Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements - Recurring Basis Summary

The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option:

Table 86: Fair Value Measurements – Recurring Basis Summary

	December 31, 2024								December 31, 2023
In millions	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Residential mortgage loans held for sale			$	560	$	68	$	628			$	371	$	103	$	474
Commercial mortgage loans held for sale			199		4		203				227		11		238
Securities available-for-sale
U.S. Treasury and government agencies	$	22,534	1,017				23,551		$	6,292	659				6,951
Residential mortgage-backed
Agency			30,626				30,626				27,880				27,880
Non-agency					603		603						696		696
Commercial mortgage-backed
Agency			1,945				1,945				1,546				1,546
Non-agency			588		103		691				766		103		869
Asset-backed			2,299		93		2,392				1,014		102		1,116
Other			2,177		54		2,231				2,672		55		2,727
Total securities available-for-sale	22,534		38,652		853		62,039		6,292		34,537		956		41,785
Loans			486		670		1,156				512		726		1,238
Equity investments (a)	825				2,111		3,132		574				1,952		2,717
Residential mortgage servicing rights					2,626		2,626						2,654		2,654
Commercial mortgage servicing rights					1,085		1,085						1,032		1,032
Trading securities (b)	987		1,787				2,774		377		2,422				2,799
Financial derivatives (b) (c)	3		3,004		4		3,011		29		3,394		6		3,429
Other assets	449		133		10		592		403		85		8		496
Total assets (d)	$	24,798	$	44,821	$	7,431	$	77,246	$	7,675	$	41,548	$	7,448	$	56,862
Liabilities
Other borrowed funds	$	1,161	$	128	$	10	$	1,299	$	724	$	84	$	9	$	817
Financial derivatives (c) (e)	11		5,334		150		5,495		11		5,736		152		5,899
Other liabilities			28		177		205						237		237
Total liabilities (f)	$	1,172	$	5,490	$	337	$	6,999	$	735	$	5,820	$	398	$	6,953

(a)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Included in Other assets on the Consolidated Balance Sheet.

(c)Amounts at December 31, 2024 and 2023 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 15 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 14% and 10% at December 31, 2024 and 2023, respectively. Level 3 assets as a percentage of total assets at fair value was 10% and 13% as of December 31, 2024 and 2023, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both December 31, 2024 and 2023.

(e)Included in Other liabilities on the Consolidated Balance Sheet.

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both December 31, 2024 and 2023. Level 3 liabilities as a percentage of total liabilities at fair value was 5% and 6% as of December 31, 2024 and 2023, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both December 31, 2024 and 2023.

Reconciliation of Level 3 Assets and Liabilities

Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for 2024 and 2023 are as follows:

Table 87: Reconciliation of Level 3 Assets and Liabilities

Year Ended December 31, 2024

			Total realized / unrealized gains or losses for the  period (a)																				Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Dec. 31, 2024 (a) (c)
Level 3 Instruments Only In millions	Fair Value Dec. 31, 2023		Included in Earnings		Included in Other comprehensive income (b)			Purchases		Sales		Issuances		Settlements		Transfers into Level 3		Transfers out of Level 3			Fair Value Dec. 31, 2024
Assets
Residential mortgage    loans held for sale	$	103	$	(1)				$	20	$	(38)			$	(7)	$	8	$	(17)	(d)	$	68	$	(1)
Commercial mortgage     loans held for sale	11		1											(8)							4
Securities available-for-sale
Residential mortgage-     backed non-agency	696		14			$	(1)							(106)							603
Commercial mortgage-     backed non-agency	103																				103
Asset-backed	102		1			1								(11)							93
Other	55		(3)			1		6						(5)							54		(2)
Total securities     available-for-sale	956		12			1		6						(122)							853		(2)
Loans	726		13					23		(2)				(80)		16		(26)		(d)	670		13
Equity investments	1,952		83					358		(282)											2,111		57
Residential mortgage     servicing rights	2,654		155					43				$	28	(254)							2,626		155
Commercial mortgage     servicing rights	1,032		262					64				44		(317)							1,085		262
Financial derivatives	6		24					4						(30)							4		30
Other assets	8					1		1													10
Total assets	$	7,448	$	549		$	2	$	519	$	(322)	$	72	$	(818)	$	24	$	(43)		$	7,431	$	514
Liabilities
Other borrowed funds	$	9										$	14	$	(13)						$	10
Financial derivatives	152		$	272						$	4			(278)							150		$	279
Other liabilities	237		(4)									41		(97)							177		19
Total liabilities	$	398	$	268						$	4	$	55	$	(388)						$	337	$	298
Net gains (losses)			$	281	(e)																		$	216	(f)

(Continued from previous page)

Year Ended December 31, 2023

			Total realized / unrealized gains or losses for the  period (a)																				Unrealized gains / losses for the period on assets and liabilities held on Consolidated Balance Sheet at Dec. 31, 2023 (a) (c)
Level 3 Instruments Only In millions	Fair Value Dec. 31, 2022		Included in Earnings		Included in Other comprehensive income (b)			Purchases		Sales		Issuances		Settlements		Transfers into Level 3		Transfers out of Level 3			Fair Value Dec. 31, 2023
Assets
Residential mortgage    loans held for sale	$	243	$	1				$	15	$	(131)			$	(10)	$	7	$	(22)	(d)	$	103	$	1
Commercial mortgage     loans held for sale	33		1											(23)							11
Securities available-for-sale
Residential mortgage-     backed non-agency	819		15			$	(11)							(127)							696
Commercial mortgage-     backed non-agency	3					8										92					103
Asset-backed	124		1			(1)								(22)							102
Other	55		(1)			(3)		6						(5)		3					55
Total securities     available-for-sale	1,001		15			(7)		6						(154)		95					956
Loans	769		15					47		(2)				(98)		21		(26)		(d)	726		15
Equity investments	1,778		140					768		(600)								(134)		(g)	1,952		92
Residential mortgage     servicing rights	2,310		115					444		(1)		$	23	(237)							2,654		115
Commercial mortgage     servicing rights	1,113		157					44				50		(332)							1,032		157
Financial derivatives	5		19					4						(22)							6		24
Other assets			1					7													8
Total assets	$	7,252	$	464		$	(7)	$	1,335	$	(734)	$	73	$	(876)	$	123	$	(182)		$	7,448	$	404
Liabilities
Other borrowed funds	$	4										$	13	$	(8)						$	9
Financial derivatives	123		$	266						$	5			(242)							152		$	272
Other liabilities	294		56									442		(555)							237		41
Total liabilities	$	421	$	322						$	5	$	455	$	(805)						$	398	$	313
Net gains (losses)			$	142	(e)																		$	91	(f)

(a)Losses for assets are bracketed while losses for liabilities are not.

(b)The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available-for-sale held at the end of the reporting period were insignificant.

(c)The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period.

(d)Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment.

(e)Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement.

(f)Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement.

(g)Transfers out of Level 3 during the current period were due to valuation methodology changes for certain private company investments. See Note 1 Accounting Policies for more information on our accounting for private company investments.

Fair Value Measurements - Recurring Quantitative Information

Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows:

Table 88: Fair Value Measurements – Recurring Quantitative Information

December 31, 2024

Level 3 Instruments Only Dollars in millions	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted-Average) (a)
Commercial mortgage loans held for sale	$	4	Discounted cash flow	Spread over the benchmark curve (b)	560bps - 1,075bps (970bps)
Residential mortgage-backed     non-agency securities	603		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 27.9% (4.2%)
				Constant default rate	0.0% - 12.0% (1.9%)
				Loss severity	15.0% - 69.0% (42.4%)
				Spread over the benchmark curve (b)	216bps weighted-average
Asset-backed securities	93		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 8.0% (3.8%)
				Constant default rate	0.0% - 7.1% (1.5%)
				Loss severity	35.0% - 100.0% (45.3%)
				Spread over the benchmark curve (b)	170bps weighted-average
Loans - Residential real estate - Uninsured	504		Consensus pricing (c)	Cumulative default rate	3.6% - 100.0% (52.5%)
				Loss severity	0.0% - 100.0% (5.0%)
				Discount rate	5.5% - 7.5% (5.7%)
Loans - Residential real estate	73		Discounted cash flow	Loss severity	6.0% weighted-average
				Discount rate	7.2% weighted-average
Loans - Home equity - First-lien	14		Consensus pricing (c)	Cumulative default rate	3.6% - 100.0% (51.6%)
				Loss severity	0.0% - 100.0% (12.3%)
				Discount rate	5.5% - 7.5% (6.1%)
Loans - Home equity - Second-lien	79		Consensus pricing (c)	Credit and liquidity discount	0.3% - 100.0% (41.2%)
Equity investments	2,111		Multiple of adjusted earnings	Multiple of earnings	5.5x - 26.7x (10.5x)
Residential mortgage servicing rights	2,626		Discounted cash flow	Constant prepayment rate	0.0% - 40.3% (6.4%)
				Spread over the benchmark curve (b)	381bps - 2,202bps (755bps)
Commercial mortgage servicing rights	1,085		Discounted cash flow	Constant prepayment rate	4.3% - 7.4% (4.4%)
				Discount rate	9.6% - 11.5% (11.2%)
Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares	(143)		Discounted cash flow	Estimated conversion factor of Visa Class B shares into Class A shares	1.54 weighted-average
				Estimated annual growth rate of Visa Class A share price	16.0%
				Estimated litigation resolution date	Q1 2026
Insignificant Level 3 assets, net of     liabilities (d)	45
Total Level 3 assets, net of liabilities (e)	$	7,094

(Continued from previous page)

December 31, 2023

Level 3 Instruments Only Dollars in millions	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted-Average) (a)
Commercial mortgage loans held for sale	$	11	Discounted cash flow	Spread over the benchmark curve (b)	575bps - 3,610bps (1,647bps)
Residential mortgage-backed     non-agency securities	696		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 27.9% (3.7%)
				Constant default rate	0.0% - 12.0% (2.7%)
				Loss severity	10.0% - 69.0% (41.2%)
				Spread over the benchmark curve (b)	285bps weighted-average
Asset-backed securities	102		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 28.0% (5.1%)
				Constant default rate	0.0% - 4.3% (1.7%)
				Loss severity	20.0% - 100.0% (49.5%)
				Spread over the benchmark curve (b)	248bps weighted-average
Loans - Residential real estate - Uninsured	546		Consensus pricing (c)	Cumulative default rate	3.6% - 100.0% (59.1%)
				Loss severity	0.0% - 100.0% (5.4%)
				Discount rate	5.5% - 7.5% (5.8%)
Loans - Residential real estate	75		Discounted cash flow	Loss severity	6.0% weighted-average
				Discount rate	7.8% weighted-average
Loans - Home equity - First-lien	18		Consensus pricing (c)	Cumulative default rate	3.6% - 100.0% (60.9%)
				Loss severity	0.0% - 100.0% (14.4%)
				Discount rate	5.5% - 7.5% (6.2%)
Loans - Home equity - Second-lien	87		Consensus pricing (c)	Credit and liquidity discount	0.3% - 100.0% (43.8%)
Equity investments	1,952		Multiple of adjusted earnings	Multiple of earnings	4.5x - 26.7x (10.1x)
Residential mortgage servicing rights	2,654		Discounted cash flow	Constant prepayment rate	0.0% - 33.6% (6.4%)
				Spread over the benchmark curve (b)	337bps - 1,668bps (765bps)
Commercial mortgage servicing rights	1,032		Discounted cash flow	Constant prepayment rate	5.3% - 9.7% (5.5%)
				Discount rate	7.6% - 10.0% (9.6%)
Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares	(145)		Discounted cash flow	Estimated conversion factor of Visa Class B shares into Class A shares	1.59 weighted-average
				Estimated annual growth rate of Visa Class A share price	16.0%
				Estimated litigation resolution date	Q3 2024
Insignificant Level 3 assets, net of     liabilities (d)	22
Total Level 3 assets, net of liabilities (e)	$	7,050

(a)Unobservable inputs were weighted by the relative fair value of the instruments.

(b)The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks.

(c)Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices.

(d)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities.

(e)Consisted of total Level 3 assets of $7.4 billion and total Level 3 liabilities of $0.3 billion as of December 31, 2024 and $7.4 billion and $0.4 billion as of December 31, 2023, respectively.

Fair Value Measurements - Nonrecurring

Assets measured at fair value on a nonrecurring basis are as follows:

Table 89: Fair Value Measurements – Nonrecurring (a) (b) (c)

Year ended December 31 In millions	Fair Value				Gains (Losses)
	2024		2023			2024		2023		2022
Assets
Nonaccrual loans	$	629	$	578		$	(279)	$	(410)	$	(287)
Equity investments	198		203			(1)				(1)
OREO and foreclosed assets	8		12			(1)		(1)
Long-lived assets	18		9			(12)		(29)		(15)
Total assets	$	853	$	802		$	(293)	$	(440)	$	(303)

(a)All Level 3 for the periods presented, except for $30 million included in Equity investments which was categorized as Level 1 as of December 31, 2023.

(b)Valuation techniques applied were fair value of property or collateral.

(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

Fair Value Option - Fair Value and Principal Balances

Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:

Table 90: Fair Value Option – Fair Value and Principal Balances

	December 31, 2024						December 31, 2023
In millions	Fair Value		Aggregate Unpaid Principal Balance		Difference		Fair Value		Aggregate Unpaid Principal Balance		Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due	$	588	$	588			$	432	$	429	$	3
Accruing loans 90 days or more past due	11		11				6		6
Nonaccrual loans	29		36		$	(7)	36		43		(7)
Total	$	628	$	635	$	(7)	$	474	$	478	$	(4)
Commercial mortgage loans held for sale (a) (b)
Accruing loans less than 90 days past due	$	203	$	200	$	3	$	238	$	228	$	10
Loans
Accruing loans less than 90 days past due	$	494	$	505	$	(11)	$	507	$	520	$	(13)
Accruing loans 90 days or more past due	126		137		(11)		146		156		(10)
Nonaccrual loans	536		718		(182)		585		793		(208)
Total	$	1,156	$	1,360	$	(204)	$	1,238	$	1,469	$	(231)
Other assets	$	133	$	142	$	(9)	$	85	$	69	$	16
Liabilities
Other borrowed funds	$	34	$	35	$	(1)	$	39	$	40	$	(1)
Other liabilities with contractual unpaid principal balance	$	28	$	32	$	(4)
Other liabilities without contractual unpaid principal balance	$	106			$	106	$	124			$	124

(a)There were no accruing loans 90 days or more past due within this category at December 31, 2024 or December 31, 2023.

(b)There were no nonaccrual loans within this category at December 31, 2024 or December 31, 2023.

Fair Value Option - Changes in Fair Value

The changes in fair value for items for which we elected the fair value option are as follows:

Table 91: Fair Value Option – Changes in Fair Value (a)

Year ended December 31 In millions	Gains (Losses)
	2024		2023		2022
Assets
Residential mortgage loans held for sale	$	10	$	32	$	(80)
Commercial mortgage loans held for sale	$	24	$	53	$	52
Loans	$	21	$	26	$	42
Other assets	$	25	$	7	$	(16)
Liabilities
Other liabilities	$	(19)	$	(41)	$	(67)

(a)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

Additional Fair Value Information Related to Other Financial Instruments

The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of these financial instruments as of December 31, 2024 and 2023 are as follows:    

Table 92: Additional Fair Value Information Related to Other Financial Instruments 

In millions	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
December 31, 2024
Assets
Cash and due from banks	$	6,904	$	6,904	$	6,904
Interest-earning deposits with banks (a)	39,347		39,347		38,993		$	354
Securities held-to-maturity	77,698		73,058		23,992		48,914		$	152
Net loans (excludes leases)	304,129		298,241						298,241
Other assets	5,722		5,722				5,713		9
Total assets	$	433,800	$	423,272	$	69,889	$	54,981	$	298,402
Liabilities
Time deposits	$	34,339	$	34,383			$	34,383
Borrowed funds	60,302		61,260				60,350		$	910
Unfunded lending related commitments	719		719						719
Other liabilities	1,058		1,058				1,058
Total liabilities	$	96,418	$	97,420			$	95,791	$	1,629
December 31, 2023
Assets
Cash and due from banks	$	6,921	$	6,921	$	6,921
Interest-earning deposits with banks (a)	43,804		43,804		43,313		$	491
Securities held-to-maturity	90,790		86,948		30,943		55,850		$	155
Net loans (excludes leases)	308,936		299,645						299,645
Other assets	5,872		5,872				5,872
Total assets	$	456,323	$	443,190	$	81,177	$	62,213	$	299,800
Liabilities
Time deposits	$	31,569	$	31,602			$	31,602
Borrowed funds	71,816		72,369				71,194		$	1,175
Unfunded lending related commitments	663		663						663
Other liabilities	1,091		1,091				1,091
Total liabilities	$	105,139	$	105,725			$	103,887	$	1,838

(a)In the second quarter of 2024, we reclassified balances held at the Federal Reserve Bank from Level 2 to Level 1 to align with our updated cash and cash equivalents policy. For additional details, see Note 1 Accounting Policies.