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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments including those entered into for trading and asset and liability management activities as of the dates indicated:
(In millions)December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$47,222 $12,668 
Foreign exchange contracts:
Forward, swap and spot2,612,945 2,528,115 
Options purchased466 851 
Options written145 544 
Futures359 197 
Other:
Futures155 125 
Stable value contracts(1)
25,271 28,704 
Deferred value awards(2)
253 289 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements33,302 20,333 
Foreign exchange contracts:
Forward and swap10,260 9,777 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to discussion in this note under “Derivatives Not Designated as Hedging Instruments.”
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$29,116 $19,498 $28,904 $19,153 
Other derivative contracts1 — 219 182 
Total$29,117 $19,498 $29,123 $19,335 
Derivatives designated as hedging instruments:
Foreign exchange contracts$323 $196 $— $263 
Interest rate contracts28 13 1 4 
Total$351 $209 $1 $267 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$29,116 $19,498 $28,904 $19,153 
Other derivative contracts1 — 219 182 
Total$29,117 $19,498 $29,123 $19,335 
Derivatives designated as hedging instruments:
Foreign exchange contracts$323 $196 $— $263 
Interest rate contracts28 13 1 4 
Total$351 $209 $1 $267 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Impact of Derivative Financial Instruments on Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,
202420232022
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$862 $803 $938 
Foreign exchange contractsInterest expense274 (54)(20)
Interest rate contractsForeign exchange trading services revenue21 (2)3 
Other Derivative contractsOther fee revenue(12)(3)— 
Interest rate contractsOther fee revenue— — 1 
Other derivative contracts(1)
Compensation and employee benefits(189)(121)(89)
Total$956 $623 $833 
(1) Amount in 2024 reflects a deferred compensation expense acceleration of $79 million, related to prior period incentive compensation awards to align our deferred pay mix with peers.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202420232022202420232022
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$(55)$(164)$676 
Available-for-sale securities(1)
Net interest income
$55 $164 $(676)
Interest rate contractsNet interest income17 202 (1,160)Long-term debtNet interest income(17)(202)1,160 
Foreign exchange contracts
Other fee revenue
21 — — 
Available-for-sale securities
Other fee revenue
(21)— — 
Total$(17)$38 $(484)$17 $(38)$484 
(1) For the year ended December 31, 2024, approximately $93 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to approximately $122 million of net unrealized losses in the same period of 2023.
Years Ended December 31,Years Ended December 31,
202420232022Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202420232022
(In millions)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(6)$14 $(598)Net interest income$(200)$(210)$(43)
Foreign exchange contracts59 91 156 Net interest income254 2 92 
Total derivatives designated as cash flow hedges$53 $105 $(442)$54 $(208)$49 
Derivatives designated as net investment hedges:
Foreign exchange contracts$540 $(89)$291 $— $— $— 
Total derivatives designated as net investment hedges540 (89)291 — — — 
Total$593 $16 $(151)$54 $(208)$49 
(1) As of December 31, 2024, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
Schedule of Carrying Amount of Hedged Assets and Liabilities
The following tables show the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
December 31, 2024
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$15,951 $(323)$103 
Available-for-sale securities(2)(3)
18,666 (376)1 
December 31, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,463 $(340)$156 
Available-for-sale securities(2)(3)
11,260 (503)3 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the financial assets designated in under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At December 31, 2024 and 2023, the amortized cost of the closed portfolios used in these hedging relationships was $3.32 billion and $685 million, respectively, of which $1.82 billion and $400 million, respectively, was designated under the portfolio layer hedging relationship. At December 31, 2024 and 2023, the cumulative adjustment associated with these hedging relationships was ($26) million and ($6) million, respectively.
(3) Carrying amount represents amortized cost.