Deposits and Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Deposits and Borrowings

NOTE 7—DEPOSITS AND BORROWINGS

Our deposits represent our largest source of funding for our assets and operations, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.

Our total short-term borrowings generally consist of federal funds purchased and securities loaned or sold under agreements to repurchase. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of September 30, 2021 and December 31, 2020. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.

Table 7.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt

(Dollars in millions)	September 30, 2021		December 31, 2020
Deposits:
Non-interest-bearing deposits	$	36,804	$	31,142
Interest-bearing deposits(1)	269,134		274,300
Total deposits	$	305,938	$	305,442
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	825	$	668
Total short-term borrowings	$	825	$	668

	September 30, 2021					December 31, 2020
(Dollars in millions)	Maturity Dates	Stated Interest Rates	Weighted-Average Interest Rate	Carrying Value		Carrying Value
Long-term debt:
Securitized debt obligations	2021-2028	0.43% - 2.84%	1.64%	$	12,635	$	12,414
Senior and subordinated notes:
Fixed unsecured senior debt(2)	2022-2029	0.80 - 4.25	3.12	17,030		21,045
Floating unsecured senior debt	2022-2023	0.85 - 1.28	1.05	1,360		1,609
Total unsecured senior debt			2.97	18,390		22,654
Fixed unsecured subordinated debt	2023-2032	2.36 - 4.20	3.52	5,593		4,728
Total senior and subordinated notes				23,983		27,382
Other long-term borrowings:
Finance lease liabilities	2021 - 2031	0.30 - 9.91	3.14	58		75
Total other long-term borrowings				58		75
Total long-term debt				$	36,676	$	39,871
Total short-term borrowings and long-term debt				$	37,501	$	40,539

__________

(1)Includes $1.9 billion and $4.2 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of September 30, 2021 and December 31, 2020, respectively.

(2)Includes $1.5 billion and $1.6 billion of EUR-denominated unsecured notes as of September 30, 2021 and December 31, 2020, respectively.