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Investment Securities (Tables)
 12 Months Ended
Dec. 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:
 December 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$18,111 $24 $196 $17,939 $6,453 $123 $1 $6,575 
Mortgage-backed securities18,154 148 94 18,208 13,891 421 7 14,305 
Total U.S. Treasury and federal agencies36,265 172 290 36,147 20,344 544 8 20,880 
Non-U.S. debt securities:
Mortgage-backed securities1,986 12 3 1,995 1,994 4 2 1,996 
Asset-backed securities(1)
2,087 2 2 2,087 2,294 1 4 2,291 
Non-U.S. sovereign, supranational and non-U.S. agency23,533 114 100 23,547 21,769 321 3 22,087 
Other(2)
3,113 17 32 3,098 3,297 58 — 3,355 
Total non-U.S. debt securities30,719 145 137 30,727 29,354 384 9 29,729 
Asset-backed securities:
Student loans(3)
209 2 — 211 313 2 1 314 
Collateralized loan obligations(4)
2,155 2 2 2,155 2,969 3 6 2,966 
Non-agency CMBS and RMBS(5)
52 — — 52 76 2 — 78 
Other90 1 — 91 90 — — 90 
Total asset-backed securities2,506 5 2 2,509 3,448 7 7 3,448 
State and political subdivisions(6)
1,216 59 3 1,272 1,470 80 2 1,548 
Other U.S. debt securities(7)
2,734 23 13 2,744 3,371 72 — 3,443 
Total available-for-sale securities$73,440 $404 $445 $73,399 $57,987 $1,087 $26 $59,048 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,170 $10 $— $2,180 $6,057 $83 $— $6,140 
Mortgage-backed securities33,481 362 578 33,265 36,901 955 67 37,789 
Total U.S. Treasury and federal agencies35,651 372 578 35,445 42,958 1,038 67 43,929 
Non-U.S. debt securities:
Mortgage-backed securities— — — — 303 68 4 367 
Non-U.S. sovereign, supranational and non-U.S. agency1,564 — 9 1,555 342 — — 342 
Total non-U.S. debt securities1,564 — 9 1,555 645 68 4 709 
Asset-backed securities:
Student loans(3)
4,908 48 14 4,942 4,774 33 25 4,782 
Non-agency CMBS and RMBS(8)
307 22 — 329 554 30 11 583 
Total asset-backed securities5,215 70 14 5,271 5,328 63 26 5,365 
Total(9)
42,430 442 601 42,271 48,931 1,169 97 50,003 
Held-to-maturity under money market mutual fund liquidity facility(9)
— — — — 3,300 4 — 3,304 
Total held-to-maturity securities
$42,430 $442 $601 $42,271 $52,231 $1,173 $97 $53,307 
(1) As of December 31, 2021 and December 31, 2020, the fair value includes non-U.S. collateralized loan obligations of $0.83 billion and $0.96 billion, respectively.
(2) As of December 31, 2021 and December 31, 2020, the fair value includes non-U.S. corporate bonds of $1.53 billion and $1.88 billion, respectively,
(3) 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.
(4) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(5) Consists entirely of non-agency CMBS as of both December 31, 2021 and December 31, 2020.
(6) As of December 31, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.52 billion and $0.70 billion, respectively. Additional information about these trusts is provided in Note 14.
(7) As of December 31, 2021 and December 31, 2020, the fair value of U.S. corporate bonds was $2.44 billion and $3.44 billion, respectively.
(8) As of December 31, 2021 and December 31, 2020, the total amortized cost included $292 million and $464 million, respectively, of non-agency CMBS and $14 million and $90 million of non-agency RMBS, respectively.
(9) As of December 31, 2021 and 2020, we recognized an allowance for credit losses on all HTM securities of $0 million and $3 million, respectively, inclusive of $0 million and $1 million, respectively, related to HTM securities purchased under the money market mutual fund liquidity facility.
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 December 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$14,749 $194 $1,624 $2 $16,373 $196 
Mortgage-backed securities10,417 80 369 14 10,786 94 
Total U.S. Treasury and federal agencies25,166 274 1,993 16 27,159 290 
Non-U.S. debt securities:
Mortgage-backed securities577 3 30 — 607 3 
Asset-backed securities1,021 2 127 — 1,148 2 
Non-U.S. sovereign, supranational and non-U.S. agency10,406 97 63 3 10,469 100 
Other1,570 31 19 1 1,589 32 
Total non-U.S. debt securities13,574 133 239 4 13,813 137 
Asset-backed securities:
Collateralized loan obligations1,268 2 — — 1,268 2 
Total asset-backed securities1,268 2 — — 1,268 2 
State and political subdivisions10 — 45 3 55 3 
Other U.S. debt securities1,214 13 — — 1,214 13 
Total$41,232 $422 $2,277 $23 $43,509 $445 
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 December 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 December 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$1,977 $1,976 $15,090 $14,912 $1,044 $1,051 $— $— $18,111 $17,939 
Mortgage-backed securities71 73 839 846 7,619 7,620 9,625 9,669 18,154 18,208 
Total U.S. Treasury and federal agencies2,048 2,049 15,929 15,758 8,663 8,671 9,625 9,669 36,265 36,147 
Non-U.S. debt securities:
Mortgage-backed securities164 164 526 527 33 33 1,263 1,271 1,986 1,995 
Asset-backed securities303 302 1,040 1,041 454 454 290 290 2,087 2,087 
Non-U.S. sovereign, supranational and
non-U.S. agency		4,472 4,480 16,329 16,336 2,717 2,717 15 14 23,533 23,547 
Other823 826 1,954 1,943 279 275 57 54 3,113 3,098 
Total non-U.S. debt securities5,762 5,772 19,849 19,847 3,483 3,479 1,625 1,629 30,719 30,727 
Asset-backed securities:
Student loans113 115 — — — — 96 96 209 211 
Collateralized loan obligations147 147 482 483 1,085 1,084 441 441 2,155 2,155 
Non-agency CMBS and RMBS— — — — — — 52 52 52 52 
Other— — — — 90 91 — — 90 91 
Total asset-backed securities260 262 482 483 1,175 1,175 589 589 2,506 2,509 
State and political subdivisions177 180 491 512 466 499 82 81 1,216 1,272 
Other U.S. debt securities998 1,002 1,696 1,699 40 43 — — 2,734 2,744 
Total$9,245 $9,265 $38,447 $38,299 $13,827 $13,867 $11,921 $11,968 $73,440 $73,399 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,150 $2,159 $3 $3 $1 $1 $16 $17 $2,170 $2,180 
Mortgage-backed securities148 151 393 399 4,651 4,591 28,289 28,124 33,481 33,265 
Total U.S. Treasury and federal agencies2,298 2,310 396 402 4,652 4,592 28,305 28,141 35,651 35,445 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		345 345 1,218 1,209 1 1 — — 1,564 1,555 
Total non-U.S. debt securities345 345 1,218 1,209 1 1 — — 1,564 1,555 
Asset-backed securities:
Student loans341 335 48 47 971 984 3,548 3,576 4,908 4,942 
Non-agency CMBS and RMBS87 95 144 144 — — 76 90 307 329 
Total asset-backed securities428 430 192 191 971 984 3,624 3,666 5,215 5,271 
Total$3,071 $3,085 $1,806 $1,802 $5,624 $5,577 $31,929 $31,807 $42,430 $42,271