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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
 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$23,539 $38 $52 $23,525 $8,427 $39 $165 $8,301 
Mortgage-backed securities(1)
10,699 21 154 10,566 10,870 49 164 10,755 
Total U.S. Treasury and federal agencies34,238 59 206 34,091 19,297 88 329 19,056 
Non-U.S. debt securities:
Mortgage-backed securities2,426 5 1 2,430 1,861 3 7 1,857 
Asset-backed securities(2)
1,865 5 2 1,868 2,148 2 13 2,137 
Non-U.S. sovereign, supranational and non-U.S. agency13,954 54 69 13,939 15,159 73 132 15,100 
Other(3)
2,787 38 4 2,821 2,733 39 37 2,735 
Total non-U.S. debt securities21,032 102 76 21,058 21,901 117 189 21,829 
Asset-backed securities:
Student loans(4)
89 1 — 90 113 1 — 114 
Collateralized loan obligations(5)
3,447 6 — 3,453 90 — — 90 
Non-agency CMBS and RMBS(6)
1 3 — 4 252 — 3 249 
Other90 1 — 91 2,530 3 6 2,527 
Total asset-backed securities3,627 11 — 3,638 2,985 4 9 2,980 
State and political subdivisions56 — — 56 356 — 1 355 
Other U.S. debt securities(7)
53 — 1 52 314 — 8 306 
Total available-for-sale securities(8)(9)
$59,006 $172 $283 $58,895 $44,853 $209 $536 $44,526 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$5,417 $— $55 $5,362 $8,584 $— $163 $8,421 
Mortgage-backed securities(10)
36,101 2 5,677 30,426 39,472 7 5,271 34,208 
Total U.S. Treasury and federal agencies41,518 2 5,732 35,788 48,056 7 5,434 42,629 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency3,673 7 73 3,607 5,757 8 153 5,612 
Total non-U.S. debt securities3,673 7 73 3,607 5,757 8 153 5,612 
Asset-backed securities:
Student loans(4)
2,536 4 29 2,511 3,298 2 62 3,238 
Non-agency CMBS and RMBS(11)
— — — — 6 18 — 24 
Total asset-backed securities2,536 4 29 2,511 3,304 20 62 3,262 
Total held-to-maturity securities(8)(12)
$47,727 $13 $5,834 $41,906 $57,117 $35 $5,649 $51,503 
(1) As of December 31, 2024 and 2023, the total fair value included $4.36 billion and $5.54 billion, respectively, of agency CMBS and $6.20 billion and $5.21 billion, respectively, of agency MBS.
(2) As of December 31, 2024 and 2023, the fair value includes non-U.S. collateralized loan obligations of $0.70 billion and $1.02 billion, respectively.
(3) As of December 31, 2024 and 2023, the fair value includes non-U.S. corporate bonds of $2.54 billion and $2.36 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 RMBS as of December 31, 2024 and entirely of non-agency CMBS as of December 31, 2023.
(7) As of December 31, 2024 and 2023, the fair value of U.S. corporate bonds was $0.05 billion and $0.31 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 December 31, 2024.
(9) As of December 31, 2024 and 2023, we had no allowance for credit losses on AFS investment securities.
(10) As of December 31, 2024 and 2023, the total amortized cost included $5.18 billion and $5.23 billion of agency CMBS, respectively.
(11) Consists entirely of non-agency RMBS as of December 31, 2023.
(12) As of December 31, 2024, we had no allowance for credit losses on HTM investment securities. As of December 31, 2023, we had $1 million 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:
As of December 31, 2024
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$8,113 $25 $2,435 $27 $10,548 $52 
Mortgage-backed securities3,742 59 4,360 95 8,102 154 
Total U.S. Treasury and federal agencies11,855 84 6,795 122 18,650 206 
Non-U.S. debt securities:
Mortgage-backed securities730 1 225 — 955 1 
Asset-backed securities387 — 506 2 893 2 
Non-U.S. sovereign, supranational and non-U.S. agency4,695 49 2,695 20 7,390 69 
Other312 2 116 2 428 4 
Total non-U.S. debt securities6,124 52 3,542 24 9,666 76 
Asset-backed securities:
Student loans12 — — — 12 — 
Collateralized loan obligations684 — — — 684 — 
Total asset-backed securities696 — — — 696 — 
State and political subdivisions— — 26 — 26 — 
Other U.S. debt securities3 — 49 1 52 1 
Total$18,678 $136 $10,412 $147 $29,090 $283 

As of December 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$333 $2 $5,416 $163 $5,749 $165 
Mortgage-backed securities961 6 6,512 158 7,473 164 
Total U.S. Treasury and federal agencies1,294 8 11,928 321 13,222 329 
Non-U.S. debt securities:
Mortgage-backed securities424 1 719 6 1,143 7 
Asset-backed securities358 — 1,052 13 1,410 13 
Non-U.S. sovereign, supranational and non-U.S. agency3,972 7 5,788 125 9,760 132 
Other50 — 893 37 943 37 
Total non-U.S. debt securities4,804 8 8,452 181 13,256 189 
Asset-backed securities:
Collateralized loan obligations183 — 1,605 6 1,788 6 
Non-agency CMBS and RMBS35 — 180 3 215 3 
Total asset-backed securities218 — 1,785 9 2,003 9 
State and political subdivisions64 — 104 1 168 1 
Other U.S. debt securities3 — 303 8 306 8 
Total$6,383 $16 $22,572 $520 $28,955 $536 
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, 2024. 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, 2024
(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$8,619 $8,625 $13,485 $13,474 $1,435 $1,426 $— $— $23,539 $23,525 
Mortgage-backed securities49 49 1,824 1,819 2,517 2,493 6,309 6,205 10,699 10,566 
Total U.S. Treasury and federal agencies8,668 8,674 15,309 15,293 3,952 3,919 6,309 6,205 34,238 34,091 
Non-U.S. debt securities:
Mortgage-backed securities58 58 427 427 38 38 1,903 1,907 2,426 2,430 
Asset-backed securities276 276 279 279 1,005 1,007 305 306 1,865 1,868 
Non-U.S. sovereign, supranational and
non-U.S. agency		2,706 2,700 10,138 10,136 1,110 1,103 — — 13,954 13,939 
Other371 371 2,314 2,346 102 104 — — 2,787 2,821 
Total non-U.S. debt securities3,411 3,405 13,158 13,188 2,255 2,252 2,208 2,213 21,032 21,058 
Asset-backed securities:
Student loans23 24 — — 12 12 54 54 89 90 
Collateralized loan obligations37 37 78 78 1,874 1,877 1,458 1,461 3,447 3,453 
Non-agency CMBS and RMBS— — — — — — 1 4 1 4 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities60 61 168 169 1,886 1,889 1,513 1,519 3,627 3,638 
State and political subdivisions30 30 26 26 — — — — 56 56 
Other U.S. debt securities30 29 23 23 — — — — 53 52 
Total$12,199 $12,199 $28,684 $28,699 $8,093 $8,060 $10,030 $9,937 $59,006 $58,895 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,557 $4,521 $851 $832 $1 $1 $8 $8 $5,417 $5,362 
Mortgage-backed securities134 120 1,711 1,559 3,308 2,788 30,948 25,959 36,101 30,426 
Total U.S. Treasury and federal agencies4,691 4,641 2,562 2,391 3,309 2,789 30,956 25,967 41,518 35,788 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Total non-U.S. debt securities1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Asset-backed securities:
Student loans149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total asset-backed securities149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total$6,249 $6,185 $4,916 $4,698 $3,909 $3,380 $32,653 $27,643 $47,727 $41,906