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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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 Condensed Consolidated Balance Sheets as of:
Fair Value
March 31, 2021 ($ 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$1,955 383 — 
Total fair value hedges383 — 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 195 — 
Interest rate swaps related to C&I loans8,000 — 2 
Total cash flow hedges195 2 
Total derivatives designated as qualifying hedging instruments578 2 
Derivatives Not Designated as Qualifying Hedging Instruments:
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,310 140 — 
Forward contracts related to residential mortgage loans held for sale(b)
6,872 59 8 
Swap associated with the sale of Visa, Inc. Class B Shares3,473 — 195 
Foreign exchange contracts185 — 1 
Interest rate contracts for collateral management12,000 8 6 
Commercial loan trading18 — — 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives – risk management and other business purposes
207 210 
Free-standing derivatives – customer accommodation:
Interest rate contracts(a)
79,055 881 256 
Interest rate lock commitments1,959 39 1 
Commodity contracts8,440 562 544 
TBA securities30 — — 
Foreign exchange contracts16,455 250 214 
Total free-standing derivatives – customer accommodation
1,732 1,015 
Total derivatives not designated as qualifying hedging instruments1,939 1,225 
Total$2,517 1,227 
(a)Derivative assets and liabilities are presented net of variation margin of $83 and $736, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
Fair Value
December 31, 2020 ($ 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 purposes
206 222 
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 accommodation
1,925 848 
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 $1,063, respectively.
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships
The following table reflects the change in fair value of interest rate contracts, designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Condensed Consolidated Statements of Income:
Condensed Consolidated
Statements of
Income Caption		For the three months ended
March 31,
($ in millions)20212020
Change in fair value of interest rate swaps hedging long- term debt
Interest on long-term debt$(145)226 
Change in fair value of hedged long-term debt attributable to the risk being hedged
Interest on long-term debt145 (226)

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of:
($ in millions)Condensed Consolidated
Balance Sheets Caption		March 31,
2021		December 31,
2020
Carrying amount of the hedged itemsLong-term debt$2,333 2,478 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items
Long-term debt389 534 
Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges
The following table presents the pre-tax net (losses) gains recorded in the Condensed Consolidated Statements of Income and in the Condensed Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the three months ended
March 31,
($ in millions)20212020
Amount of pre-tax net (losses) gains recognized in OCI$(84)541 
Amount of pre-tax net gains reclassified from OCI into net income72 32 
Schedule of Price Risk Derivatives
The net gains (losses) recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
Condensed Consolidated
Statements of
Income Caption		For the three months ended
March 31,
($ in millions)20212020
Interest rate contracts:
Forward contracts related to residential mortgage loans held for sale
Mortgage banking net revenue$67 (58)
Interest rate contracts related to MSR portfolioMortgage banking net revenue(134)350 
Foreign exchange contracts:
Foreign exchange contracts for risk management purposes
Other noninterest income(2)13 
Equity contracts:
Swap associated with sale of Visa, Inc. Class B Shares
Other noninterest income(13)(22)
Risk Ratings of the Notional Amount of Risk Participation Agreements
Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of:
($ in millions)March 31,
2021		December 31,
2020
Pass$3,406 3,231 
Special mention10 113 
Substandard49 52 
Total$3,465 3,396 
Net Gains (Losses) Recognized in the Income Statement Related to Free-Standing Derivative Instruments Used For Customer Accommodation
The net gains (losses) recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
Condensed Consolidated
Statements of Income Caption		For the three months ended
March 31,
($ in millions)20212020
Interest rate contracts:
Interest rate contracts for customers (contract revenue)
Commercial banking revenue$7 14 
Interest rate contracts for customers (credit portion of fair value adjustment)
Other noninterest expense15 (33)
Interest rate lock commitmentsMortgage banking net revenue32 100 
Commodity contracts:
Commodity contracts for customers (contract revenue)
Commercial banking revenue5 3 
Commodity contracts for customers (credit portion of fair value adjustment)
Other noninterest expense1 (1)
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)
Commercial banking revenue14 13 
Foreign exchange contracts for customers (contract revenue)
Other noninterest income2 6 
Foreign exchange contracts for customers (credit portion of fair value adjustment)
Other noninterest expense— (2)
Offsetting Derivative Financial Instruments
The following tables provide a summary of offsetting derivative financial instruments:
Gross Amount
Recognized in the
Condensed Consolidated
Balance Sheets(a)
Gross Amounts Not Offset in the
Condensed Consolidated Balance Sheets
($ in millions)Derivatives
Collateral(b)
Net Amount
As of March 31, 2021
Derivative assets$2,478 (540)(657)1,281 
Derivative liabilities1,226 (540)(383)303 
As of December 31, 2020
Derivative assets$2,862 (621)(755)1,486 
Derivative liabilities1,072 (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 Condensed Consolidated Balance Sheets were excluded from this table.