Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At September 30, 2022
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value
AFS securities
U.S. Treasury securities	$	56,113	$	9	$	2,504	$	53,618
U.S. agency securities2	23,918		1		2,879		21,040
Agency CMBS	6,144		3		449		5,698
State and municipal securities	2,170		14		90		2,094
FFELP student loan ABS3	1,213		—		30		1,183
Total AFS securities	89,558		27		5,952		83,633
HTM securities
U.S. Treasury securities	29,589		—		1,932		27,657
U.S. agency securities2	44,945		—		9,006		35,939
Agency CMBS	1,954		—		172		1,782
Non-agency CMBS	1,148		—		133		1,015
Total HTM securities	77,636		—		11,243		66,393
Total investment securities	$	167,194	$	27	$	17,195	$	150,026

	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 September 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	$	46,061	$	1,923	$	31,459	$	296
12 months or longer	6,673		581		—		—
Total	52,734		2,504		31,459		296
U.S. agency securities
Less than 12 months	15,301		1,602		12,283		219
12 months or longer	5,708		1,277		1,167		22
Total	21,009		2,879		13,450		241
Agency CMBS
Less than 12 months	5,373		437		2,872		89
12 months or longer	104		12		10		—
Total	5,477		449		2,882		89
State and municipal securities
Less than 12 months	1,536		88		21		2
12 months or longer	46		2		7		—
Total	1,582		90		28		2
FFELP student loan ABS
Less than 12 months	807		19		320		1
12 months or longer	348		11		591		10
Total	1,155		30		911		11
Total AFS securities in an unrealized loss position
Less than 12 months	69,078		4,069		46,955		607
12 months or longer	12,879		1,883		1,775		32
Total	$	81,957	$	5,952	$	48,730	$	639

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At September 30, 2022
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
AFS securities
U.S. Treasury securities:
Due within 1 year	$	12,692	$	12,438	1.1	%
After 1 year through 5 years	40,430		38,199		1.2	%
After 5 years through 10 years	2,991		2,981		1.1	%
Total	56,113		53,618
U.S. agency securities:
Due within 1 year	4		5		0.9	%
After 1 year through 5 years	415		382		1.4	%
After 5 years through 10 years	919		831		1.8	%
After 10 years	22,580		19,822		1.7	%
Total	23,918		21,040
Agency CMBS:
Due within 1 year	119		118		1.8	%
After 1 year through 5 years	854		783		2.1	%
After 5 years through 10 years	3,856		3,680		1.8	%
After 10 years	1,315		1,117		1.2	%
Total	6,144		5,698
State and municipal securities:
Due within 1 year	33		34		2.5	%
After 1 year through 5 years	28		29		2.6	%
After 5 years through 10 years	65		62		2.6	%
After 10 Years	2,044		1,969		3.2	%
Total	2,170		2,094
FFELP student loan ABS:
After 1 year through 5 years	122		118		0.9	%
After 5 years through 10 years	129		124		0.7	%
After 10 years	962		941		1.6	%
Total	1,213		1,183
Total AFS securities	89,558		83,633		1.4	%

	At September 30, 2022
$ in millions	Amortized Cost1	Fair Value	Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	3,429	3,397	1.9	%
After 1 year through 5 years	20,732	19,573	1.8	%
After 5 years through 10 years	3,867	3,515	2.4	%
After 10 years	1,561	1,172	2.3	%
Total	29,589	27,657
U.S. agency securities:
After 5 years through 10 years	399	362	2.1	%
After 10 years	44,546	35,577	1.8	%
Total	44,945	35,939
Agency CMBS:
Due within 1 year	60	59	1.0	%
After 1 year through 5 years	1,528	1,418	1.3	%
After 5 years through 10 years	226	192	1.5	%
After 10 years	140	113	1.5	%
Total	1,954	1,782
Non-agency CMBS:
Due within 1 year	173	172	4.0	%
After 1 year through 5 years	206	191	3.9	%
After 5 years through 10 years	718	607	3.7	%
After 10 years	51	45	3.7	%
Total	1,148	1,015
Total HTM securities	77,636	66,393	1.9	%
Total investment securities	167,194	150,026	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 September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Gross realized gains	$	13	$	17	$	163	$	236
Gross realized (losses)	(4)		—		(92)		(27)
Total1	$	9	$	17	$	71	$	209

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