Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At March 31, 2021
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	49,661	$	751	$	40	$	50,372
U.S. agency securities2	32,563		473		210		32,826
Agency CMBS	17,621		370		92		17,899
Corporate bonds	1,651		33		1		1,683
State and municipal securities	178		33		—		211
FFELP student loan ABS3	1,966		12		11		1,967
Other ABS	330		—		—		330
Total AFS securities	103,970		1,672		354		105,288
HTM securities
U.S. Treasury securities	29,687		1,181		69		30,799
U.S. agency securities2	50,798		322		1,237		49,883
Agency CMBS	2,540		—		42		2,498
Non-agency CMBS	893		31		5		919
Total HTM securities	83,918		1,534		1,353		84,099
Total investment securities	$	187,888	$	3,206	$	1,707	$	189,387

	At December 31, 2020
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	45,345	$	1,010	$	—	$	46,355
U.S. agency securities2	37,389		762		25		38,126
Agency CMBS	19,982		465		9		20,438
Corporate bonds	1,694		42		—		1,736
State and municipal securities	1,461		103		1		1,563
FFELP student loan ABS3	1,735		7		26		1,716
Other ABS	449		—		—		449
Total AFS securities	108,055		2,389		61		110,383
HTM securities
U.S. Treasury securities	29,346		1,893		—		31,239
U.S. agency securities2	38,951		704		8		39,647
Agency CMBS	2,632		4		2		2,634
Non-agency CMBS	842		58		—		900
Total HTM securities	71,771		2,659		10		74,420
Total investment securities	$	179,826	$	5,048	$	71	$	184,803

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

Schedule of Investment Securities in an Unrealized Loss Position

Investment Securities in an Unrealized Loss Position

	At March 31, 2021				At December 31, 2020
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	12,312	$	40	$	151	$	—
Total	12,312		40		151		—
U.S. agency securities
Less than 12 months	10,657		208		5,808		22
12 months or longer	994		2		1,168		3
Total	11,651		210		6,976		25
Agency CMBS
Less than 12 months	3,924		92		2,779		9
12 months or longer	45		—		46		—
Total	3,969		92		2,825		9
Corporate bonds
Less than 12 months	52		1		—		—
12 months or longer	10		—		31		—
Total	62		1		31		—
State and municipal securities
Less than 12 months	14		—		86		—
12 months or longer	—		—		36		1
Total	14		—		122		1
FFELP student loan ABS
Less than 12 months	243		—		—		—
12 months or longer	889		11		1,077		26
Total	1,132		11		1,077		26
Total AFS securities in an unrealized loss position
Less than 12 months	27,202		341		8,824		31
12 months or longer	1,938		13		2,358		30
Total	$	29,140	$	354	$	11,182	$	61

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At March 31, 2021
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield
AFS securities
U.S. Treasury securities:
Due within 1 year	$	12,458	$	12,530	1.2	%
After 1 year through 5 years	24,474		25,043		1.4	%
After 5 years through 10 years	12,729		12,799		1.0	%
Total	49,661		50,372
U.S. agency securities:
Due within 1 year	3		3		1.5	%
After 1 year through 5 years	142		146		1.5	%
After 5 years through 10 years	1,314		1,347		1.8	%
After 10 years	31,104		31,330		1.6	%
Total	32,563		32,826
Agency CMBS:
Due within 1 year	65		65		2.0	%
After 1 year through 5 years	948		964		1.3	%
After 5 years through 10 years	12,812		13,123		1.5	%
After 10 years	3,796		3,747		1.2	%
Total	17,621		17,899
Corporate bonds:
Due within 1 year	397		400		2.4	%
After 1 year through 5 years	1,147		1,174		2.7	%
After 5 years through 10 years	97		99		2.2	%
After 10 years	10		10		1.6	%
Total	1,651		1,683
State and municipal securities:
Due within 1 year	3		3		1.8	%
After 1 year through 5 years	16		17		2.2	%
After 5 years through 10 years	24		33		2.4	%
After 10 Years	135		158		4.4	%
Total	178		211
FFELP student loan ABS:
Due within 1 year	33		32		0.8	%
After 1 year through 5 years	73		72		0.8	%
After 5 years through 10 years	216		212		0.8	%
After 10 years	1,644		1,651		1.1	%
Total	1,966		1,967
Other ABS:
After 1 year through 5 years	330		330		0.4	%
Total	330		330
Total AFS securities	103,970		105,288		1.4	%
HTM securities
U.S. Treasury securities:
Due within 1 year	3,148		3,184		2.0	%
After 1 year through 5 years	18,837		19,494		1.7	%
After 5 years through 10 years	6,322		6,740		2.3	%
After 10 years	1,380		1,381		2.2	%
Total	29,687		30,799
U.S. agency securities:
After 5 years through 10 years	601		620		2.0	%
After 10 years	50,197		49,263		1.7	%
Total	50,798		49,883

	At March 31, 2021
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield
Agency CMBS:
Due within 1 year	21		21		2.4	%
After 1 year through 5 years	1,060		1,056		1.4	%
After 5 years through 10 years	1,216		1,191		1.2	%
After 10 years	243		230		1.5	%
Total	2,540		2,498
Non-agency CMBS:
Due within 1 year	153		153		4.5	%
After 1 year through 5 years	51		52		2.7	%
After 5 years through 10 years	633		656		3.7	%
After 10 years	56		58		4.0	%
Total	893		919
Total HTM securities	83,918		84,099		1.8	%
Total investment securities	$	187,888	$	189,387	1.6	%

1.Amounts are net of any ACL.

Schedule of Gross Realized Gains (Losses) on Sales of AFS Securities

Gross Realized Gains (Losses) on Sales of AFS Securities

	Three Months Ended March 31,
$ in millions	2021		2020
Gross realized gains	$	145	$	49
Gross realized (losses)	(11)		(8)
Total1	$	134	$	41

1.Realized gains and losses are recognized in Other revenues in the income statements.