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Deposits and Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Deposits and Borrowings
NOTE 7—DEPOSITS AND BORROWINGS
Our deposits represent our largest source of funding for our assets and operations, and 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, 2022 and December 31, 2021. 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, 2022December 31, 2021
Deposits:
Non-interest-bearing deposits$34,391 $38,043 
Interest-bearing deposits(1)
282,802 272,937 
Total deposits$317,193 $310,980 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$528 $820 
Total short-term borrowings$528 $820 
 September 30, 2022December 31, 2021
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2023-2028
0.32% - 3.74%
2.27%$15,926 $14,994 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2023-2033
0.80 - 5.27
3.4423,957 19,975 
Floating unsecured senior debt2023-2025
3.53 - 4.31
3.771,597 1,709 
Total unsecured senior debt3.4625,554 21,684 
Fixed unsecured subordinated debt2023-2032
2.36 - 4.20
3.525,061 5,535 
Total senior and subordinated notes30,615 27,219 
Other long-term borrowings:
FHLB advances2023
3.07 - 3.19
3.137,500 0 
Finance lease liabilities2022 - 2031
0.30 - 9.91
3.9238 53 
Total other long-term borrowings7,538 53 
Total long-term debt$54,079 $42,266 
Total short-term borrowings and long-term debt$54,607 $43,086 
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(1)Includes $3.9 billion and $1.8 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of September 30, 2022 and December 31, 2021, respectively.
(2)Includes $1.1 billion and $1.4 billion of Euro (“EUR”) denominated unsecured notes as of September 30, 2022 and December 31, 2021, respectively.