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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments in consolidated balance sheets
The following table presents derivative instruments included in the Consolidated Balance Sheets:
December 31, 2023December 31, 2022
(dollars in millions)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts$86,895 $173 $44 $42,250 $16 $53 
Derivatives not designated as hedging instruments:
Interest rate contracts185,993 291 1,105 174,384 331 1,579 
Foreign exchange contracts32,528 434 378 29,475 527 519 
Commodities contracts1,251 685 640 1,103 953 942 
TBA contracts2,337 3 16 2,370 7 14 
Other contracts549 7 — 913 5 4 
Total derivatives not designated as hedging instruments222,658 1,420 2,139 208,245 1,823 3,058 
Total gross derivatives
309,553 1,593 2,183 250,495 1,839 3,111 
Less: Gross amounts offset in the Consolidated Balance Sheets(1)
(471)(471)(623)(623)
Less: Cash collateral applied(1)
(682)(150)(374)(579)
Total net derivatives presented in the Consolidated Balance Sheets
$440 $1,562 $842 $1,909 
(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions, as well as collateral paid and received.
Schedule of fair value hedges
The following table presents the change in fair value of interest rate contracts designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Operations:
Year Ended December 31,
(dollars in millions)202320222021Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps hedging long-term borrowed funds
$10 ($69)($72)Interest expense - long-term borrowed funds
Hedged long-term borrowed funds attributable to the risk being hedged(10)68 71 Interest expense - long-term borrowed funds
Interest rate swaps hedging LHFS
— 13 — Interest and fees on other loans held for sale
Hedged LHFS attributable to the risk being hedged
— (13)— Interest and fees on other loans held for sale
Interest rate swaps hedging debt securities available for sale(48)29 68 Interest income - investment securities
Hedged debt securities available for sale attributable to risk being hedged50 (29)(68)Interest income - investment securities
The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:    
December 31, 2023December 31, 2022
(dollars in millions)
Debt securities available for sale(1)
Long-term borrowed funds
Debt securities available for sale
Long-term borrowed funds
Carrying amount of hedged assets$7,253 $— $— $— 
Carrying amount of hedged liabilities— 483 — 972 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items60 (17)— (27)
(1) Includes the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $5.9 billion, including associated cumulative basis adjustments of $39 million, and the amount of the designated hedging instruments was $4.0 billion.
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income related to derivative instruments designated as cash flow hedges:
Year Ended December 31,
(dollars in millions)202320222021
Amount of pre-tax net gains (losses) recognized in OCI($145)($1,806)($66)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income(596)(111)183 
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense— (4)(48)
Using the interest rate curve at December 31, 2023 with respect to cash flow hedge strategies, the Company estimates that approximately $914 million in pre-tax net losses will be reclassified from AOCI to net interest income over the next 12 months, including $460 million related to terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to December 31, 2023.
Schedule of effect of derivative Instruments on net income
The following table presents the effect of economic hedges on noninterest income:
Amounts Recognized in Noninterest Income for the Year Ended December 31,Affected Line Item in the Consolidated Statements of Operations
(dollars in millions)202320222021
Economic hedge type:
Customer interest rate contracts($505)($2,027)($374)Foreign exchange and derivative products
Derivatives hedging interest rate risk551 2,090 401 Foreign exchange and derivative products
Customer foreign exchange contracts94 (180)(207)Foreign exchange and derivative products
Derivatives hedging foreign exchange risk14 313 305 Foreign exchange and derivative products
Customer commodity contracts(900)1,121 779 Foreign exchange and derivative products
Derivatives hedging commodity price risk941 (1,097)(770)Foreign exchange and derivative products
Residential loan commitments(34)(284)(208)Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage LHFS, at fair value
25 489 152 Mortgage banking fees
Derivative contracts used to hedge residential MSRs(33)(313)(150)Mortgage banking fees
Total$153 $112 ($72)