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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 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:
 September 30, 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$7,812 $12 $197 $7,627 $8,232 $10 $261 $7,981 
Mortgage-backed securities(1)
10,266 — 280 9,986 8,767 2 260 8,509 
Total U.S. Treasury and federal agencies18,078 12 477 17,613 16,999 12 521 16,490 
Non-U.S. debt securities:
Mortgage-backed securities1,551 1 11 1,541 1,642 — 19 1,623 
Asset-backed securities(2)
1,903 1 14 1,890 1,696 — 27 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency14,910 2 246 14,666 14,512 1 424 14,089 
Other(3)
2,085 1 64 2,022 2,255 — 164 2,091 
Total non-U.S. debt securities20,449 5 335 20,119 20,105 1 634 19,472 
Asset-backed securities:
Student loans(4)
118 — — 118 116 — 1 115 
Collateralized loan obligations(5)
2,649 2 11 2,640 2,394 — 39 2,355 
Non-agency CMBS and RMBS(6)
268 — 4 264 237 — 6 231 
Other90 — — 90 90 — 2 88 
Total asset-backed securities3,125 2 15 3,112 2,837 — 48 2,789 
State and political subdivisions387 — 10 377 839 1 17 823 
Other U.S. debt securities(7)
338 — 13 325 1,078 — 73 1,005 
Total available-for-sale securities(8)(9)
$42,377 $19 $850 $41,546 $41,858 $14 $1,293 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,758 $— $289 $11,469 $11,693 $— $341 $11,352 
Mortgage-backed securities(10)
40,297 — 7,232 33,065 42,307 3 6,030 36,280 
Total U.S. Treasury and federal agencies52,055 — 7,521 44,534 54,000 3 6,371 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,452 — 262 6,190 6,603 — 304 6,299 
Total non-U.S. debt securities6,452 — 262 6,190 6,603 — 304 6,299 
Asset-backed securities:
Student loans(4)
3,442 3 73 3,372 3,955 1 134 3,822 
Non-agency CMBS and RMBS(11)
7 18 — 25 142 18 — 160 
Total asset-backed securities3,449 21 73 3,397 4,097 19 134 3,982 
Total held-to-maturity securities(8)(12)
$61,956 $21 $7,856 $54,121 $64,700 $22 $6,809 $57,913 
(1) As of September 30, 2023 and December 31, 2022, the total fair value included $5.63 billion and $6.78 billion, respectively, of agency CMBS and $4.36 billion and $1.73 billion, respectively, of agency MBS.
(2) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. collateralized loan obligations of $0.97 billion and $0.86 billion, respectively.
(3) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. corporate bonds of $1.67 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 September 30, 2023 and December 31, 2022.
(7) As of September 30, 2023 and December 31, 2022, the fair value of U.S. corporate bonds was $0.33 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 September 30, 2023.
(9) As of September 30, 2023, we had no allowance for credit losses on AFS investment securities. As of December 31, 2022, we had an allowance for credit losses on AFS investment securities of $2 million.
(10) As of September 30, 2023 and December 31, 2022, the total amortized cost included $5.24 billion and $4.99 billion of agency CMBS, respectively.
(11) As of September 30, 2023, the total amortized cost included $7 million of non-agency RMBS. As of December 31, 2022, the total amortized cost included $133 million of non-agency CMBS and $9 million of non-agency RMBS.
(12) As of September 30, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. As of December 31, 2022, we had no allowance for credit losses 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:
September 30, 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$1,310 $27 $5,276 $170 $6,586 $197 
Mortgage-backed securities3,202 85 6,717 195 9,919 280 
Total U.S. Treasury and federal agencies4,512 112 11,993 365 16,505 477 
Non-U.S. debt securities:
Mortgage-backed securities214 1 823 10 1,037 11 
Asset-backed securities225 — 1,124 14 1,349 14 
Non-U.S. sovereign, supranational and non-U.S. agency6,715 72 7,077 174 13,792 246 
Other855 10 902 54 1,757 64 
Total non-U.S. debt securities8,009 83 9,926 252 17,935 335 
Asset-backed securities:
Student loans68 — — — 68 — 
Collateralized loan obligations328 — 1,860 11 2,188 11 
Non-agency CMBS and RMBS39 1 180 3 219 4 
Total asset-backed securities435 1 2,040 14 2,475 15 
State and political subdivisions244 7 133 3 377 10 
Other U.S. debt securities3 — 323 13 326 13 
Total$13,203 $203 $24,415 $647 $37,618 $850 

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 September 30, 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.
September 30, 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$291 $291 $6,920 $6,730 $601 $606 $— $— $7,812 $7,627 
Mortgage-backed securities41 41 1,309 1,291 4,398 4,307 4,518 4,347 10,266 9,986 
Total U.S. Treasury and federal agencies332 332 8,229 8,021 4,999 4,913 4,518 4,347 18,078 17,613 
Non-U.S. debt securities:
Mortgage-backed securities142 142 243 242 — — 1,166 1,157 1,551 1,541 
Asset-backed securities319 315 419 415 554 551 611 609 1,903 1,890 
Non-U.S. sovereign, supranational and non-U.S. agency5,627 5,591 6,483 6,304 2,800 2,771 — — 14,910 14,666 
Other341 335 1,570 1,515 174 172 — — 2,085 2,022 
Total non-U.S. debt securities6,429 6,383 8,715 8,476 3,528 3,494 1,777 1,766 20,449 20,119 
Asset-backed securities:
Student loans33 33 — — — — 85 85 118 118 
Collateralized loan obligations122 122 345 343 1,489 1,482 693 693 2,649 2,640 
Non-agency CMBS and RMBS— — 20 19 — — 248 245 268 264 
Other— — 90 90 — — — — 90 90 
Total asset-backed securities155 155 455 452 1,489 1,482 1,026 1,023 3,125 3,112 
State and political subdivisions125 122 100 98 162 157 — — 387 377 
Other U.S. debt securities258 252 80 73 — — — — 338 325 
Total$7,299 $7,244 $17,579 $17,120 $10,178 $10,046 $7,321 $7,136 $42,377 $41,546 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$6,284 $6,230 $5,439 $5,206 $24 $22 $11 $11 $11,758 $11,469 
Mortgage-backed securities132 115 594 547 4,523 3,653 35,048 28,750 40,297 33,065 
Total U.S. Treasury and federal agencies6,416 6,345 6,033 5,753 4,547 3,675 35,059 28,761 52,055 44,534 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Total non-U.S. debt securities2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Asset-backed securities:
Student loans237 231 232 231 622 612 2,351 2,298 3,442 3,372 
Non-agency CMBS and RMBS1 8 — — — — 6 17 7 25 
Total asset-backed securities238 239 232 231 622 612 2,357 2,315 3,449 3,397 
Total$8,915 $8,815 $9,955 $9,488 $5,670 $4,742 $37,416 $31,076 $61,956 $54,121