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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 September 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$8,150 $13 $307 $7,856 $18,111 $24 $196 $17,939 
Mortgage-backed securities9,618 — 215 9,403 18,154 148 94 18,208 
Total U.S. Treasury and federal agencies17,768 13 522 17,259 36,265 172 290 36,147 
Non-U.S. debt securities:
Mortgage-backed securities1,680 — 18 1,662 1,986 12 3 1,995 
Asset-backed securities(1)
1,671 — 31 1,640 2,087 2 2 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency14,142 2 470 13,674 23,533 114 100 23,547 
Other(2)
2,262 — 178 2,084 3,113 17 32 3,098 
Total non-U.S. debt securities19,755 2 697 19,060 30,719 145 137 30,727 
Asset-backed securities:
Student loans(3)
134 — 1 133 209 2 — 211 
Collateralized loan obligations(4)
2,371 — 54 2,317 2,155 2 2 2,155 
Non-agency CMBS and RMBS(5)
220 — 5 215 52 — — 52 
Other90 — 2 88 90 1 — 91 
Total asset-backed securities2,815 — 62 2,753 2,506 5 2 2,509 
State and political subdivisions952 — 28 924 1,216 59 3 1,272 
Other U.S. debt securities(6)
1,073 — 83 990 2,734 23 13 2,744 
Total available-for-sale securities(7)(9)
$42,363 $15 $1,392 $40,986 $73,440 $404 $445 $73,399 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,637 $— $353 $11,284 $2,170 $10 $— $2,180 
Mortgage-backed securities42,967 — 6,207 36,760 33,481 362 578 33,265 
Total U.S. Treasury and federal agencies54,604 — 6,560 48,044 35,651 372 578 35,445 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,141 — 268 5,873 1,564 — 9 1,555 
Total non-U.S. debt securities6,141 — 268 5,873 1,564 — 9 1,555 
Asset-backed securities:
Student loans(3)
4,238 1 104 4,135 4,908 48 14 4,942 
Non-agency CMBS and RMBS(8)
249 19 — 268 307 22 — 329 
Total asset-backed securities4,487 20 104 4,403 5,215 70 14 5,271 
Total held-to-maturity securities(7)
$65,232 $20 $6,932 $58,320 $42,430 $442 $601 $42,271 
(1) As of September 30, 2022 and December 31, 2021, the fair value includes non-U.S. collateralized loan obligations of $0.78 billion and $0.83 billion, respectively.
(2) As of September 30, 2022 and December 31, 2021, the fair value includes non-U.S. corporate bonds of $1.11 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 September 30, 2022 and December 31, 2021.
(6) As of September 30, 2022 and December 31, 2021, the fair value of U.S. corporate bonds was $0.99 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 September 30, 2022.
(8) As of September 30, 2022 and December 31, 2021, the total amortized cost included $239 million and $292 million, respectively, of non-agency CMBS and $10 million and $14 million of non-agency RMBS, respectively.
(9) As of both September 30, 2022 and December 31, 2021, total amortized cost included an allowance for credit losses on AFS investment securities of $1 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 September 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$1,995 $38 $5,206 $269 $7,201 $307 
Mortgage-backed securities8,949 180 346 35 9,295 215 
Total U.S. Treasury and federal agencies10,944 218 5,552 304 16,496 522 
Non-U.S. debt securities:
Mortgage-backed securities1,343 14 235 4 1,578 18 
Asset-backed securities1,361 25 245 6 1,606 31 
Non-U.S. sovereign, supranational and non-U.S. agency9,820 271 3,042 199 12,862 470 
Other970 51 1,023 127 1,993 178 
Total non-U.S. debt securities13,494 361 4,545 336 18,039 697 
Asset-backed securities:
Student loans84 1 6 — 90 1 
Collateralized loan obligations1,728 40 591 14 2,319 54 
Non-agency CMBS and RMBS215 5 — — 215 5 
Other88 2 — — 88 2 
Total asset-backed securities2,115 48 597 14 2,712 62 
State and political subdivisions860 23 42 5 902 28 
Other U.S. debt securities559 36 431 47 990 83 
Total$27,972 $686 $11,167 $706 $39,139 $1,392 

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 September 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 September 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$1,919 $1,883 $5,703 $5,433 $528 $540 $— $— $8,150 $7,856 
Mortgage-backed securities53 52 502 498 7,239 7,111 1,824 1,742 9,618 9,403 
Total U.S. Treasury and federal agencies1,972 1,935 6,205 5,931 7,767 7,651 1,824 1,742 17,768 17,259 
Non-U.S. debt securities:
Mortgage-backed securities123 123 339 336 20 20 1,198 1,183 1,680 1,662 
Asset-backed securities272 266 653 642 422 415 324 317 1,671 1,640 
Non-U.S. sovereign, supranational and non-U.S. agency3,929 3,894 7,653 7,244 2,560 2,536 — — 14,142 13,674 
Other241 238 1,864 1,715 130 110 27 21 2,262 2,084 
Total non-U.S. debt securities4,565 4,521 10,509 9,937 3,132 3,081 1,549 1,521 19,755 19,060 
Asset-backed securities:
Student loans51 51 — — — — 83 82 134 133 
Collateralized loan obligations164 161 422 413 1,240 1,214 545 529 2,371 2,317 
Non-agency CMBS and RMBS— — — — — — 220 215 220 215 
Other— — 90 88 — — — — 90 88 
Total asset-backed securities215 212 512 501 1,240 1,214 848 826 2,815 2,753 
State and political subdivisions197 195 309 299 390 379 56 51 952 924 
Other U.S. debt securities91 89 942 864 40 37 — — 1,073 990 
Total$7,040 $6,952 $18,477 $17,532 $12,569 $12,362 $4,277 $4,140 $42,363 $40,986 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$97 $96 $11,502 $11,152 $24 $22 $14 $14 $11,637 $11,284 
Mortgage-backed securities158 143 622 584 4,549 3,756 37,638 32,277 42,967 36,760 
Total U.S. Treasury and federal agencies255 239 12,124 11,736 4,573 3,778 37,652 32,291 54,604 48,044 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency638 632 4,945 4,722 558 519 — — 6,141 5,873 
Total non-U.S. debt securities638 632 4,945 4,722 558 519 — — 6,141 5,873 
Asset-backed securities:
Student loans315 304 12 12 989 973 2,922 2,846 4,238 4,135 
Non-agency CMBS and RMBS176 183 — — — — 73 85 249 268 
Total asset-backed securities491 487 12 12 989 973 2,995 2,931 4,487 4,403 
Total$1,384 $1,358 $17,081 $16,470 $6,120 $5,270 $40,647 $35,222 $65,232 $58,320