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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 September 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$14,372 $30 $63 $14,339 $6,453 $123 $1 $6,575 
Mortgage-backed securities16,051 215 43 16,223 13,891 421 7 14,305 
Total U.S. Treasury and federal agencies30,423 245 106 30,562 20,344 544 8 20,880 
Non-U.S. debt securities:
Mortgage-backed securities2,130 12 1 2,141 1,994 4 2 1,996 
Asset-backed securities2,365 2 2 2,365 2,294 1 4 2,291 
Non-U.S. sovereign, supranational and non-U.S. agency22,747 150 43 22,854 21,769 321 3 22,087 
Other(1)
3,294 29 17 3,306 3,297 58 — 3,355 
Total non-U.S. debt securities30,536 193 63 30,666 29,354 384 9 29,729 
Asset-backed securities:
Student loans(2)
228 3 — 231 313 2 1 314 
Collateralized loan obligations(3)
4,293 4 1 4,296 2,969 3 6 2,966 
Non-agency CMBS and RMBS(4)
58 1 — 59 76 2 — 78 
Other90 2 — 92 90 — — 90 
Total asset-backed securities4,669 10 1 4,678 3,448 7 7 3,448 
State and political subdivisions(5)
1,336 63 3 1,396 1,470 80 2 1,548 
Other U.S. debt securities(6)
2,943 39 5 2,977 3,371 72 — 3,443 
Total available-for-sale securities(7)
$69,907 $550 $178 $70,279 $57,987 $1,087 $26 $59,048 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,709 $22 $— $2,731 $6,057 $83 $— $6,140 
Mortgage-backed securities33,525 525 309 33,741 36,901 955 67 37,789 
Total U.S. Treasury and federal agencies36,234 547 309 36,472 42,958 1,038 67 43,929 
Non-U.S. debt securities:
Mortgage-backed securities209 65 2 272 303 68 4 367 
Non-U.S. sovereign, supranational and non-U.S. agency1,508 — 3 1,505 342 — — 342 
Total non-U.S. debt securities1,717 65 5 1,777 645 68 4 709 
Asset-backed securities:
Student loans(2)
5,017 64 13 5,068 4,774 33 25 4,782 
Non-agency CMBS and RMBS(8)
380 31 — 411 554 30 1 583 
Total asset-backed securities5,397 95 13 5,479 5,328 63 26 5,365 
Total(7)(9)
43,348 707 327 43,728 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)
$43,348 $707 $327 $43,728 $52,231 $1,173 $97 $53,307 
(1) As of September 30, 2021 and December 31, 2020, the fair value includes non-U.S. corporate bonds of $1.76 billion and $1.88 billion, respectively, and non-U.S. collateralized loan obligations of $0.88 billion and $0.96 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 September 30, 2021 and December 31, 2020.
(5) As of September 30, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.61 billion and $0.70 billion, respectively. Additional information about these trusts is provided in Note 11.
(6) As of September 30, 2021 and December 31, 2020, the fair value of U.S. corporate bonds was $2.98 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 September 30, 2021.
(8) As of September 30, 2021 and December 31, 2020, the total amortized cost included $315 million and $464 million, respectively, of non-agency CMBS and $65 million and $90 million of non-agency RMBS, respectively.
(9) As of September 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 September 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$11,538 $63 $— $— $11,538 $63 
Mortgage-backed securities3,847 41 162 2 4,009 43 
Total U.S. Treasury and federal agencies15,385 104 162 2 15,547 106 
Non-U.S. debt securities:
Mortgage-backed securities394 1 33 — 427 1 
Asset-backed securities646 1 464 1 1,110 2 
Non-U.S. sovereign, supranational and non-U.S. agency5,631 42 39 1 5,670 43 
Other1,291 17 67 — 1,358 17 
Total non-U.S. debt securities7,962 61 603 2 8,565 63 
Asset-backed securities:
Collateralized loan obligations2,516 1 62 — 2,578 1 
Total asset-backed securities2,516 1 62 — 2,578 1 
State and political subdivisions83 — 45 3 128 3 
Other U.S. debt securities573 5 — — 573 5 
Total$26,519 $171 $872 $7 $27,391 $178 

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 
Non-U.S. 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 September 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 September 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$2,112 $2,114 $11,214 $11,169 $1,046 $1,056 $— $— $14,372 $14,339 
Mortgage-backed securities83 87 845 855 6,227 6,248 8,896 9,033 16,051 16,223 
Total U.S. Treasury and federal agencies2,195 2,201 12,059 12,024 7,273 7,304 8,896 9,033 30,423 30,562 
Non-U.S. debt securities:
Mortgage-backed securities212 213 540 543 40 40 1,338 1,345 2,130 2,141 
Asset-backed securities271 271 1,286 1,287 415 415 393 392 2,365 2,365 
Non-U.S. sovereign, supranational and non-U.S. agency5,828 5,835 13,987 14,081 2,917 2,923 15 15 22,747 22,854 
Other786 790 2,077 2,089 375 371 56 56 3,294 3,306 
Total non-U.S. debt securities7,097 7,109 17,890 18,000 3,747 3,749 1,802 1,808 30,536 30,666 
Asset-backed securities:
Student loans129 131 — — — — 99 100 228 231 
Collateralized loan obligations29 30 760 761 1,656 1,656 1,848 1,849 4,293 4,296 
Non-agency CMBS and RMBS— — — — — — 58 59 58 59 
Other— — — — 90 92 — — 90 92 
Total asset-backed securities158 161 760 761 1,746 1,748 2,005 2,008 4,669 4,678 
State and political subdivisions159 160 544 563 528 567 105 106 1,336 1,396 
Other U.S. debt securities718 723 2,183 2,209 42 45 — — 2,943 2,977 
Total$10,327 $10,354 $33,436 $33,557 $13,336 $13,413 $12,808 $12,955 $69,907 $70,279 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,387 $2,403 $304 $309 $— $— $18 $19 $2,709 $2,731 
Mortgage-backed securities171 177 285 290 4,528 4,509 28,541 28,765 33,525 33,741 
Total U.S. Treasury and federal agencies2,558 2,580 589 599 4,528 4,509 28,559 28,784 36,234 36,472 
Non-U.S. debt securities:
Mortgage-backed securities38 37 18 18 — — 153 217 209 272 
Non-U.S. sovereign, supranational and non-U.S. agency275 275 1,232 1,229 1 1 — — 1,508 1,505 
Total non-U.S. debt securities313 312 1,250 1,247 1 1 153 217 1,717 1,777 
Asset-backed securities:
Student loans349 343 110 109 1,071 1,088 3,487 3,528 5,017 5,068 
Non-agency CMBS and RMBS127 140 158 160 2 2 93 109 380 411 
Total asset-backed securities476 483 268 269 1,073 1,090 3,580 3,637 5,397 5,479 
Total$3,347 $3,375 $2,107 $2,115 $5,602 $5,600 $32,292 $32,638 $43,348 $43,728