Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At March 31, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	59,035	$	49	$	860	$	58,224
U.S. agency securities2	25,232		4		2,726		22,510
Agency CMBS	5,762		—		420		5,342
State and municipal securities	476		18		2		492
FFELP student loan ABS3	755		1		11		745
Total AFS securities	91,260		72		4,019		87,313
HTM securities
U.S. Treasury securities	21,138		—		1,370		19,768
U.S. agency securities2	41,698		6		8,524		33,180
Agency CMBS	1,297		—		122		1,175
Non-agency CMBS	1,287		1		128		1,160
Total HTM securities	65,420		7		10,144		55,283
Total investment securities	$	156,680	$	79	$	14,163	$	142,596

	At December 31, 2023
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	58,484	$	24	$	1,103	$	57,405
U.S. agency securities2	25,852		4		2,528		23,328
Agency CMBS	5,871		—		456		5,415
State and municipal securities	1,132		46		5		1,173
FFELP student loan ABS3	810		—		18		792
Total AFS securities	92,149		74		4,110		88,113
HTM securities
U.S. Treasury securities	23,222		—		1,285		21,937
U.S. agency securities2	40,894		—		7,699		33,195
Agency CMBS	1,337		—		121		1,216
Non-agency CMBS	1,241		2		138		1,105
Total HTM securities	66,694		2		9,243		57,453
Total investment securities	$	158,843	$	76	$	13,353	$	145,566

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 March 31, 2024				At December 31, 2023
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	4,377	$	17	$	14,295	$	22
12 months or longer	30,024		843		33,458		1,081
Total	34,401		860		47,753		1,103
U.S. agency securities
Less than 12 months	2,332		9		4,297		43
12 months or longer	19,050		2,717		18,459		2,485
Total	21,382		2,726		22,756		2,528
Agency CMBS
Less than 12 months	—		—		—		—
12 months or longer	5,102		420		5,415		456
Total	5,102		420		5,415		456
State and municipal securities
Less than 12 months	180		1		524		3
12 months or longer	34		1		35		2
Total	214		2		559		5
FFELP student loan ABS
Less than 12 months	40		1		56		1
12 months or longer	558		10		616		17
Total	598		11		672		18
Total AFS securities in an unrealized loss position
Less than 12 months	6,929		28		19,172		69
12 months or longer	54,768		3,991		57,983		4,041
Total	$	61,697	$	4,019	$	77,155	$	4,110

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At March 31, 2024
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	16,765	$	16,508	1.4	%
After 1 year through 5 years	37,649		37,087		2.9	%
After 5 years through 10 years	4,621		4,629		4.0	%
Total	59,035		58,224
U.S. agency securities:
Due within 1 year	10		9		(0.5)	%
After 1 year through 5 years	349		327		1.6	%
After 5 years through 10 years	509		464		1.8	%
After 10 years	24,364		21,710		3.7	%
Total	25,232		22,510
Agency CMBS:
Due within 1 year	1		1		(2.2)	%
After 1 year through 5 years	2,969		2,861		2.0	%
After 5 years through 10 years	1,615		1,531		1.9	%
After 10 years	1,177		949		1.4	%
Total	5,762		5,342
State and municipal securities:
Due within 1 year	27		27		5.1	%
After 1 year through 5 years	178		179		4.8	%
After 5 years through 10 years	3		5		4.7	%
After 10 Years	268		281		4.5	%
Total	476		492
FFELP student loan ABS:
Due within 1 year	15		14		6.0	%
After 1 year through 5 years	135		131		6.1	%
After 5 years through 10 years	31		31		5.9	%
After 10 years	574		569		6.3	%
Total	755		745
Total AFS securities	91,260		87,313		2.9	%

	At March 31, 2024
$ in millions	Amortized Cost1	Fair Value	Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	5,252	5,179	2.1	%
After 1 year through 5 years	13,826	13,063	2.0	%
After 5 years through 10 years	503	412	1.1	%
After 10 years	1,557	1,114	2.3	%
Total	21,138	19,768
U.S. agency securities:
After 1 year through 5 years	5	5	1.8	%
After 5 years through 10 years	277	258	2.1	%
After 10 years	41,416	32,917	1.9	%
Total	41,698	33,180
Agency CMBS:
Due within 1 year	113	110	1.9	%
After 1 year through 5 years	942	867	1.3	%
After 5 years through 10 years	116	97	1.4	%
After 10 years	126	101	1.6	%
Total	1,297	1,175
Non-agency CMBS:
Due within 1 year	194	175	4.1	%
After 1 year through 5 years	391	369	4.7	%
After 5 years through 10 years	621	538	3.7	%
After 10 years	81	78	6.4	%
Total	1,287	1,160
Total HTM securities	65,420	55,283	2.0	%
Total investment securities	156,680	142,596	2.5	%

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 excludes the effect of related hedging derivatives.

3.At March 31, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.1% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities.

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	2024		2023
Gross realized gains	$	43	$	44
Gross realized (losses)	—		(3)
Total1	$	43	$	41

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