Deposits and Borrowings (Tables)

9 Months Ended

Sep. 30, 2014

Deposits and Borrowings [Abstract]

Components of Deposits, Short-term Borrowings and Long-term Debt

The table below summarizes the components of our deposits, short-term borrowings and long-term debt as of September 30, 2014 and December 31, 2013. Our total short-term borrowings consist of federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings with an original contractual maturity of one year or less. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The amounts presented for outstanding borrowings include unamortized debt premiums and discounts, net of fair value hedge accounting adjustments.

Table 8.1: Components of Deposits, Short-term Borrowings and Long-term Debt

(Dollars in millions)	September 30, 2014		December 31, 2013
Deposits:
Non-interest bearing deposits	$	25,388	$	22,643
Interest-bearing deposits	178,876		181,880
Total deposits	$	204,264	$	204,523
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	2,330	$	915
FHLB advances	9,800		15,300
Total short-term borrowings	$	12,130	$	16,215

	September 30, 2014
(Dollars in millions)	Maturity Date	Interest Rate	Weighted Average Interest Rate		Outstanding Amount		December 31, 2013
Long-term debt:
Securitized debt obligations(1)	2014 - 2025	0.20 - 5.75%	1.35	%	$	10,508	$	10,289
Senior and subordinated notes:
Fixed unsecured senior debt(1)	2015 - 2024	1.00 - 6.75%	2.77	%	15,055		9,612
Floating unsecured senior debt	2015 - 2017	0.68 - 0.88%	0.77	%	880		852
Total unsecured senior debt			2.66	%	15,935		10,464
Fixed unsecured subordinated debt(1)	2016 - 2023	3.38 - 8.80%	4.97	%	2,599		2,670
Total senior and subordinated notes					18,534		13,134
Other long-term borrowings:
FHLB advances	2014 - 2023	0.26 - 6.88%	0.56	%	1,071		1,016
Total long-term debt					30,113		24,439
Total short-term borrowings and long-term debt					$	42,243	$	40,654

___________

⁽¹⁾  Outstanding amount includes the impact from hedge accounting.

Schedule of Components of Interest Expense on Short-Term Borrowings and Long-Term Debt

The following table displays interest expense attributable to short-term borrowings and long-term debt for the three and nine months ended September 30, 2014 and 2013:

Table 8.2: Components of Interest Expense on Short-term Borrowings and Long-term Debt

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2014		2013		2014		2013
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	0	$	0	$	1	$	1
FHLB advances	6		6		15		22
Total short-term borrowings	6		6		16		23
Long-term debt:
Securitized debt obligations(1)	32		42		109		143
Senior and subordinated notes(1)	71		76		226		240
Other long-term borrowings	10		5		20		17
Total long-term debt	113		123		355		400
Total interest expense	$	119	$	129	$	371	$	423

__________

⁽¹⁾  Interest expense includes the impact from hedge accounting.