Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

AFS and HTM Securities



	At June 30, 2019
$ in millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agency securities:
U.S. Treasury securities	$	32,931	$	218	$	159	$	32,990
U.S. agency securities¹	22,972		188		126		23,034
Total U.S. government and agency securities	55,903		406		285		56,024
Corporate and other debt:
Agency CMBS	2,888		57		37		2,908
Non-agency CMBS	220		—		2		218
Auto loan ABS	4		—		—		4
Corporate bonds	1,842		10		5		1,847
State and municipal securities	333		10		—		343
FFELP student loan ABS²	1,706		5		17		1,694
Total corporate and other debt	6,993		82		61		7,014
Total AFS securities	62,896		488		346		63,038
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	25,232		509		69		25,672
U.S. agency securities¹	14,212		117		86		14,243
Total U.S. government and agency securities	39,444		626		155		39,915
Corporate and other debt:
Non-agency CMBS	584		20		—		604
Total HTM securities	40,028		646		155		40,519
Total investment securities	$	102,924	$	1,134	$	501	$	103,557






	At December 31, 2018
$ in millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agency securities:
U.S. Treasury securities	$	36,268	$	40	$	656	$	35,652
U.S. agency securities¹	20,740		10		497		20,253
Total U.S. government and agency securities	57,008		50		1,153		55,905
Corporate and other debt:
Agency CMBS	1,054		—		62		992
Non-agency CMBS	461		—		14		447
Corporate bonds	1,585		—		32		1,553
State and municipal securities	200		2		—		202
FFELP student loan ABS²	1,967		10		15		1,962
Total corporate and other debt	5,267		12		123		5,156
Total AFS securities	62,275		62		1,276		61,061
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	17,832		44		403		17,473
U.S. agency securities¹	12,456		8		446		12,018
Total U.S. government and agency securities	30,288		52		849		29,491
Corporate and other debt:
Non-agency CMBS	483		—		9		474
Total HTM securities	30,771		52		858		29,965
Total investment securities	$	93,046	$	114	$	2,134	$	91,026


1.	U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs.

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 Investment Securities in an Unrealized Loss Position

Investment Securities in an Unrealized Loss Position



	At June 30, 2019
	Less than 12 Months				12 Months or Longer				Total
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agency securities:
U.S. Treasury securities	$	—	$	—	$	14,432	$	159	$	14,432	$	159
U.S. agency securities	1,621		11		10,951		115		12,572		126
Total U.S. government and agency securities	1,621		11		25,383		274		27,004		285
Corporate and other debt:
Agency CMBS	320		1		750		36		1,070		37
Non-agency CMBS	—		—		218		2		218		2
Corporate bonds	349		2		403		3		752		5
FFELP student loan ABS	520		5		762		12		1,282		17
Total corporate and other debt	1,189		8		2,133		53		3,322		61
Total AFS securities	2,810		19		27,516		327		30,326		346
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	—		—		4,804		69		4,804		69
U.S. agency securities	94		—		6,937		86		7,031		86
Total HTM securities	94		—		11,741		155		11,835		155
Total investment securities	$	2,904	$	19	$	39,257	$	482	$	42,161	$	501



	At December 31, 2018
	Less than 12 Months				12 Months or Longer				Total
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agency securities:
U.S. Treasury securities	$	19,937	$	541	$	5,994	$	115	$	25,931	$	656
U.S. agency securities	12,904		383		4,142		114		17,046		497
Total U.S. government and agency securities	32,841		924		10,136		229		42,977		1,153
Corporate and other debt:
Agency CMBS	808		62		—		—		808		62
Non-agency CMBS	—		—		446		14		446		14
Corporate bonds	470		7		1,010		25		1,480		32
FFELP student loan ABS	1,366		15		—		—		1,366		15
Total corporate and other debt	2,644		84		1,456		39		4,100		123
Total AFS securities	35,485		1,008		11,592		268		47,077		1,276
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	—		—		11,161		403		11,161		403
U.S. agency securities	410		1		10,004		445		10,414		446
Total U.S. government and agency securities	410		1		21,165		848		21,575		849
Corporate and other debt:
Non-agency CMBS	206		1		216		8		422		9
Total HTM securities	616		2		21,381		856		21,997		858
Total investment securities	$	36,101	$	1,010	$	32,973	$	1,124	$	69,074	$	2,134

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity



	At June 30, 2019
$ in millions	Amortized Cost		Fair Value		Annualized Average Yield
AFS securities
U.S. government and agency securities:
U.S. Treasury securities:
Due within 1 year	$	6,652	$	6,656	2.0	%
After 1 year through 5 years	22,678		22,741		1.9	%
After 5 years through 10 years	3,601		3,593		1.8	%
Total	32,931		32,990
U.S. agency securities:
Due within 1 year	444		443		1.1	%
After 1 year through 5 years	671		668		1.1	%
After 5 years through 10 years	1,495		1,483		1.8	%
After 10 years	20,362		20,440		2.4	%
Total	22,972		23,034
Total U.S. government and agency securities	55,903		56,024		2.0	%
Corporate and other debt:
Agency CMBS:
After 1 year through 5 years	144		143		1.6	%
After 5 years through 10 years	1,813		1,862		2.8	%
After 10 years	931		903		1.9	%
Total	2,888		2,908
Non-agency CMBS:
After 1 year through 5 years	35		35		2.5	%
After 10 years	185		183		2.0	%
Total	220		218
Auto loan ABS:
After 1 year through 5 years	4		4		2.5	%
Total	4		4
Corporate bonds:
Due within 1 year	51		51		1.4	%
After 1 year through 5 years	1,473		1,478		2.6	%
After 5 years through 10 years	318		318		3.3	%
Total	1,842		1,847



	At June 30, 2019
$ in millions	Amortized Cost		Fair Value		Annualized Average Yield
State and municipal securities:
After 1 year through 5 years	$	2	$	2	3.4	%
After 5 years through 10 years	211		212		3.5	%
After 10 Years	120		129		5.4	%
Total	333		343
FFELP student loan ABS:
After 1 year through 5 years	75		74		0.8	%
After 5 years through 10 years	403		396		0.8	%
After 10 years	1,228		1,224		1.2	%
Total	1,706		1,694
Total corporate and other debt	6,993		7,014		2.4	%
Total AFS securities	62,896		63,038		2.1	%
HTM securities
U.S. government and agency securities:
U.S. Treasury securities:
Due within 1 year	849		847		1.6	%
After 1 year through 5 years	13,834		14,037		2.3	%
After 5 years through 10 years	9,466		9,707		2.2	%
After 10 years	1,083		1,081		2.5	%
Total	25,232		25,672
U.S. agency securities:
After 5 years through 10 years	27		27		1.9	%
After 10 years	14,185		14,216		2.6	%
Total	14,212		14,243
Total U.S. government and agency securities	39,444		39,915		2.4	%
Corporate and other debt:
Non-agency CMBS:
Due within 1 year	99		99		4.8	%
After 1 year through 5 years	71		71		4.2	%
After 5 years through 10 years	376		393		4.1	%
After 10 years	38		41		4.4	%
Total corporate and other debt	584		604		4.3	%
Total HTM securities	40,028		40,519		2.5	%
Total investment securities	$	102,924	$	103,557	2.2	%

Schedule of Gross Realized Gains and 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	2019		2018			2019			2018
Gross realized gains	$	53	$	6		$	72		$	7
Gross realized (losses)	—		(3		)	(9		)	(4		)
Total¹	$	53	$	3		$	63		$	3

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