Deposits and Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Deposits and Borrowings

NOTE 7—DEPOSITS AND BORROWINGS

Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits, represent our largest source of funding for our assets and operations. 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, securities loaned or sold under agreements to repurchase and FHLB advances. 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, 2023 and December 31, 2022. The carrying value presented below for these borrowings includes any 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, 2023		December 31, 2022
Deposits:
Non-interest-bearing deposits	$	28,794	$	32,203
Interest-bearing deposits(1)	317,217		300,789
Total deposits	$	346,011	$	332,992
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	522	$	883
Total short-term borrowings	$	522	$	883

	September 30, 2023					December 31, 2022
(Dollars in millions)	Maturity Dates	Stated Interest Rates	Weighted-Average Interest Rate	Carrying Value		Carrying Value
Long-term debt:
Securitized debt obligations	2024-2028	0.55% - 6.12%	2.87%	$	17,417	$	16,973
Senior and subordinated notes:
Fixed unsecured senior debt(2)	2024-2034	0.80 - 6.38	4.01	26,419		24,134
Floating unsecured senior debt	2024-2025	6.00 - 6.66	6.18	1,248		1,597
Total unsecured senior debt			4.11	27,667		25,731
Fixed unsecured subordinated debt	2025-2032	2.36 - 4.20	3.57	3,616		5,095
Total senior and subordinated notes				31,283		30,826
Other long-term borrowings	2023-2031	0.35 - 9.91	6.38	25		33
Total long-term debt				$	48,725	$	47,832
Total short-term borrowings and long-term debt				$	49,247	$	48,715

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(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of September 30, 2023, the total time deposit amount with some portion in excess of the insured amount was $15.4 billion and the portion of those deposits estimated to be uninsured was $8.5 billion. As of December 31, 2022, the total time deposit amount with some portion in excess of the insured amount was $6.1 billion and the portion of those deposits estimated to be uninsured was $2.0 billion.

(2)Includes $1.2 billion of Euro (“EUR”) denominated unsecured notes as of both September 30, 2023 and December 31, 2022.