amount	$ 0
Due after one year through five years, yield	0.00%
Due after five years through ten years, amount	$ 13
Due after five years though ten years, yield	2.77%
Due after ten years, amount	$ 494,985
Due after ten years, yield	2.12%
Amortized Cost	$ 494,998	503,233
Total, yield	2.12%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due after one year through five years, amount	3
Due after five years though ten years, amount	54
Due after ten years, amount	23,195
Fair Value	23,252
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Due in One Year or Less	0
Due after One Year through Five Years	0
Due after Five Years through Ten Years	12
Due after Ten Years	414,322
Held-to-maturity, fair value	414,334	415,914
Agency-collateralized mortgage obligations
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due in one year or less, yield	0.00%
Due after one year through five years, amount	$ 6
Due after one year through five years, yield	2.67%
Due after five years through ten years, amount	$ 0
Due after five years through ten years, yield	0.00%
Due after ten years, amount	$ 2,229
Due after ten years, yield	2.77%
Amount	$ 2,235
Total, yield	2.77%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due after one year through five years, amount	6
Due after five years though ten years, amount	0
Due after ten years, amount	2,029
Fair Value	2,035
Commercial
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 14
Due in one year or less, yield	1.93%
Due after one year through five years, amount	$ 789
Due after one year through five years, yield	3.07%
Due after five years through ten years, amount	$ 4,555
Due after five years through ten years, yield	2.22%
Due after ten years, amount	$ 1,545
Due after ten years, yield	2.24%
Amount	$ 6,903
Total, yield	2.32%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 14
Due after one year through five years, amount	770
Due after five years though ten years, amount	4,334
Due after ten years, amount	1,334
Fair Value	6,452
Non-agency residential
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due in one year or less, yield	0.00%
Due after one year through five years, amount	$ 0
Due after one year through five years, yield	0.00%
Due after five years through ten years, amount	$ 0
Due after five years through ten years, yield	0.00%
Due after ten years, amount	$ 741
Due after ten years, yield	9.63%
Amount	$ 741
Total, yield	9.63%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 0
Due after one year through five years, amount	2
Due after five years though ten years, amount	0
Due after ten years, amount	705
Fair Value	707
U.S. Treasury and government agencies
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 1,914
Due in one year or less, yield	3.36%
Due after one year through five years, amount	$ 57,616
Due after one year through five years, yield	2.93%
Due after five years through ten years, amount	$ 44,698
Due after five years through ten years, yield	2.36%
Due after ten years, amount	$ 38
Due after ten years, yield	3.63%
Amount	$ 104,266
Total, yield	2.69%
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due in one year or less, amount	$ 0
Due in one year or less, yield	0.00%
Due after one year through five years, amount	$ 4,548
Due after one year through five years, yield	1.80%
Due after five years through ten years, amount	$ 117,061
Due after five years though ten years, yield	1.37%
Due after ten years, amount	$ 0
Due after ten years, yield	0.00%
Amortized Cost	$ 121,609	121,597
Total, yield	1.39%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 1,911
Due after one year through five years, amount	56,952
Due after five years though ten years, amount	43,932
Due after ten years, amount	35
Fair Value	102,830
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Due in One Year or Less	0
Due after One Year through Five Years	4,235
Due after Five Years through Ten Years	99,863
Due after Ten Years	0
Held-to-maturity, fair value	104,098	101,338
Non-U.S. securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 18,460
Due in one year or less, yield	3.20%
Due after one year through five years, amount	$ 2,905
Due after one year through five years, yield	4.79%
Due after five years through ten years, amount	$ 71
Due after five years through ten years, yield	7.57%
Due after ten years, amount	$ 188
Due after ten years, yield	7.31%
Amount	$ 21,624
Total, yield	3.47%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 18,457
Due after one year through five years, amount	2,869
Due after five years though ten years, amount	71
Due after ten years, amount	185
Fair Value	21,582
Other taxable securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 1,341
Due in one year or less, yield	5.16%
Due after one year through five years, amount	$ 2,829
Due after one year through five years, yield	5.44%
Due after five years through ten years, amount	$ 453
Due after five years through ten years, yield	3.72%
Due after ten years, amount	$ 207
Due after ten years, yield	4.39%
Amount	$ 4,830
Total, yield	5.16%
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due in one year or less, amount	$ 39
Due in one year or less, yield	9.16%
Due after one year through five years, amount	$ 1,289
Due after one year through five years, yield	2.43%
Due after five years through ten years, amount	$ 273
Due after five years though ten years, yield	3.28%
Due after ten years, amount	$ 6,320
Due after ten years, yield	2.48%
Amortized Cost	$ 7,921	8,033
Total, yield	2.53%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 1,337
Due after one year through five years, amount	2,795
Due after five years though ten years, amount	418
Due after ten years, amount	199
Fair Value	4,749
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Due in One Year or Less	38
Due after One Year through Five Years	1,217
Due after Five Years through Ten Years	261
Due after Ten Years	5,504
Held-to-maturity, fair value	7,020	$ 7,015
Tax-exempt securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 670
Due in one year or less, yield	3.07%
Due after one year through five years, amount	$ 4,679
Due after one year through five years, yield	3.67%
Due after five years through ten years, amount	$ 1,919
Due after five years through ten years, yield	3.83%
Due after ten years, amount	$ 3,837
Due after ten years, yield	4.16%
Amount	$ 11,105
Total, yield	3.83%
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, amount	$ 669
Due after one year through five years, amount	4,661
Due after five years though ten years, amount	1,907
Due after ten years, amount	3,666
Fair Value	$ 10,903

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 1,046,406	$ 1,045,747
Percentage of outstandings, total outstanding	100.00%	100.00%
Loans and leases, measured at fair value	$ 4,397	$ 5,771
Asset Pledged as Collateral
Financing Receivable, Past Due [Line Items]
Loans and leases	43,500	18,500
Asset Pledged as Collateral | Federal Reserve Bank And Federal Home Loan Bank
Financing Receivable, Past Due [Line Items]
Loans and leases	243,800	163,600
Estimate of Fair Value Measurement
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 4,397	$ 5,771
Percentage of outstandings, total outstanding	0.42%	0.55%
Direct/indirect consumer | Nonperforming Loans
Financing Receivable, Past Due [Line Items]
Nonperforming loans	$ 29	$ 27
Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	452,158	456,385
Consumer Portfolio Segment | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	451,824	456,046
Consumer Portfolio Segment | Estimate of Fair Value Measurement
Financing Receivable, Past Due [Line Items]
Loans and leases	334	339
Consumer Portfolio Segment | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases, measured at fair value	72	71
Consumer Portfolio Segment | Home equity lines of credit
Financing Receivable, Past Due [Line Items]
Loans and leases, measured at fair value	262	268
Consumer real estate | Nonperforming Loans
Financing Receivable, Past Due [Line Items]
Nonperforming loans	1,600	1,600
Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	228,827	229,670
Consumer real estate | Residential mortgage | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	228,827	229,670
Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	25,868	26,563
Consumer real estate | Home equity | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	25,868	26,563
Credit card and other consumer | Credit card | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	92,469	93,421
Credit card and other consumer | Direct/indirect consumer | Dealer Financial Services Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	52,700	51,800
Credit card and other consumer | Direct/indirect consumer | Securities Based Lending Loans | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	48,100	50,400
Credit card and other consumer | Direct/indirect consumer | Securities Based Lending Loans | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	2,800	3,000
Credit card and other consumer | Direct/indirect consumer | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	104,540	106,236
Credit card and other consumer | Other consumer | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	120	156
Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	594,248	589,362
Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	360,655	358,481
Loans and leases, measured at fair value	2,200	2,900
Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	124,827	124,479
Loans and leases, measured at fair value	1,900	2,500
Commercial | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	590,185	583,930
Commercial | Carrying Value | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	360,655	358,481
Commercial | Carrying Value | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	124,827	124,479
Commercial | Estimate of Fair Value Measurement
Financing Receivable, Past Due [Line Items]
Loans and leases	4,063	5,432
Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	73,051	69,766
Commercial | Commercial real estate | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	67,200	64,900
Commercial | Commercial real estate | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	5,800	4,800
Commercial | Commercial real estate | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	73,051	69,766
Commercial | Commercial lease financing | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	13,448	13,644
Commercial | U.S. small business commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	9,005	9,055
Commercial | U.S. small business commercial | Carrying Value
Financing Receivable, Past Due [Line Items]
Loans and leases	18,204	17,560
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 3,165	$ 3,544
Percentage of outstandings	0.30%	0.34%
30 to 59 Days Past Due | Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 1,737	$ 1,835
30 to 59 Days Past Due | Consumer real estate | US Government Agency Insured Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	172	184
30 to 59 Days Past Due | Consumer real estate | Nonperforming Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	157	155
30 to 59 Days Past Due | Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	938	1,077
30 to 59 Days Past Due | Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	93	88
30 to 59 Days Past Due | Credit card and other consumer | Credit card
Financing Receivable, Past Due [Line Items]
Loans and leases	500	466
30 to 59 Days Past Due | Credit card and other consumer | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	206	204
30 to 59 Days Past Due | Credit card and other consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	0	0
30 to 59 Days Past Due | Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	1,428	1,709
30 to 59 Days Past Due | Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	892	827
30 to 59 Days Past Due | Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	124	317
30 to 59 Days Past Due | Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	257	409
30 to 59 Days Past Due | Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Loans and leases	46	49
30 to 59 Days Past Due | Commercial | U.S. small business commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	109	107
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 997	$ 1,158
Percentage of outstandings	0.10%	0.11%
60 to 89 Days Past Due | Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 713	$ 658
60 to 89 Days Past Due | Consumer real estate | US Government Agency Insured Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	69	75
60 to 89 Days Past Due | Consumer real estate | Nonperforming Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	103	88
60 to 89 Days Past Due | Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	255	245
60 to 89 Days Past Due | Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	34	32
60 to 89 Days Past Due | Credit card and other consumer | Credit card
Financing Receivable, Past Due [Line Items]
Loans and leases	346	322
60 to 89 Days Past Due | Credit card and other consumer | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	78	59
60 to 89 Days Past Due | Credit card and other consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	0	0
60 to 89 Days Past Due | Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	284	500
60 to 89 Days Past Due | Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	156	288
60 to 89 Days Past Due | Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	33	59
60 to 89 Days Past Due | Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	15	81
60 to 89 Days Past Due | Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Loans and leases	12	9
60 to 89 Days Past Due | Commercial | U.S. small business commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	68	63
90+ Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 2,771	$ 2,836
Percentage of outstandings	0.26%	0.27%
90+ Days Past Due | Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 1,972	$ 1,918
90+ Days Past Due | Consumer real estate | US Government Agency Insured Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	338	368
90+ Days Past Due | Consumer real estate | Nonperforming Loans
Financing Receivable, Past Due [Line Items]
Loans and leases	745	788
90+ Days Past Due | Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	894	945
90+ Days Past Due | Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	189	211
90+ Days Past Due | Credit card and other consumer | Credit card
Financing Receivable, Past Due [Line Items]
Loans and leases	828	717
90+ Days Past Due | Credit card and other consumer | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	61	45
90+ Days Past Due | Credit card and other consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	0	0
90+ Days Past Due | Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	799	918
90+ Days Past Due | Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	281	330
90+ Days Past Due | Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	133	144
90+ Days Past Due | Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	114	77
90+ Days Past Due | Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Loans and leases	9	11
90+ Days Past Due | Commercial | U.S. small business commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	262	356
Total Past Due 30 Days or More
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 6,933	$ 7,538
Percentage of outstandings	0.66%	0.72%
Total Past Due 30 Days or More | Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 4,422	$ 4,411
Total Past Due 30 Days or More | Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	2,087	2,267
Total Past Due 30 Days or More | Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	316	331
Total Past Due 30 Days or More | Credit card and other consumer | Credit card
Financing Receivable, Past Due [Line Items]
Loans and leases	1,674	1,505
Total Past Due 30 Days or More | Credit card and other consumer | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	345	308
Total Past Due 30 Days or More | Credit card and other consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	0	0
Total Past Due 30 Days or More | Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	2,511	3,127
Total Past Due 30 Days or More | Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	1,329	1,445
Total Past Due 30 Days or More | Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	290	520
Total Past Due 30 Days or More | Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	386	567
Total Past Due 30 Days or More | Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Loans and leases	67	69
Total Past Due 30 Days or More | Commercial | U.S. small business commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	439	526
Total Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 1,035,076	$ 1,032,438
Percentage of outstandings, total outstanding	98.92%	98.73%
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 447,402	$ 451,635
Total Current or Less Than 30 Days Past Due | Consumer real estate | Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans and leases	226,740	227,403
Total Current or Less Than 30 Days Past Due | Consumer real estate | Home equity
Financing Receivable, Past Due [Line Items]
Loans and leases	25,552	26,232
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Credit card
Financing Receivable, Past Due [Line Items]
Loans and leases	90,795	91,916
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	104,195	105,928
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans and leases	120	156
Total Current or Less Than 30 Days Past Due | Commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	587,674	580,803
Total Current or Less Than 30 Days Past Due | Commercial | United States
Financing Receivable, Past Due [Line Items]
Loans and leases	359,326	357,036
Total Current or Less Than 30 Days Past Due | Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Loans and leases	124,537	123,959
Total Current or Less Than 30 Days Past Due | Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and leases	72,665	69,199
Total Current or Less Than 30 Days Past Due | Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Loans and leases	13,381	13,575
Total Current or Less Than 30 Days Past Due | Commercial | U.S. small business commercial
Financing Receivable, Past Due [Line Items]
Loans and leases	$ 17,765	$ 17,034

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Nonperforming loans and leases	$ 3,918	$ 3,808
Threshold period past due for nonperforming status of financing receivables	90 days	90 days
Commercial
Financing Receivable, Past Due [Line Items]
Nonperforming loans and leases	$ 1,204	$ 1,054
Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Nonperforming loans and leases	2,714	2,754
Consumer Portfolio Segment | Residential mortgage
Financing Receivable, Past Due [Line Items]
Nonperforming loans and leases	2,125	2,167
Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | Residential mortgage
Financing Receivable, Past Due [Line Items]
Long-term credit protection agreements, amount covered	$ 9,300	$ 9,500

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	$ 3,918	$ 3,808
Accruing past due 90 days or more	$ 1,674	$ 1,711
Nonperforming loans and leases, percent outstanding	0.38%	0.37%
Accruing past due 90 days or more, percent outstanding	0.16%	0.16%
Consumer Portfolio Segment
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	$ 2,714	$ 2,754
Accruing past due 90 days or more	1,168	1,087
Consumer Portfolio Segment | Residential mortgage
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	2,125	2,167
Accruing past due 90 days or more	338	368
Consumer Portfolio Segment | Residential Mortgage With No Related Allowance
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	1,935	1,973
Accruing past due 90 days or more	0	0
Consumer Portfolio Segment | Home equity lines of credit
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	488	510
Accruing past due 90 days or more	0	0
Consumer Portfolio Segment | Home Equity Line of Credit No Related Allowance
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	396	393
Accruing past due 90 days or more	0	0
Consumer Portfolio Segment | Credit card
Financing Receivable, Past Due [Line Items]
Accruing past due 90 days or more	828	717
Consumer Portfolio Segment | Direct/indirect consumer
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	101	77
Accruing past due 90 days or more	2	2
Commercial
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	1,204	1,054
Accruing past due 90 days or more	506	624
Commercial | United States
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	559	553
Accruing past due 90 days or more	112	190
Commercial | Non United States
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	125	212
Accruing past due 90 days or more	92	25
Commercial | Commercial real estate
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	502	271
Accruing past due 90 days or more	35	46
Commercial | Commercial lease financing
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	4	4
Accruing past due 90 days or more	6	8
Commercial | U.S. small business commercial | United States
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	14	14
Accruing past due 90 days or more	261	355
Nonperforming Loans | Residential mortgage
Financing Receivable, Past Due [Line Items]
Nonperforming Loans and Leases	232	260
Accruing past due 90 days or more	$ 106	$ 108

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Residential Mortgage - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	$ 1,046,406		$ 1,045,747
Gross charge-offs	1,056	$ 734
Consumer real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs	14	$ 23
Consumer real estate | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	228,827		229,670
Originated in current fiscal year	3,460		41,529
Originated in fiscal year before current fiscal year	41,474		85,803
Originated two years before current fiscal year	83,535		40,466
Originated three years before current fiscal year	40,456		19,959
Originated four years before current fiscal year	19,511		5,906
Prior	40,391		36,007
Gross charge-offs	8		161
Gross charge-offs, Originated in current fiscal year	0		0
Gross charge-offs, Originated in fiscal year before current fiscal year	3		6
Gross charge-offs, Originated two years before current fiscal year	1		5
Gross charge-offs, Originated three years before current fiscal year	1		6
Gross charge-offs, Originated four years before current fiscal year	0		1
Gross charge-offs, Prior	3		143
Consumer real estate | Less than 620 | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	2,112		2,156
Originated in current fiscal year	21		377
Originated in fiscal year before current fiscal year	385		518
Originated two years before current fiscal year	519		373
Originated three years before current fiscal year	357		124
Originated four years before current fiscal year	109		84
Prior	721		680
Consumer real estate | Greater than or equal to 620 and less than 680 | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	4,885		4,978
Originated in current fiscal year	68		1,011
Originated in fiscal year before current fiscal year	1,082		1,382
Originated two years before current fiscal year	1,266		840
Originated three years before current fiscal year	818		329
Originated four years before current fiscal year	327		233
Prior	1,324		1,183
Consumer real estate | Greater than or equal to 680 and less than 740 | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	23,704		25,444
Originated in current fiscal year	309		5,411
Originated in fiscal year before current fiscal year	5,033		8,290
Originated two years before current fiscal year	7,482		4,369
Originated three years before current fiscal year	4,046		2,187
Originated four years before current fiscal year	2,033		830
Prior	4,801		4,357
Consumer real estate | Greater than or equal to 740 | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	186,744		185,398
Originated in current fiscal year	3,018		34,150
Originated in fiscal year before current fiscal year	34,510		71,946
Originated two years before current fiscal year	70,644		31,782
Originated three years before current fiscal year	32,202		16,370
Originated four years before current fiscal year	16,118		4,603
Prior	30,252		26,547
Less than or equal to 90 percent | Consumer real estate | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	214,159		215,713
Originated in current fiscal year	3,115		39,625
Originated in fiscal year before current fiscal year	39,127		81,437
Originated two years before current fiscal year	79,059		37,228
Originated three years before current fiscal year	37,281		18,980
Originated four years before current fiscal year	18,552		5,734
Prior	37,025		32,709
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	2,352		1,615
Originated in current fiscal year	196		950
Originated in fiscal year before current fiscal year	1,404		530
Originated two years before current fiscal year	612		93
Originated three years before current fiscal year	96		15
Originated four years before current fiscal year	19		8
Prior	25		19
Greater than 100 percent | Consumer real estate | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	934		648
Originated in current fiscal year	105		374
Originated in fiscal year before current fiscal year	479		169
Originated two years before current fiscal year	240		43
Originated three years before current fiscal year	46		15
Originated four years before current fiscal year	16		8
Prior	48		39
Fully-insured loans | Consumer real estate | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	11,382		11,694
Originated in current fiscal year	44		580
Originated in fiscal year before current fiscal year	464		3,667
Originated two years before current fiscal year	3,624		3,102
Originated three years before current fiscal year	3,033		949
Originated four years before current fiscal year	924		156
Prior	$ 3,293		$ 3,240

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Home Equity - Credit Quality Indicators Including Vintage (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	$ 1,046,406		$ 1,045,747
Gross charge-offs	1,056	$ 734
Consumer real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs	14	$ 23
Consumer real estate | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	25,868		26,563
Gross charge-offs	6		45
Consumer real estate | Home equity | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	677		683
Consumer real estate | Home equity | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	1,138		1,190
Consumer real estate | Home equity | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	4,186		4,321
Consumer real estate | Home equity | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	19,867		20,369
Consumer real estate | Home Equity Loans and Reverse Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	1,295		1,361
Gross charge-offs	1		5
Consumer real estate | Home Equity Loans and Reverse Mortgages | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	167		166
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	144		152
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	292		312
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	692		731
Consumer real estate | Reverse Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	893		937
Consumer real estate | Home Equity Loan no Longer Originated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	402		424
Consumer real estate | Revolving Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	19,700		20,019
Gross charge-offs, Revolving Loans	3		24
Consumer real estate | Revolving Loans | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	197		189
Consumer real estate | Revolving Loans | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	504		507
Consumer real estate | Revolving Loans | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	2,728		2,747
Consumer real estate | Revolving Loans | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	16,271		16,576
Consumer real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	4,873		5,183
Gross charge-offs, Revolving Loans Converted to Term Loans	2		16
Consumer real estate | Revolving Loans Converted to Term Loans | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	313		328
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	490		531
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	1,166		1,262
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	2,904		3,062
Less than or equal to 90 percent | Consumer real estate | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	25,692		26,395
Less than or equal to 90 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	1,238		1,304
Less than or equal to 90 percent | Consumer real estate | Revolving Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	19,627		19,960
Less than or equal to 90 percent | Consumer real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	4,827		5,131
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	72		62
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	21		20
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Revolving Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	35		24
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	16		18
Greater than 100 percent | Consumer real estate | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	104		106
Greater than 100 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	36		37
Greater than 100 percent | Consumer real estate | Revolving Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	38		35
Greater than 100 percent | Consumer real estate | Revolving Loans Converted to Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans Converted to Term Loans	$ 30		$ 34

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	$ 1,046,406		$ 1,045,747
Gross charge-offs	1,056	$ 734
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	104,540		106,236
Revolving Loans	51,091		53,563
Originated in current fiscal year	6,489		22,358
Originated in fiscal year before current fiscal year	20,347		15,544
Originated two years before current fiscal year	14,092		7,074
Originated three years before current fiscal year	6,059		3,803
Originated four years before current fiscal year	3,205		1,602
Prior	3,257		2,292
Revolving Loans	51,091		53,563
Gross charge-offs	40		232
Gross charge-offs, Revolving Loans	1		7
Gross charge-offs, Originated in current fiscal year	0		31
Gross charge-offs, Originated in fiscal year before current fiscal year	17		79
Gross charge-offs, Originated two years before current fiscal year	11		34
Gross charge-offs, Originated three years before current fiscal year	4		27
Gross charge-offs, Originated four years before current fiscal year	2		14
Gross charge-offs, Prior	5		40
Gross charge-offs, Revolving Loans	1		7
Loans and lease receivable, securities based lending	50,900		53,400
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	940		847
Revolving Loans	12		12
Originated in current fiscal year	32		237
Originated in fiscal year before current fiscal year	308		301
Originated two years before current fiscal year	318		113
Originated three years before current fiscal year	113		84
Originated four years before current fiscal year	76		43
Prior	81		57
Revolving Loans	12		12
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	2,463		2,521
Revolving Loans	11		12
Originated in current fiscal year	245		1,108
Originated in fiscal year before current fiscal year	1,022		816
Originated two years before current fiscal year	707		269
Originated three years before current fiscal year	225		150
Originated four years before current fiscal year	121		69
Prior	132		97
Revolving Loans	11		12
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	8,693		8,895
Revolving Loans	49		52
Originated in current fiscal year	1,059		4,091
Originated in fiscal year before current fiscal year	3,563		2,730
Originated two years before current fiscal year	2,375		992
Originated three years before current fiscal year	821		520
Originated four years before current fiscal year	422		214
Prior	404		296
Revolving Loans	49		52
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	40,766		39,679
Revolving Loans	77		83
Originated in current fiscal year	5,101		16,663
Originated in fiscal year before current fiscal year	15,273		11,392
Originated two years before current fiscal year	10,501		5,630
Originated three years before current fiscal year	4,837		2,992
Originated four years before current fiscal year	2,527		1,236
Prior	2,450		1,683
Revolving Loans	77		83
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Other internal credit metrics
Financing Receivable, Credit Quality Indicator [Line Items]
Total as of March 31, 2023	51,678		54,294
Revolving Loans	50,942		53,404
Originated in current fiscal year	52		259
Originated in fiscal year before current fiscal year	181		305
Originated two years before current fiscal year	191		70
Originated three years before current fiscal year	63		57
Originated four years before current fiscal year	59		40
Prior	190		159
Revolving Loans	50,942		53,404
Credit Card and Direct/ Indirect Consumer | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	91,817		92,830
Total Credit Card as of March 31, 2023	92,469		93,421
Revolving Loans	91,817		92,830
Revolving Loans Converted to Term Loans	652		591
Gross charge-offs, Revolving Loans	633		1,909
Gross charge-offs, Total Revolving Loans And Revolving Loans Converted to Term Loans	650		1,985
Gross charge-offs, Revolving Loans	633		1,909
Gross charge-offs, Revolving Loans Converted to Term Loans	17		76
Credit Card and Direct/ Indirect Consumer | Credit card | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	4,052		3,866
Total Credit Card as of March 31, 2023	4,268		4,056
Revolving Loans	4,052		3,866
Revolving Loans Converted to Term Loans	216		190
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	10,526		10,805
Total Credit Card as of March 31, 2023	10,732		10,994
Revolving Loans	10,526		10,805
Revolving Loans Converted to Term Loans	206		189
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	31,673		32,017
Total Credit Card as of March 31, 2023	31,858		32,186
Revolving Loans	31,673		32,017
Revolving Loans Converted to Term Loans	185		169
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	45,566		46,142
Total Credit Card as of March 31, 2023	45,611		46,185
Revolving Loans	45,566		46,142
Revolving Loans Converted to Term Loans	45		43
Credit Card and Direct/ Indirect Consumer | Credit card | Other internal credit metrics
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	0		0
Total Credit Card as of March 31, 2023	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	$ 0		$ 0

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	$ 1,046,406		$ 1,045,747
Gross charge-offs	1,056	$ 734
Estimate of Fair Value Measurement
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	4,397		5,771
Small Business Card Loans | United States
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs	62		172
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	594,248		589,362
Gross charge-offs	181	$ 92
Commercial | Estimate of Fair Value Measurement
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	4,063		5,432
Commercial | United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	360,655		358,481
Originated in current fiscal year	9,304		61,478
Originated in fiscal year before current fiscal year	56,101		40,511
Originated two years before current fiscal year	34,590		19,306
Originated three years before current fiscal year	17,892		17,450
Originated four years before current fiscal year	16,149		9,951
Prior	39,221		31,138
Revolving Loans	187,398		178,647
Gross charge-offs	59		151
Gross charge-offs, Originated in current fiscal year	0		2
Gross charge-offs, Originated in fiscal year before current fiscal year	3		24
Gross charge-offs, Originated two years before current fiscal year	18		24
Gross charge-offs, Originated three years before current fiscal year	0		9
Gross charge-offs, Originated four years before current fiscal year	0		6
Gross charge-offs, Prior	5		13
Gross charge-offs, Revolving Loans	33		73
Commercial | United States | Pass rated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	350,224		348,447
Originated in current fiscal year	9,255		61,200
Originated in fiscal year before current fiscal year	55,496		39,717
Originated two years before current fiscal year	33,787		18,609
Originated three years before current fiscal year	17,310		16,566
Originated four years before current fiscal year	15,264		8,749
Prior	37,296		30,282
Revolving Loans	181,816		173,324
Commercial | United States | Reservable criticized
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	10,431		10,034
Originated in current fiscal year	49		278
Originated in fiscal year before current fiscal year	605		794
Originated two years before current fiscal year	803		697
Originated three years before current fiscal year	582		884
Originated four years before current fiscal year	885		1,202
Prior	1,925		856
Revolving Loans	5,582		5,323
Commercial | Non United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	124,827		124,479
Originated in current fiscal year	4,285		24,884
Originated in fiscal year before current fiscal year	20,081		19,493
Originated two years before current fiscal year	18,423		5,514
Originated three years before current fiscal year	4,911		4,207
Originated four years before current fiscal year	3,990		2,521
Prior	6,810		5,172
Revolving Loans	66,327		62,688
Gross charge-offs	23		41
Gross charge-offs, Originated in current fiscal year	0		0
Gross charge-offs, Originated in fiscal year before current fiscal year	0		3
Gross charge-offs, Originated two years before current fiscal year	8		1
Gross charge-offs, Originated three years before current fiscal year	7		0
Gross charge-offs, Originated four years before current fiscal year	1		37
Gross charge-offs, Prior	0		0
Gross charge-offs, Revolving Loans	7		0
Commercial | Non United States | Pass rated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	122,545		121,890
Originated in current fiscal year	4,204		24,839
Originated in fiscal year before current fiscal year	19,937		19,098
Originated two years before current fiscal year	18,102		5,183
Originated three years before current fiscal year	4,634		3,882
Originated four years before current fiscal year	3,736		2,423
Prior	6,585		4,697
Revolving Loans	65,347		61,768
Commercial | Non United States | Reservable criticized
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	2,282		2,589
Originated in current fiscal year	81		45
Originated in fiscal year before current fiscal year	144		395
Originated two years before current fiscal year	321		331
Originated three years before current fiscal year	277		325
Originated four years before current fiscal year	254		98
Prior	225		475
Revolving Loans	980		920
Commercial | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	73,051		69,766
Originated in current fiscal year	1,856		15,301
Originated in fiscal year before current fiscal year	16,847		13,926
Originated two years before current fiscal year	14,179		6,301
Originated three years before current fiscal year	5,819		10,514
Originated four years before current fiscal year	10,598		5,535
Prior	14,631		9,623
Revolving Loans	9,121		8,566
Gross charge-offs	24		75
Gross charge-offs, Originated in current fiscal year	0		0
Gross charge-offs, Originated in fiscal year before current fiscal year	0		0
Gross charge-offs, Originated two years before current fiscal year	0		6
Gross charge-offs, Originated three years before current fiscal year	0		0
Gross charge-offs, Originated four years before current fiscal year	13		26
Gross charge-offs, Prior	11		43
Gross charge-offs, Revolving Loans	0		0
Commercial | Commercial real estate | Pass rated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	67,512		64,619
Originated in current fiscal year	1,856		15,290
Originated in fiscal year before current fiscal year	16,836		13,089
Originated two years before current fiscal year	13,350		5,756
Originated three years before current fiscal year	5,281		9,013
Originated four years before current fiscal year	8,861		4,384
Prior	12,414		8,606
Revolving Loans	8,914		8,481
Commercial | Commercial real estate | Reservable criticized
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	5,539		5,147
Originated in current fiscal year	0		11
Originated in fiscal year before current fiscal year	11		837
Originated two years before current fiscal year	829		545
Originated three years before current fiscal year	538		1,501
Originated four years before current fiscal year	1,737		1,151
Prior	2,217		1,017
Revolving Loans	207		85
Commercial | Commercial real estate | United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	67,200		64,900
Commercial | Commercial real estate | Non United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	5,800		4,800
Commercial | Commercial Lease Financing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	13,448		13,644
Originated in current fiscal year	613		3,264
Originated in fiscal year before current fiscal year	3,228		2,792
Originated two years before current fiscal year	2,619		1,967
Originated three years before current fiscal year	1,792		1,649
Originated four years before current fiscal year	1,464		1,351
Prior	3,732		2,621
Revolving Loans	0		0
Gross charge-offs	0		8
Gross charge-offs, Originated in current fiscal year	0		0
Gross charge-offs, Originated in fiscal year before current fiscal year	0		4
Gross charge-offs, Originated two years before current fiscal year	0		0
Gross charge-offs, Originated three years before current fiscal year	0		4
Gross charge-offs, Originated four years before current fiscal year	0		0
Gross charge-offs, Prior	0		0
Gross charge-offs, Revolving Loans	0		0
Commercial | Commercial Lease Financing | Pass rated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	13,227		13,404
Originated in current fiscal year	613		3,255
Originated in fiscal year before current fiscal year	3,208		2,757
Originated two years before current fiscal year	2,576		1,955
Originated three years before current fiscal year	1,775		1,578
Originated four years before current fiscal year	1,428		1,301
Prior	3,627		2,558
Revolving Loans	0		0
Commercial | Commercial Lease Financing | Reservable criticized
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	221		240
Originated in current fiscal year	0		9
Originated in fiscal year before current fiscal year	20		35
Originated two years before current fiscal year	43		12
Originated three years before current fiscal year	17		71
Originated four years before current fiscal year	36		50
Prior	105		63
Revolving Loans	0		0
Commercial | U.S. small business commercial | United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	9,005		9,055
Originated in current fiscal year	453		1,836
Originated in fiscal year before current fiscal year	1,828		1,988
Originated two years before current fiscal year	1,885		1,456
Originated three years before current fiscal year	1,261		940
Originated four years before current fiscal year	898		675
Prior	2,552		2,030
Revolving Loans	128		130
Gross charge-offs	13		31
Gross charge-offs, Originated in current fiscal year	0		0
Gross charge-offs, Originated in fiscal year before current fiscal year	0		1
Gross charge-offs, Originated two years before current fiscal year	0		11
Gross charge-offs, Originated three years before current fiscal year	8		4
Gross charge-offs, Originated four years before current fiscal year	1		1
Gross charge-offs, Prior	1		6
Gross charge-offs, Revolving Loans	3		8
Commercial | U.S. small business commercial | United States | Pass rated
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	8,653		8,726
Originated in current fiscal year	453		1,825
Originated in fiscal year before current fiscal year	1,806		1,953
Originated two years before current fiscal year	1,833		1,408
Originated three years before current fiscal year	1,209		864
Originated four years before current fiscal year	826		624
Prior	2,401		1,925
Revolving Loans	125		127
Commercial | U.S. small business commercial | United States | Reservable criticized
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	352		329
Originated in current fiscal year	0		11
Originated in fiscal year before current fiscal year	22		35
Originated two years before current fiscal year	52		48
Originated three years before current fiscal year	52		76
Originated four years before current fiscal year	72		51
Prior	151		105
Revolving Loans	3		3
Commercial | Term Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	580,986		575,425
Originated in current fiscal year	16,511		106,763
Originated in fiscal year before current fiscal year	98,085		78,710
Originated two years before current fiscal year	71,696		34,544
Originated three years before current fiscal year	31,675		34,760
Originated four years before current fiscal year	33,099		20,033
Prior	66,946		50,584
Revolving Loans	262,974		250,031
Gross charge-offs	119		306
Gross charge-offs, Originated in current fiscal year	0		2
Gross charge-offs, Originated in fiscal year before current fiscal year	3		32
Gross charge-offs, Originated two years before current fiscal year	26		42
Gross charge-offs, Originated three years before current fiscal year	15		17
Gross charge-offs, Originated four years before current fiscal year	15		70
Gross charge-offs, Prior	17		62
Gross charge-offs, Revolving Loans	43		81
Commercial | Small Business Card Loans | Less than 620
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	360		297
Commercial | Small Business Card Loans | Greater than or equal to 620 and less than 680
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	931		859
Commercial | Small Business Card Loans | Greater than or equal to 680 and less than 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	2,500		2,400
Commercial | Small Business Card Loans | Greater than or equal to 740
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	5,400		5,000
Commercial | Small Business Card Loans | United States
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases	$ 9,200		$ 8,500

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Credit Quality Indicators, Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Commercial reservable criticized utilized exposure, amount	$ 19.8	$ 19.3
Commercial reservable criticized utilized exposure, percent	3.17%	3.12%

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Loan Modifications, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Trial modifications | Minimum
Financing Receivable, Modified [Line Items]
Decrease of term for contractual payments	3 months
Trial modifications | Maximum
Financing Receivable, Modified [Line Items]
Decrease of term for contractual payments	4 months
Consumer real estate
Financing Receivable, Modified [Line Items]
Real estate acquired through foreclosure	$ 117		$ 121
Loans with formal foreclosure proceeding in process	819		871
Reclassified consumer real estate loans	37	$ 56
Total	245
Consumer real estate | Current
Financing Receivable, Modified [Line Items]
Total	149
Consumer real estate | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	56
Consumer real estate | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	$ 40
Consumer real estate | Residential Mortgage And Home Equity Loan | Permanent Modifications
Financing Receivable, Modified [Line Items]
Modified term	30 years
Consumer real estate | Residential mortgage
Financing Receivable, Modified [Line Items]
Percentage of outstanding loans	0.09%
Total	$ 205
Consumer real estate | Residential mortgage | Current
Financing Receivable, Modified [Line Items]
Total	126
Consumer real estate | Residential mortgage | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	49
Consumer real estate | Residential mortgage | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	30
Consumer real estate | Residential mortgage | Forbearance And Other Payment Plans
Financing Receivable, Modified [Line Items]
Amortized cost	$ 158
Increase of weighted-average life of impacted loans	8 months 6 days
Forborne payments for modifications	$ 7
Consumer real estate | Residential mortgage | Trial modifications
Financing Receivable, Modified [Line Items]
Amortized cost	21
Consumer real estate | Residential mortgage | Permanent Modifications
Financing Receivable, Modified [Line Items]
Amortized cost	$ 47
Increase of weighted-average life of impacted loans	7 years 8 months 12 days
Weighted average interest rate reduction	1.50%
Consumer real estate | Residential mortgage | Permanent Modifications | Minimum
Financing Receivable, Modified [Line Items]
Modified term	1 year
Consumer real estate | Residential mortgage | Permanent Modifications | Maximum
Financing Receivable, Modified [Line Items]
Modified term	10 years
Consumer real estate | Home equity
Financing Receivable, Modified [Line Items]
Percentage of outstanding loans	0.15%
Total	$ 40
Consumer real estate | Home equity | Current
Financing Receivable, Modified [Line Items]
Total	23
Consumer real estate | Home equity | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	7
Consumer real estate | Home equity | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	10
Consumer real estate | Home equity | Forbearance And Other Payment Plans
Financing Receivable, Modified [Line Items]
Amortized cost	$ 30
Increase of weighted-average life of impacted loans	8 months 27 days
Forborne payments for modifications	$ 3
Consumer real estate | Home equity | Trial modifications
Financing Receivable, Modified [Line Items]
Amortized cost	9
Consumer real estate | Home equity | Permanent Modifications
Financing Receivable, Modified [Line Items]
Amortized cost	$ 10
Increase of weighted-average life of impacted loans	12 years 1 month 6 days
Weighted average interest rate reduction	2.37%
Consumer real estate | Home equity | Permanent Modifications | Minimum
Financing Receivable, Modified [Line Items]
Modified term	1 year
Consumer real estate | Home equity | Permanent Modifications | Maximum
Financing Receivable, Modified [Line Items]
Modified term	15 years
Credit card and other consumer
Financing Receivable, Modified [Line Items]
Percentage of outstanding loans	0.08%
Amortized cost	$ 157
Weighted average interest rate reduction	18.65%
Total	$ 157
Credit card and other consumer | Current
Financing Receivable, Modified [Line Items]
Total	109
Credit card and other consumer | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	24
Credit card and other consumer | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	24
Credit card and other consumer | Principal Forgiveness
Financing Receivable, Modified [Line Items]
Amortized cost	11
Commercial
Financing Receivable, Modified [Line Items]
Total	822
Lending commitments			$ 358
Commercial | Current
Financing Receivable, Modified [Line Items]
Total	775
Commercial | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	5
Commercial | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	$ 42
Commercial | Commercial loans
Financing Receivable, Modified [Line Items]
Percentage of outstanding loans	0.14%
Amortized cost	$ 822
Increase of weighted-average life of impacted loans	1 year 3 months 18 days
Lending commitments	$ 534
Commercial | Commercial loans | Extended Maturity
Financing Receivable, Modified [Line Items]
Amortized cost	700
Commercial | Commercial loans | Forbearance Program
Financing Receivable, Modified [Line Items]
Amortized cost	$ 102
Increase of weighted-average life of impacted loans	15 months
Commercial | Commercial loans | Other Miscellaneous Modifications
Financing Receivable, Modified [Line Items]
Amortized cost	$ 20
Commercial | Commercial loans | Payment Deferral | Minimum
Financing Receivable, Modified [Line Items]
Increase of weighted-average life of impacted loans	12 months
Commercial | Commercial loans | Payment Deferral | Maximum
Financing Receivable, Modified [Line Items]
Increase of weighted-average life of impacted loans	24 months

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Payment Status of Modifications to Borrowers in Financial Difficulty (Details) - Consumer real estate $ in Millions	Mar. 31, 2023 USD ($)
Financing Receivable, Modified [Line Items]
Total	$ 245
Current
Financing Receivable, Modified [Line Items]
Total	149
30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	56
90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	40
Residential mortgage
Financing Receivable, Modified [Line Items]
Total	205
Residential mortgage | Current
Financing Receivable, Modified [Line Items]
Total	126
Residential mortgage | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	49
Residential mortgage | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	30
Home equity
Financing Receivable, Modified [Line Items]
Total	40
Home equity | Current
Financing Receivable, Modified [Line Items]
Total	23
Home equity | 30–89 Days Past Due
Financing Receivable, Modified [Line Items]
Total	7
Home equity | 90+ Days Past Due
Financing Receivable, Modified [Line Items]
Total	$ 10

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Prior-Period Troubled Debt Restructurings, Narrative (Details)	3 Months Ended
	Mar. 31, 2023 payment
Consumer real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Number of missing payments causing default	3

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 677
Carrying Value	$ 614
Pre-Modification Interest Rate	3.52%
Post-Modification Interest Rate	3.37%
Residential mortgage
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 585
Carrying Value	$ 539
Pre-Modification Interest Rate	3.50%
Post-Modification Interest Rate	3.33%
Home equity
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 92
Carrying Value	$ 75
Pre-Modification Interest Rate	3.62%
Post-Modification Interest Rate	3.63%

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - Modification Programs (Details) - Consumer real estate $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Total modifications	$ 614
Modifications under proprietary programs
Financing Receivable, Modified [Line Items]
Total modifications	552
Loans discharged in Chapter 7 bankruptcy
Financing Receivable, Modified [Line Items]
Total modifications	5
Trial modifications
Financing Receivable, Modified [Line Items]
Total modifications	$ 57

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) - Consumer real estate $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Troubled debt restructurings entering payment default that were modified during the preceding twelve months	$ 45
Modifications under proprietary programs
Financing Receivable, Modified [Line Items]
Troubled debt restructurings entering payment default that were modified during the preceding twelve months	40
Loans discharged in Chapter 7 bankruptcy
Financing Receivable, Modified [Line Items]
Troubled debt restructurings entering payment default that were modified during the preceding twelve months	1
Trial modifications
Financing Receivable, Modified [Line Items]
Troubled debt restructurings entering payment default that were modified during the preceding twelve months	$ 4

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Entered into During the Period (Details) - Credit card and other consumer $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 73
Carrying Value	$ 76
Pre-Modification Interest Rate	18.03%
Post-Modification Interest Rate	3.77%
Credit card
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 69
Carrying Value	$ 73
Pre-Modification Interest Rate	18.67%
Post-Modification Interest Rate	3.69%
Direct/indirect consumer
Financing Receivable, Modified [Line Items]
Unpaid Principal Balance	$ 4
Carrying Value	$ 3
Pre-Modification Interest Rate	5.75%
Post-Modification Interest Rate	5.75%

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Modified by Program Type (Details) - Credit card and other consumer $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Carrying Value	$ 76
Internal programs
Financing Receivable, Modified [Line Items]
Carrying Value	63
External programs
Financing Receivable, Modified [Line Items]
Carrying Value	10
Other
Financing Receivable, Modified [Line Items]
Carrying Value	$ 3

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) - Credit card and other consumer	3 Months Ended
	Mar. 31, 2023 payment
Financing Receivable, Modified [Line Items]
Number of consecutive missed payments	2
Period for payment default after modification	12 months
Credit card
Financing Receivable, Modified [Line Items]
Percent expected to be in payment default within 12 months after modification	10.00%
Direct/indirect consumer
Financing Receivable, Modified [Line Items]
Percent expected to be in payment default within 12 months after modification	17.00%

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Commercial Loans, Loans Held-for-sale and Accrued Interest Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 6,809		$ 6,871
Originations and purchases	2,285	$ 6,832
Net non-cash transfers into LHFS	459	1,500
Accrued interest receivable	$ 4,000		$ 3,800
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Other Receivables		Other Receivables
Credit card lines
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest and fee income reversed	$ 118	131
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value		848
Lending commitments			$ 358
Commitments in payment default			105
Loans held for sale	6,800		$ 6,900
Proceeds from sales and paydowns of loans originally classified as LHFS	2,400	13,300
Originations and purchases	$ 2,300	$ 6,800

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
U.S. gross domestic product, current economic outlook				0.90%
U.S. gross domestic product, previous economic outlook				0.40%
Allowance for credit losses, period increase (decrease)			$ (271)
Allowance for credit losses			13,951		$ 13,483
Decrease to allowance for credit losses			(12,514)	$ (12,682)	(12,104)		$ (12,387)
Loan and leases receivable, allowance, period decrease			168
Reserve for unfunded lending commitments, period decrease			103
Increase in provision for credit losses			901
Provision for credit losses			931		30
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option			2,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease to allowance for credit losses				243
Scenario, Forecast
Financing Receivable, Allowance for Credit Loss [Line Items]
Overall economic outlook for recessionary environment						95.00%
Unemployment rate, current economic outlook	5.00%	5.00%
U.S. gross domestic product, current economic outlook	1.40%	0.50%
Unemployment rate, previous economic outlook	5.00%	5.50%
U.S. gross domestic product, previous economic outlook	1.20%	0.40%
Consumer real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period increase (decrease)			123
Allowance for credit losses			496		564
Decrease to allowance for credit losses			(403)	(420)	(473)		(557)
Loan and leases receivable, allowance, period decrease			18
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option			(4,200)
Consumer real estate | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease to allowance for credit losses				67
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period increase (decrease)			(394)
Allowance for credit losses			6,497		6,677
Decrease to allowance for credit losses			(5,153)	(5,445)	(5,389)		(5,354)
Loan and leases receivable, allowance, period decrease			394
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option			6,300
Commercial | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease to allowance for credit losses				67
Credit card and other consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses			6,958		6,242
Decrease to allowance for credit losses			(6,958)	(6,817)	$ (6,242)		$ (6,476)
Loan and leases receivable, allowance, period decrease			$ 141
Credit card and other consumer | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease to allowance for credit losses				$ 109

XML

Outstanding Loans and Leases and Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	$ 12,682	$ 12,387	$ 12,387
Loans and leases charged off	(1,056)	(734)
Recoveries of loans and leases previously charged off	249	342
Net charge-offs	(807)	(392)
Provision for loan and lease losses	900	108
Other	(18)	1
Allowance for loan and lease losses, ending balance	12,514	12,104	12,682
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Reserve for unfunded lending commitments, beginning balance	1,540	1,456	1,456
Provision for unfunded lending commitments	(103)	(78)
Other		1
Reserve for unfunded lending commitments, ending balance	1,437	1,379	1,540
Allowance for credit losses	13,951	13,483
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	(243)
Allowance for loan and lease losses, ending balance			(243)
Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	12,439
Allowance for loan and lease losses, ending balance			12,439
Consumer real estate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	420	557	557
Loans and leases charged off	(14)	(23)
Recoveries of loans and leases previously charged off	25	63
Net charge-offs	11	40
Provision for loan and lease losses	34	(126)
Other	5	2
Allowance for loan and lease losses, ending balance	403	473	420
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Reserve for unfunded lending commitments, beginning balance	94	96	96
Provision for unfunded lending commitments	(1)	(6)
Other		1
Reserve for unfunded lending commitments, ending balance	93	91	94
Allowance for credit losses	496	564
Consumer real estate | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	(67)
Allowance for loan and lease losses, ending balance			(67)
Consumer real estate | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	353
Allowance for loan and lease losses, ending balance			353
Credit card and other consumer
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	6,817	6,476	6,476
Loans and leases charged off	(861)	(619)
Recoveries of loans and leases previously charged off	197	239
Net charge-offs	(664)	(380)
Provision for loan and lease losses	913	146
Other	1	0
Allowance for loan and lease losses, ending balance	6,958	6,242	6,817
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Reserve for unfunded lending commitments, beginning balance	0	0	0
Provision for unfunded lending commitments	0	0
Other		0
Reserve for unfunded lending commitments, ending balance	0	0	0
Allowance for credit losses	6,958	6,242
Credit card and other consumer | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	(109)
Allowance for loan and lease losses, ending balance			(109)
Credit card and other consumer | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	6,708
Allowance for loan and lease losses, ending balance			6,708
Commercial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	5,445	5,354	5,354
Loans and leases charged off	(181)	(92)
Recoveries of loans and leases previously charged off	27	40
Net charge-offs	(154)	(52)
Provision for loan and lease losses	(47)	88
Other	(24)	(1)
Allowance for loan and lease losses, ending balance	5,153	5,389	5,445
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Reserve for unfunded lending commitments, beginning balance	1,446	1,360	1,360
Provision for unfunded lending commitments	(102)	(72)
Other		0
Reserve for unfunded lending commitments, ending balance	1,344	1,288	1,446
Allowance for credit losses	6,497	$ 6,677
Commercial | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	(67)
Allowance for loan and lease losses, ending balance			(67)
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for loan and lease losses, beginning balance	$ 5,378
Allowance for loan and lease losses, ending balance			$ 5,378

XML

Securitizations and Other Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Liquidity commitments to unconsolidated securitization trusts	$ 975	$ 978

XML

Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Residential Mortgage - Agency
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Proceeds from loan sales	$ 1,347	$ 2,322
Gains on securitizations	(5)	8
Repurchases from securitization trusts	9	32
Gain (loss) on loans securitized	10	20
Deconsolidation of securitizations	328	527
Commercial
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Proceeds from loan sales	142	2,428
Gains on securitizations	3	13
Repurchases from securitization trusts	0	0
First Lien Mortgages
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Mortgage loans serviced for investors	98,300	110,400
Servicing fees	69	$ 70
Transfers continuing involvement servicing fee advances	$ 1,500		$ 1,600

XML

Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
On-balance sheet assets
Trading account assets	$ 314,978	$ 296,108
Debt securities carried at fair value	172,510	229,994
Held-to-maturity securities	624,528	632,863
All other assets	154,461	150,759
Loans and leases	1,046,406	1,045,747
Total assets	3,194,657	3,051,375	$ 3,238,223
Total liabilities	2,914,461	2,778,178
Consolidated VIEs
On-balance sheet assets
Trading account assets	4,276	2,816
All other assets	129	116
Loans and leases	15,754	16,738
Total assets	19,362	18,873
Total liabilities	6,229	4,635
Agency | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	8,848	9,112
On-balance sheet assets
All other assets	0	0
Total assets	8,848	9,112
Principal balance outstanding	80,077	81,644
Agency | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	1,886	1,735
On-balance sheet assets
Trading account assets	1,886	1,735
Loans and leases	0	0
Total assets	1,886	1,735
Total liabilities	0	0
Agency | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	197	232
Debt securities carried at fair value	2,893	3,027
Held-to-maturity securities	5,758	5,853
Non-agency | Prime | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	90	91
On-balance sheet assets
All other assets	3	3
Total assets	6	6
Principal balance outstanding	3,872	3,973
Non-agency | Prime | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	0	0
On-balance sheet assets
Trading account assets	0	0
Loans and leases	0	0
Total assets	0	0
Total liabilities	0	0
Non-agency | Prime | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	3	3
Debt securities carried at fair value	0	0
Held-to-maturity securities	0	0
Non-agency | Subprime | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	683	735
On-balance sheet assets
All other assets	22	25
Total assets	409	460
Principal balance outstanding	4,929	5,034
Non-agency | Subprime | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	0	78
On-balance sheet assets
Trading account assets	0	78
Loans and leases	0	0
Total assets	0	78
Total liabilities	0	0
Non-agency | Subprime | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	26	25
Debt securities carried at fair value	361	410
Held-to-maturity securities	0	0
Non-agency | Alt-A | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	8	28
On-balance sheet assets
All other assets	2	2
Total assets	8	28
Principal balance outstanding	11,259	11,568
Non-agency | Alt-A | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	0	0
On-balance sheet assets
Trading account assets	0	0
Loans and leases	0	0
Total assets	0	0
Total liabilities	0	0
Non-agency | Alt-A | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	6	26
Debt securities carried at fair value	0	0
Held-to-maturity securities	0	0
Commercial Mortgage
On-balance sheet assets
Debt securities carried at fair value	6,452
Commercial Mortgage | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	1,490	1,594
On-balance sheet assets
All other assets	59	101
Total assets	1,363	1,460
Principal balance outstanding	80,157	85,101
Commercial Mortgage | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	0	0
On-balance sheet assets
Trading account assets	0	0
Loans and leases	0	0
Total assets	0	0
Total liabilities	0	0
Commercial Mortgage | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	32	91
Debt securities carried at fair value	0	0
Held-to-maturity securities	$ 1,272	$ 1,268

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Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
On-balance sheet assets
Trading account assets	$ 314,978	$ 296,108
Debt securities carried at fair value	172,510	229,994
Held-to-maturity securities	624,528	632,863
Total assets	3,194,657	3,051,375	$ 3,238,223
Loans and leases	1,046,406	1,045,747
Allowance for loan and lease losses	(12,514)	(12,682)	$ (12,104)	$ (12,387)
Other assets	154,461	150,759
On-balance sheet liabilities
Long-term debt	283,873	275,982
Total liabilities	2,914,461	2,778,178
Consolidated VIEs
On-balance sheet assets
Trading account assets	4,276	2,816
Total assets	19,362	18,873
Loans and leases	15,754	16,738
Allowance for loan and lease losses	(797)	(797)
Other assets	129	116
On-balance sheet liabilities
Long-term debt	4,883	4,581
All other liabilities	7	12
Total liabilities	6,229	4,635
Home equity | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	8	119
On-balance sheet assets
Total retained positions	0	1
Total assets	301	326
Home equity | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	29	32
On-balance sheet assets
Trading account assets	0	0
Total assets	112	111
Loans and leases	99	97
Allowance for loan and lease losses	11	12
Other assets	2	2
On-balance sheet liabilities
Short-term borrowings	0	0
Long-term debt	83	79
All other liabilities	0	0
Total liabilities	83	79
Home equity | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	0	0
Debt securities carried at fair value	0	1
Held-to-maturity securities	0	0
Credit card | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	0	0
On-balance sheet assets
Total retained positions	0	0
Total assets	0	0
Credit card | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	8,994	9,555
On-balance sheet assets
Trading account assets	0	0
Total assets	13,249	13,815
Loans and leases	13,989	14,555
Allowance for loan and lease losses	(807)	(808)
Other assets	67	68
On-balance sheet liabilities
Short-term borrowings	0	0
Long-term debt	4,248	4,247
All other liabilities	7	13
Total liabilities	4,255	4,260
Residual interests	4,700	3,300
Credit card | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	0	0
Debt securities carried at fair value	0	0
Held-to-maturity securities	0	0
Resecuritization Trusts | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	4,473	4,243
On-balance sheet assets
Total retained positions	4,473	4,243
Total assets	13,802	12,255
Resecuritization Trusts | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	277	551
On-balance sheet assets
Trading account assets	656	650
Total assets	656	650
Loans and leases	0	0
Allowance for loan and lease losses	0	0
Other assets	0	0
On-balance sheet liabilities
Short-term borrowings	0	0
Long-term debt	379	99
All other liabilities	0	0
Total liabilities	379	99
Resecuritization Trusts | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	910	456
Debt securities carried at fair value	1,105	1,259
Held-to-maturity securities	2,458	2,528
Municipal Bond Trusts | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	2,530	2,537
On-balance sheet assets
Total retained positions	0	0
Total assets	3,032	3,016
Municipal Bond Trusts | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	1,390	0
On-balance sheet assets
Trading account assets	1,390	0
Total assets	1,390	0
Loans and leases	0	0
Allowance for loan and lease losses	0	0
Other assets	0	0
On-balance sheet liabilities
Short-term borrowings	1,317	0
Long-term debt	0	0
All other liabilities	0	0
Total liabilities	1,317	0
Municipal Bond Trusts | Senior securities: | Unconsolidated VIEs
On-balance sheet assets
Trading account assets	0	0
Debt securities carried at fair value	0	0
Held-to-maturity securities	$ 0	$ 0

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Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Liquidity commitments to unconsolidated securitization trusts	$ 975		$ 978
Credit card
Variable Interest Entity [Line Items]
Principal balance outstanding	$ 4,700		$ 6,700
Transferred financial assets, stated interest rate	0.00%		0.00%
Resecuritization Trusts
Variable Interest Entity [Line Items]
Cash proceeds from new securitizations	$ 1,600	$ 9,500
Securities
Variable Interest Entity [Line Items]
Cash proceeds from new securitizations	586	$ 699
Municipal Bond Trusts | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Liquidity commitments to unconsolidated securitization trusts	$ 2,500		$ 2,500
Weighted average remaining life of bonds held in the trusts in years	11 years

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Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
On-balance sheet assets
Trading account assets	$ 314,978	$ 296,108
Debt securities carried at fair value	172,510	229,994
Loans and leases	1,046,406	1,045,747
Allowance for loan and lease losses	(12,514)	(12,682)	$ (12,104)	$ (12,387)
All other assets	154,461	150,759
Total assets	3,194,657	3,051,375	$ 3,238,223
On-balance sheet liabilities
Long-term debt	283,873	275,982
Total liabilities	2,914,461	2,778,178
Consolidated VIEs
On-balance sheet assets
Trading account assets	4,276	2,816
Loans and leases	15,754	16,738
Allowance for loan and lease losses	(797)	(797)
All other assets	129	116
Total assets	19,362	18,873
On-balance sheet liabilities
Long-term debt	4,883	4,581
All other liabilities	7	12
Total liabilities	6,229	4,635
Other Variable Interest Entities | Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	1,874	2,286
On-balance sheet assets
Trading account assets	344	353
Debt securities carried at fair value	0	0
Loans and leases	1,666	2,086
Allowance for loan and lease losses	(1)	(1)
All other assets	60	46
Total assets	2,069	2,484
On-balance sheet liabilities
Short-term borrowings	22	42
Long-term debt	173	156
All other liabilities	0	0
Total liabilities	195	198
Other Variable Interest Entities | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	48,061	47,477
On-balance sheet assets
Trading account assets	2,126	2,187
Debt securities carried at fair value	247	473
Loans and leases	14,536	14,243
Allowance for loan and lease losses	(98)	(99)
All other assets	30,717	30,221
Total assets	47,528	47,025
On-balance sheet liabilities
Short-term borrowings	0	0
Long-term debt	0	0
All other liabilities	7,357	7,318
Total liabilities	7,357	7,318
Other Variable Interest Entities | Variable Interest Entity
Variable Interest Entity [Line Items]
Maximum loss exposure	49,935	49,763
On-balance sheet assets
Trading account assets	2,470	2,540
Debt securities carried at fair value	247	473
Loans and leases	16,202	16,329
Allowance for loan and lease losses	(99)	(100)
All other assets	30,777	30,267
Total assets	49,597	49,509
On-balance sheet liabilities
Short-term borrowings	22	42
Long-term debt	173	156
All other liabilities	7,357	7,318
Total liabilities	$ 7,552	$ 7,516

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Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets of VIEs	$ 1,500		$ 1,500
Total assets	3,194,657	$ 3,238,223	3,051,375
Consolidated VIEs
Variable Interest Entity [Line Items]
Total assets	19,362		18,873
Customer Vehicles
Variable Interest Entity [Line Items]
Maximum loss exposure	1,000		914
Collateralized Debt Obligations And Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Maximum loss exposure	16,300		16,300
Collateralized Debt Obligations And Collateralized Loan Obligations | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Loans and securities	16,300		16,300
Investment Vehicles
Variable Interest Entity [Line Items]
Maximum loss exposure	2,200		2,400
Investment Vehicles | Consolidated VIEs
Variable Interest Entity [Line Items]
Total assets	454		854
Investment Vehicles | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Total assets	15,100		12,200
Leveraged Lease Trusts | Consolidated VIEs
Variable Interest Entity [Line Items]
Total assets	1,200		1,200
Tax Credit Vehicles
Investments in Affordable Housing Projects [Abstract]
Investments in affordable housing project investments	14,700		14,700
Unfunded commitments	$ 7,000		6,900
Unfunded commitment payment period	5 years
Tax credits and other benefits	$ 527	419
Pretax losses	372	337
Tax Credit Vehicles | Unconsolidated VIEs
Variable Interest Entity [Line Items]
Maximum loss exposure	28,800		28,800
Total assets	76,000		74,800
Renewable Energy Investments
Investments in Affordable Housing Projects [Abstract]
Equity investments	14,100		13,900
Unfunded capital contributions	$ 5,600		$ 1,900
Term of unfunded capital contributions (in years)	2 years
Tax credits and other tax benefits related to renewable energy investments	$ 996	865
Pretax losses in renewable energy investments	$ 561	$ 530

XML

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Total goodwill	$ 69,022	$ 69,022
Operating Segments | Consumer Banking
Goodwill [Line Items]
Total goodwill	30,137	30,137
Operating Segments | Global Wealth & Investment Management
Goodwill [Line Items]
Total goodwill	9,677	9,677
Operating Segments | Global Banking
Goodwill [Line Items]
Total goodwill	24,026	24,026
Operating Segments | Global Markets
Goodwill [Line Items]
Total goodwill	$ 5,182	$ 5,182

XML

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	$ 2,100		$ 2,100
Amortization of intangibles	20	$ 20
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	$ 1,600		$ 1,600

XML

Leases - Lessor Arrangements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease receivables	$ 14,895	$ 15,123
Unguaranteed residuals	2,116	2,143
Total net investment in sales-type and direct financing leases	17,011	17,266
Unguaranteed residual asset with third-party residual value insurance	$ 6,400	$ 6,500

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Leases - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Sales-type and direct financing leases	$ 172	$ 142
Operating Lease Income, Comprehensive Income, Extensible List Not Disclosed Flag	Operating leases	Operating leases
Operating leases	$ 238	$ 232
Total lease income	$ 410	$ 374

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Leases - Supplemental Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use asset	$ 9,527	$ 9,755
Lease liabilities	$ 10,137	$ 10,359

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Securities Financing Agreements, Collateral and Restricted Cash - Securities Financing Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Securities borrowed or purchased under agreements to resell
Gross Assets/Liabilities	$ 633,124	$ 597,847
Amounts Offset	(335,046)	(330,273)
Net Balance Sheet Amount	298,078	267,574
Financial Instruments	(268,791)	(240,120)
Net Assets/Liabilities	29,287	27,454
Securities loaned or sold under agreements to repurchase
Gross Liabilities	649,426	525,908
Amounts Offset	(335,046)	(330,273)
Net Balance Sheet Amount	314,380	195,635
Financial Instruments	(287,074)	(183,265)
Net Liabilities	27,306	12,370
Other
Gross Liabilities	11,993	8,427
Amounts Offset	0	0
Net Balance Sheet Amount	11,993	8,427
Financial Instruments	(11,993)	(8,427)
Net Liabilities	0	0
Total Securities Financing Agreements Liability
Gross Liabilities	661,419	534,335
Amounts Offset	(335,046)	(330,273)
Net Balance Sheet Amount	326,373	204,062
Financial Instruments	(299,067)	(191,692)
Net Liabilities	27,306	12,370
Loans and leases repurchase activity	$ 9,900	$ 8,700

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Securities Financing Agreements, Collateral and Restricted Cash - Remaining Contractual Maturity (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($) agreement
Remaining Contractual Maturity
Securities sold under agreements to repurchase	$ 579,458	$ 453,492
Securities loaned	69,968	72,416
Other	11,993	8,427
Total	$ 661,419	$ 534,335
Number of contractual agreements | agreement	0	0
Maximum agreement maturity period (less than)	4 years	4 years
Overnight and Continuous
Remaining Contractual Maturity
Securities sold under agreements to repurchase	$ 262,304	$ 200,087
Securities loaned	64,599	66,909
Other	11,993	8,427
Total	338,896	275,423
30 Days or Less
Remaining Contractual Maturity
Securities sold under agreements to repurchase	226,589	181,632
Securities loaned	604	288
Other	0	0
Total	227,193	181,920
After 30 Days Through 90 Days
Remaining Contractual Maturity
Securities sold under agreements to repurchase	44,524	41,666
Securities loaned	654	1,139
Other	0	0
Total	45,178	42,805
Greater than 90 Days
Remaining Contractual Maturity
Securities sold under agreements to repurchase	46,041	30,107
Securities loaned	4,111	4,080
Other	0	0
Total	$ 50,152	$ 34,187

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Securities Financing Agreements, Collateral and Restricted Cash - Class of Collateral Pledged (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	$ 579,458	$ 453,492
Securities Loaned	69,968	72,416
Other	11,993	8,427
Total	661,419	534,335
U.S. government and agency securities
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	313,725	193,005
Securities Loaned	0	18
Other	0	0
Total	313,725	193,023
Corporate securities, trading loans and other
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	17,056	14,345
Securities Loaned	2,319	2,896
Other	323	317
Total	19,698	17,558
Equity securities
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	11,543	10,249
Securities Loaned	67,574	69,432
Other	11,665	8,110
Total	90,782	87,791
Non-U.S. sovereign debt
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	233,043	232,171
Securities Loaned	75	70
Other	5	0
Total	233,123	232,241
Mortgage trading loans and ABS
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase	4,091	3,722
Securities Loaned	0	0
Other	0	0
Total	$ 4,091	$ 3,722

XML

Securities Financing Agreements, Collateral and Restricted Cash - Collateral (Details) - USD ($) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Securities Financing Agreements, Collateral and Restricted Cash [Abstract]
Securities held as collateral, fair value	$ 891.0	$ 827.6
Securities received as collateral, amount re-pledged and sold	$ 878.4	$ 764.1

XML

Securities Financing Agreements, Collateral and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Securities Financing Agreements, Collateral and Restricted Cash [Abstract]
Restricted cash	$ 6.5	$ 7.6

XML

Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legally binding unfunded commitments syndicated	$ 10,100	$ 10,400
Credit extension commitments, carrying value	1,500	1,600
Notional amount of credit extension commitments under fair value option	3,100	3,000
Unfunded loan commitments
Other Commitments [Line Items]
Fair value carrying amount, liabilities	$ 122	$ 110

XML

Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Expire in One Year or Less	$ 571,701	$ 558,008
Expire After One Year Through Three Years	177,864	179,496
Expire After Three Years Through Five Years	233,890	235,862
Expire After Five Years	40,193	37,601
Total	1,023,648	1,010,967
Legally binding commitments
Other Commitments [Line Items]
Expire in One Year or Less	142,317	138,864
Expire After One Year Through Three Years	177,864	179,496
Expire After Three Years Through Five Years	233,890	235,862
Expire After Five Years	40,193	37,601
Total	594,264	591,823
Loan commitments
Other Commitments [Line Items]
Expire in One Year or Less	117,267	113,962
Expire After One Year Through Three Years	160,450	162,890
Expire After Three Years Through Five Years	219,304	221,374
Expire After Five Years	15,920	13,667
Total	512,941	511,893
Unfunded loan commitment, held as a security
Other Commitments [Line Items]
Total	2,900	2,600
Home equity lines of credit
Other Commitments [Line Items]
Expire in One Year or Less	1,667	1,479
Expire After One Year Through Three Years	7,986	7,230
Expire After Three Years Through Five Years	11,652	11,578
Expire After Five Years	22,660	22,154
Total	43,965	42,441
Standby letters of credit and financial guarantees
Other Commitments [Line Items]
Expire in One Year or Less	22,417	22,565
Expire After One Year Through Three Years	9,328	9,237
Expire After Three Years Through Five Years	2,755	2,787
Expire After Five Years	528	628
Total	35,028	35,217
Standby letters of credit and financial guarantees | Credit Card and Other Consumer
Other Commitments [Line Items]
Total	563	575
Standby letters of credit and financial guarantees | Investment grade
Other Commitments [Line Items]
Total	25,000	25,100
Standby letters of credit and financial guarantees | Non-investment grade
Other Commitments [Line Items]
Total	9,400	9,500
Letters of credit
Other Commitments [Line Items]
Expire in One Year or Less	963	853
Expire After One Year Through Three Years	32	46
Expire After Three Years Through Five Years	42	52
Expire After Five Years	26	49
Total	1,063	1,000
Other commitments
Other Commitments [Line Items]
Expire in One Year or Less	3	5
Expire After One Year Through Three Years	68	93
Expire After Three Years Through Five Years	137	71
Expire After Five Years	1,059	1,103
Total	1,267	1,272
Credit card lines
Other Commitments [Line Items]
Expire in One Year or Less	429,384	419,144
Expire After One Year Through Three Years	0	0
Expire After Three Years Through Five Years	0	0
Expire After Five Years	0	0
Total	$ 429,384	$ 419,144

XML

Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Resale And Forward-Dated Resale And Securities Borrowing Agreements And Forward-Dated Repurchase And Securities Lending Agreements
Loss Contingencies [Line Items]
Other commitment, expiration term (in months)	12 months
Resale and Forward-Dated Resale and Securities Borrowing Agreements
Loss Contingencies [Line Items]
Other commitments	$ 116,500	$ 92,000
Forward-Dated Repurchase and Securities Lending Agreements
Loss Contingencies [Line Items]
Other commitments	90,100	57,800
Auto Loans and Leases
Loss Contingencies [Line Items]
Other commitment, due in next twelve months	$ 4,100	3,700
Other commitment, termination prior notice period	12 months
Equity Investment Commitments
Loss Contingencies [Line Items]
Other commitments	$ 534	571
Residential and Commercial Portfolio Segments | Loan Purchase Commitments | Residential and Commercial Financing Receivable
Loss Contingencies [Line Items]
Other commitments	749	636
Commercial | Loan Purchase Commitments
Loss Contingencies [Line Items]
Other commitments	$ 226	$ 294

XML

Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Subsidiary, ownership interest, percentage	100.00%
Merchant Processing Servicers, Sponsored Entities
Loss Contingencies [Line Items]
Transactions processed by sponsored entities	$ 470,000
Life Insurance Book Value Protection
Loss Contingencies [Line Items]
Notional amount of derivatives	4,300	$ 4,300
Maximum potential exposure	633	632
FICC Repo Program
Loss Contingencies [Line Items]
Maximum potential exposure	46,700	59,600
Representations and Warranties Obligations and Corporate Guarantees
Loss Contingencies [Line Items]
Loss contingency accrual	$ 622	$ 612

XML

Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
Litigation settlement expense	$ 89,000,000	$ 106,000,000
Minimum
Loss Contingencies [Line Items]
Estimated range of possible loss	0
Maximum
Loss Contingencies [Line Items]
Estimated range of possible loss	$ 800,000,000

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Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares	Apr. 26, 2023	Feb. 01, 2023
Dividends Payable [Line Items]
Dividends per share (in dollars per share)		$ 0.22
Subsequent Event
Dividends Payable [Line Items]
Dividends per share (in dollars per share)	$ 0.22

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Shareholders' Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended
	Apr. 26, 2023	Feb. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Common stock repurchased			$ 2,215	$ 2,650
Shares reserved for future issuance (in shares)			425
Dividends per share (in dollars per share)		$ 0.22
Subsequent Event
Class of Stock [Line Items]
Dividends per share (in dollars per share)	$ 0.22
Common Stock
Class of Stock [Line Items]
Total share repurchases, including CCAR capital plan repurchases (in shares)			67
Common stock repurchased			$ 2,200
Stock issued (in shares)			68
Shares paid for tax withholding for share based compensation (in shares)			26

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Shareholders' Equity - Preferred Stock (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Preferred stock dividends	$ 505	$ 467

XML

Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 273,197	$ 270,066
Net change	2,629	(8,313)
Ending balance	280,196	266,617
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(21,156)	(5,104)
Ending balance	(18,527)	(13,417)
Debt Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(2,983)	3,045
Net change	555	(3,447)
Ending balance	(2,428)	(402)
Debit Valuation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(881)	(1,636)
Net change	10	261
Ending balance	(871)	(1,375)
Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(11,935)	(1,880)
Net change	2,042	(5,179)
Ending balance	(9,893)	(7,059)
Employee Benefit Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(4,309)	(3,642)
Net change	10	24
Ending balance	(4,299)	(3,618)
Foreign Currency
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,048)	(991)
Net change	12	28
Ending balance	$ (1,036)	$ (963)

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Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
After- tax
Comprehensive income (loss)	$ 10,790	$ (1,246)
Total other comprehensive income (loss)
Pretax
Net change	3,404	(11,005)
Tax effect
Net change	(775)	2,692
After- tax
Comprehensive income (loss)	2,629	(8,313)
Debt Securities
Pretax
Net increase (decrease) in fair value	521	(4,565)
Net realized (gains) losses reclassified into earnings	210	(7)
Net change	731	(4,572)
Tax effect
Net increase (decrease) in fair value	(123)	1,123
Net realized (gains) losses reclassified into earnings	(53)	2
Net change	(176)	1,125
After- tax
Net increase (decrease) in fair value	398	(3,442)
Net realized (gains) losses reclassified into earnings	157	(5)
Comprehensive income (loss)	555	(3,447)
Debit Valuation Adjustments
Pretax
Net increase (decrease) in fair value	9	343
Net realized (gains) losses reclassified into earnings	4	1
Net change	13	344
Tax effect
Net increase (decrease) in fair value	(2)	(83)
Net realized (gains) losses reclassified into earnings	(1)	0
Net change	(3)	(83)
After- tax
Net increase (decrease) in fair value	7	260
Net realized (gains) losses reclassified into earnings	3	1
Comprehensive income (loss)	10	261
Derivatives
Pretax
Net increase (decrease) in fair value	2,568	(6,893)
Net realized (gains) losses reclassified into earnings	156	(6)
Net change	2,724	(6,899)
Tax effect
Net increase (decrease) in fair value	(643)	1,719
Net realized (gains) losses reclassified into earnings	(39)	1
Net change	(682)	1,720
After- tax
Net increase (decrease) in fair value	1,925	(5,174)
Net realized (gains) losses reclassified into earnings	117	(5)
Comprehensive income (loss)	2,042	(5,179)
Derivatives | Net interest income
Pretax
Net realized (gains) losses reclassified into earnings	161	6
Tax effect
Net realized (gains) losses reclassified into earnings	(40)	(2)
After- tax
Net realized (gains) losses reclassified into earnings	121	4
Derivatives | Compensation and benefits expense
Pretax
Net realized (gains) losses reclassified into earnings	(5)	(12)
Tax effect
Net realized (gains) losses reclassified into earnings	1	3
After- tax
Net realized (gains) losses reclassified into earnings	(4)	(9)
Employee Benefit Plans
Pretax
Net realized (gains) losses reclassified into earnings	13	42
Net change	13	42
Tax effect
Net realized (gains) losses reclassified into earnings	(3)	(18)
Net change	(3)	(18)
After- tax
Net realized (gains) losses reclassified into earnings	10	24
Comprehensive income (loss)	10	24
Foreign Currency
Pretax
Net increase (decrease) in fair value	(77)	80
Net change	(77)	80
Tax effect
Net increase (decrease) in fair value	89	(52)
Net change	89	(52)
After- tax
Net increase (decrease) in fair value	12	28
Comprehensive income (loss)	$ 12	$ 28

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Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per common share
Net income	$ 8,161	$ 7,067
Preferred stock dividends	(505)	(467)
Net income applicable to common shareholders	$ 7,656	$ 6,600
Average common shares issued and outstanding (in shares)	8,065.9	8,136.8
Earnings per common share (in dollars per share)	$ 0.95	$ 0.81
Diluted earnings per common share
Net income applicable to common shareholders	$ 7,656	$ 6,600
Add preferred stock dividends due to assumed conversions	56	0
Net income allocated to common shareholders	$ 7,712	$ 6,600
Average common shares issued and outstanding (in shares)	8,065.9	8,136.8
Dilutive potential common shares (in shares)	116.4	65.3
Total diluted average common shares issued and outstanding (in shares)	8,182.3	8,202.1
Diluted earnings per common share (in dollars per share)	$ 0.94	$ 0.80

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Earnings Per Common Share - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 shares
Series L Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	62

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Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Assets
Federal funds sold and securities borrowed or purchased under agreements to resell	$ 163,505	$ 146,999
Trading account assets	314,978	296,108
Derivative assets	360,700	398,300
Derivative assets	40,947	48,642
Total AFS debt securities	162,410	220,788
Other debt securities carried at fair value	10,100	9,206
Loans and leases	4,397	5,771
Loans held-for-sale	1,386	1,115
Other assets, measured at fair value	12,551	9,594
Liabilities
Interest-bearing deposits in U.S. offices	378	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338	151,708
Derivative liabilities	363,900	398,500
Derivative liabilities	40,169	44,816
Short-term borrowings	1,805	832
Long-term debt	39,413	33,070
U.S. Treasury and government agencies
Assets
Total AFS debt securities	101,507	159,022
Agency
Assets
Total AFS debt securities	23,252	23,442
Agency-collateralized mortgage obligations
Assets
Total AFS debt securities	2,035	2,221
Non-agency residential
Assets
Total AFS debt securities	407	386
Commercial
Assets
Total AFS debt securities	6,440	6,407
Other taxable securities
Assets
Total AFS debt securities	4,746	4,645
Tax-exempt securities
Assets
Total AFS debt securities	10,903	11,258
Recurring
Assets
Time deposits placed and other short-term investments	921	868
Federal funds sold and securities borrowed or purchased under agreements to resell	163,505	146,999
Trading account assets	314,978	296,108
Netting adjustments	(319,818)	(349,726)
Derivative assets	40,947	48,642
Total AFS debt securities	162,410	220,788
Other debt securities carried at fair value	10,100	9,206
Loans and leases	4,397	5,771
Loans held-for-sale	1,386	1,115
Other assets, measured at fair value	12,551	9,594
Total assets	711,195	739,091
Liabilities
Interest-bearing deposits in U.S. offices	378	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338	151,708
Total trading account liabilities	92,452	80,399
Netting adjustment	(323,697)	(353,700)
Derivative liabilities	40,169	44,816
Short-term borrowings	1,805	832
Accrued expenses and other liabilities	13,659	9,752
Long-term debt	39,413	33,070
Total liabilities	422,214	320,888
Mortgage servicing rights	$ 986	$ 1,000
Level 3 recurring assets, as a percent of total assets	0.34%	0.35%
Level 3 recurring liabilities, as a percent of total liabilities	0.25%	0.25%
Recurring | U.S. Treasury and government agencies
Assets
Trading account assets	$ 63,974	$ 59,106
Liabilities
Total trading account liabilities	13,891	14,087
Recurring | Corporate securities, trading loans and other
Assets
Trading account assets	43,443	49,281
Liabilities
Total trading account liabilities	7,799	6,686
Recurring | Equity securities
Assets
Trading account assets	128,129	113,078
Liabilities
Total trading account liabilities	49,938	41,762
Recurring | Non-U.S. sovereign debt
Assets
Trading account assets	38,613	34,216
Liabilities
Total trading account liabilities	20,824	17,864
Recurring | U.S. government-sponsored agency guaranteed
Assets
Trading account assets	30,970	28,597
Recurring | Mortgage trading loans, ABS and other MBS
Assets
Trading account assets	9,849	11,830
Recurring | U.S. Treasury and government agencies
Assets
Total AFS debt securities	101,507	159,022
Other debt securities carried at fair value	1,323	561
Recurring | Agency
Assets
Total AFS debt securities	23,252	23,442
Recurring | Agency-collateralized mortgage obligations
Assets
Total AFS debt securities	2,035	2,221
Recurring | Non-agency residential
Assets
Total AFS debt securities	407	386
Other debt securities carried at fair value	300	367
Recurring | Commercial
Assets
Total AFS debt securities	6,440	6,407
Recurring | Non-U.S. securities
Assets
Total AFS debt securities	13,120	13,407
Recurring | Other taxable securities
Assets
Total AFS debt securities	4,746	4,645
Recurring | Tax-exempt securities
Assets
Total AFS debt securities	10,903	11,258
Recurring | Non-U.S. and other securities
Assets
Other debt securities carried at fair value	8,477	8,278
Recurring | Securities gegregated for compliance or deposited with clearing organizations
Assets
Trading account assets	18,200	16,600
Recurring | Commodities Investment
Assets
Trading account assets	91	40
Recurring | Level 1
Assets
Time deposits placed and other short-term investments	921	868
Federal funds sold and securities borrowed or purchased under agreements to resell	0	0
Trading account assets	163,570	144,154
Derivative assets	14,626	14,775
Total AFS debt securities	100,579	158,102
Other debt securities carried at fair value	4,312	3,588
Loans and leases	0	0
Loans held-for-sale	0	0
Other assets, measured at fair value	9,905	6,898
Total assets	293,913	328,385
Liabilities
Interest-bearing deposits in U.S. offices	0	0
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Total trading account liabilities	70,955	60,479
Derivative liabilities	15,976	15,431
Short-term borrowings	0	0
Accrued expenses and other liabilities	11,042	7,458
Long-term debt	0	0
Total liabilities	97,973	83,368
Recurring | Level 1 | U.S. Treasury and government agencies
Assets
Trading account assets	63,966	58,894
Liabilities
Total trading account liabilities	13,886	13,906
Recurring | Level 1 | Corporate securities, trading loans and other
Assets
Trading account assets	0	0
Liabilities
Total trading account liabilities	0	0
Recurring | Level 1 | Equity securities
Assets
Trading account assets	90,424	77,868
Liabilities
Total trading account liabilities	44,410	36,937
Recurring | Level 1 | Non-U.S. sovereign debt
Assets
Trading account assets	9,180	7,392
Liabilities
Total trading account liabilities	12,659	9,636
Recurring | Level 1 | U.S. government-sponsored agency guaranteed
Assets
Trading account assets	0	0
Recurring | Level 1 | Mortgage trading loans, ABS and other MBS
Assets
Trading account assets	0	0
Recurring | Level 1 | U.S. Treasury and government agencies
Assets
Total AFS debt securities	100,579	158,102
Other debt securities carried at fair value	1,323	561
Recurring | Level 1 | Agency
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Agency-collateralized mortgage obligations
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Non-agency residential
Assets
Total AFS debt securities	0	0
Other debt securities carried at fair value	0	0
Recurring | Level 1 | Commercial
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Non-U.S. securities
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Other taxable securities
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Tax-exempt securities
Assets
Total AFS debt securities	0	0
Recurring | Level 1 | Non-U.S. and other securities
Assets
Other debt securities carried at fair value	2,989	3,027
Recurring | Level 2
Assets
Time deposits placed and other short-term investments	0	0
Federal funds sold and securities borrowed or purchased under agreements to resell	163,505	146,999
Trading account assets	147,033	147,355
Derivative assets	342,584	380,380
Total AFS debt securities	61,300	62,182
Other debt securities carried at fair value	5,694	5,499
Loans and leases	4,154	5,518
Loans held-for-sale	1,180	883
Other assets, measured at fair value	877	897
Total assets	726,327	749,713
Liabilities
Interest-bearing deposits in U.S. offices	378	311
Federal funds purchased and securities loaned or sold under agreements to repurchase	234,338	151,708
Total trading account liabilities	21,433	19,862
Derivative liabilities	341,556	376,979
Short-term borrowings	1,796	818
Accrued expenses and other liabilities	2,597	2,262
Long-term debt	38,641	32,208
Total liabilities	640,739	584,148
Recurring | Level 2 | U.S. Treasury and government agencies
Assets
Trading account assets	8	212
Liabilities
Total trading account liabilities	5	181
Recurring | Level 2 | Corporate securities, trading loans and other
Assets
Trading account assets	41,121	46,897
Liabilities
Total trading account liabilities	7,735	6,628
Recurring | Level 2 | Equity securities
Assets
Trading account assets	37,493	35,065
Liabilities
Total trading account liabilities	5,528	4,825
Recurring | Level 2 | Non-U.S. sovereign debt
Assets
Trading account assets	28,892	26,306
Liabilities
Total trading account liabilities	8,165	8,228
Recurring | Level 2 | U.S. government-sponsored agency guaranteed
Assets
Trading account assets	30,959	28,563
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS
Assets
Trading account assets	8,560	10,312
Recurring | Level 2 | U.S. Treasury and government agencies
Assets
Total AFS debt securities	928	920
Other debt securities carried at fair value	0	0
Recurring | Level 2 | Agency
Assets
Total AFS debt securities	23,252	23,442
Recurring | Level 2 | Agency-collateralized mortgage obligations
Assets
Total AFS debt securities	2,035	2,221
Recurring | Level 2 | Non-agency residential
Assets
Total AFS debt securities	114	128
Other debt securities carried at fair value	206	248
Recurring | Level 2 | Commercial
Assets
Total AFS debt securities	6,440	6,407
Recurring | Level 2 | Non-U.S. securities
Assets
Total AFS debt securities	12,933	13,212
Recurring | Level 2 | Other taxable securities
Assets
Total AFS debt securities	4,746	4,645
Recurring | Level 2 | Tax-exempt securities
Assets
Total AFS debt securities	10,852	11,207
Recurring | Level 2 | Non-U.S. and other securities
Assets
Other debt securities carried at fair value	5,488	5,251
Recurring | Level 3
Assets
Time deposits placed and other short-term investments	0	0
Federal funds sold and securities borrowed or purchased under agreements to resell	0	0
Trading account assets	4,375	4,599
Derivative assets	3,555	3,213	$ 3,700
Total AFS debt securities	531	504
Other debt securities carried at fair value	94	119
Loans and leases	243	253
Loans held-for-sale	206	232
Other assets, measured at fair value	1,769	1,799
Total assets	10,773	10,719
Liabilities
Interest-bearing deposits in U.S. offices	0	0
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Total trading account liabilities	64	58
Derivative liabilities	6,334	6,106	$ 5,900
Short-term borrowings	9	14
Accrued expenses and other liabilities	20	32
Long-term debt	772	862
Total liabilities	7,199	7,072
Mortgage servicing rights	986	1,020
Recurring | Level 3 | U.S. Treasury and government agencies
Assets
Trading account assets	0	0
Liabilities
Total trading account liabilities	0	0
Recurring | Level 3 | Corporate securities, trading loans and other
Assets
Trading account assets	2,322	2,384
Liabilities
Total trading account liabilities	64	58
Recurring | Level 3 | Equity securities
Assets
Trading account assets	212	145
Liabilities
Total trading account liabilities	0	0
Recurring | Level 3 | Non-U.S. sovereign debt
Assets
Trading account assets	541	518
Liabilities
Total trading account liabilities	0	0
Recurring | Level 3 | U.S. government-sponsored agency guaranteed
Assets
Trading account assets	11	34
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS
Assets
Trading account assets	1,289	1,518
Recurring | Level 3 | U.S. Treasury and government agencies
Assets
Total AFS debt securities	0	0
Other debt securities carried at fair value	0	0
Recurring | Level 3 | Agency
Assets
Total AFS debt securities	0	0
Recurring | Level 3 | Agency-collateralized mortgage obligations
Assets
Total AFS debt securities	0	0
Recurring | Level 3 | Non-agency residential
Assets
Total AFS debt securities	293	258
Other debt securities carried at fair value	94	119
Recurring | Level 3 | Commercial
Assets
Total AFS debt securities	0	0
Recurring | Level 3 | Non-U.S. securities
Assets
Total AFS debt securities	187	195
Recurring | Level 3 | Other taxable securities
Assets
Total AFS debt securities	0	0
Recurring | Level 3 | Tax-exempt securities
Assets
Total AFS debt securities	51	51
Recurring | Level 3 | Non-U.S. and other securities
Assets
Other debt securities carried at fair value	$ 0	$ 0

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Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	$ 50	$ 81
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning	(2,893)	(2,662)
Total realized and unrealized gains (losses) included in Net Income	69	617
Gains (losses) in OCI	0	0
Purchases	249	58
Sales	(268)	(185)
Issuances	0	0
Settlements	(315)	107
Gross Transfers into Level 3	321	(143)
Gross Transfers out of Level 3	58	74
Balance, ending	(2,779)	(2,134)
Change in unrealized gains/(losses) In net income related to financial instruments still held	154	643
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	50	81
Derivative assets	360,700		$ 398,300
Derivative liabilities	363,900		398,500
Level 3 | Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Derivative assets	3,555	3,700	3,213
Derivative liabilities	6,334	5,900	$ 6,106
Trading account liabilities – Corporate securities and other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(58)	(11)
Total realized and unrealized gains (losses) included in Net Income	0	0
Gains (losses) in OCI	0	0
Purchases	0	0
Sales	(2)	0
Issuances	(1)	0
Settlements	0	0
Gross Transfers into Level 3	(4)	0
Gross Transfers out of Level 3	1	0
Balance, ending	(64)	(11)
Change in unrealized gains/(losses) In net income related to financial instruments still held	0	1
Short-term borrowings
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(14)
Total realized and unrealized gains (losses) included in Net Income	0
Gains (losses) in OCI	0
Purchases	0
Sales	(3)
Issuances	(1)
Settlements	9
Gross Transfers into Level 3	0
Gross Transfers out of Level 3	0
Balance, ending	(9)
Change in unrealized gains/(losses) In net income related to financial instruments still held	0
Accrued expenses and other liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(32)	0
Total realized and unrealized gains (losses) included in Net Income	24	(50)
Gains (losses) in OCI	0	0
Purchases	(12)	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Gross Transfers into Level 3	0	0
Gross Transfers out of Level 3	0	0
Balance, ending	(20)	(50)
Change in unrealized gains/(losses) In net income related to financial instruments still held	24	(31)
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(862)	(1,075)
Total realized and unrealized gains (losses) included in Net Income	87	(109)
Gains (losses) in OCI	(6)	33
Purchases	(9)	0
Sales	0	0
Issuances	0	0
Settlements	11	4
Gross Transfers into Level 3	0	(6)
Gross Transfers out of Level 3	7	276
Balance, ending	(772)	(877)
Change in unrealized gains/(losses) In net income related to financial instruments still held	87	(111)
Total trading account assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	4,599	4,223
Total realized and unrealized gains (losses) included in Net Income	40	(58)
Gains (losses) in OCI	17	53
Purchases	209	159
Sales	(288)	(314)
Issuances	14	0
Settlements	(276)	(58)
Gross Transfers into Level 3	312	672
Gross Transfers out of Level 3	(252)	(194)
Balance, ending	4,375	4,483
Change in unrealized gains/(losses) In net income related to financial instruments still held	0	(38)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	17	53
Corporate securities, trading loans and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	2,384	2,110
Total realized and unrealized gains (losses) included in Net Income	27	(2)
Gains (losses) in OCI	1	0
Purchases	126	12
Sales	(120)	(153)
Issuances	14	0
Settlements	(144)	(18)
Gross Transfers into Level 3	148	368
Gross Transfers out of Level 3	(114)	(128)
Balance, ending	2,322	2,189
Change in unrealized gains/(losses) In net income related to financial instruments still held	3	(21)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	1	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	145	190
Total realized and unrealized gains (losses) included in Net Income	(4)	16
Gains (losses) in OCI	0	0
Purchases	6	16
Sales	(12)	(6)
Issuances	0	0
Settlements	0	(4)
Gross Transfers into Level 3	77	8
Gross Transfers out of Level 3	0	(37)
Balance, ending	212	183
Change in unrealized gains/(losses) In net income related to financial instruments still held	(4)	13
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	0	0
Non-U.S. sovereign debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	518	396
Total realized and unrealized gains (losses) included in Net Income	26	20
Gains (losses) in OCI	16	53
Purchases	3	2
Sales	(6)	0
Issuances	0	0
Settlements	(16)	(15)
Gross Transfers into Level 3	0	45
Gross Transfers out of Level 3	0	(5)
Balance, ending	541	496
Change in unrealized gains/(losses) In net income related to financial instruments still held	26	17
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	16	53
Mortgage trading loans, MBS and ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	1,552	1,527
Total realized and unrealized gains (losses) included in Net Income	(9)	(92)
Gains (losses) in OCI	0	0
Purchases	74	129
Sales	(150)	(155)
Issuances	0	0
Settlements	(116)	(21)
Gross Transfers into Level 3	87	251
Gross Transfers out of Level 3	(138)	(24)
Balance, ending	1,300	1,615
Change in unrealized gains/(losses) In net income related to financial instruments still held	(25)	(47)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	0	0
Total AFS debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	504	439
Total realized and unrealized gains (losses) included in Net Income	3	4
Gains (losses) in OCI	37	(25)
Purchases	0	0
Sales	0	(8)
Issuances	0	0
Settlements	(10)	(44)
Gross Transfers into Level 3	0	87
Gross Transfers out of Level 3	(3)	(2)
Balance, ending	531	451
Change in unrealized gains/(losses) In net income related to financial instruments still held	3	5
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	37	(25)
Non-agency residential MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	258	316
Total realized and unrealized gains (losses) included in Net Income	3	4
Gains (losses) in OCI	34	(24)
Purchases	0	0
Sales	0	(8)
Issuances	0	0
Settlements	(2)	(44)
Gross Transfers into Level 3	0	0
Gross Transfers out of Level 3	0	0
Balance, ending	293	244
Change in unrealized gains/(losses) In net income related to financial instruments still held	3	5
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	34	(24)
Non-U.S. and other taxable securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	195	71
Total realized and unrealized gains (losses) included in Net Income	0	0
Gains (losses) in OCI	3	(1)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(8)	0
Gross Transfers into Level 3	0	87
Gross Transfers out of Level 3	(3)	(2)
Balance, ending	187	155
Change in unrealized gains/(losses) In net income related to financial instruments still held	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	3	(1)
Tax-exempt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	51	52
Total realized and unrealized gains (losses) included in Net Income	0	0
Gains (losses) in OCI	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Gross Transfers into Level 3	0	0
Gross Transfers out of Level 3	0	0
Balance, ending	51	52
Change in unrealized gains/(losses) In net income related to financial instruments still held	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	0	0
Other debt securities carried at fair value – Non-agency residential MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	119	242
Total realized and unrealized gains (losses) included in Net Income	(2)	(39)
Gains (losses) in OCI	0	0
Purchases	0	0
Sales	(19)	0
Issuances	0	0
Settlements	(2)	(65)
Gross Transfers into Level 3	0	0
Gross Transfers out of Level 3	(2)	0
Balance, ending	94	138
Change in unrealized gains/(losses) In net income related to financial instruments still held	(2)	(39)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	0	0
Loans and leases
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	253	748
Total realized and unrealized gains (losses) included in Net Income	2	(30)
Gains (losses) in OCI	0	0
Purchases	9	0
Sales	0	(1)
Issuances	0	0
Settlements	(37)	(27)
Gross Transfers into Level 3	16	0
Gross Transfers out of Level 3	0	0
Balance, ending	243	690
Change in unrealized gains/(losses) In net income related to financial instruments still held	2	(30)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	0	0
Loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	232	317
Total realized and unrealized gains (losses) included in Net Income	12	7
Gains (losses) in OCI	2	12
Purchases	0	104
Sales	(16)	0
Issuances	0	0
Settlements	(24)	(58)
Gross Transfers into Level 3	0	0
Gross Transfers out of Level 3	0	0
Balance, ending	206	382
Change in unrealized gains/(losses) In net income related to financial instruments still held	12	5
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	2	12
Other assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	1,799	1,572
Total realized and unrealized gains (losses) included in Net Income	10	144
Gains (losses) in OCI	1	3
Purchases	6	0
Sales	0	1
Issuances	27	40
Settlements	(76)	(69)
Gross Transfers into Level 3	2	4
Gross Transfers out of Level 3	0	0
Balance, ending	1,769	1,695
Change in unrealized gains/(losses) In net income related to financial instruments still held	(17)	132
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) in OCI	$ 1	$ 3

XML

Fair Value Measurements - Recurring Fair Value Inputs (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) $ / MMBTU $ / security	Dec. 31, 2022 USD ($) $ / MMBTU $ / security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, primarily auction rate securities	$ 12,551	$ 9,594
Long-term debt	(39,413)	(33,070)
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, primarily auction rate securities	12,551	9,594
MSRs	986	1,000
Long-term debt	(39,413)	(33,070)
Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by residential real estate assets	763	852
Instruments backed by commercial real estate assets	384	362
Commercial loans, debt securities and other	4,090	4,348
Other assets, primarily auction rate securities	1,769	1,799
MSRs	986	1,020
Long-term debt	(772)	(862)
Net derivative asset (liability)	$ (2,779)	$ (2,893)
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0	0
Commercial loans, debt securities and other	0.06	0.05
Recurring | Level 3 | Yield | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets	0	0
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.32	0.22
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.25	0.25
Commercial loans, debt securities and other	0.45	0.43
Recurring | Level 3 | Yield | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets	0.25	0.25
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.45	0.43
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.10	0.10
Commercial loans, debt securities and other	0.19	0.15
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets	0.11	0.10
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.33	0.23
Recurring | Level 3 | Prepayment speed | Minimum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0	0
Commercial loans, debt securities and other	0.10	0.10
Recurring | Level 3 | Prepayment speed | Maximum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.37	0.29
Commercial loans, debt securities and other	0.20	0.20
Recurring | Level 3 | Prepayment speed | Weighted Average | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.12	0.12
Commercial loans, debt securities and other	0.15	0.15
Recurring | Level 3 | Default rate | Minimum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0	0
Commercial loans, debt securities and other	0.03	0.03
Recurring | Level 3 | Default rate | Maximum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.03	0.03
Commercial loans, debt securities and other	0.04	0.04
Recurring | Level 3 | Default rate | Weighted Average | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.01	0.01
Commercial loans, debt securities and other	0.04	0.04
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets | $ / security	0	0
Commercial loans, debt securities and other	0	0
Other assets, primarily auction rate securities | $ / security	10	10
Recurring | Level 3 | Price | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets | $ / security	0	0
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / security	0	0
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets | $ / security	113	111
Commercial loans, debt securities and other	157	157
Other assets, primarily auction rate securities | $ / security	97	97
Recurring | Level 3 | Price | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets | $ / security	100	100
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / security	122	119
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets | $ / security	26	26
Commercial loans, debt securities and other | $ / security	75	75
Other assets, primarily auction rate securities | $ / security	94	94
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
Instruments backed by commercial real estate assets | $ / security	78	75
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / security	92	90
Recurring | Level 3 | Loss severity | Minimum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0	0
Commercial loans, debt securities and other	0.35	0.35
Recurring | Level 3 | Loss severity | Maximum | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	1	1
Commercial loans, debt securities and other	0.40	0.40
Recurring | Level 3 | Loss severity | Weighted Average | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Instruments backed by residential real estate assets	0.23	0.24
Commercial loans, debt securities and other	0.38	0.38
Recurring | Level 3 | Discount rate | Discounted cash flow, Market comparables
Fair Value Inputs [Abstract]
Other assets, primarily auction rate securities	0.11	0.11
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0 years	0 years
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	13 years	14 years
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	6 years	6 years
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0 years	0 years
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	11 years	12 years
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	3 years	4 years
Recurring | Level 3 | Option-adjusted spread, fixed rate | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.07	0.07
Recurring | Level 3 | Option-adjusted spread, fixed rate | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.14	0.14
Recurring | Level 3 | Option-adjusted spread, fixed rate | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.09	0.09
Recurring | Level 3 | Option-adjusted spread, variable rate | Minimum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.09	0.09
Recurring | Level 3 | Option-adjusted spread, variable rate | Maximum | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.15	0.15
Recurring | Level 3 | Option-adjusted spread, variable rate | Weighted Average | Discounted cash flow
Fair Value Inputs [Abstract]
MSRs	0.12	0.12
Recurring | Level 3 | Equity correlation | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.01	0
Recurring | Level 3 | Equity correlation | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.96	0.95
Recurring | Level 3 | Equity correlation | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt	0.89	0.69
Recurring | Level 3 | Natural gas forward price | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / MMBTU	3	3
Recurring | Level 3 | Natural gas forward price | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / MMBTU	8	13
Recurring | Level 3 | Natural gas forward price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Long-term debt | $ / MMBTU	4	9
Recurring | Level 3 | Credit derivatives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative asset (liability)	$ 4	$ (44)
Recurring | Level 3 | Credit derivatives | Prepayment speed | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.15	0.15
Recurring | Level 3 | Credit derivatives | Default rate | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.02	0.02
Recurring | Level 3 | Credit derivatives | Price | Minimum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / security	0	0
Recurring | Level 3 | Credit derivatives | Price | Maximum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / security	151	151
Recurring | Level 3 | Credit derivatives | Price | Weighted Average | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / security	95	63
Recurring | Level 3 | Credit derivatives | Credit spreads | Minimum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.0004	0.0003
Recurring | Level 3 | Credit derivatives | Credit spreads | Maximum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.0078	0.0063
Recurring | Level 3 | Credit derivatives | Credit spreads | Weighted Average | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.0062	0.0022
Recurring | Level 3 | Credit derivatives | Upfront points | Minimum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)		0
Recurring | Level 3 | Credit derivatives | Upfront points | Maximum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)		0.0100
Recurring | Level 3 | Credit derivatives | Upfront points | Weighted Average | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)		0.0083
Recurring | Level 3 | Credit derivatives | Credit correlation | Minimum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.21	0.18
Recurring | Level 3 | Credit derivatives | Credit correlation | Maximum | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.57	0.53
Recurring | Level 3 | Credit derivatives | Credit correlation | Weighted Average | Discounted cash flow, Stochastic recovery correlation model
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.50	0.44
Recurring | Level 3 | Equity contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative asset (liability)	$ (1,403)	$ (1,534)
Recurring | Level 3 | Equity contracts | Equity correlation | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0	0
Recurring | Level 3 | Equity contracts | Equity correlation | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	1	1
Recurring | Level 3 | Equity contracts | Equity correlation | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.62	0.73
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.04	0.04
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	1.11	1.01
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.43	0.44
Recurring | Level 3 | Commodity contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative asset (liability)	$ (495)	$ (291)
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Minimum | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / MMBTU	3	3
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Maximum | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / MMBTU	8	13
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Weighted Average | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities) | $ / MMBTU	4	8
Recurring | Level 3 | Commodity contracts | Power forward price | Minimum | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	5	9
Recurring | Level 3 | Commodity contracts | Power forward price | Maximum | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	105	123
Recurring | Level 3 | Commodity contracts | Power forward price | Weighted Average | Discounted cash flow, Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	40	43
Recurring | Level 3 | Interest rate contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative asset (liability)	$ (885)	$ (1,024)
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	(0.35)	(0.35)
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.89	0.89
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.66	0.67
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.11	0.11
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.58	0.58
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.43	0.43
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0	0
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.48	0.39
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0	0.01
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.01	0
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.05	0.05
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.02	0.02
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Minimum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0	0
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Maximum | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.02	0.02
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Weighted Average | Industry standard derivative pricing
Fair Value Inputs [Abstract]
Net derivative assets (liabilities)	0.01	0.01
Recurring | Level 3 | Mortgage trading loans, MBS and ABS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by residential real estate assets	$ 230	$ 338
Instruments backed by commercial real estate assets	59	66
Commercial loans, debt securities and other	1,011	1,148
Fair Value Inputs [Abstract]
Loans and securities, fair value	1,300	1,600
Recurring | Level 3 | Loans and leases
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by residential real estate assets	146	137
Commercial loans, debt securities and other	97	116
Fair Value Inputs [Abstract]
Loans and securities, fair value	243	253
Recurring | Level 3 | AFS securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by residential real estate assets	293	258
Fair Value Inputs [Abstract]
Loans and securities, fair value	531	504
Recurring | Level 3 | Other debt securities carried at fair value – Non-agency residential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by residential real estate assets	94	119
Fair Value Inputs [Abstract]
Loans and securities, fair value	94	119
Recurring | Level 3 | Corporate securities, trading loans and other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by commercial real estate assets	325	292
Commercial loans, debt securities and other	1,997	2,092
Fair Value Inputs [Abstract]
Loans and securities, fair value	2,300	2,400
Recurring | Level 3 | Non-U.S. and other taxable securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, debt securities and other	187	195
Recurring | Level 3 | Loans held-for-sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Instruments backed by commercial real estate assets		4
Commercial loans, debt securities and other	206	228
Fair Value Inputs [Abstract]
Loans and securities, fair value	206	232
Recurring | Level 3 | Non-U.S. sovereign debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, debt securities and other	541	518
Fair Value Inputs [Abstract]
Loans and securities, fair value	541	518
Recurring | Level 3 | Tax-exempt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, debt securities and other	51	51
Recurring | Level 3 | Other assets, primarily auction rate securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, primarily auction rate securities	783	779
Recurring | Level 3 | Other Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, primarily auction rate securities	$ 1,800	$ 1,800

XML

Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Loans held-for-sale	$ 1,386		$ 1,115
Loans and leases	4,397		5,771
Other assets	12,551		$ 9,594
Nonrecurring
Gains (Losses)
Loans held-for-sale	(34)	$ (1)
Loans and leases	(11)	(15)
Foreclosed properties	(1)	0
Other assets	(6)	(18)
Loss on loans and leases written down to zero	3	6
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Foreclosed properties	60	61
Nonrecurring | Level 2
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Loans held-for-sale	715	31
Loans and leases	0	0
Foreclosed properties	0	0
Other assets	0	0
Nonrecurring | Level 3
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Loans held-for-sale	3,428	543
Loans and leases	57	68
Foreclosed properties	4	1
Other assets	$ 30	$ 50

XML

Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measured at fair value	$ 1,386	$ 1,115
Loans and leases, measured at fair value	4,397	5,771
Other assets, measured at fair value	12,551	9,594
Nonrecurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measured at fair value	3,428		$ 543
Loans and leases, measured at fair value	57		68
Other assets, measured at fair value	30		$ 50
Nonrecurring | Level 3 | Pricing model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measured at fair value	3,428	3,079
Nonrecurring | Level 3 | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measured at fair value	$ 57	166
Nonrecurring | Level 3 | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measured at fair value		$ 165
Implied yield | Nonrecurring | Level 3 | Pricing model | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.12	0.09
Implied yield | Nonrecurring | Level 3 | Pricing model | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.26	0.24
OREO discount | Nonrecurring | Level 3 | Market comparables | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.10	0.10
OREO discount | Nonrecurring | Level 3 | Market comparables | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.66	0.66
OREO discount | Nonrecurring | Level 3 | Market comparables | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.26	0.26
Costs to sell | Nonrecurring | Level 3 | Market comparables | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.08	0.08
Costs to sell | Nonrecurring | Level 3 | Market comparables | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.24	0.24
Costs to sell | Nonrecurring | Level 3 | Market comparables | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.09	0.09
Discount rate | Nonrecurring | Level 3 | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets, measurement input		0.07

XML

Fair Value Option - Elections (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Federal funds sold and securities borrowed or purchased under agreements to resell
Fair Value Carrying Amount
Assets	$ 163,505	$ 146,999
Contractual Principal Outstanding
Assets	163,392	147,158
Fair Value Carrying Amount Less Unpaid Principal
Assets	113	(159)
Loans reported as trading account assets
Fair Value Carrying Amount
Assets	10,296	10,143
Contractual Principal Outstanding
Assets	17,946	17,682
Fair Value Carrying Amount Less Unpaid Principal
Assets	(7,650)	(7,539)
Trading inventory – other
Fair Value Carrying Amount
Assets	22,423	20,770
Consumer and commercial loans
Fair Value Carrying Amount
Assets	4,397	5,771
Contractual Principal Outstanding
Assets	4,571	5,897
Fair Value Carrying Amount Less Unpaid Principal
Assets	(174)	(126)
Loans held-for-sale
Fair Value Carrying Amount
Assets	1,386	1,115
Contractual Principal Outstanding
Assets	2,240	1,873
Fair Value Carrying Amount Less Unpaid Principal
Assets	(854)	(758)
Other assets
Fair Value Carrying Amount
Assets	633	620
Long-term deposits
Fair Value Carrying Amount
Liabilities	378	311
Contractual Principal Outstanding
Liabilities	432	381
Fair Value Carrying Amount Less Unpaid Principal
Liabilities	(54)	(70)
Federal funds purchased and securities loaned or sold under agreements to repurchase
Fair Value Carrying Amount
Liabilities	234,338	151,708
Contractual Principal Outstanding
Liabilities	234,496	151,885
Fair Value Carrying Amount Less Unpaid Principal
Liabilities	(158)	(177)
Short-term borrowings
Fair Value Carrying Amount
Liabilities	1,805	832
Contractual Principal Outstanding
Liabilities	1,820	833
Fair Value Carrying Amount Less Unpaid Principal
Liabilities	(15)	(1)
Unfunded loan commitments
Fair Value Carrying Amount
Liabilities	122	110
Accrued expenses and other liabilities
Fair Value Carrying Amount
Liabilities	1,544	1,217
Contractual Principal Outstanding
Liabilities	1,523	1,161
Fair Value Carrying Amount Less Unpaid Principal
Liabilities	21	56
Long-term debt
Fair Value Carrying Amount
Liabilities	39,413	33,070
Contractual Principal Outstanding
Liabilities	43,379	36,830
Fair Value Carrying Amount Less Unpaid Principal
Liabilities	$ (3,966)	$ (3,760)

XML

Fair Value Option - Gains (Losses) Related to Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	$ 779	$ 1,974
Loans reported as trading account assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	57	4
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option	40	(31)
Trading inventory – other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	1,728	460
Consumer and commercial loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(93)	(35)
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option	24	(20)
Loans held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	20	(132)
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option	2	(11)
Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	5	559
Unfunded loan commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option	(24)	(7)
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(934)	1,113
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(4)	5
Market making and similar activities
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	778	2,120
Market making and similar activities | Loans reported as trading account assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	57	4
Market making and similar activities | Trading inventory – other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	1,728	460
Market making and similar activities | Consumer and commercial loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(123)	(22)
Market making and similar activities | Loans held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	0	0
Market making and similar activities | Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	5	559
Market making and similar activities | Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(918)	1,124
Market making and similar activities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	29	(5)
Other Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	1	(146)
Other Income | Loans reported as trading account assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	0	0
Other Income | Trading inventory – other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	0	0
Other Income | Consumer and commercial loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	30	(13)
Other Income | Loans held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	20	(132)
Other Income | Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	0	0
Other Income | Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	(16)	(11)
Other Income | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option	$ (33)	$ 10

XML

Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Financial assets
Loans held-for-sale	$ 1,386,000,000	$ 1,115,000,000
Financial liabilities
Long-term debt	39,413,000,000	33,070,000,000
Demand deposits	924,800,000,000	918,900,000,000
Stated maturities	0	0
Carrying Value
Financial assets
Loans	1,015,672,000,000	1,014,593,000,000
Loans held-for-sale	6,809,000,000	6,871,000,000
Financial liabilities
Deposits	1,910,402,000,000	1,930,341,000,000
Long-term debt	283,873,000,000	275,982,000,000
Commercial unfunded lending commitments	1,559,000,000	1,650,000,000
Estimate of Fair Value Measurement
Financial assets
Loans	993,520,000,000	985,476,000,000
Loans held-for-sale	6,809,000,000	6,872,000,000
Financial liabilities
Deposits	1,910,537,000,000	1,930,165,000,000
Long-term debt	281,596,000,000	273,129,000,000
Commercial unfunded lending commitments	6,013,000,000	6,673,000,000
Estimate of Fair Value Measurement | Level 2
Financial assets
Loans	48,940,000,000	50,194,000,000
Loans held-for-sale	3,073,000,000	3,417,000,000
Financial liabilities
Deposits	1,910,537,000,000	1,930,165,000,000
Long-term debt	280,599,000,000	271,993,000,000
Commercial unfunded lending commitments	101,000,000	77,000,000
Estimate of Fair Value Measurement | Level 3
Financial assets
Loans	944,580,000,000	935,282,000,000
Loans held-for-sale	3,736,000,000	3,455,000,000
Financial liabilities
Deposits	0	0
Long-term debt	997,000,000	1,136,000,000
Commercial unfunded lending commitments	$ 5,912,000,000	$ 6,596,000,000

XML

Business Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 businessSegment
Segment Reporting [Abstract]
Number of operating segments	4

XML

Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net interest income	$ 14,582	$ 11,678
Noninterest income	11,810	11,656
Total revenue, net of interest expense	26,392	23,334
Provision for credit losses	931	30
Noninterest expense	16,238	15,319
Income before income taxes	9,223	7,985
Income tax expense	1,062	918
Net income	8,161	7,067
Period-end total assets	3,194,657	3,238,223	$ 3,051,375
Operating Segments
Segment Reporting Information [Line Items]
Total revenue, net of interest expense	27,850	24,775
Net income	8,268	7,431
Period-end total assets	2,927,034	3,106,037
Operating Segments | Consumer Banking
Segment Reporting Information [Line Items]
Net interest income	8,593	6,680
Noninterest income	2,113	2,133
Total revenue, net of interest expense	10,706	8,813
Provision for credit losses	1,089	(52)
Noninterest expense	5,473	4,921
Income before income taxes	4,144	3,944
Income tax expense	1,036	966
Net income	3,108	2,978
Period-end total assets	1,124,438	1,166,443
Operating Segments | Global Wealth & Investment Management
Segment Reporting Information [Line Items]
Net interest income	1,876	1,668
Noninterest income	3,439	3,808
Total revenue, net of interest expense	5,315	5,476
Provision for credit losses	25	(41)
Noninterest expense	4,067	4,015
Income before income taxes	1,223	1,502
Income tax expense	306	368
Net income	917	1,134
Period-end total assets	349,888	433,122
Operating Segments | Global Banking
Segment Reporting Information [Line Items]
Net interest income	3,907	2,344
Noninterest income	2,296	2,850
Total revenue, net of interest expense	6,203	5,194
Provision for credit losses	(237)	165
Noninterest expense	2,940	2,683
Income before income taxes	3,500	2,346
Income tax expense	945	622
Net income	2,555	1,724
Period-end total assets	591,231	623,168
Operating Segments | Global Markets
Segment Reporting Information [Line Items]
Net interest income	109	993
Noninterest income	5,517	4,299
Total revenue, net of interest expense	5,626	5,292
Provision for credit losses	(53)	5
Noninterest expense	3,351	3,117
Income before income taxes	2,328	2,170
Income tax expense	640	575
Net income	1,688	1,595
Period-end total assets	861,477	883,304
All Other
Segment Reporting Information [Line Items]
Net interest income	97	(7)
Noninterest income	(1,555)	(1,434)
Total revenue, net of interest expense	(1,458)	(1,441)
Provision for credit losses	107	(47)
Noninterest expense	407	583
Income before income taxes	(1,972)	(1,977)
Income tax expense	(1,865)	(1,613)
Net income	(107)	(364)
Period-end total assets	$ 267,623	$ 132,186

XML

Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total fees and commissions	$ 7,894	$ 8,985
Market making and similar activities	4,712	3,238
Other income (loss)	(796)	(567)
Total noninterest income	11,810	11,656
Card income
Segment Reporting Information [Line Items]
Card income and service charges	1,469	1,403
Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	956	935
Other card income
Segment Reporting Information [Line Items]
Card income and service charges	513	468
Service charges
Segment Reporting Information [Line Items]
Card income and service charges	1,410	1,833
Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	1,097	1,530
Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	313	303
Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	3,852	4,292
Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	2,918	3,286
Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	934	1,006
Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	1,163	1,457
Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	569	672
Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	231	312
Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	363	473
Operating Segments | Consumer Banking
Segment Reporting Information [Line Items]
Total fees and commissions	1,947	2,112
Market making and similar activities	5	0
Other income (loss)	161	21
Total noninterest income	2,113	2,133
Operating Segments | Consumer Banking | Card income
Segment Reporting Information [Line Items]
Card income and service charges	1,274	1,185
Operating Segments | Consumer Banking | Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	753	743
Operating Segments | Consumer Banking | Other card income
Segment Reporting Information [Line Items]
Card income and service charges	521	442
Operating Segments | Consumer Banking | Service charges
Segment Reporting Information [Line Items]
Card income and service charges	599	844
Operating Segments | Consumer Banking | Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	599	844
Operating Segments | Consumer Banking | Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	0	0
Operating Segments | Consumer Banking | Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	74	83
Operating Segments | Consumer Banking | Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	47	52
Operating Segments | Consumer Banking | Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	27	31
Operating Segments | Consumer Banking | Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Consumer Banking | Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Consumer Banking | Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Consumer Banking | Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Global Wealth & Investment Management
Segment Reporting Information [Line Items]
Total fees and commissions	3,308	3,757
Market making and similar activities	34	13
Other income (loss)	97	38
Total noninterest income	3,439	3,808
Operating Segments | Global Wealth & Investment Management | Card income
Segment Reporting Information [Line Items]
Card income and service charges	12	18
Operating Segments | Global Wealth & Investment Management | Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	0	7
Operating Segments | Global Wealth & Investment Management | Other card income
Segment Reporting Information [Line Items]
Card income and service charges	12	11
Operating Segments | Global Wealth & Investment Management | Service charges
Segment Reporting Information [Line Items]
Card income and service charges	19	19
Operating Segments | Global Wealth & Investment Management | Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	11	19
Operating Segments | Global Wealth & Investment Management | Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	8	0
Operating Segments | Global Wealth & Investment Management | Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	3,238	3,654
Operating Segments | Global Wealth & Investment Management | Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	2,873	3,234
Operating Segments | Global Wealth & Investment Management | Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	365	420
Operating Segments | Global Wealth & Investment Management | Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	39	66
Operating Segments | Global Wealth & Investment Management | Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	39	66
Operating Segments | Global Wealth & Investment Management | Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Global Wealth & Investment Management | Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	0	0
Operating Segments | Global Banking
Segment Reporting Information [Line Items]
Total fees and commissions	1,581	1,954
Market making and similar activities	45	49
Other income (loss)	670	847
Total noninterest income	2,296	2,850
Operating Segments | Global Banking | Card income
Segment Reporting Information [Line Items]
Card income and service charges	190	176
Operating Segments | Global Banking | Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	187	175
Operating Segments | Global Banking | Other card income
Segment Reporting Information [Line Items]
Card income and service charges	3	1
Operating Segments | Global Banking | Service charges
Segment Reporting Information [Line Items]
Card income and service charges	714	886
Operating Segments | Global Banking | Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	467	637
Operating Segments | Global Banking | Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	247	249
Operating Segments | Global Banking | Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	9	12
Operating Segments | Global Banking | Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	0	0
Operating Segments | Global Banking | Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	9	12
Operating Segments | Global Banking | Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	668	880
Operating Segments | Global Banking | Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	229	275
Operating Segments | Global Banking | Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	126	166
Operating Segments | Global Banking | Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	313	439
Operating Segments | Global Markets
Segment Reporting Information [Line Items]
Total fees and commissions	1,096	1,223
Market making and similar activities	4,398	3,190
Other income (loss)	23	(114)
Total noninterest income	5,517	4,299
Operating Segments | Global Markets | Card income
Segment Reporting Information [Line Items]
Card income and service charges	16	14
Operating Segments | Global Markets | Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	16	14
Operating Segments | Global Markets | Other card income
Segment Reporting Information [Line Items]
Card income and service charges	0	0
Operating Segments | Global Markets | Service charges
Segment Reporting Information [Line Items]
Card income and service charges	78	82
Operating Segments | Global Markets | Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	20	28
Operating Segments | Global Markets | Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	58	54
Operating Segments | Global Markets | Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	533	545
Operating Segments | Global Markets | Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	0	0
Operating Segments | Global Markets | Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	533	545
Operating Segments | Global Markets | Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	469	582
Operating Segments | Global Markets | Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	314	402
Operating Segments | Global Markets | Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	105	146
Operating Segments | Global Markets | Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	50	34
All Other
Segment Reporting Information [Line Items]
Total fees and commissions	(38)	(61)
Market making and similar activities	230	(14)
Other income (loss)	(1,747)	(1,359)
Total noninterest income	(1,555)	(1,434)
All Other | Card income
Segment Reporting Information [Line Items]
Card income and service charges	(23)	10
All Other | Interchange fees
Segment Reporting Information [Line Items]
Card income and service charges	0	(4)
All Other | Other card income
Segment Reporting Information [Line Items]
Card income and service charges	(23)	14
All Other | Service charges
Segment Reporting Information [Line Items]
Card income and service charges	0	2
All Other | Deposit-related fees
Segment Reporting Information [Line Items]
Card income and service charges	0	2
All Other | Lending-related fees
Segment Reporting Information [Line Items]
Card income and service charges	0	0
All Other | Investment and brokerage services
Segment Reporting Information [Line Items]
Investment and brokerage services	(2)	(2)
All Other | Asset management fees
Segment Reporting Information [Line Items]
Investment and brokerage services	(2)	0
All Other | Brokerage fees
Segment Reporting Information [Line Items]
Investment and brokerage services	0	(2)
All Other | Total investment banking fees
Segment Reporting Information [Line Items]
Investment banking fees	(13)	(71)
All Other | Underwriting income
Segment Reporting Information [Line Items]
Investment banking fees	(13)	(71)
All Other | Syndication fees
Segment Reporting Information [Line Items]
Investment banking fees	0	0
All Other | Financial advisory services
Segment Reporting Information [Line Items]
Investment banking fees	$ 0	$ 0

XML

Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Segments’ total revenue, net of interest expense	$ 26,392	$ 23,334
Total revenue, net of interest expense	26,258	23,228
Net income	8,161	7,067
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Segments’ total revenue, net of interest expense	27,850	24,775
Net income	8,268	7,431
Asset and liability management activities
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net of interest expense	(225)	(67)
Net income	(174)	(58)
Liquidating businesses, eliminations and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net of interest expense	(1,233)	(1,374)
Net income	67	(306)
FTE basis adjustment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net of interest expense	$ (134)	$ (106)

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Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Segments’ total assets
Total assets	$ 3,194,657	$ 3,051,375	$ 3,238,223
Operating Segments
Segments’ total assets
Total assets	2,927,034		3,106,037
Asset and liability management activities
Segments’ total assets
Total assets	1,229,425		1,281,639
Other
Segments’ total assets
Total assets	62,394		66,948
Elimination of segment asset allocations to match liabilities
Segments’ total assets
Total assets	$ (1,024,196)		$ (1,216,401)