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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 March 31, 2021December 31, 2020
 
Amortized
Cost
Gross
Unrealized
Fair
Value
Amortized
Cost
Gross
Unrealized
Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$8,948 $28 $39 $8,937 $6,453 $123 $1 $6,575 
Mortgage-backed securities14,181 326 82 14,425 13,891 421 7 14,305 
Total U.S. Treasury and federal agencies23,129 354 121 23,362 20,344 544 8 20,880 
Asset-backed securities:
Student loans(1)
283 5 — 288 313 2 1 314 
Credit cards90 1 — 91 90 — — 90 
Collateralized loan obligations3,770 6 1 3,775 2,969 3 6 2,966 
Non-agency CMBS and RMBS(2)
70 1 — 71 76 2 — 78 
Total asset-backed securities4,213 13 1 4,225 3,448 7 7 3,448 
Non-U.S. debt securities:
Mortgage-backed securities2,021 11 — 2,032 1,994 4 2 1,996 
Asset-backed securities2,296 2 1 2,297 2,294 1 4 2,291 
Government securities9,773 138 1 9,910 12,337 202 — 12,539 
Other(3)
13,679 111 81 13,709 12,729 177 3 12,903 
Total non-U.S. debt securities27,769 262 83 27,948 29,354 384 9 29,729 
State and political subdivisions(4)
1,431 69 2 1,498 1,470 80 2 1,548 
Other U.S. debt securities3,437 51 9 3,479 3,371 72 — 3,443 
Total available-for-sale securities(5)
$59,979 $749 $216 $60,512 $57,987 $1,087 $26 $59,048 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$5,530 $61 $— $5,591 $6,057 $83 $— $6,140 
Mortgage-backed securities34,930 629 322 35,237 36,901 955 67 37,789 
Total U.S. Treasury and federal agencies40,460 690 322 40,828 42,958 1,038 67 43,929 
Asset-backed securities:
Student loans(1)
4,745 43 20 4,768 4,774 33 25 4,782 
Non-agency CMBS and RMBS(6)
526 32 1 557 554 30 1 583 
Total asset-backed securities5,271 75 21 5,325 5,328 63 26 5,365 
Non-U.S. debt securities:
Mortgage-backed securities286 70 3 353 303 68 4 367 
Government securities246 — — 246 342 — — 342 
Total non-U.S. debt securities532 70 3 599 645 68 4 709 
Total(5)(7)
46,263 835 346 46,752 48,931 1,169 97 50,003 
HTM securities purchased under the MMLF program201 — — 201 3,300 4 — 3,304 
Total held-to-maturity securities(5)
$46,464 $835 $346 $46,953 $52,231 $1,173 $97 $53,307 
(1) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(2) Consists entirely of non-agency CMBS as of both March 31, 2021 and December 31, 2020.
(3) As of March 31, 2021 and December 31, 2020, the fair value of other non-U.S. debt securities included $10.13 billion and $9.55 billion, respectively, primarily of supranational and non-U.S. agency bonds, $1.90 billion and $1.88 billion, respectively, of corporate bonds and $0.43 billion and $0.47 billion, respectively, of covered bonds.
(4) As of both March 31, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.70 billion. Additional information about these trusts is provided in Note 11.
(5) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended March 31, 2021.
(6) As of March 31, 2021 and December 31, 2020, the total amortized cost included $446 million and $464 million, respectively, of non-agency CMBS and $80 million and $90 million of non-agency RMBS, respectively.
(7) As of March 31, 2021, we recognized an allowance for credit losses of $2 million on HTM investment securities.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
As of March 31, 2021
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$5,438 $39 $— $— $5,438 $39 
Mortgage-backed securities3,753 82 11 — 3,764 82 
Total U.S. Treasury and federal agencies9,191 121 11 — 9,202 121 
Asset-backed securities:
Collateralized loan obligations985 — 234 1 1,219 1 
Total asset-backed securities985 — 234 1 1,219 1 
Non-U.S. debt securities:
Asset-backed securities231 — 895 1 1,126 1 
Government securities1,570 1 — — 1,570 1 
Other4,618 81 71 — 4,689 81 
Total non-U.S. debt securities6,419 82 966 1 7,385 83 
State and political subdivisions60 — 46 2 106 2 
Other U.S. debt securities922 9 — — 922 9 
Total$17,577 $212 $1,257 $4 $18,834 $216 

As of December 31, 2020
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,636 $1 $— $— $1,636 $1 
Mortgage-backed securities1,394 7 63 — 1,457 7 
Total U.S. Treasury and federal agencies3,030 8 63 — 3,093 8 
Asset-backed securities:
Student loans31 — 197 1 228 1 
Collateralized loan obligations1,498 4 369 2 1,867 6 
Total asset-backed securities1,529 4 566 3 2,095 7 
Non-U.S. debt securities:
Mortgage-backed securities600 1 120 1 720 2 
Asset-backed securities1,015 3 446 1 1,461 4 
Government securities489 — — — 489 — 
Other715 3 80 — 795 3 
Total non-U.S. debt securities2,819 7 646 2 3,465 9 
State and political subdivisions95 — 76 2 171 2 
Other U.S. debt securities17 — — — 17 — 
Total$7,490 $19 $1,351 $7 $8,841 $26 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of March 31, 2021. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
As of March 31, 2021
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$3,211 $3,219 $3,524 $3,513 $2,213 $2,205 $— $— $8,948 $8,937 
Mortgage-backed securities109 114 795 808 3,808 3,830 9,469 9,673 14,181 14,425 
Total U.S. Treasury and federal agencies3,320 3,333 4,319 4,321 6,021 6,035 9,469 9,673 23,129 23,362 
Asset-backed securities:
Student loans123 127 54 53 — — 106 108 283 288 
Credit cards— — — — 90 91 — — 90 91 
Collateralized loan obligations71 71 961 963 1,398 1,399 1,340 1,342 3,770 3,775 
Non-agency CMBS and RMBS— — — — — — 70 71 70 71 
Total asset-backed securities194 198 1,015 1,016 1,488 1,490 1,516 1,521 4,213 4,225 
Non-U.S. debt securities:
Mortgage-backed securities276 277 576 578 49 50 1,120 1,127 2,021 2,032 
Asset-backed securities299 299 1,101 1,101 525 526 371 371 2,296 2,297 
Government securities2,526 2,527 6,736 6,866 453 458 58 59 9,773 9,910 
Other1,823 1,830 9,370 9,407 2,375 2,367 111 105 13,679 13,709 
Total non-U.S. debt securities4,924 4,933 17,783 17,952 3,402 3,401 1,660 1,662 27,769 27,948 
State and political subdivisions144 144 609 631 506 544 172 179 1,431 1,498 
Other U.S. debt securities590 594 2,786 2,820 61 65 — — 3,437 3,479 
Total$9,172 $9,202 $26,512 $26,740 $11,478 $11,535 $12,817 $13,035 $59,979 $60,512 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,405 $4,444 $1,104 $1,126 $1 $1 $20 $20 $5,530 $5,591 
Mortgage-backed securities220 228 350 357 5,104 5,031 29,256 29,621 34,930 35,237 
Total U.S. Treasury and federal agencies4,625 4,672 1,454 1,483 5,105 5,032 29,276 29,641 40,460 40,828 
Asset-backed securities:
Student loans364 357 125 123 901 908 3,355 3,380 4,745 4,768 
Non-agency CMBS and RMBS135 147 253 255 2 2 136 153 526 557 
Total asset-backed securities499 504 378 378 903 910 3,491 3,533 5,271 5,325 
Non-U.S. debt securities:
Mortgage-backed securities84 81 22 22 — — 180 250 286 353 
Government securities246 246 — — — — — — 246 246 
Total non-U.S. debt securities330 327 22 22 — — 180 250 532 599 
Total5,454 5,503 1,854 1,883 6,008 5,942 32,947 33,424 46,263 46,752 
Held-to-maturity under money market mutual fund liquidity facility201 201 — — — — — — 201 201 
Total held-to-maturity securities$5,655 $5,704 $1,854 $1,883 $6,008 $5,942 $32,947 $33,424 $46,464 $46,953