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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following tables reflect the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as of:
Fair Value
December 31, 2020 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 528 — 
Total fair value hedges528 — 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 244 — 
Interest rate swaps related to C&I loans8,000 16 2 
Total cash flow hedges260 2 
Total derivatives designated as qualifying hedging instruments788 2 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,910 202 1 
Forward contracts related to residential mortgage loans held for sale2,903 1 16 
Swap associated with the sale of Visa, Inc. Class B Shares3,588 — 201 
Foreign exchange contracts204 — 3 
Interest rate contracts for collateral management12,000 3 1 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes206 222 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
77,806 1,238 265 
Interest rate lock commitments1,830 57 — 
Commodity contracts7,762 375 359 
Foreign exchange contracts14,587 255 224 
Total free-standing derivatives - customer accommodation1,925 848 
Total derivatives not designated as qualifying hedging instruments2,131 1,070 
Total$2,919 1,072 
(a)Derivative assets and liabilities are presented net of variation margin of $47 and $1,063, respectively.
Fair Value
December 31, 2019 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$2,705 393 — 
Total fair value hedges393 — 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 115 — 
Interest rate swaps related to C&I loans8,000 — 2 
Total cash flow hedges115 2 
Total derivatives designated as qualifying hedging instruments508 2 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,420 131 2 
Forward contracts related to residential mortgage loans held for sale2,901 1 5 
Swap associated with the sale of Visa, Inc. Class B Shares3,082 — 163 
Foreign exchange contracts195 — 5 
Total free-standing derivatives - risk management and other business purposes132 175 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
73,327 579 148 
Interest rate lock commitments907 18 — 
Commodity contracts8,525 271 270 
TBA securities50 — — 
Foreign exchange contracts14,144 165 146 
Total free-standing derivatives - customer accommodation1,033 564 
Total derivatives not designated as qualifying hedging instruments1,165 739 
Total$1,673 741 
(a)Derivative assets and liabilities are presented net of variation margin of $40 and $493, respectively.
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships
The following table reflects the change in fair value of interest rate contracts, designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Income:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202020192018
Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$134 152 (36)
Change in fair value of hedged long-term debt attributable to the risk being hedgedInterest on long-term debt(133)(147)41 

The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31:
($ in millions)Consolidated Balance 
Sheets Caption		20202019
Carrying amount of the hedged itemsLong-term debt$2,478 3,093 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items
Long-term debt534 402 
Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges
The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Income and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the years ended December 31 ($ in millions)202020192018
Amount of pre-tax net gains recognized in OCI$611 348 214 
Amount of pre-tax net gains (losses) reclassified from OCI into net income237 16 (2)
Schedule of Price Risk Derivatives
The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202020192018
Interest rate contracts:
Forward contracts related to residential mortgage loans held for saleMortgage banking net revenue$(12)4 (8)
Interest rate contracts related to MSR portfolioMortgage banking net revenue307 221 (21)
Foreign exchange contracts:
Foreign exchange contracts for risk management purposesOther noninterest income(3)(7)10 
Equity contracts:
Swap associated with sale of Visa, Inc. Class B SharesOther noninterest income(103)(107)(59)
Risk Ratings of the Notional Amount of Risk Participation Agreements
Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of December 31:
($ in millions)20202019
Pass$3,231 3,841 
Special mention113 86 
Substandard52 16 
Total$3,396 3,943 
Net Gains (Losses) Recognized in the Income Statement Related to Free-Standing Derivative Instruments Used For Customer Accommodation
The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202020192018
Interest rate contracts:
Interest rate contracts for customers (contract revenue)Commercial banking revenue$36 40 32 
Interest rate contracts for customers (credit portion of fair value adjustment)Other noninterest expense(22)(15)— 
Interest rate lock commitmentsMortgage banking net revenue271 144 70 
Commodity contracts:
Commodity contracts for customers (contract revenue)Commercial banking revenue15 8 9 
Commodity contracts for customers (credit losses)Other noninterest expense(1)— — 
Commodity contracts for customers (credit portion of fair value adjustment)Other noninterest expense(2)1 (1)
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)Commercial banking revenue55 49 55 
Foreign exchange contracts for customers (contract revenue)Other noninterest expense(11)12 14 
Foreign exchange contracts for customers (credit portion of fair value adjustment)Other noninterest expense(1)— 1 
Offsetting Derivative Financial Instruments
The following tables provide a summary of offsetting derivative financial instruments:
Gross Amount Recognized in the Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
As of December 31, 2020 ($ in millions)Derivatives
Collateral(b)
Net Amount
Assets:
Derivatives$2,862 (621)(755)1,486 
Total assets2,862 (621)(755)1,486 
Liabilities:
Derivatives1,072 (621)(221)230 
Total liabilities$1,072 (621)(221)230 
(a) Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.
Gross Amount Recognized in the
Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
As of December 31, 2019 ($ in millions)Derivatives
Collateral(b)
Net Amount
Assets:
Derivatives$1,655 (417)(504)734 
Total assets1,655 (417)(504)734 
Liabilities:
Derivatives741 (417)(97)227 
Total liabilities$741 (417)(97)227 
(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.