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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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:
 June 30, 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$12,893 $39 $28 $12,904 $6,453 $123 $1 $6,575 
Mortgage-backed securities16,019 251 57 16,213 13,891 421 7 14,305 
Total U.S. Treasury and federal agencies28,912 290 85 29,117 20,344 544 8 20,880 
Non-U.S. debt securities:
Mortgage-backed securities1,989 13 — 2,002 1,994 4 2 1,996 
Asset-backed securities2,451 2 2 2,451 2,294 1 4 2,291 
Foreign sovereign, supranational and non-U.S agency20,561 171 42 20,690 21,769 321 3 22,087 
Other(1)
3,414 35 17 3,432 3,297 58 — 3,355 
Total non-U.S. debt securities28,415 221 61 28,575 29,354 384 9 29,729 
Asset-backed securities:
Student loans(2)
253 5 — 258 313 2 1 314 
Collateralized loan obligations(3)
4,690 5 1 4,694 2,969 3 6 2,966 
Non-agency CMBS and RMBS(4)
64 1 — 65 76 2 — 78 
Other90 2 — 92 90 — — 90 
Total asset-backed securities5,097 13 1 5,109 3,358 7 7 3,448 
State and political subdivisions(5)
1,423 70 2 1,491 1,470 80 2 1,548 
Other U.S. debt securities(6)
3,161 47 3 3,205 3,371 72 — 3,443 
Total available-for-sale securities(7)
$67,008 $641 $152 $67,497 $57,897 $1,087 $26 $59,048 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,696 $38 $— $4,734 $6,057 $83 $— $6,140 
Mortgage-backed securities33,408 585 259 33,734 36,901 955 67 37,789 
Total U.S. Treasury and federal agencies38,104 623 259 38,468 42,958 1,038 67 43,929 
Non-U.S. debt securities:
Mortgage-backed securities233 69 2 300 303 68 4 367 
Foreign sovereign, supranational and non-U.S agency1,595 — 1 1,594 342 — — 342 
Total non-U.S. debt securities1,828 69 3 1,894 645 68 4 709 
Asset-backed securities:
Student loans(2)
4,860 54 13 4,901 4,774 33 25 4,782 
Non-agency CMBS and RMBS(8)
392 31 1 422 554 30 1 583 
Total asset-backed securities5,252 85 14 5,323 5,328 63 26 5,365 
Total(7)(9)
45,184 777 276 45,685 48,931 1,169 97 50,003 
Held-to-maturity under money market mutual fund liquidity facility— — — — 3,300 4 — 3,304 
Total held-to-maturity securities(7)
$45,184 $777 $276 $45,685 $52,231 $1,173 $97 $53,307 
(1) As of June 30, 2021 and December 31, 2020, the fair value includes non-U.S. corporate bonds of $1.94 billion and $1.88 billion, respectively.
(2) 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.
(3) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(4) Consists entirely of non-agency CMBS as of both June 30, 2021 and December 31, 2020.
(5) As of June 30, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.69 billion and $0.70 billion, respectively. Additional information about these trusts is provided in Note 11.
(6) As of June 30, 2021 and December 31, 2020, the fair value of U.S. corporate bonds was $3.20 billion and $3.44 billion, respectively.
(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended June 30, 2021.
(8) As of June 30, 2021 and December 31, 2020, the total amortized cost included $319 million and $464 million, respectively, of non-agency CMBS and $73 million and $90 million of non-agency RMBS, respectively.
(9) As of June 30, 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 June 30, 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$6,427 $28 $— $— $6,427 $28 
Mortgage-backed securities4,234 55 115 2 4,349 57 
Total U.S. Treasury and federal agencies10,661 83 115 2 10,776 85 
Non-U.S. debt securities:
Mortgage-backed securities49 — 37 — 86 — 
Asset-backed securities535 1 674 1 1,209 2 
Foreign sovereign, supranational and non-U.S agency7,309 42 2 — 7,311 42 
Other976 17 69 — 1,045 17 
Total non-U.S. debt securities8,869 60 782 1 9,651 61 
Asset-backed securities:
Collateralized loan obligations2,535 1 113 — 2,648 1 
Total asset-backed securities2,535 1 113 — 2,648 1 
State and political subdivisions126 — 46 2 172 2 
Other U.S. debt securities514 3 — — 514 3 
Total$22,705 $147 $1,056 $5 $23,761 $152 

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 
Foreign sovereign, supranational and non-U.S agency489 — — — 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 June 30, 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 June 30, 2021
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,887 $1,892 $9,706 $9,691 $1,300 $1,321 $— $— $12,893 $12,904 
Mortgage-backed securities97 103 909 918 5,240 5,258 9,773 9,934 16,019 16,213 
Total U.S. Treasury and federal agencies1,984 1,995 10,615 10,609 6,540 6,579 9,773 9,934 28,912 29,117 
Non-U.S. debt securities:
Mortgage-backed securities246 247 573 576 63 63 1,107 1,116 1,989 2,002 
Asset-backed securities311 310 1,214 1,214 519 520 407 407 2,451 2,451 
Foreign sovereign, supranational and non-U.S agency3,448 3,453 14,318 14,438 2,774 2,779 21 20 20,561 20,690 
Other898 900 1,871 1,894 560 555 85 83 3,414 3,432 
Total non-U.S. debt securities4,903 4,910 17,976 18,122 3,916 3,917 1,620 1,626 28,415 28,575 
Asset-backed securities:
Student loans105 107 46 46 — — 102 105 253 258 
Collateralized loan obligations64 64 825 826 1,819 1,820 1,982 1,984 4,690 4,694 
Non-agency CMBS and RMBS— — — — — — 64 65 64 65 
Other— — — — 90 92 — — 90 92 
Total asset-backed securities169 171 871 872 1,909 1,912 2,148 2,154 5,097 5,109 
State and political subdivisions144 144 633 655 498 539 148 153 1,423 1,491 
Other U.S. debt securities669 675 2,425 2,459 67 71 — — 3,161 3,205 
Total$7,869 $7,895 $32,520 $32,717 $12,930 $13,018 $13,689 $13,867 $67,008 $67,497 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,274 $4,304 $404 $411 $— $1 $18 $18 $4,696 $4,734 
Mortgage-backed securities201 207 307 313 4,645 4,672 28,255 28,542 33,408 33,734 
Total U.S. Treasury and federal agencies4,475 4,511 711 724 4,645 4,673 28,273 28,560 38,104 38,468 
Non-U.S. debt securities:
Mortgage-backed securities40 39 20 20 — — 173 241 233 300 
Foreign sovereign, supranational and non-U.S agency345 345 1,249 1,248 1 1 — — 1,595 1,594 
Total non-U.S. debt securities385 384 1,269 1,268 1 1 173 241 1,828 1,894 
Asset-backed securities:
Student loans361 355 109 108 1,102 1,115 3,288 3,323 4,860 4,901 
Non-agency CMBS and RMBS130 144 163 163 2 2 97 113 392 422 
Total asset-backed securities491 499 272 271 1,104 1,117 3,385 3,436 5,252 5,323 
Total$5,351 $5,394 $2,252 $2,263 $5,750 $5,791 $31,831 $32,237 $45,184 $45,685