Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At June 30, 2022
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	56,570	$	3	$	1,915	$	54,658
U.S. agency securities2	23,566		4		1,917		21,653
Agency CMBS	6,449		5		285		6,169
State and municipal securities	2,322		13		91		2,244
FFELP student loan ABS3	1,281		—		35		1,246
Total AFS securities	90,188		25		4,243		85,970
HTM securities
U.S. Treasury securities	30,133		3		1,043		29,093
U.S. agency securities2	46,138		—		6,458		39,680
Agency CMBS	2,079		—		140		1,939
Non-agency CMBS	1,127		—		97		1,030
Total HTM securities	79,477		3		7,738		71,742
Total investment securities	$	169,665	$	28	$	11,981	$	157,712

	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 AFS Securities in an Unrealized Loss Position

AFS Securities in an Unrealized Loss Position

	At June 30, 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	$	40,014	$	1,408	$	31,459	$	296
12 months or longer	10,018		507		—		—
Total	50,032		1,915		31,459		296
U.S. agency securities
Less than 12 months	16,475		1,400		12,283		219
12 months or longer	3,494		517		1,167		22
Total	19,969		1,917		13,450		241
Agency CMBS
Less than 12 months	4,297		270		2,872		89
12 months or longer	351		15		10		—
Total	4,648		285		2,882		89
State and municipal securities
Less than 12 months	1,699		82		21		2
12 months or longer	(25)		9		7		—
Total	1,674		91		28		2
FFELP student loan ABS
Less than 12 months	854		22		320		1
12 months or longer	380		13		591		10
Total	1,234		35		911		11
Total AFS securities in an unrealized loss position
Less than 12 months	63,339		3,182		46,955		607
12 months or longer	14,218		1,061		1,775		32
Total	$	77,557	$	4,243	$	48,730	$	639

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At June 30, 2022
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
AFS securities
U.S. Treasury securities:
Due within 1 year	$	10,416	$	10,300	1.2	%
After 1 year through 5 years	43,015		41,233		1.1	%
After 5 years through 10 years	3,139		3,125		1.1	%
Total	56,570		54,658
U.S. agency securities:
Due within 1 year	14		14		0.7	%
After 1 year through 5 years	326		310		1.2	%
After 5 years through 10 years	1,105		1,051		1.8	%
After 10 years	22,121		20,278		1.8	%
Total	23,566		21,653
Agency CMBS:
Due within 1 year	151		151		1.8	%
After 1 year through 5 years	798		760		2.0	%
After 5 years through 10 years	4,082		3,997		1.8	%
After 10 years	1,418		1,261		1.3	%
Total	6,449		6,169
State and municipal securities:
Due within 1 year	38		39		2.3	%
After 1 year through 5 years	46		47		2.3	%
After 5 years through 10 years	112		110		2.5	%
After 10 Years	2,126		2,048		3.2	%
Total	2,322		2,244
FFELP student loan ABS:
After 1 year through 5 years	127		122		0.9	%
After 5 years through 10 years	135		131		0.7	%
After 10 years	1,019		993		1.5	%
Total	1,281		1,246
Total AFS securities	90,188		85,970		1.4	%

	At June 30, 2022
$ in millions	Amortized Cost1	Fair Value	Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	3,654	3,641	1.9	%
After 1 year through 5 years	20,949	20,322	1.8	%
After 5 years through 10 years	3,968	3,817	2.4	%
After 10 years	1,562	1,313	2.3	%
Total	30,133	29,093
U.S. agency securities:
After 5 years through 10 years	425	407	2.1	%
After 10 years	45,713	39,273	1.8	%
Total	46,138	39,680
Agency CMBS:
Due within 1 year	105	104	1.0	%
After 1 year through 5 years	1,421	1,341	1.3	%
After 5 years through 10 years	405	365	1.4	%
After 10 years	148	129	1.5	%
Total	2,079	1,939
Non-agency CMBS:
Due within 1 year	178	177	4.1	%
After 1 year through 5 years	145	138	3.6	%
After 5 years through 10 years	751	665	3.6	%
After 10 years	53	50	3.7	%
Total	1,127	1,030
Total HTM securities	79,477	71,742	1.8	%
Total investment securities	169,665	157,712	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 June 30,				Six Months Ended June 30,
$ in millions	2022		2021		2022		2021
Gross realized gains	$	24	$	74	$	150	$	219
Gross realized (losses)	(6)		(16)		(88)		(27)
Total1	$	18	$	58	$	62	$	192

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