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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022December 31, 2021
 
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$9,720 $12 $321 $9,411 $18,111 $24 $196 $17,939 
Mortgage-backed securities10,409 1 139 10,271 18,154 148 94 18,208 
Total U.S. Treasury and federal agencies20,129 13 460 19,682 36,265 172 290 36,147 
Non-U.S. debt securities:
Mortgage-backed securities1,972 5 18 1,959 1,986 12 3 1,995 
Asset-backed securities(1)
1,901 — 25 1,876 2,087 2 2 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency15,300 1 374 14,927 23,533 114 100 23,547 
Other(2)
2,358 — 154 2,204 3,113 17 32 3,098 
Total non-U.S. debt securities21,531 6 571 20,966 30,719 145 137 30,727 
Asset-backed securities:
Student loans(3)
152 — 2 150 209 2 — 211 
Collateralized loan obligations(4)
2,378 — 43 2,334 2,155 2 2 2,155 
Non-agency CMBS and RMBS(5)
200 — 5 195 52 — — 52 
Other90 — 1 89 90 1 — 91 
Total asset-backed securities2,820 — 51 2,768 2,506 5 2 2,509 
State and political subdivisions1,042 2 10 1,034 1,216 59 3 1,272 
Other U.S. debt securities(6)
1,074 — 70 1,004 2,734 23 13 2,744 
Total available-for-sale securities(7)(9)
$46,596 $21 $1,162 $45,454 $73,440 $404 $445 $73,399 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,424 $— $75 $11,349 $2,170 $10 $— $2,180 
Mortgage-backed securities41,660 2 3,854 37,808 33,481 362 578 33,265 
Total U.S. Treasury and federal agencies53,084 2 3,929 49,157 35,651 372 578 35,445 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,443 5 133 6,315 1,564 — 9 1,555 
Total non-U.S. debt securities6,443 5 133 6,315 1,564 — 9 1,555 
Asset-backed securities:
Student loans(3)
4,468 1 124 4,345 4,908 48 14 4,942 
Non-agency CMBS and RMBS(8)
266 20 — 286 307 22 — 329 
Total asset-backed securities4,734 21 124 4,631 5,215 70 14 5,271 
Total held-to-maturity securities(7)
$64,261 $28 $4,186 $60,103 $42,430 $442 $601 $42,271 
(1) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. collateralized loan obligations of $0.85 billion and $0.83 billion, respectively.
(2) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. corporate bonds of $1.10 billion and $1.53 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 June 30, 2022 and December 31, 2021.
(6) As of June 30, 2022 and December 31, 2021, the fair value of U.S. corporate bonds was $1.00 billion and $2.44 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, 2022.
(8) As of June 30, 2022 and December 31, 2021, the total amortized cost included $256 million and $292 million, respectively, of non-agency CMBS and $11 million and $14 million of non-agency RMBS, respectively.
(9) As of both June 30, 2022 and December 31, 2021, total amortized cost included an allowance for credit losses on AFS investment securities of $2 million.
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, 2022
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$6,778 $283 $2,062 $38 $8,840 $321 
Mortgage-backed securities9,768 119 278 20 10,046 139 
Total U.S. Treasury and federal agencies16,546 402 2,340 58 18,886 460 
Non-U.S. debt securities:
Mortgage-backed securities1,783 18 41 — 1,824 18 
Asset-backed securities1,637 23 166 2 1,803 25 
Non-U.S. sovereign, supranational and non-U.S. agency12,529 301 1,454 73 13,983 374 
Other1,423 87 637 67 2,060 154 
Total non-U.S. debt securities17,372 429 2,298 142 19,670 571 
Asset-backed securities:
Student loans102 2 16 — 118 2 
Collateralized loan obligations1,902 36 433 7 2,335 43 
Non-agency CMBS and RMBS195 5 — — 195 5 
Other89 1 — — 89 1 
Total asset-backed securities2,288 44 449 7 2,737 51 
State and political subdivisions667 6 43 4 710 10 
Other U.S. debt securities763 48 238 22 1,001 70 
Total$37,636 $929 $5,368 $233 $43,004 $1,162 
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 
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, 2022. 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, 2022
(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$2,049 $2,039 $7,112 $6,800 $559 $572 $— $— $9,720 $9,411 
Mortgage-backed securities56 56 549 548 7,862 7,793 1,942 1,874 10,409 10,271 
Total U.S. Treasury and federal agencies2,105 2,095 7,661 7,348 8,421 8,365 1,942 1,874 20,129 19,682 
Non-U.S. debt securities:
Mortgage-backed securities174 174 388 386 28 27 1,382 1,372 1,972 1,959 
Asset-backed securities265 260 810 801 459 453 367 362 1,901 1,876 
Non-U.S. sovereign, supranational and non-U.S. agency3,345 3,335 9,142 8,800 2,813 2,792 — — 15,300 14,927 
Other267 266 1,940 1,812 122 103 29 23 2,358 2,204 
Total non-U.S. debt securities4,051 4,035 12,280 11,799 3,422 3,375 1,778 1,757 21,531 20,966 
Asset-backed securities:
Student loans64 65 — — — — 88 85 152 150 
Collateralized loan obligations108 106 485 477 1,197 1,177 588 574 2,378 2,334 
Non-agency CMBS and RMBS— — — — — — 200 195 200 195 
Other— — 90 89 — — — — 90 89 
Total asset-backed securities172 171 575 566 1,197 1,177 876 854 2,820 2,768 
State and political subdivisions175 175 404 401 407 406 56 52 1,042 1,034 
Other U.S. debt securities62 61 997 928 15 15 — — 1,074 1,004 
Total$6,565 $6,537 $21,917 $21,042 $13,462 $13,338 $4,652 $4,537 $46,596 $45,454 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$400 $400 $10,985 $10,911 $24 $23 $15 $15 $11,424 $11,349 
Mortgage-backed securities157 151 556 540 4,706 4,141 36,241 32,976 41,660 37,808 
Total U.S. Treasury and federal agencies557 551 11,541 11,451 4,730 4,164 36,256 32,991 53,084 49,157 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency546 543 5,303 5,186 594 586 — — 6,443 6,315 
Total non-U.S. debt securities546 543 5,303 5,186 594 586 — — 6,443 6,315 
Asset-backed securities:
Student loans332 319 13 13 960 941 3,163 3,072 4,468 4,345 
Non-agency CMBS and RMBS181 188 11 12 — — 74 86 266 286 
Total asset-backed securities513 507 24 25 960 941 3,237 3,158 4,734 4,631 
Total$1,616 $1,601 $16,868 $16,662 $6,284 $5,691 $39,493 $36,149 $64,261 $60,103