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Securities
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at September 30, 2024 and December 31, 2023.
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)September 30, 2024December 31, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency$35,978 $15 $(1,399)$34,594 $39,195 $37 $(1,420)$37,812 
Agency-collateralized mortgage obligations16,640 21 (157)16,504 2,739 6 (201)2,544 
Commercial19,358 78 (450)18,986 10,909 40 (514)10,435 
Non-agency residential (1)
298 51 (53)296 449 3 (70)382 
Total mortgage-backed securities72,274 165 (2,059)70,380 53,292 86 (2,205)51,173 
U.S. Treasury and government agencies211,314 255 (1,374)210,195 179,108 19 (1,461)177,666 
Non-U.S. securities22,884 52 (22)22,914 22,868 27 (20)22,875 
Other taxable securities2,637 2 (30)2,609 4,910 1 (76)4,835 
Tax-exempt securities9,764 34 (177)9,621 10,304 17 (221)10,100 
Total available-for-sale debt securities318,873 508 (3,662)315,719 270,482 150 (3,983)266,649 
Other debt securities carried at fair value (2)
9,555 219 (57)9,717 10,202 56 (55)10,203 
Total debt securities carried at fair value328,428 727 (3,719)325,436 280,684 206 (4,038)276,852 
Held-to-maturity debt securities
Agency mortgage-backed securities438,824 — (69,878)368,946 465,456 — (78,930)386,526 
U.S. Treasury and government agencies121,683 — (14,929)106,754 121,645 — (17,963)103,682 
Other taxable securities7,082 1 (896)6,187 7,490 — (1,101)6,389 
Total held-to-maturity debt securities567,589 1 (85,703)481,887 594,591 — (97,994)496,597 
Total debt securities (3,4)
$896,017 $728 $(89,422)$807,323 $875,275 $206 $(102,032)$773,449 
(1)At September 30, 2024 and December 31, 2023, the underlying collateral type included approximately 25 percent and 17 percent prime and 75 percent 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 $195.5 billion and $204.9 billion at September 30, 2024 and December 31, 2023.
(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 $261.6 billion and $168.2 billion, and a fair value of $220.9 billion and $142.3 billion at September 30, 2024, and an amortized cost of $272.5 billion and $171.5 billion, and a fair value of $226.4 billion and $142.3 billion at December 31, 2023.
At September 30, 2024, 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 $2.3 billion, net of the related income tax benefit of $793 million. At September 30, 2024 and December 31, 2023, nonperforming AFS debt securities held by the Corporation were not significant.
At September 30, 2024 and December 31, 2023, $849.3 billion and $824.9 billion of AFS and HTM debt securities, which were predominantly U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. For the same periods, the expected credit losses on the remaining $37.2 billion and $40.2 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 2023 Annual Report on Form 10-K.
At September 30, 2024 and December 31, 2023, the Corporation held equity securities at an aggregate fair value of $247 million and $251 million and other equity securities, as valued under the measurement alternative, at a carrying value of $460 million and $377 million, both of which are included in
other assets. At both September 30, 2024 and December 31, 2023, the Corporation also held money market investments at a fair value of $1.2 billion, 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 and nine months ended September 30, 2024 and 2023 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Gross gains$4 $— $19 $104 
Gross losses(23)— (25)(508)
Net gains (losses) on sales of AFS debt securities$(19)$— $(6)$(404)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$(5)$— $(1)$(101)
The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at September 30, 2024 and December 31, 2023.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses
(Dollars in millions)September 30, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$11,822 $(61)$19,671 $(1,338)$31,493 $(1,399)
Agency-collateralized mortgage obligations1,979 (2)1,583 (155)3,562 (157)
Commercial6,232 (29)4,876 (421)11,108 (450)
Non-agency residential— — 162 (53)162 (53)
Total mortgage-backed securities20,033 (92)26,292 (1,967)46,325 (2,059)
U.S. Treasury and government agencies110,927 (191)70,551 (1,183)181,478 (1,374)
Non-U.S. securities3,982 (12)3,000 (10)6,982 (22)
Other taxable securities1,360 (2)1,022 (28)2,382 (30)
Tax-exempt securities117 (11)2,428 (166)2,545 (177)
Total AFS debt securities in a continuous unrealized loss position
$136,419 $(308)$103,293 $(3,354)$239,712 $(3,662)
December 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$8,624 $(21)$20,776 $(1,399)$29,400 $(1,420)
Agency-collateralized mortgage obligations— — 1,701 (201)1,701 (201)
Commercial2,363 (27)4,588 (487)6,951 (514)
Non-agency residential— — 370 (70)370 (70)
Total mortgage-backed securities10,987 (48)27,435 (2,157)38,422 (2,205)
U.S. Treasury and government agencies14,907 (12)69,669 (1,449)84,576 (1,461)
Non-U.S. securities7,702 (8)1,524 (12)9,226 (20)
Other taxable securities3,269 (19)1,437 (57)4,706 (76)
Tax-exempt securities466 (5)2,106 (216)2,572 (221)
Total AFS debt securities in a continuous unrealized loss position
$37,331 $(92)$102,171 $(3,891)$139,502 $(3,983)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 30, 2024 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$5 3.40 %$6 3.83 %$35,967 4.62 %$35,978 4.62 %
Agency-collateralized mortgage obligations— — — — 1 1.00 16,639 5.92 16,640 5.92 
Commercial119 4.02 5,187 5.02 12,091 4.11 1,973 3.37 19,370 4.28 
Non-agency residential— — — — — — 567 11.94 567 11.94 
Total mortgage-backed securities119 4.02 5,192 5.02 12,098 4.11 55,146 5.04 72,555 4.88 
U.S. Treasury and government agencies2,819 4.64 197,391 3.87 13,450 2.78 36 3.95 213,696 3.81 
Non-U.S. securities18,915 3.39 4,962 1.84 4,194 5.01 1,705 4.44 29,776 3.42 
Other taxable securities525 6.16 1,803 5.78 234 4.25 75 2.95 2,637 5.64 
Tax-exempt securities1,018 3.13 3,577 3.65 1,031 3.15 4,138 3.84 9,764 3.62 
Total amortized cost of debt securities carried at fair value
$23,396 3.60 $212,925 3.87 $31,007 3.62 $61,100 4.94 $328,428 4.02 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$10 2.70 %$438,814 2.12 %$438,824 2.12 %
U.S. Treasury and government agencies490 2.71 23,190 1.84 98,003 1.28 — — 121,683 1.39 
Other taxable securities91 1.59 1,137 2.55 120 3.37 5,734 2.53 7,082 2.54 
Total amortized cost of HTM debt securities$581 2.53 $24,327 1.87 $98,133 1.28 $444,548 2.12 $567,589 1.96 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $5  $6  $34,583  $34,594  
Agency-collateralized mortgage obligations—  —  1  16,503  16,504  
Commercial118  5,149  11,940  1,790  18,997  
Non-agency residential—  2  —  560  562  
Total mortgage-backed securities118 5,156 11,947 53,436 70,657 
U.S. Treasury and government agencies2,815 196,614 13,116 34 212,579 
Non-U.S. securities19,103  4,968  4,193  1,703  29,967  
Other taxable securities525  1,799  218  70  2,612  
Tax-exempt securities1,015  3,571  1,024  4,011  9,621  
Total debt securities carried at fair value$23,576  $212,108  $30,498  $59,254  $325,436  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $10 $368,936 $368,946 
U.S. Treasury and government agencies485 20,961 85,308 — 106,754 
Other taxable securities90 1,103 97 4,897 6,187 
Total fair value of HTM debt securities$575 $22,064 $85,415 $373,833 $481,887 
(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related open hedging derivatives.