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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Summary The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary (a)(b)
June 30, 2024December 31, 2023
In millionsAmortized
Cost (c)		UnrealizedFair
Value		Amortized
Cost (c)		UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available for Sale
U.S. Treasury and government agencies$16,868 $19 $(413)$16,474 $7,596 $22 $(667)$6,951 
Residential mortgage-backed
Agency30,234 15 (3,153)27,096 30,643 46 (2,809)27,880 
Non-agency534 99 (9)624 585 118 (7)696 
Commercial mortgage-backed
Agency1,758  (141)1,617 1,680 1 (135)1,546 
Non-agency824 1 (28)797 913 1 (45)869 
Asset-backed2,097 27 (4)2,120 1,092 25 (1)1,116 
Other 2,581 41 (162)2,460 2,844 44 (161)2,727 
Total securities available for sale $54,896 $202 $(3,910)$51,188 $45,353 $257 $(3,825)$41,785 
Securities Held to Maturity
U.S. Treasury and government agencies$35,468  $(1,302)$34,166 $36,529 $9 $(1,141)$35,397 
Residential mortgage-backed
Agency41,865 $13 (3,805)38,073 42,686 92 (2,733)40,045 
Non-agency250 (23)227 259  (17)242 
Commercial mortgage-backed
Agency956 2 (31)927 939 9 (23)925 
Non-agency1,189 2 (17)1,174 1,373 2 (27)1,348 
Asset-backed4,833 22 (30)4,825 5,890 17 (39)5,868 
Other2,896 23 (56)2,863 3,108 50 (35)3,123 
Total securities held to maturity (d)$87,457 $62 $(5,264)$82,255 $90,784 $179 $(4,015)$86,948 
(a) At June 30, 2024, the accrued interest associated with our held to maturity and available for sale portfolios totaled $268 million and $252 million, respectively. The comparable amounts at December 31, 2023 were $281 million and $144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2024 and December 31, 2023.
(c) Amortized cost is presented net of allowance of $88 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held to maturity at June 30, 2024. The comparable amounts at December 31, 2023 were $86 million and $6 million, respectively.
(d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $3.8 billion at June 30, 2024 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2023 was $4.2 billion.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months		Unrealized loss position
12 months or more		Total
In millionsUnrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value
June 30, 2024
U.S. Treasury and government agencies$(30)$10,966 $(383)$2,960 $(413)$13,926 
Residential mortgage-backed
Agency(22)2,576 (3,131)21,752 (3,153)24,328 
Non-agency  (6)87 (6)87 
Commercial mortgage-backed
Agency(2)189 (139)1,397 (141)1,586 
Non-agency  (28)654 (28)654 
Asset-backed(3)694 (1)93 (4)787 
Other (1)105 (139)1,932 (140)2,037 
Total securities available for sale$(58)$14,530 $(3,827)$28,875 $(3,885)$43,405 
December 31, 2023
U.S. Treasury and government agencies  $(666)$6,035 $(666)$6,035 
Residential mortgage-backed
Agency$(4)$1,015 (2,805)24,306 (2,809)25,321 
Non-agency(1)15 (4)84 (5)99 
Commercial mortgage-backed
Agency  (135)1,495 (135)1,495 
Non-agency(45)731 (45)731 
Asset-backed  (1)9 (1)9 
Other(3)78 (136)2,106 (139)2,184 
Total securities available for sale$(8)$1,108 $(3,792)$34,766 $(3,800)$35,874 
Gains (losses) on Sales Of Securities Available for Sale
Table 37: Gains (Losses) on Sales of Securities Available for Sale

Six months ended June 30
In millions
Gross GainsGross LossesNet Gains (Losses) Tax Expense (Benefit)
2024$2 $(501)$(499)$(105)
2023$(2)$(2)
Contractual Maturity of Securities
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2024:
Table 38: Contractual Maturity of Debt Securities
June 30, 2024
Dollars in millions		1 Year or LessAfter 1 Year
through 5 Years		After 5 Years
through 10 Years		After 10
Years		Total
Securities Available for Sale
U.S. Treasury and government agencies$1,202 $2,470 $10,854 $2,342 $16,868 
Residential mortgage-backed
Agency1 222 3,472 26,539 30,234 
Non-agency11 523 534 
Commercial mortgage-backed
Agency6 664 751 337 1,758 
Non-agency1 105 73 645 824 
Asset-backed667 318 1,112 2,097 
Other 280 1,866 291 144 2,581 
Total securities available for sale at amortized cost$1,490 $5,994 $15,770 $31,642 $54,896 
Fair value$1,480 $5,808 $15,422 $28,478 $51,188 
Weighted-average yield, GAAP basis (a)1.43 %3.57 %4.13 %3.50 %3.63 %
Securities Held to Maturity
U.S. Treasury and government agencies$10,363 $22,586 $1,635 $884 $35,468 
Residential mortgage-backed
Agency 9 309 41,547 41,865 
Non-agency250 250 
Commercial mortgage-backed
Agency158 587 211 956 
Non-agency 49  1,140 1,189 
Asset-backed20 1,329 2,228 1,256 4,833 
Other202 968 433 1,293 2,896 
Total securities held to maturity at amortized cost$10,585 $25,099 $5,192 $46,581 $87,457 
Fair value$10,461 $24,133 $4,989 $42,672 $82,255 
Weighted-average yield, GAAP basis (a)0.96 %1.60 %3.79 %2.97 %2.38 %
(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
Fair Value of Securities Pledged and Accepted as Collateral
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 39: Fair Value of Securities Pledged and Accepted as Collateral
In millionsJune 30, 2024December 31, 2023
Pledged to others$70,186 $29,878 
Accepted from others:
Permitted by contract or custom to sell or repledge$681 $755 
Permitted amount repledged to others$681 $755