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Deposits and Borrowings
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. 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)June 30, 2024December 31, 2023
Deposits:
Non-interest-bearing deposits$27,005 $28,024 
Interest-bearing deposits(1)
324,437 320,389 
Total deposits$351,442 $348,413 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$715 $538 
Total short-term borrowings$715 $538 
 June 30, 2024December 31, 2023
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2024-2028
0.55% - 6.14%
2.97%$17,291 $18,043 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2024-2035
1.65 - 7.62
4.7026,221 27,168 
Floating unsecured senior debt———0 349 
Total unsecured senior debt4.7026,221 27,517 
Fixed unsecured subordinated debt2025-2032
2.36 - 4.20
3.573,704 3,731 
Total senior and subordinated notes29,925 31,248 
Other long-term borrowings2024-2031
1.20 - 9.91
6.5325 27 
Total long-term debt$47,241 $49,318 
Total short-term borrowings and long-term debt$47,956 $49,856 
__________
(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of June 30, 2024, the total time deposit amount with some portion in excess of the insured amount was $14.5 billion and the portion of total time deposits estimated to be uninsured was $9.3 billion. 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.
(2)Includes $469 million and $1.3 billion of Euro (“EUR”) denominated unsecured notes as of June 30, 2024 and December 31, 2023, respectively.