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Securities
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024.
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)June 30, 2025December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency$30,730 $22 $(1,538)$29,214 $32,781 $35 $(1,614)$31,202 
Agency-collateralized mortgage obligations18,990 6 (199)18,797 19,519 17 (218)19,318 
Commercial31,342 76 (501)30,917 26,032 73 (503)25,602 
Non-agency residential (1)
277 53 (53)277 287 50 (52)285 
Total mortgage-backed securities81,339 157 (2,291)79,205 78,619 175 (2,387)76,407 
U.S. Treasury and government agencies262,218 138 (1,198)261,158 235,582 150 (1,153)234,579 
Non-U.S. securities26,384 58 (20)26,422 22,453 20 (42)22,431 
Other taxable securities3,261 3 (37)3,227 4,646 2 (45)4,603 
Tax-exempt securities8,203 18 (200)8,021 8,628 17 (233)8,412 
Total available-for-sale debt securities381,405 374 (3,746)378,033 349,928 364 (3,860)346,432 
Other debt securities carried at fair value (2)
10,664 311 (78)10,897 12,352 59 (236)12,175 
Total debt securities carried at fair value392,069 685 (3,824)388,930 362,280 423 (4,096)358,607 
Held-to-maturity debt securities
Agency mortgage-backed securities413,305 — (78,149)335,156 430,135 — (88,458)341,677 
U.S. Treasury and government agencies121,471 — (14,139)107,332 121,696 — (18,661)103,035 
Other taxable securities6,546 2 (857)5,691 6,882 1 (1,047)5,836 
Total held-to-maturity debt securities541,322 2 (93,145)448,179 558,713 1 (108,166)450,548 
Total debt securities (3,4)
$933,391 $687 $(96,969)$837,109 $920,993 $424 $(112,262)$809,155 
(1)At June 30, 2025 and December 31, 2024, the underlying collateral type included approximately 26 percent and 25 percent prime and 74 percent and 75 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 $209.8 billion and $184.6 billion at June 30, 2025 and December 31, 2024.
(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 $254.2 billion and $164.4 billion, and a fair value of $208.7 billion and $135.6 billion at June 30, 2025, and 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.
At June 30, 2025, 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 $2.5 billion, net of the related income tax benefit of $851 million. At June 30, 2025 and December 31, 2024, nonperforming AFS debt securities held by the Corporation were not significant.
At June 30, 2025 and December 31, 2024, $883.2 billion and $871.1 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 $39.5 billion and $37.5 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 2024 Annual Report on Form 10-K.
At June 30, 2025 and December 31, 2024, the Corporation held equity securities at an aggregate fair value of $246 million and $247 million and other equity securities, as valued
under the measurement alternative, at a carrying value of $464 million and $438 million, both of which are included in other assets. At June 30, 2025 and December 31, 2024, the Corporation also held money market investments at a fair value of $1.6 billion and $1.3 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 six months ended June 30, 2025 and 2024 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2025202420252024
Gross gains$5 $4 $16 $15 
Gross losses(23)(1)(36)(1)
Net gains (losses) on sales of AFS debt securities$(18)$3 $(20)$14 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$(5)$1 $(5)$4 
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 June 30, 2025 and December 31, 2024.
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)June 30, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$1,575 $(4)$20,416 $(1,534)$21,991 $(1,538)
Agency-collateralized mortgage obligations14,779 (50)1,528 (149)16,307 (199)
Commercial15,297 (89)4,993 (412)20,290 (501)
Non-agency residential— — 154 (53)154 (53)
Total mortgage-backed securities31,651 (143)27,091 (2,148)58,742 (2,291)
U.S. Treasury and government agencies90,725 (115)105,880 (1,083)196,605 (1,198)
Non-U.S. securities4,773 (6)4,299 (14)9,072 (20)
Other taxable securities1,316 (2)1,293 (35)2,609 (37)
Tax-exempt securities889 (5)2,004 (195)2,893 (200)
Total AFS debt securities in a continuous
   unrealized loss position		$129,354 $(271)$140,567 $(3,475)$269,921 $(3,746)
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 $(3,860)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2025 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$4 3.23 %$4 5.01 %$30,722 4.49 %$30,730 4.49 %
Agency-collateralized mortgage obligations— — — — 1 1.00 18,989 5.72 18,990 5.72 
Commercial118 3.20 12,221 4.19 16,848 4.35 2,171 3.71 31,358 4.24 
Non-agency residential— — — — — — 543 11.78 543 11.78 
Total mortgage-backed securities118 3.20 12,225 4.19 16,853 4.35 52,425 4.98 81,621 4.73 
U.S. Treasury and government agencies45,555 4.48 207,970 3.77 10,430 2.81 33 3.96 263,988 3.86 
Non-U.S. securities22,131 3.06 4,555 1.79 3,969 3.74 4,341 3.10 34,996 2.98 
Other taxable securities1,068 5.68 1,718 5.26 333 3.72 142 4.52 3,261 5.21 
Tax-exempt securities607 3.12 3,135 2.97 889 2.74 3,572 3.09 8,203 3.01 
Total amortized cost of debt securities carried at fair value$69,479 4.03 $229,603 3.76 $32,474 3.73 $60,513 4.73 $392,069 3.95 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$51 2.91 %$413,254 2.11 %$413,305 2.11 %
U.S. Treasury and government agencies249 2.77 44,199 1.53 77,023 1.31 — — 121,471 1.39 
Other taxable securities617 1.82 479 2.86 242 2.57 5,208 2.53 6,546 2.49 
Total amortized cost of HTM debt securities$866 2.09 $44,678 1.55 $77,316 1.31 $418,462 2.12 $541,322 1.96 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $4  $4  $29,206  $29,214  
Agency-collateralized mortgage obligations—  —  1  18,796  18,797  
Commercial117  12,181  16,666  1,967  30,931  
Non-agency residential—  —  —  529  529  
Total mortgage-backed securities117 12,185 16,671 50,498 79,471 
U.S. Treasury and government agencies45,621 207,106 10,169 31 262,927 
Non-U.S. securities22,407  4,565  3,969  4,340  35,281  
Other taxable securities1,066  1,710  321  133  3,230  
Tax-exempt securities607  3,110  881  3,423  8,021  
Total debt securities carried at fair value$69,818  $228,676  $32,011  $58,425  $388,930  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $48 $335,108 $335,156 
U.S. Treasury and government agencies249 39,805 67,278 — 107,332 
Other taxable securities609 465 193 4,424 5,691 
Total fair value of HTM debt securities$858 $40,270 $67,519 $339,532 $448,179 
(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.