Investment Securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

AFS and HTM Securities



	At September 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	$	34,422	$	274	$	88	$	34,608
U.S. agency securities¹	21,423		248		88		21,583
Total U.S. government and agency securities	55,845		522		176		56,191
Corporate and other debt:
Agency CMBS	4,512		104		36		4,580
Corporate bonds	2,022		14		4		2,032
State and municipal securities	252		13		—		265
FFELP student loan ABS²	1,660		3		17		1,646
Total corporate and other debt	8,446		134		57		8,523
Total AFS securities	64,291		656		233		64,714
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	27,062		764		10		27,816
U.S. agency securities¹	13,381		170		38		13,513
Total U.S. government and agency securities	40,443		934		48		41,329
Corporate and other debt:
Non-agency CMBS	633		29		—		662
Total HTM securities	41,076		963		48		41,991
Total investment securities	$	105,367	$	1,619	$	281	$	106,705



	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 September 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	$	4,233	$	13	$	9,318	$	75	$	13,551	$	88
U.S. agency securities	3,064		15		7,283		73		10,347		88
Total U.S. government and agency securities	7,297		28		16,601		148		23,898		176
Corporate and other debt:
Agency CMBS	837		6		719		30		1,556		36
Corporate bonds	477		3		262		1		739		4
FFELP student loan ABS	490		4		751		13		1,241		17
Total corporate and other debt	1,804		13		1,732		44		3,536		57
Total AFS securities	9,101		41		18,333		192		27,434		233
HTM securities
U.S. government and agency securities:
U.S. Treasury securities	2,811		8		950		2		3,761		10
U.S. agency securities	2,496		7		2,572		31		5,068		38
Total U.S. government and agency securities	5,307		15		3,522		33		8,829		48
Total HTM securities	5,307		15		3,522		33		8,829		48
Total investment securities	$	14,408	$	56	$	21,855	$	225	$	36,263	$	281



	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 September 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	$	6,278	$	6,294	2.1	%
After 1 year through 5 years	23,285		23,415		1.8	%
After 5 years through 10 years	4,859		4,899		1.7	%
Total	34,422		34,608
U.S. agency securities:
Due within 1 year	61		61		2.1	%
After 1 year through 5 years	644		641		1.1	%
After 5 years through 10 years	1,416		1,409		1.8	%
After 10 years	19,302		19,472		2.4	%
Total	21,423		21,583
Total U.S. government and agency securities	55,845		56,191		2.0	%
Corporate and other debt:
Agency CMBS:
After 1 year through 5 years	615		613		1.8	%
After 5 years through 10 years	2,942		3,029		2.5	%
After 10 years	955		938		2.0	%
Total	4,512		4,580
Corporate bonds:
Due within 1 year	109		110		2.3	%
After 1 year through 5 years	1,498		1,509		2.6	%
After 5 years through 10 years	415		413		3.0	%
Total	2,022		2,032



	At September 30, 2019
$ in millions	Amortized Cost		Fair Value		Annualized Average Yield
State and municipal securities:
After 1 year through 5 years	$	10	$	10	2.2	%
After 5 years through 10 years	25		26		2.8	%
After 10 Years	217		229		4.4	%
Total	252		265
FFELP student loan ABS:
After 1 year through 5 years	74		72		0.8	%
After 5 years through 10 years	389		382		0.8	%
After 10 years	1,197		1,192		1.2	%
Total	1,660		1,646
Total corporate and other debt	8,446		8,523		2.2	%
Total AFS securities	64,291		64,714		2.1	%
HTM securities
U.S. government and agency securities:
U.S. Treasury securities:
Due within 1 year	1,742		1,750		2.2	%
After 1 year through 5 years	15,514		15,778		2.2	%
After 5 years through 10 years	8,722		9,117		2.2	%
After 10 years	1,084		1,171		2.5	%
Total	27,062		27,816
U.S. agency securities:
After 5 years through 10 years	25		25		1.9	%
After 10 years	13,356		13,488		2.6	%
Total	13,381		13,513
Total U.S. government and agency securities	40,443		41,329		2.3	%
Corporate and other debt:
Non-agency CMBS:
Due within 1 year	93		93		4.8	%
After 1 year through 5 years	85		85		4.0	%
After 5 years through 10 years	374		399		4.1	%
After 10 years	81		85		3.7	%
Total corporate and other debt	633		662		4.1	%
Total HTM securities	41,076		41,991		2.4	%
Total investment securities	$	105,367	$	106,705	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 September 30,					Nine Months Ended September 30,
$ in millions	2019			2018		2019			2018
Gross realized gains	$	27		$	5	$	99		$	11
Gross realized (losses)	(1		)	—		(10		)	(3		)
Total¹	$	26		$	5	$	89		$	8

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