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Securities (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at June 30, 2021 and December 31, 2020.
Debt Securities
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in millions)June 30, 2021
Available-for-sale debt securities
Mortgage-backed securities:
Agency$56,258 $1,696 $(65)$57,889 
Agency-collateralized mortgage obligations4,111 123 (8)4,226 
Commercial18,062 882 (25)18,919 
Non-agency residential (1)
829 33 (10)852 
Total mortgage-backed securities79,260 2,734 (108)81,886 
U.S. Treasury and agency securities158,691 1,906 (264)160,333 
Non-U.S. securities17,165 4 (2)17,167 
Other taxable securities2,873 48 — 2,921 
Total taxable securities257,989 4,692 (374)262,307 
Tax-exempt securities15,529 347 (2)15,874 
Total available-for-sale debt securities 273,518 5,039 (376)278,181 
Other debt securities carried at fair value (2)
10,713 113 (94)10,732 
Total debt securities carried at fair value284,231 5,152 (470)288,913 
Held-to-maturity debt securities
Agency mortgage-backed securities547,508 6,040 (5,849)547,699 
U.S. Treasury and agency securities94,353 327 (2,017)92,663 
Other taxable securities9,573 246 (156)9,663 
Total held-to-maturity debt securities651,434 6,613 (8,022)650,025 
Total debt securities (3,4)
$935,665 $11,765 $(8,492)$938,938 
December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency$59,518 $2,370 $(39)$61,849 
Agency-collateralized mortgage obligations5,112 161 (13)5,260 
Commercial15,470 1,025 (4)16,491 
Non-agency residential (1)
899 127 (17)1,009 
Total mortgage-backed securities80,999 3,683 (73)84,609 
U.S. Treasury and agency securities114,157 2,236 (13)116,380 
Non-U.S. securities14,009 15 (7)14,017 
Other taxable securities2,656 61 (6)2,711 
Total taxable securities211,821 5,995 (99)217,717 
Tax-exempt securities16,417 389 (32)16,774 
Total available-for-sale debt securities228,238 6,384 (131)234,491 
Other debt securities carried at fair value (2)
11,720 429 (39)12,110 
Total debt securities carried at fair value239,958 6,813 (170)246,601 
Held-to-maturity debt securities
Agency mortgage-backed securities414,289 9,768 (36)424,021 
U.S. Treasury and agency securities16,084 — (71)16,013 
Other taxable securities7,906 327 (87)8,146 
Total held-to-maturity debt securities438,279 10,095 (194)448,180 
Total debt securities (3, 4)
$678,237 $16,908 $(364)$694,781 
(1)At both June 30, 2021 and December 31, 2020, the underlying collateral type included approximately 37 percent prime, two percent Alt-A and 61 percent subprime.
(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $82.8 billion and $65.5 billion at June 30, 2021 and December 31, 2020.
(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $338.3 billion and $197.8 billion, and a fair value of $339.7 billion and $197.3 billion at June 30, 2021, and an amortized cost of $260.1 billion and $118.1 billion, and a fair value of $267.5 billion and $120.7 billion at December 31, 2020.
Amortized Cost and Fair Value of Corporations Investment The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at June 30, 2021 and December 31, 2020.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses
(Dollars in millions)June 30, 2021
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$11,555 $(41)$1,114 $(24)$12,669 $(65)
Agency-collateralized mortgage obligations1,661 — 301 (8)1,962 (8)
Commercial1,535 (25)2 — 1,537 (25)
Non-agency residential498 — 158 (10)656 (10)
Total mortgage-backed securities15,249 (66)1,575 (42)16,824 (108)
U.S. Treasury and agency securities56,061 (259)695 (5)56,756 (264)
Non-U.S. securities— — 105 (2)105 (2)
Other taxable securities291 — 56 — 347 — 
Total taxable securities71,601 (325)2,431 (49)74,032 (374)
Tax-exempt securities11 — 185 (2)196 (2)
Total AFS debt securities in a continuous
   unrealized loss position		$71,612 $(325)$2,616 $(51)$74,228 $(376)
December 31, 2020
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$2,841 $(39)$2 $— $2,843 $(39)
Agency-collateralized mortgage obligations187 (2)364 (11)551 (13)
Commercial566 (4)9 — 575 (4)
Non-agency residential342 (9)56 (8)398 (17)
Total mortgage-backed securities3,936 (54)431 (19)4,367 (73)
U.S. Treasury and agency securities8,282 (9)498 (4)8,780 (13)
Non-U.S. securities1,861 (6)135 (1)1,996 (7)
Other taxable securities576 (2)396 (4)972 (6)
Total taxable securities14,655 (71)1,460 (28)16,115 (99)
Tax-exempt securities4,108 (29)617 (3)4,725 (32)
Total AFS debt securities in a continuous
   unrealized loss position		$18,763 $(100)$2,077 $(31)$20,840 $(131)
Expected Maturity Distribution
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$7 5.39 %$54 4.48 %$56,197 3.14 %$56,258 3.14 %
Agency-collateralized mortgage obligations— — — — 21 2.50 4,090 2.92 4,111 2.92 
Commercial364 2.31 8,408 2.50 6,765 1.94 2,538 2.16 18,075 2.24 
Non-agency residential— — — — — — 1,500 6.55 1,500 6.55 
Total mortgage-backed securities364 2.31 8,415 2.50 6,840 1.96 64,325 3.17 79,944 2.99 
U.S. Treasury and agency securities4,558 1.11 29,528 1.85 125,093 0.81 32 2.53 159,211 1.02 
Non-U.S. securities24,990 0.31 1,291 1.75 330 1.12 65 20.09 26,676 0.44 
Other taxable securities869 1.37 1,401 2.24 352 1.85 251 1.63 2,873 1.88 
Total taxable securities30,781 0.48 40,635 1.99 132,615 0.88 64,673 3.18 268,704 1.55 
Tax-exempt securities1,426 1.04 8,124 1.31 3,414 1.68 2,563 1.32 15,527 1.37 
Total amortized cost of debt securities carried at fair value
$32,207 0.51 $48,759 1.88 $136,029 0.90 $67,236 3.11 $284,231 1.55 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$— — %$547,508 2.18 %$547,508 2.18 %
U.S. Treasury and agency securities— — — — 94,353 1.37 — — 94,353 1.37 
Other taxable securities54 2.71 715 2.42 401 2.85 8,403 2.55 9,573 2.55 
Total amortized cost of HTM debt securities$54 2.71 $715 2.42 $94,754 1.38 $555,911 2.19 $651,434 2.07 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $6  $60  $57,823  $57,889  
Agency-collateralized mortgage obligations—  —  21  4,205  4,226  
Commercial369  8,884  7,050  2,629  18,932  
Non-agency residential—  —  6  1,579  1,585  
Total mortgage-backed securities369 8,890 7,137 66,236 82,632 
U.S. Treasury and agency securities4,582 30,758 125,479 33 160,852 
Non-U.S. securities24,930  1,304  334  66  26,634  
Other taxable securities873  1,431  361  256  2,921  
Total taxable securities30,754  42,383  133,311  66,591  273,039  
Tax-exempt securities1,431  8,284  3,552  2,607  15,874  
Total debt securities carried at fair value$32,185  $50,667  $136,863  $69,198  $288,913  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $— $547,699 $547,699 
U.S. Treasury and agency securities— — 92,663 — 92,663 
Other taxable securities53 753 422 8,435 9,663 
Total fair value of HTM debt securities$53 $753 $93,085 $556,134 $650,025 
(1)The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.