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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20242023
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015
August 18, 2025(1)
3.550 %Senior notes
2/18; 8/18(2)
$1,285 $1,265 
August 3, 2023August 3, 20265.272 %Senior notes
2/3; 8/3(2)
1,203 1,211 
October 22, 2024October 22, 20274.330 %Senior notes
4/22, 10/22(2)
1,189 — 
May 18, 2023May 18, 20265.104 %Fixed-to-floating rate senior notes5/18; 11/18999 998 
May 18, 2023May 18, 20345.159 %Fixed-to-floating rate senior notes5/18; 11/18995 995 
March 18, 2024March 18, 20274.993 %Senior notes
3/18, 9/18(2)
993 — 
August 20, 2024February 20, 20294.530 %Fixed-to-floating rate senior notes
2/20; 8/20(2)
989 — 
November 21, 2023November 21, 20295.684 %Fixed-to-floating rate senior notes
5/21; 11/21(2)
986 995 
March 3, 2021
March 3, 2031(1)(3)
2.200 %Senior subordinated notes3/3; 9/3845 845 
October 22, 2024October 22, 20324.675 %Fixed-to-floating rate senior notes
4/22; 10/22(2)
789 — 
January 24, 2020
January 24, 2030(1)
2.400 %Senior notes
1/24, 7/24(2)
784 790 
May 19, 2016
May 19, 2026(1)
2.650 %Senior notes
5/19; 11/19(2)
728 719 
January 26, 2023January 26, 20344.821 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
702 731 
August 4, 2022August 4, 20334.164 %Fixed-to-floating rate senior notes
2/4; 8/4(2)
665 687 
February 7, 2022February 7, 20282.203 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
619 605 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(2)
535 556 
November 1, 2019
November 1, 2034(3)
3.031 %Fixed-to-floating rate senior subordinated notes
5/1; 11/1(2)
523 528 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15500 500 
January 26, 2023
January 26, 2026
4.857 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
499 496 
November 4, 2022November 4, 20265.751 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
498 497 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
May 13, 2022May 13, 20334.421 %Fixed-to-floating rate senior notes5/13; 11/13498 497 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes
5/18; 11/18(2)
497 496 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes
3/30; 9/30(2)
497 485 
November 4, 2022November 4, 20285.820 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
495 497 
November 21, 2023
November 21, 2034(3)
6.123 %Fixed-to-floating rate senior subordinated notes
5/21; 11/21(2)
492 497 
February 7, 2022February 7, 20332.623 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
465 476 
August 3, 2023August 3, 2026Floating-rateSenior notes2/3; 5/3; 8/3; 11/3299 299 
February 7, 2022
February 6, 2026
1.746 %Fixed-to-floating rate senior notes
2/6; 8/6(2)
299 290 
October 22, 2024October 22, 2027Floating-rateSenior notes1/22; 4/22; 7/22; 10/22299 — 
June 21, 1996
June 15, 2026(1)
7.350 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures2/15; 5/15; 8/15; 11/15100 100 
December 15, 2014
December 16, 2024(1)
3.300 %Senior notes
6/16; 12/16(2)
— 977 
November 1, 2019
November 1, 2025(4)
2.354 %Fixed-to-floating rate senior notes
5/1; 11/1(2)
— 972 
State Street Bank issuances and lease obligations
November 25, 2024
November 25, 2026(1)
4.594 %Senior notes
5/25, 11/25
1,146 — 
November 25, 2024
November 23, 2029(1)
4.782 %Senior notes
5/23, 11/23
796 — 
November 25, 2024
November 25, 2026(1)
Floating-rateSenior notes
2/25; 5/25; 8/25; 11/25
299 — 
Long-term finance leases and equipment financing116 187 
Total long-term debt$23,272 $18,839 
(1) We may not redeem notes prior to their maturity.
(2) We have entered into interest rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2024 and 2023, the carrying value of long-term debt associated with these fair value hedges was $220 million and $184 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(3) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(4) We redeemed the notes prior to original maturity date.