Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At March 31, 2022
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	57,973	$	25	$	1,519	$	56,479
U.S. agency securities2	23,863		13		1,143		22,733
Agency CMBS	8,596		42		189		8,449
State and municipal securities	1,334		5		37		1,302
FFELP student loan ABS3	1,401		4		14		1,391
Total AFS securities	93,167		89		2,902		90,354
HTM securities
U.S. Treasury securities	29,526		117		544		29,099
U.S. agency securities2	47,656		5		4,079		43,582
Agency CMBS	2,166		—		115		2,051
Non-agency CMBS	1,091		1		48		1,044
Total HTM securities	80,439		123		4,786		75,776
Total investment securities	$	173,606	$	212	$	7,688	$	166,130

	At December 31, 2021
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	58,974	$	343	$	296	$	59,021
U.S. agency securities2	26,780		274		241		26,813
Agency CMBS	14,476		289		89		14,676
State and municipal securities	613		37		2		648
FFELP student loan ABS3	1,672		11		11		1,672
Total AFS securities	102,515		954		639		102,830
HTM securities
U.S. Treasury securities	28,653		882		81		29,454
U.S. agency securities2	48,195		169		1,228		47,136
Agency CMBS	2,267		—		51		2,216
Non-agency CMBS	1,053		28		5		1,076
Total HTM securities	80,168		1,079		1,365		79,882
Total investment securities	$	182,683	$	2,033	$	2,004	$	182,712

1.Amounts are net of any ACL.

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

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

AFS Securities in an Unrealized Loss Position

	At March 31, 2022				At December 31, 2021
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	39,314	$	1,252	$	31,459	$	296
12 months or longer	6,828		267		—		—
Total	46,142		1,519		31,459		296
U.S. agency securities
Less than 12 months	16,478		816		12,283		219
12 months or longer	3,624		327		1,167		22
Total	20,102		1,143		13,450		241
Agency CMBS
Less than 12 months	3,634		182		2,872		89
12 months or longer	142		7		10		—
Total	3,776		189		2,882		89
State and municipal securities
Less than 12 months	1,112		37		21		2
Total	1,112		37		21		2
FFELP student loan ABS
Less than 12 months	580		5		320		1
12 months or longer	412		9		591		10
Total	992		14		911		11
Total AFS securities in an unrealized loss position
Less than 12 months	61,118		2,292		46,955		607
12 months or longer	11,006		610		1,775		32
Total	$	72,124	$	2,902	$	48,730	$	639

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At March 31, 2022
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
AFS securities
U.S. Treasury securities:
Due within 1 year	$	8,901	$	8,911	1.6	%
After 1 year through 5 years	45,839		44,349		1.0	%
After 5 years through 10 years	3,233		3,219		1.1	%
Total	57,973		56,479
U.S. agency securities:
Due within 1 year	12		12		0.5	%
After 1 year through 5 years	335		322		1.2	%
After 5 years through 10 years	1,179		1,148		1.8	%
After 10 years	22,337		21,251		1.8	%
Total	23,863		22,733
Agency CMBS:
Due within 1 year	217		217		1.8	%
After 1 year through 5 years	1,318		1,298		1.6	%
After 5 years through 10 years	5,339		5,337		1.8	%
After 10 years	1,722		1,597		1.4	%
Total	8,596		8,449
State and municipal securities:
Due within 1 year	7		7		1.4	%
After 1 year through 5 years	24		25		2.3	%
After 5 years through 10 years	106		103		2.4	%
After 10 Years	1,197		1,167		2.6	%
Total	1,334		1,302
FFELP student loan ABS:
After 1 year through 5 years	131		129		0.9	%
After 5 years through 10 years	139		135		0.7	%
After 10 years	1,131		1,127		1.2	%
Total	1,401		1,391
Total AFS securities	93,167		90,354		1.4	%
HTM securities
U.S. Treasury securities:
Due within 1 year	3,749		3,761		1.9	%
After 1 year through 5 years	19,336		18,974		1.7	%
After 5 years through 10 years	4,879		4,865		2.4	%
After 10 years	1,562		1,499		2.3	%
Total	29,526		29,099
U.S. agency securities:
After 5 years through 10 years	456		450		2.0	%
After 10 years	47,200		43,132		1.7	%
Total	47,656		43,582
Agency CMBS:
Due within 1 year	78		77		1.1	%
After 1 year through 5 years	1,371		1,312		1.3	%
After 5 years through 10 years	567		526		1.5	%
After 10 years	150		136		1.5	%
Total	2,166		2,051

	At March 31, 2022
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
Non-agency CMBS:
Due within 1 year	167		167		4.2	%
After 1 year through 5 years	90		89		3.4	%
After 5 years through 10 years	798		753		3.6	%
After 10 years	36		35		4.4	%
Total	1,091		1,044
Total HTM securities	80,439		75,776		1.8	%
Total investment securities	$	173,606	$	166,130	1.6	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives.

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	2022		2021
Gross realized gains	$	126	$	145
Gross realized (losses)	(82)		(11)
Total1	$	44	$	134

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