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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
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:
 March 31, 2023December 31, 2022
 
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$7,834 $11 $218 $7,627 $8,232 $10 $261 $7,981 
Mortgage-backed securities(1)
9,345 4 169 9,180 8,767 2 260 8,509 
Total U.S. Treasury and federal agencies17,179 15 387 16,807 16,999 12 521 16,490 
Non-U.S. debt securities:
Mortgage-backed securities1,576 1 14 1,563 1,642 — 19 1,623 
Asset-backed securities(2)
1,702 — 24 1,678 1,696 — 27 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency16,202 6 358 15,850 14,512 1 424 14,089 
Other(3)
2,454 2 141 2,315 2,255 — 164 2,091 
Total non-U.S. debt securities21,934 9 537 21,406 20,105 1 634 19,472 
Asset-backed securities:
Student loans(4)
110 — — 110 116 — 1 115 
Collateralized loan obligations(5)
2,437 — 31 2,406 2,394 — 39 2,355 
Non-agency CMBS and RMBS(6)
266 — 6 260 237 — 6 231 
Other90 — — 90 90 — 2 88 
Total asset-backed securities2,903 — 37 2,866 2,837 — 48 2,789 
State and political subdivisions786 3 12 777 839 1 17 823 
Other U.S. debt securities(7)
1,049 — 64 985 1,078 — 73 1,005 
Total available-for-sale securities(8)(9)
$43,851 $27 $1,037 $42,841 $41,858 $14 $1,293 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,747 $— $258 $11,489 $11,693 $— $341 $11,352 
Mortgage-backed securities(10)
42,262 11 5,294 36,979 42,307 3 6,030 36,280 
Total U.S. Treasury and federal agencies54,009 11 5,552 48,468 54,000 3 6,371 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency7,228 1 259 6,970 6,603 — 304 6,299 
Total non-U.S. debt securities7,228 1 259 6,970 6,603 — 304 6,299 
Asset-backed securities:
Student loans(4)
3,740 1 108 3,633 3,955 1 134 3,822 
Non-agency CMBS and RMBS(11)
50 18 — 68 142 18 — 160 
Total asset-backed securities3,790 19 108 3,701 4,097 19 134 3,982 
Total held-to-maturity securities(8)
$65,027 $31 $5,919 $59,139 $64,700 $22 $6,809 $57,913 
(1) As of March 31, 2023 and December 31, 2022, the total fair value included $6.53 billion and $6.78 billion, respectively, of agency CMBS and $2.65 billion and $1.73 billion, respectively, of agency MBS.
(2) As of March 31, 2023 and December 31, 2022, the fair value includes non-U.S. collateralized loan obligations of $0.90 billion and $0.86 billion, respectively.
(3) As of March 31, 2023 and December 31, 2022, the fair value includes non-U.S. corporate bonds of $1.39 billion and $1.14 billion, respectively.
(4) 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.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency CMBS as of both March 31, 2023 and December 31, 2022.
(7) As of March 31, 2023 and December 31, 2022, the fair value of U.S. corporate bonds was $0.99 billion and $1.01 billion, respectively.
(8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended March 31, 2023.
(9) As of both March 31, 2023 and December 31, 2022, total amortized cost included an allowance for credit losses on AFS investment securities of $2 million.
(10) As of March 31, 2023 and December 31, 2022, the total amortized cost included $5.29 billion and $4.99 billion of agency CMBS, respectively.
(11) As of March 31, 2023 and December 31, 2022, the total amortized cost included $42 million and $133 million, respectively, of non-agency CMBS and $8 million and $9 million, respectively, of non-agency RMBS.
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:
March 31, 2023
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$127 $— $6,536 $218 $6,663 $218 
Mortgage-backed securities3,682 41 4,859 128 8,541 169 
Total U.S. Treasury and federal agencies3,809 41 11,395 346 15,204 387 
Non-U.S. debt securities:
Mortgage-backed securities394 2 965 12 1,359 14 
Asset-backed securities276 1 1,275 23 1,551 24 
Non-U.S. sovereign, supranational and non-U.S. agency4,738 29 8,539 329 13,277 358 
Other440 7 1,657 134 2,097 141 
Total non-U.S. debt securities5,848 39 12,436 498 18,284 537 
Asset-backed securities:
Collateralized loan obligations426 5 1,851 26 2,277 31 
Non-agency CMBS and RMBS143 3 96 3 239 6 
Total asset-backed securities569 8 1,947 29 2,516 37 
State and political subdivisions199 3 241 9 440 12 
Other U.S. debt securities66 4 919 60 985 64 
Total$10,491 $95 $26,938 $942 $37,429 $1,037 

December 31, 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$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $369 $18,093 $924 $37,522 $1,293 
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 March 31, 2023. 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.
March 31, 2023
(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$1,505 $1,492 $5,781 $5,577 $548 $558 $— $— $7,834 $7,627 
Mortgage-backed securities56 55 633 627 5,987 5,914 2,669 2,584 9,345 9,180 
Total U.S. Treasury and federal agencies1,561 1,547 6,414 6,204 6,535 6,472 2,669 2,584 17,179 16,807 
Non-U.S. debt securities:
Mortgage-backed securities120 120 321 320 — — 1,135 1,123 1,576 1,563 
Asset-backed securities340 335 545 537 487 481 330 325 1,702 1,678 
Non-U.S. sovereign, supranational and non-U.S. agency5,815 5,759 7,371 7,100 3,016 2,991 — — 16,202 15,850 
Other290 285 1,949 1,834 206 188 9 8 2,454 2,315 
Total non-U.S. debt securities6,565 6,499 10,186 9,791 3,709 3,660 1,474 1,456 21,934 21,406 
Asset-backed securities:
Student loans37 37 — — — — 73 73 110 110 
Collateralized loan obligations118 117 383 377 1,292 1,274 644 638 2,437 2,406 
Non-agency CMBS and RMBS— — 20 20 — — 246 240 266 260 
Other— — 90 90 — — — — 90 90 
Total asset-backed securities155 154 493 487 1,292 1,274 963 951 2,903 2,866 
State and political subdivisions126 125 269 264 347 349 44 39 786 777 
Other U.S. debt securities231 225 789 734 29 26 — — 1,049 985 
Total$8,638 $8,550 $18,151 $17,480 $11,912 $11,781 $5,150 $5,030 $43,851 $42,841 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$5,771 $5,681 $5,940 $5,774 $24 $23 $12 $11 $11,747 $11,489 
Mortgage-backed securities144 133 583 550 4,579 3,883 36,956 32,413 42,262 36,979 
Total U.S. Treasury and federal agencies5,915 5,814 6,523 6,324 4,603 3,906 36,968 32,424 54,009 48,468 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,119 2,083 4,398 4,221 711 666 — — 7,228 6,970 
Total non-U.S. debt securities2,119 2,083 4,398 4,221 711 666 — — 7,228 6,970 
Asset-backed securities:
Student loans266 258 7 7 892 873 2,575 2,495 3,740 3,633 
Non-agency CMBS and RMBS43 49 — — — — 7 19 50 68 
Total asset-backed securities309 307 7 7 892 873 2,582 2,514 3,790 3,701 
Total$8,343 $8,204 $10,928 $10,552 $6,206 $5,445 $39,550 $34,938 $65,027 $59,139