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Securities
 12 Months Ended
Dec. 31, 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 HTM debt securities at December 31, 2024 and 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)December 31, 2024December 31, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency$32,781 $35 $(1,614)$31,202 $39,195 $37 $(1,420)$37,812 
Agency-collateralized mortgage obligations19,519 17 (218)19,318 2,739 6 (201)2,544 
Commercial26,032 73 (503)25,602 10,909 40 (514)10,435 
Non-agency residential (1)
287 50 (52)285 449 3 (70)382 
Total mortgage-backed securities78,619 175 (2,387)76,407 53,292 86 (2,205)51,173 
U.S. Treasury and government agencies235,582 150 (1,153)234,579 179,108 19 (1,461)177,666 
Non-U.S. securities22,453 20 (42)22,431 22,868 27 (20)22,875 
Other taxable securities4,646 2 (45)4,603 4,910 1 (76)4,835 
Tax-exempt securities8,628 17 (233)8,412 10,304 17 (221)10,100 
Total available-for-sale debt securities349,928 364 (3,860)346,432 270,482 150 (3,983)266,649 
Other debt securities carried at fair value (2)
12,352 59 (236)12,175 10,202 56 (55)10,203 
Total debt securities carried at fair value362,280 423 (4,096)358,607 280,684 206 (4,038)276,852 
Held-to-maturity debt securities
Agency mortgage-backed securities430,135 — (88,458)341,677 465,456 — (78,930)386,526 
U.S. Treasury and government agencies121,696 — (18,661)103,035 121,645 — (17,963)103,682 
Other taxable securities6,882 1 (1,047)5,836 7,490 — (1,101)6,389 
Total held-to-maturity debt securities558,713 1 (108,166)450,548 594,591 — (97,994)496,597 
Total debt securities (3,4)
$920,993 $424 $(112,262)$809,155 $875,275 $206 $(102,032)$773,449 
(1)At December 31, 2024 and 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 20 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $184.6 billion and $204.9 billion at December 31, 2024 and 2023.
(4)The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $260.9 billion and $169.0 billion, and a fair value of $209.6 billion and $136.5 billion at December 31, 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 December 31, 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 $2.6 billion, net of the related income tax benefit of $872 million. At December 31, 2024 and 2023, nonperforming AFS debt securities held by the Corporation were not significant.
At December 31, 2024 and 2023, $871.1 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 ECL on the remaining $37.5 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.
At December 31, 2024 and 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 $438 million
and $377 million, both of which are included in other assets. At December 31, 2024 and 2023, the Corporation also held money market investments at a fair value of $1.3 billion and $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 2024, 2023 and 2022 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
(Dollars in millions)202420232022
Gross gains$20 $109 $1,251 
Gross losses(49)(514)(1,219)
Net gains (losses) on sales of AFS debt securities$(29)$(405)$32 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$(7)$(101)$8 
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 December 31, 2024 and 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)December 31, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$2,908 $(22)$20,085 $(1,592)$22,993 $(1,614)
Agency-collateralized mortgage obligations9,597 (21)1,493 (197)11,090 (218)
Commercial11,486 (57)4,667 (446)16,153 (503)
Non-agency residential— — 160 (52)160 (52)
Total mortgage-backed securities23,991 (100)26,405 (2,287)50,396 (2,387)
U.S. Treasury and government agencies75,753 (135)69,027 (1,018)144,780 (1,153)
Non-U.S. securities3,367 (26)4,906 (16)8,273 (42)
Other taxable securities3,192 (5)814 (40)4,006 (45)
Tax-exempt securities1,025 (20)2,194 (213)3,219 (233)
Total AFS debt securities in a continuous
   unrealized loss position		$107,328 $(286)$103,346 $(3,574)$210,674 $(3,860)
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 $(3,983)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2024 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other ABS are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$6 2.83 %$5 4.00 %$32,770 4.56 %$32,781 4.56 %
Agency-collateralized mortgage obligations— — — — 1 1.00 19,518 5.90 19,519 5.90 
Commercial142 3.80 9,630 4.20 13,722 4.26 2,551 2.77 26,045 4.09 
Non-agency residential— — — — — — 552 11.48 552 11.48 
Total mortgage-backed securities142 3.80 9,636 4.20 13,728 4.26 55,391 5.02 78,897 4.79 
U.S. Treasury and government agencies24,484 4.58 202,038 3.82 12,910 2.78 34 3.99 239,466 3.85 
Non-U.S. securities19,865 3.20 4,391 2.25 3,861 4.56 2,526 3.77 30,643 3.29 
Other taxable securities947 5.67 3,160 5.34 397 3.52 142 4.55 4,646 5.22 
Tax-exempt securities758 2.83 3,588 3.75 982 3.27 3,300 4.10 8,628 3.75 
Total amortized cost of debt securities carried at fair value
$46,196 3.98 $222,813 3.83 $31,878 3.65 $61,393 4.92 $362,280 4.02 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$10 2.60 %$430,125 2.12 %$430,135 2.12 %
U.S. Treasury and government agencies493 2.71 24,731 1.84 96,472 1.27 — — 121,696 1.39 
Other taxable securities174 2.15 1,007 2.28 100 3.53 5,601 2.53 6,882 2.50 
Total amortized cost of HTM debt securities$667 2.56 $25,738 1.86 $96,582 1.27 $435,726 2.12 $558,713 1.96 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $5  $5  $31,192  $31,202  
Agency-collateralized mortgage obligations—  —  1  19,317  19,318  
Commercial141  9,572  13,564  2,336  25,613  
Non-agency residential—  2  —  533  535  
Total mortgage-backed securities141 9,579 13,570 53,378 76,668 
U.S. Treasury and government agencies24,556 201,280 12,597 31 238,464 
Non-U.S. securities19,682  4,391  3,892  2,492  30,457  
Other taxable securities944  3,149  378  135  4,606  
Tax-exempt securities754  3,569  963  3,126  8,412  
Total debt securities carried at fair value$46,077  $221,968  $31,400  $59,162  $358,607  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $9 $341,668 $341,677 
U.S. Treasury and government agencies490 21,791 80,754 — 103,035 
Other taxable securities170 973 69 4,624 5,836 
Total fair value of HTM debt securities$660 $22,764 $80,832 $346,292 $450,548 
(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.