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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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:
 As of March 31, 2025December 31, 2024
 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$27,384 $33 $37 $27,380 $23,539 $38 $52 $23,525 
Mortgage-backed securities(1)
12,837 36 124 12,749 10,699 21 154 10,566 
Total U.S. Treasury and federal agencies40,221 69 161 40,129 34,238 59 206 34,091 
Non-U.S. debt securities:
Mortgage-backed securities2,466 6 1 2,471 2,426 5 1 2,430 
Asset-backed securities(2)
1,991 6 1 1,996 1,865 5 2 1,868 
Non-U.S. sovereign, supranational and non-U.S. agency16,027 72 40 16,059 13,954 54 69 13,939 
Other(3)
3,089 43 3 3,129 2,787 38 4 2,821 
Total non-U.S. debt securities23,573 127 45 23,655 21,032 102 76 21,058 
Asset-backed securities:
Student loans(4)
86 1 — 87 89 1 — 90 
Collateralized loan obligations(5)
3,393 2 2 3,393 3,447 6 — 3,453 
Non-agency CMBS and RMBS(6)
— 4 — 4 1 3 — 4 
Other90 1 — 91 90 1 — 91 
Total asset-backed securities3,569 8 2 3,575 3,627 11 — 3,638 
State and political subdivisions56 — — 56 56 — — 56 
Other U.S. debt securities(7)
30 — 1 29 53 — 1 52 
Total available-for-sale securities(8)(9)
$67,449 $204 $209 $67,444 $59,006 $172 $283 $58,895 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,418 $— $34 $4,384 $5,417 $— $55 $5,362 
Mortgage-backed securities(10)
35,355 7 4,980 30,382 36,101 2 5,677 30,426 
Total U.S. Treasury and federal agencies39,773 7 5,014 34,766 41,518 2 5,732 35,788 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency3,261 6 59 3,208 3,673 7 73 3,607 
Total non-U.S. debt securities3,261 6 59 3,208 3,673 7 73 3,607 
Asset-backed securities:
Student loans(4)
2,471 5 26 2,450 2,536 4 29 2,511 
Total asset-backed securities2,471 5 26 2,450 2,536 4 29 2,511 
Total held-to-maturity securities(8)(11)
$45,505 $18 $5,099 $40,424 $47,727 $13 $5,834 $41,906 
(1) As of March 31, 2025 and December 31, 2024, the total fair value included $4.26 billion and $4.36 billion, respectively, of agency CMBS and $8.49 billion and $6.20 billion, respectively, of agency MBS.
(2) As of March 31, 2025 and December 31, 2024, the fair value includes non-U.S. collateralized loan obligations of $0.66 billion and $0.70 billion, respectively.
(3) As of March 31, 2025 and December 31, 2024, the fair value includes non-U.S. corporate bonds of $2.50 billion and $2.54 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 both March 31, 2025 and December 31, 2024.
(7) As of March 31, 2025 and December 31, 2024, the fair value of U.S. corporate bonds was $0.03 billion and $0.05 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 periods ended March 31, 2025 and December 31, 2024.
(9) As of both March 31, 2025 and December 31, 2024, we had no allowance for credit losses on AFS investment securities.
(10) As of March 31, 2025 and December 31, 2024, the total amortized cost included $5.16 billion and $5.18 billion of agency CMBS, respectively.
(11) As of both March 31, 2025 and December 31, 2024, 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:
March 31, 2025
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$13,774 $14 $2,455 $23 $16,229 $37 
Mortgage-backed securities3,277 41 4,277 83 7,554 124 
Total U.S. Treasury and federal agencies17,051 55 6,732 106 23,783 161 
Non-U.S. debt securities:
Mortgage-backed securities380 1 141 — 521 1 
Asset-backed securities242 — 406 1 648 1 
Non-U.S. sovereign, supranational and non-U.S. agency4,550 27 2,527 13 7,077 40 
Other550 1 96 2 646 3 
Total non-U.S. debt securities5,722 29 3,170 16 8,892 45 
Asset-backed securities:
Collateralized loan obligations1,936 2 — — 1,936 2 
Total asset-backed securities1,936 2 — — 1,936 2 
State and political subdivisions30 — 1 — 31 — 
Other U.S. debt securities3 — 26 1 29 1 
Total$24,742 $86 $9,929 $123 $34,671 $209 

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 
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, 2025. 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, 2025
(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$11,077 $11,072 $16,060 $16,064 $247 $244 $— $— $27,384 $27,380 
Mortgage-backed securities122 122 1,735 1,732 2,422 2,402 8,558 8,493 12,837 12,749 
Total U.S. Treasury and federal agencies11,199 11,194 17,795 17,796 2,669 2,646 8,558 8,493 40,221 40,129 
Non-U.S. debt securities:
Mortgage-backed securities97 97 458 459 35 35 1,876 1,880 2,466 2,471 
Asset-backed securities243 243 365 365 1,109 1,112 274 276 1,991 1,996 
Non-U.S. sovereign, supranational and non-U.S. agency3,413 3,411 11,475 11,513 1,139 1,135 — — 16,027 16,059 
Other408 409 2,600 2,637 81 83 — — 3,089 3,129 
Total non-U.S. debt securities4,161 4,160 14,898 14,974 2,364 2,365 2,150 2,156 23,573 23,655 
Asset-backed securities:
Student loans23 24 — — 11 11 52 52 86 87 
Collateralized loan obligations24 24 33 33 1,956 1,955 1,380 1,381 3,393 3,393 
Non-agency CMBS and RMBS— — — — — — — 4 — 4 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities47 48 123 124 1,967 1,966 1,432 1,437 3,569 3,575 
State and political subdivisions30 30 26 26 — — — — 56 56 
Other U.S. debt securities8 8 22 21 — — — — 30 29 
Total$15,445 $15,440 $32,864 $32,941 $7,000 $6,977 $12,140 $12,086 $67,449 $67,444 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,046 $4,020 $363 $355 $1 $1 $8 $8 $4,418 $4,384 
Mortgage-backed securities148 136 2,352 2,148 2,607 2,241 30,248 25,857 35,355 30,382 
Total U.S. Treasury and federal agencies4,194 4,156 2,715 2,503 2,608 2,242 30,256 25,865 39,773 34,766 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency1,286 1,276 1,759 1,725 216 207 — — 3,261 3,208 
Total non-U.S. debt securities1,286 1,276 1,759 1,725 216 207 — — 3,261 3,208 
Asset-backed securities:
Student loans144 141 412 412 263 262 1,652 1,635 2,471 2,450 
Total asset-backed securities144 141 412 412 263 262 1,652 1,635 2,471 2,450 
Total$5,624 $5,573 $4,886 $4,640 $3,087 $2,711 $31,908 $27,500 $45,505 $40,424