Securities Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2020

Secured Borrowings by Contractual Maturity and Class of Collateral Pledged

he following table presents the gross obligations for securities sold under agreements to repurchase and securities loaned by remaining contractual maturity and class of collateral pledged as of December 31, 2020 and December 31, 2019.


	December 31, 2020										December 31, 2019
(Dollars in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		31 - 90 Days		Greater than 90 Days		Total
Securities sold under agreements to repurchase:
U.S. Treasury and government agencies	$	—	$	14,642	$	296	$	—	$	14,938	$	12,219	$	2,237	$	385	$	102	$	14,943
Mortgage-backed:
U.S. agencies	—		8,069		5,465		—		13,534		5,322		1,582		7,126		—		14,030
Corporate debt	—		676		756		—		1,432		688		24		1,161		—		1,873
Other debt	—		401		377		—		778		327		—		533		—		860
Equity	—		1,377		1,067		—		2,444		1,400		349		456		—		2,205
Total	$	—	$	25,165	$	7,961	$	—	$	33,126	$	19,956	$	4,192	$	9,661	$	102	$	33,911
Securities loaned:

Corporate bonds	$	1	$	—	$	—	$	—	$	1	$	2	$	—	$	—	$	—	$	2
Other debt	11		—		241		—		252		—		—		—		—		—
Equity	366		243		—		—		609		257		236		—		—		493
Total	$	378	$	243	$	241	$	—	$	862	$	259	$	236	$	—	$	—	$	495

Offsetting Liabilities

The following tables present the offsetting of financial assets and liabilities as of December 31, 2020 and December 31, 2019.


	December 31, 2020
							Gross Amounts Not Offset in Balance Sheet
(Dollars in millions)	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Financial Assets:
Derivative assets	$	2,313	$	432	$	1,881	$	38	$	—	$	1,843
Securities borrowed or purchased under resale agreements	24,435		6,827		17,608		17,539		—		69
Total	$	26,748	$	7,259	$	19,489	$	17,577	$	—	$	1,912
Financial Liabilities:
Derivative liabilities	$	1,029	$	675	$	354	$	174	$	—	$	180
Securities loaned or sold under repurchase agreements	33,988		6,827		27,161		26,063		—		1,098
Total	$	35,017	$	7,502	$	27,515	$	26,237	$	—	$	1,278


	December 31, 2019
							Gross Amounts Not Offset in Balance Sheet
(Dollars in millions)	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Financial Assets:
Derivative assets	$	1,233	$	264	$	969	$	26	$	—	$	943
Securities borrowed or purchased under resale agreements	29,483		5,540		23,943		23,844		—		99
Total	$	30,716	$	5,804	$	24,912	$	23,870	$	—	$	1,042
Financial Liabilities:
Derivative liabilities	$	523	$	306	$	217	$	129	$	1	$	87
Securities loaned or sold under repurchase agreements	34,406		5,540		28,866		27,957		—		909
Total	$	34,929	$	5,846	$	29,083	$	28,086	$	1	$	996

Offsetting Assets

The following tables present the offsetting of financial assets and liabilities as of December 31, 2020 and December 31, 2019.


	December 31, 2020
							Gross Amounts Not Offset in Balance Sheet
(Dollars in millions)	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Financial Assets:
Derivative assets	$	2,313	$	432	$	1,881	$	38	$	—	$	1,843
Securities borrowed or purchased under resale agreements	24,435		6,827		17,608		17,539		—		69
Total	$	26,748	$	7,259	$	19,489	$	17,577	$	—	$	1,912
Financial Liabilities:
Derivative liabilities	$	1,029	$	675	$	354	$	174	$	—	$	180
Securities loaned or sold under repurchase agreements	33,988		6,827		27,161		26,063		—		1,098
Total	$	35,017	$	7,502	$	27,515	$	26,237	$	—	$	1,278


	December 31, 2019
							Gross Amounts Not Offset in Balance Sheet
(Dollars in millions)	Gross Amounts of Recognized Assets/Liabilities		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received/Pledged		Net Amount
Financial Assets:
Derivative assets	$	1,233	$	264	$	969	$	26	$	—	$	943
Securities borrowed or purchased under resale agreements	29,483		5,540		23,943		23,844		—		99
Total	$	30,716	$	5,804	$	24,912	$	23,870	$	—	$	1,042
Financial Liabilities:
Derivative liabilities	$	523	$	306	$	217	$	129	$	1	$	87
Securities loaned or sold under repurchase agreements	34,406		5,540		28,866		27,957		—		909
Total	$	34,929	$	5,846	$	29,083	$	28,086	$	1	$	996