Financial Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us:

Table 74: Total Gross Derivatives (a)


	March 31, 2025						December 31, 2024
In millions	Notional / Contract Amount		Asset Fair Value (b)		Liability Fair Value (c)		Notional / Contract Amount		Asset Fair Value (b)		Liability Fair Value (c)
Derivatives designated for hedging
Interest rate contracts:
Fair value hedges (d)	$	55,702	$	—	$	—	$	53,750	$	—	$	—
Cash flow hedges (d)	58,578		—		—		50,721		—		2
Cash flow hedges - other (e)	25,000		196		105		25,000		149		168
Foreign exchange contracts:
Net investment hedges	1,250		—		27		1,269		14		—
Total derivatives designated for hedging	$	140,530	$	196	$	132	$	130,740	$	163	$	170
Derivatives not designated for hedging
Derivatives used for mortgage banking activities (f):
Interest rate contracts:
Swaps	$	34,354	$	—	$	—	$	35,941	$	—	$	—
Futures (g)	6,967		—		—		9,962		—		—
Mortgage-backed commitments	5,786		75		67		4,815		73		66
Other	21,522		47		20		13,098		19		13
Total interest rate contracts	68,629		122		87		63,816		92		79
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps	399,382		1,513		3,200		406,747		1,544		4,130
Futures (g)	115		—		—		113		—		—
Mortgage-backed commitments	5,165		18		18		3,275		21		7
Other	32,014		98		78		32,280		123		100
Total interest rate contracts	436,676		1,629		3,296		442,415		1,688		4,237
Commodity contracts:
Swaps	6,351		525		502		6,725		313		288
Other	9,000		261		260		8,496		208		208
Total commodity contracts	15,351		786		762		15,221		521		496
Foreign exchange contracts and other	37,685		285		236		38,729		403		364
Total derivatives for customer-related activities	489,712		2,700		4,294		496,365		2,612		5,097
Derivatives used for other risk management activities:
Foreign exchange contracts and other	13,782		56		217		11,031		144		149
Total derivatives not designated for hedging	$	572,123	$	2,878	$	4,598	$	571,212	$	2,848	$	5,325
Total gross derivatives	$	712,653	$	3,074	$	4,730	$	701,952	$	3,011	$	5,495
Less: Impact of legally enforceable master netting agreements			1,458		1,458				1,298		1,298
Less: Cash collateral received/paid			504		897				897		1,029
Total derivatives			$	1,112	$	2,375			$	816	$	3,168

(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

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

(c)Included in Other liabilities on our Consolidated Balance Sheet.

(d)Represents primarily swaps.

(e)Represents caps and floors.

(f)Includes both residential and commercial mortgage banking activities.

(g)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

Schedule of Fair Value and Cash Flow Hedges

Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table:

Table 75: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)


	Location and Amount of Gains (Losses) Recognized in Income
	Interest Income				Interest Expense		Noninterest Income
In millions	Loans		Investment Securities		Borrowed Funds		Other
For the three months ended March 31, 2025
Total amounts in the Consolidated Income Statement	$	4,472	$	1,124	$	846	$	137
Gains (losses) on fair value hedges recognized on:
Hedged items (c)	$	—	$	329	$	(558)	$	—
Derivatives	$	—	$	(329)	$	562	$	—
Amounts related to interest settlements on derivatives	$	—	$	24	$	(96)	$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(189)	$	(7)	$	—	$	2
Other amounts related to interest settlements on derivatives	$	5	$	—	$	—	$	—
For the three months ended March 31, 2024
Total amounts in the Consolidated Income Statement	$	4,819	$	883	$	1,159	$	135
Gains (losses) on fair value hedges recognized on:
Hedged items (c)	$	—	$	(74)	$	413	$	—
Derivatives	$	—	$	74	$	(428)	$	—
Amounts related to interest settlements on derivatives	$	—	$	10	$	(175)	$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(369)	$	(7)	$	—	$	—
Other amounts related to interest settlements on derivatives	$	22	$	—	$	—	$	—

(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies.

(b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented.

(c)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.

(d)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.

Schedule of Fair Value Hedges

Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table:

Table 76: Hedged Items - Fair Value Hedges


	March 31, 2025				December 31, 2024
In millions	Carrying Value of the Hedged Items		Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)		Carrying Value of the Hedged Items		Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)
Investment securities - available-for-sale (b)	$	20,289	$	24	$	18,716	$	(305)
Borrowed funds	$	37,004	$	(499)	$	35,139	$	(1,057)

(a)Includes fair value hedge adjustments of less than $0.1 billion and less than $(0.1) billion related to discontinued available-for-sale securities and borrowed funds hedge relationships at March 31, 2025 and December 31, 2024, respectively.

(b)Carrying value shown represents amortized cost.

Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table:

Table 77: Gains (Losses) on Derivatives Not Designated for Hedging


	Three months ended March 31
In millions		2025		2024
Derivatives used for mortgage banking activities:
Interest rate contracts (a)		$	85	$	(123)
Derivatives used for customer-related activities:
Interest rate contracts		(21)		(16)
Foreign exchange contracts and other		68		29
Gains from customer-related activities (b)		47		13
Derivatives used for other risk management activities:
Foreign exchange contracts and other (b)		(174)		125
Total gains (losses) from derivatives not designated as hedging instruments		$	(42)	$	15

(a)Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

(b)Included in Capital markets and advisory and Other noninterest income and Deposits interest expense on our Consolidated Income Statement.

Derivative Assets And Liabilities Offsetting

Table 78: Derivative Assets and Liabilities Offsetting


In millions			Amounts Offset on the Consolidated Balance Sheet							Securities Collateral Held/Pledged Under Master Netting Agreements
	Gross Fair Value		Fair Value Offset Amount		Cash Collateral		Net Fair Value					Net Amounts
March 31, 2025
Derivative assets
Interest rate contracts:
Over-the-counter cleared	$	21	$	—	$	—	$	21		$	—	$	21

Over-the-counter	1,926		990		439		497			47		450
Commodity contracts	786		332		21		433			—		433
Foreign exchange and other contracts	341		136		44		161			—		161
Total derivative assets	$	3,074	$	1,458	$	504	$	1,112	(a)	$	47	$	1,065
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared	$	22	$	—	$	—	$	22		$	—	$	22

Over-the-counter	3,466		769		831		1,866			44		1,822
Commodity contracts	762		506		53		203			—		203
Foreign exchange and other contracts	480		183		13		284			—		284
Total derivative liabilities	$	4,730	$	1,458	$	897	$	2,375	(b)	$	44	$	2,331
December 31, 2024
Derivative assets
Interest rate contracts:
Over-the-counter cleared	$	35	$	—	$	—	$	35		$	—	$	35

Over-the-counter	1,894		843		629		422			38		384
Commodity contracts	521		296		85		140			5		135
Foreign exchange and other contracts	561		159		183		219			2		217
Total derivative assets	$	3,011	$	1,298	$	897	$	816	(a)	$	45	$	771
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared	$	17	$	—	$	—	$	17		$	—	$	17

Over-the-counter	4,469		732		1,019		2,718			57		2,661
Commodity contracts	496		393		2		101			—		101
Foreign exchange and other contracts	513		173		8		332			—		332
Total derivative liabilities	$	5,495	$	1,298	$	1,029	$	3,168	(b)	$	57	$	3,111

(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.

(b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

Credit-Risk Contingent Features

Table 79: Credit-Risk Contingent Features


In billions	March 31, 2025		December 31, 2024
Net derivative liabilities with credit-risk contingent features	$	3.2	$	3.9
Less: Collateral posted	1.1		1.1
Maximum additional amount of collateral exposure	$	2.1	$	2.8

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details