Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS and HTM Securities

AFS and HTM Securities

	At September 30, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	68,369	$	117	$	500	$	67,986
U.S. agency securities2	24,227		6		2,098		22,135
Agency CMBS	5,828		—		365		5,463
State and municipal securities	1,620		4		13		1,611
FFELP student loan ABS3	641		—		8		633
Total AFS securities	100,685		127		2,984		97,828
HTM securities
U.S. Treasury securities	18,169		—		877		17,292
U.S. agency securities2	42,067		82		6,992		35,157
Agency CMBS	1,245		—		81		1,164
Non-agency CMBS	1,375		6		100		1,281
Total HTM securities	62,856		88		8,050		54,894
Total investment securities	$	163,541	$	215	$	11,034	$	152,722

	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 September 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	$	21,410	$	30	$	14,295	$	22
12 months or longer	23,865		470		33,458		1,081
Total	45,275		500		47,753		1,103
U.S. agency securities
Less than 12 months	638		1		4,297		43
12 months or longer	20,163		2,097		18,459		2,485
Total	20,801		2,098		22,756		2,528
Agency CMBS
Less than 12 months	25		—		—		—
12 months or longer	5,105		365		5,415		456
Total	5,130		365		5,415		456
State and municipal securities
Less than 12 months	620		11		524		3
12 months or longer	36		2		35		2
Total	656		13		559		5
FFELP student loan ABS
Less than 12 months	24		—		56		1
12 months or longer	484		8		616		17
Total	508		8		672		18
Total AFS securities in an unrealized loss position
Less than 12 months	22,717		42		19,172		69
12 months or longer	49,653		2,942		57,983		4,041
Total	$	72,370	$	2,984	$	77,155	$	4,110

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity

	At September 30, 2024
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	18,132	$	17,928	2.0	%
After 1 year through 5 years	44,001		43,834		3.5	%
After 5 years through 10 years	6,236		6,224		4.1	%
Total	68,369		67,986
U.S. agency securities:
Due within 1 year	10		10		0.7	%
After 1 year through 5 years	277		268		1.6	%
After 5 years through 10 years	448		420		1.8	%
After 10 years	23,492		21,437		3.7	%
Total	24,227		22,135
Agency CMBS:
After 1 year through 5 years	3,874		3,740		1.9	%
After 5 years through 10 years	832		797		1.7	%
After 10 years	1,122		926		1.4	%
Total	5,828		5,463
State and municipal securities:
Due within 1 year	861		861		5.1	%
After 1 year through 5 years	305		304		4.6	%
After 5 years through 10 years	95		94		4.7	%
After 10 Years	359		352		4.0	%
Total	1,620		1,611
FFELP student loan ABS:
Due within 1 year	12		12		5.8	%
After 1 year through 5 years	116		113		6.1	%
After 5 years through 10 years	25		24		5.9	%
After 10 years	488		484		6.3	%
Total	641		633
Total AFS securities	$	100,685	$	97,828	3.2	%

	At September 30, 2024
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	4,596	$	4,524	1.4	%
After 1 year through 5 years	11,514		11,177		2.2	%
After 5 years through 10 years	503		431		1.1	%
After 10 years	1,556		1,160		2.3	%
Total	18,169		17,292
U.S. agency securities:
After 1 year through 5 years	4		4		1.8	%
After 5 years through 10 years	243		232		2.1	%
After 10 years	41,820		34,921		2.1	%
Total	42,067		35,157
Agency CMBS:
Due within 1 year	320		314		1.9	%
After 1 year through 5 years	695		655		1.2	%
After 5 years through 10 years	125		109		1.5	%
After 10 years	105		86		1.5	%
Total	1,245		1,164
Non-agency CMBS:
Due within 1 year	130		108		3.9	%
After 1 year through 5 years	476		464		5.0	%
After 5 years through 10 years	607		548		3.7	%
After 10 years	162		161		5.5	%
Total	1,375		1,281
Total HTM securities	$	62,856	$	54,894	2.1	%
Total investment securities	$	163,541	$	152,722	2.8	%

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 September 30, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.7% for AFS securities contractually maturing within 1 year and 3.9% 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 September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Gross realized gains	$	—	$	15	$	50	$	66
Gross realized (losses)	—		(1)		—		(21)
Total1	$	—	$	14	$	50	$	45

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