XML 47 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Deposits and Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Deposits and Borrowings
NOTE 8—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 December 31, 2023 and 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 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt
(Dollars in millions)December 31, 2023December 31, 2022
Deposits:
Non-interest-bearing deposits$28,024 $32,203 
Interest-bearing deposits(1)
320,389 300,789 
Total deposits$348,413 $332,992 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$538 $883 
Total short-term borrowings$538 $883 
 December 31, 2023December 31, 2022
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2024-2028
0.55% - 6.21%
3.01%$18,043 $16,973 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2024-2034
0.80 - 7.62
4.4527,168 24,134 
Floating unsecured senior debt2025
 6.75
6.75349 1,597 
Total unsecured senior debt4.4827,517 25,731 
Fixed unsecured subordinated debt2025-2032
2.36 - 4.20
3.573,731 5,095 
Total senior and subordinated notes31,248 30,826 
Other long-term borrowings2024-2031
0.36 - 9.91
6.5127 33 
Total long-term debt$49,318 $47,832 
Total short-term borrowings and long-term debt$49,856 $48,715 
__________
(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of December 31, 2023, the total time deposit amount with some portion in excess of the insured amount was $15.8 billion and the portion of total time deposits estimated to be uninsured was $9.0 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 total time deposits estimated to be uninsured was $2.0 billion.
(2)Includes $1.3 billion and $1.2 billion of Euro (“EUR”) denominated unsecured notes as of December 31, 2023 and 2022, respectively.
The following table presents the carrying value of our interest-bearing time deposits with contractual maturities, securitized debt obligations and other debt by remaining contractual maturity as of December 31, 2023.
Table 8.2: Maturity Profile of Borrowings
(Dollars in millions)20242025202620272028ThereafterTotal
Interest-bearing time deposits $60,838 $10,971 $3,232 $5,932 $1,747 $294 $83,014 
Securitized debt obligations4,085 6,519 3,607 1,621 2,211 0 18,043 
Federal funds purchased and securities loaned or sold under agreements to repurchase538 0 0 0 0 0 538 
Senior and subordinated notes3,026 4,480 4,407 4,198 2,862 12,275 31,248 
Other borrowings9 6 5 3 3 1 27 
Total$68,496 $21,976 $11,251 $11,754 $6,823 $12,570 $132,870