Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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 67: Fair Value Measurements – Recurring Basis Summary

	March 31, 2025								December 31, 2024
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	$	—	$	438	$	104	$	542	$	—	$	560	$	68	$	628
Commercial mortgage loans held for sale	—		461		4		465		—		199		4		203
Securities available-for-sale
U.S. Treasury and government agencies	23,457		1,047		—		24,504		22,534		1,017		—		23,551
Residential mortgage-backed
Agency	—		30,714		—		30,714		—		30,626		—		30,626
Non-agency	—		—		596		596		—		—		603		603
Commercial mortgage-backed
Agency	—		2,453		—		2,453		—		1,945		—		1,945
Non-agency	—		504		99		603		—		588		103		691
Asset-backed	—		2,238		92		2,330		—		2,299		93		2,392
Other	—		2,064		54		2,118		—		2,177		54		2,231
Total securities available-for-sale	23,457		39,020		841		63,318		22,534		38,652		853		62,039
Loans	—		486		663		1,149		—		486		670		1,156
Equity investments (a)	569		—		2,223		2,995		825		—		2,111		3,132
Residential mortgage servicing rights	—		—		2,523		2,523		—		—		2,626		2,626
Commercial mortgage servicing rights	—		—		1,041		1,041		—		—		1,085		1,085
Trading securities (b)	1,759		2,514		—		4,273		987		1,787		—		2,774
Financial derivatives (b) (c)	15		3,049		10		3,074		3		3,004		4		3,011
Other assets	442		131		12		585		449		133		10		592
Total assets (d)	$	26,242	$	46,099	$	7,421	$	79,965	$	24,798	$	44,821	$	7,431	$	77,246
Liabilities
Interest-bearing deposits	$	—	$	1,160	$	—	$	1,160	$	—	$	—	$	—	$	—
Other borrowed funds	1,640		126		13		1,779		1,161		128		10		1,299
Financial derivatives (c) (e)	17		4,552		161		4,730		11		5,334		150		5,495
Other liabilities	—		28		129		157		—		28		177		205
Total liabilities (f)	$	1,657	$	5,866	$	303	$	7,826	$	1,172	$	5,490	$	337	$	6,999

(a)Certain investments that are measured at fair value using the net asset value 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 March 31, 2025 and December 31, 2024 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 12 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 14% at both March 31, 2025 and December 31, 2024. Level 3 assets as a percentage of total assets at fair value was 9% and 10% at March 31, 2025 and December 31, 2024, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2025 and December 31, 2024.

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

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 2% and 1% at March 31, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 4% and 5% at March 31, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2025 and December 31, 2024.

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 the three months ended March 31, 2025 and 2024 are as follows:

Table 68: Reconciliation of Level 3 Assets and Liabilities

Three Months Ended March 31, 2025

			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 Mar. 31, 2025 (a) (c)
Level 3 Instruments Only In millions	Fair Value Dec. 31, 2024		Included in Earnings		Included in Other comprehensive income (b)			Purchases		Sales		Issuances		Settlements		Transfers into Level 3		Transfers out of Level 3			Fair Value Mar. 31, 2025
Assets
Residential mortgage     loans held for sale	$	68	$	—		$	—	$	41	$	—	$	—	$	(4)	$	4	$	(5)	(d)	$	104	$	—
Commercial mortgage     loans held for sale	4		—			—		—		—		—		—		—		—			4		—
Securities available-for-sale
Residential mortgage-   backed non-agency	603		2			8		—		—		—		(17)		—		—			596		—
Commercial mortgage-   backed non-agency	103		(3)			(1)		—		—		—		—		—		—			99		(3)
Asset-backed	93		1			1		—		—		—		(3)		—		—			92		—
Other	54		—			—		—		—		—		—		—		—			54		—
Total securities     available-for-sale	853		—			8		—		—		—		(20)		—		—			841		(3)
Loans	670		5			—		7		—		—		(19)		—		—			663		5
Equity investments	2,111		46			—		176		(110)		—		—		—		—			2,223		25
Residential mortgage     servicing rights	2,626		(51)			—		1		—		7		(60)		—		—			2,523		(51)
Commercial mortgage     servicing rights	1,085		(2)			—		27		—		9		(78)		—		—			1,041		(2)
Financial derivatives	4		13			—		—		—		—		(7)		—		—			10		13
Other assets	10		—			—		2		—		—		—		—		—			12		—
Total assets	$	7,431	$	11		$	8	$	254	$	(110)	$	16	$	(188)	$	4	$	(5)		$	7,421	$	(13)
Liabilities
Other borrowed funds	$	10	$	—		$	—	$	—	$	—	$	5	$	(2)	$	—	$	—		$	13	$	—
Financial derivatives	150		37			—		—		—		—		(26)		—		—			161		38
Other liabilities	177		10			—		—		—		—		(58)		—		—			129		7
Total liabilities	$	337	$	47		$	—	$	—	$	—	$	5	$	(86)	$	—	$	—		$	303	$	45
Net gains (losses)			$	(36)	(e)																		$	(58)	(f)

(Continued from previous page)

Three Months Ended March 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 Mar. 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 Mar. 31, 2024
Assets
Residential mortgage    loans held for sale	$	103	$	(1)		$	—	$	2	$	—	$	—	$	(2)	$	2	$	(6)	(d)	$	98	$	(1)
Commercial mortgage     loans held for sale	11		—			—		—		—		—		—		—		—			11		—
Securities available-for-sale
Residential mortgage-     backed non-agency	696		3			(6)		—		—		—		(25)		—		—			668		—
Commercial mortgage-backed non-agency	103		—			—		—		—		—		—		—		—			103		—
Asset-backed	102		—			—		—		—		—		(2)		—		—			100		—
Other	55		(2)			1		—		—		—		(1)		—		—			53		(2)
Total securities     available-for-sale	956		1			(5)		—		—		—		(28)		—		—			924		(2)
Loans	726		4			—		5		—		—		(20)		—		(2)		(d)	713		5
Equity investments	1,952		(5)			—		89		(6)		—		—		—		—			2,030		(5)
Residential mortgage     servicing rights	2,654		72			—		13		—		5		(57)		—		—			2,687		72
Commercial mortgage     servicing rights	1,032		107			—		12		—		3		(79)		—		—			1,075		107
Financial derivatives	6		9			—		—		—		—		(6)		—		—			9		9
Other assets	8		—			—		—		—		—		—		—		—			8		—
Total assets	$	7,448	$	187		$	(5)	$	121	$	(6)	$	8	$	(192)	$	2	$	(8)		$	7,555	$	185
Liabilities
Other borrowed funds	$	9	$	—		$	—	$	—	$	—	$	3	$	(3)	$	—	$	—		$	9	$	—
Financial derivatives	152		8			—		—		—		—		(47)		—		—			113		9
Other liabilities	237		(20)			—		—		—		13		(41)		—		—			189		2
Total liabilities	$	398	$	(12)		$	—	$	—	$	—	$	16	$	(91)	$	—	$	—		$	311	$	11
Net gains (losses)			$	199	(e)																		$	174	(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.

Fair Value Measurements - Recurring Quantitative Information

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

Table 69: Fair Value Measurements – Recurring Quantitative Information

March 31, 2025

Level 3 Instruments Only Dollars in millions	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted-Average) (a)
Residential mortgage loans held for sale	$	104	Consensus pricing (b)	Cumulative default rate	3.6% - 100% (39.9%)
				Loss severity	0.0% - 100% (5.9%)
				Discount rate	5.5% - 9.0% (6.0%)
Commercial mortgage loans held for sale	4		Discounted cash flow	Spread over the benchmark curve (c)	560bps - 1,085bps (978bps)
Residential mortgage-backed     non-agency securities	596		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 27.9% (3.6%)
				Constant default rate	0.0% - 12.0% (1.7%)
				Loss severity	15.0% - 100.0% (42.2%)
				Spread over the benchmark curve (c)	193bps weighted-average
Asset-backed securities	92		Priced by a third-party vendor using a discounted cash flow pricing model	Constant prepayment rate	1.0% - 8.0% (4.2%)
				Constant default rate	0.0% - 7.4% (1.6%)
				Loss severity	35.0% - 100.0% (43.6%)
				Spread over the benchmark curve (c)	163bps weighted-average
Loans - Residential real estate - Uninsured	497		Consensus pricing (b)	Cumulative default rate	3.6% - 100.0% (51.6%)
				Loss severity	0.0% - 100.0% (4.8%)
				Discount rate	5.5% - 7.5% (5.7%)
Loans - Residential real estate	75		Discounted cash flow	Loss severity	6.0% weighted-average
				Discount rate	7.0% weighted-average
Loans - Home equity - First-lien	13		Consensus pricing (b)	Cumulative default rate	3.6% - 100.0% (50.4%)
				Loss severity	0.0% - 100.0% (12.1%)
				Discount rate	5.5% - 7.5% (6.1%)
Loans - Home equity - Second-lien	78		Consensus pricing (b)	Credit and liquidity discount	0.3% - 100.0% (40.1%)
Equity investments	2,223		Multiple of adjusted earnings	Multiple of earnings	5.5x - 26.7x (10.4x)
Residential mortgage servicing rights	2,523		Discounted cash flow	Constant prepayment rate	0.0% - 49.6% (6.7%)
				Spread over the benchmark curve (c)	455bps - 2,201bps (755bps)
Commercial mortgage servicing rights	1,041		Discounted cash flow	Constant prepayment rate	4.4% - 7.6% (4.6%)
				Discount rate	9.3% - 11.2% (10.9%)
Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares	(157)		Discounted cash flow	Estimated conversion factor of Visa Class B shares into Class A shares	1.53 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)	29
Total Level 3 assets, net of liabilities (e)	$	7,118

(Continued from previous page)

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 (c)	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 (c)	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 (c)	170bps weighted-average
Loans - Residential real estate - Uninsured	504		Consensus pricing (b)	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 (b)	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 (b)	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 (c)	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

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

(b)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.

(c)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.

(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, other assets, other borrowed funds and other liabilities. At December 31, 2024, the amount also includes residential mortgage loans held for sale.

(e)Consisted of total Level 3 assets of $7.4 billion and total Level 3 liabilities of $0.3 billion at both March 31, 2025 and December 31, 2024.

Fair Value Measurements - Nonrecurring

Assets measured at fair value on a nonrecurring basis follow:

Table 70: Fair Value Measurements – Nonrecurring (a) (b) (c)

	Fair Value				Gains (Losses) Three months ended
In millions	March 31 2025		December 31 2024		March 31 2025		March 31 2024
Assets
Nonaccrual loans	$	557	$	629	$	(83)	$	(60)
Equity investments	35		198		(6)		(10)
Loans held for sale	36		—		(4)		—
OREO and foreclosed assets	4		8		—		—
Long-lived assets	7		18		(2)		(3)
Total assets	$	639	$	853	$	(95)	$	(73)

(a)All Level 3 for the periods presented, except for $36 million included in Loans held for sale which was categorized as Level 2 as of March 31, 2025.

(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 71: Fair Value Option – Fair Value and Principal Balances

	March 31, 2025						December 31, 2024
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	$	520	$	518	$	2	$	588	$	588	$	—
Accruing loans 90 days or more past due	13		13		—		11		11		—
Nonaccrual loans	9		11		(2)		29		36		(7)
Total	$	542	$	542	$	—	$	628	$	635	$	(7)
Commercial mortgage loans held for sale (a) (b)
Accruing loans less than 90 days past due	$	465	$	460	$	5	$	203	$	200	$	3
Loans
Accruing loans less than 90 days past due	$	746	$	827	$	(81)	$	494	$	505	$	(11)
Accruing loans 90 days or more past due	126		138		(12)		126		137		(11)
Nonaccrual loans	277		381		(104)		536		718		(182)
Total	$	1,149	$	1,346	$	(197)	$	1,156	$	1,360	$	(204)
Other assets	$	131	$	130	$	1	$	133	$	142	$	(9)
Liabilities
Interest-bearing deposits	$	1,160	$	1,160	$	—	$	—	$	—	$	—
Other borrowed funds	$	33	$	35	$	(2)	$	34	$	35	$	(1)
Other liabilities with contractual unpaid principal balance	$	28	$	31	$	(3)	$	28	$	32	$	(4)
Other liabilities without contractual unpaid principal balance	$	86	$	—	$	86	$	106	$	—	$	106

(a)There were no accruing loans 90 days or more past due within this category at March 31, 2025 or December 31, 2024.

(b)There were no nonaccrual loans within this category at March 31, 2025 or December 31, 2024.

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 72: Fair Value Option – Changes in Fair Value Included in Earnings (a)

	Gains (Losses)
	Three months ended
	March 31		March 31
In millions	2025		2024
Assets
Residential mortgage loans held for sale	$	(4)	$	8
Commercial mortgage loans held for sale	$	11	$	(5)
Loans	$	7	$	6
Other assets	$	(9)	$	5
Liabilities
Interest-bearing deposits	$	(1)	$	—
Other liabilities	$	(7)	$	(2)

(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 following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of March 31, 2025 and December 31, 2024. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 73, see Note 14 Fair Value in our 2024 Form 10-K.

Table 73: Additional Fair Value Information Related to Other Financial Instruments

	Carrying		Fair Value
In millions	Amount		Total		Level 1		Level 2		Level 3
March 31, 2025
Assets
Cash and due from banks	$	6,102	$	6,102	$	6,102	$	—	$	—
Interest-earning deposits with banks (a)	32,298		32,298		31,878		420		—
Securities held-to-maturity	74,461		70,926		22,597		48,176		153
Net loans (excludes leases)	306,493		302,922		—		—		302,922
Other assets	6,294		6,294		—		6,294		—
Total assets	$	425,648	$	418,542	$	60,577	$	54,890	$	303,075
Liabilities
Time deposits	$	32,307	$	32,532	$	—	$	32,532	$	—
Borrowed funds	58,873		59,701		—		58,827		874
Unfunded lending related commitments	674		674		—		—		674
Other liabilities	1,081		1,081		—		1,081		—
Total liabilities	$	92,935	$	93,988	$	—	$	92,440	$	1,548
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

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