Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At June 30, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	63,439	$	24	$	686	$	62,777
U.S. agency securities2	24,436		4		2,733		21,707
Agency CMBS	5,724		—		418		5,306
State and municipal securities	747		16		3		760
FFELP student loan ABS3	696		1		9		688
Total AFS securities	95,042		45		3,849		91,238
HTM securities
U.S. Treasury securities	19,103		—		1,326		17,777
U.S. agency securities2	42,471		6		8,675		33,802
Agency CMBS	1,270		—		115		1,155
Non-agency CMBS	1,349		2		125		1,226
Total HTM securities	64,193		8		10,241		53,960
Total investment securities	$	159,235	$	53	$	14,090	$	145,198

	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 June 30, 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	$	13,972	$	29	$	14,295	$	22
12 months or longer	27,444		657		33,458		1,081
Total	41,416		686		47,753		1,103
U.S. agency securities
Less than 12 months	357		1		4,297		43
12 months or longer	20,415		2,732		18,459		2,485
Total	20,772		2,733		22,756		2,528
Agency CMBS
12 months or longer	5,282		418		5,415		456
Total	5,282		418		5,415		456
State and municipal securities
Less than 12 months	419		2		524		3
12 months or longer	35		1		35		2
Total	454		3		559		5
FFELP student loan ABS
Less than 12 months	26		—		56		1
12 months or longer	526		9		616		17
Total	552		9		672		18
Total AFS securities in an unrealized loss position
Less than 12 months	14,774		32		19,172		69
12 months or longer	53,702		3,817		57,983		4,041
Total	$	68,476	$	3,849	$	77,155	$	4,110

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At June 30, 2024
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	16,131	$	15,928	1.7	%
After 1 year through 5 years	39,883		39,427		3.2	%
After 5 years through 10 years	7,425		7,422		4.2	%
Total	63,439		62,777
U.S. agency securities:
Due within 1 year	10		10		(0.4)	%
After 1 year through 5 years	313		296		1.6	%
After 5 years through 10 years	481		439		1.8	%
After 10 years	23,632		20,962		3.7	%
Total	24,436		21,707
Agency CMBS:
Due within 1 year	1		1		(2.2)	%
After 1 year through 5 years	3,534		3,405		2.0	%
After 5 years through 10 years	1,053		991		2.0	%
After 10 years	1,136		909		1.4	%
Total	5,724		5,306
State and municipal securities:
Due within 1 year	29		29		5.1	%
After 1 year through 5 years	307		306		4.8	%
After 5 years through 10 years	90		90		5.3	%
After 10 Years	321		335		4.3	%
Total	747		760
FFELP student loan ABS:
Due within 1 year	13		13		6.0	%
After 1 year through 5 years	126		122		6.3	%
After 5 years through 10 years	28		28		6.3	%
After 10 years	529		525		6.4	%
Total	696		688
Total AFS securities	$	95,042	$	91,238	3.1	%

	At June 30, 2024
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	4,896	$	4,788	1.6	%
After 1 year through 5 years	12,147		11,488		2.1	%
After 5 years through 10 years	503		411		1.1	%
After 10 years	1,557		1,090		2.3	%
Total	19,103		17,777
U.S. agency securities:
After 1 year through 5 years	5		5		1.8	%
After 5 years through 10 years	259		242		2.1	%
After 10 years	42,207		33,555		2.0	%
Total	42,471		33,802
Agency CMBS:
Due within 1 year	144		140		1.6	%
After 1 year through 5 years	894		826		1.4	%
After 5 years through 10 years	120		101		1.5	%
After 10 years	112		88		1.5	%
Total	1,270		1,155
Non-agency CMBS:
Due within 1 year	169		151		4.1	%
After 1 year through 5 years	464		440		4.9	%
After 5 years through 10 years	592		515		3.6	%
After 10 years	124		120		7.0	%
Total	1,349		1,226
Total HTM securities	$	64,193	$	53,960	2.1	%
Total investment securities	$	159,235	$	145,198	2.7	%

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 June 30, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.5% for AFS securities contractually maturing within 1 year and 4.1% 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 June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Gross realized gains	$	7	$	7	$	50	$	51
Gross realized (losses)	—		(17)		—		(20)
Total1	$	7	$	(10)	$	50	$	31

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