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Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020.
Debt Securities
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in millions)September 30, 2021December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency$50,756 $1,631 $(90)$52,297 $59,518 $2,370 $(39)$61,849 
Agency-collateralized mortgage obligations3,684 103 (11)3,776 5,112 161 (13)5,260 
Commercial18,091 778 (50)18,819 15,470 1,025 (4)16,491 
Non-agency residential (1)
799 39 (35)803 899 127 (17)1,009 
Total mortgage-backed securities73,330 2,551 (186)75,695 80,999 3,683 (73)84,609 
U.S. Treasury and government agencies167,419 1,869 (163)169,125 114,157 2,236 (13)116,380 
Non-U.S. securities12,289 4 — 12,293 14,009 15 (7)14,017 
Other taxable securities2,589 45 (1)2,633 2,656 61 (6)2,711 
Tax-exempt securities15,312 321 (21)15,612 16,417 389 (32)16,774 
Total available-for-sale debt securities 270,939 4,790 (371)275,358 228,238 6,384 (131)234,491 
Other debt securities carried at fair value (2)
10,076 101 (158)10,019 11,720 429 (39)12,110 
Total debt securities carried at fair value281,015 4,891 (529)285,377 239,958 6,813 (170)246,601 
Held-to-maturity debt securities
Agency mortgage-backed securities562,124 5,497 (8,031)559,590 414,289 9,768 (36)424,021 
U.S. Treasury and government agencies111,855 167 (2,614)109,408 16,084 — (71)16,013 
Other taxable securities9,295 197 (157)9,335 7,906 327 (87)8,146 
Total held-to-maturity debt securities683,274 5,861 (10,802)678,333 438,279 10,095 (194)448,180 
Total debt securities (3,4)
$964,289 $10,752 $(11,331)$963,710 $678,237 $16,908 $(364)$694,781 
(1)At both September 30, 2021 and December 31, 2020, the underlying collateral type included approximately 37 percent prime, 2 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 $76.4 billion and $65.5 billion at September 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 $348.6 billion and $205.7 billion, and a fair value of $348.4 billion and $204.1 billion at September 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 September 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)September 30, 2021
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$10,421 $(72)$1,037 $(18)$11,458 $(90)
Agency-collateralized mortgage obligations1,528 (6)192 (5)1,720 (11)
Commercial2,517 (35)322 (15)2,839 (50)
Non-agency residential479 (25)113 (10)592 (35)
Total mortgage-backed securities14,945 (138)1,664 (48)16,609 (186)
U.S. Treasury and government agencies45,297 (151)944 (12)46,241 (163)
Other taxable securities336 (1)— — 336 (1)
Tax-exempt securities373 (9)422 (12)795 (21)
Total AFS debt securities in a continuous
   unrealized loss position		$60,951 $(299)$3,030 $(72)$63,981 $(371)
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 government agencies8,282 (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)
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 $(131)
Expected Maturity Distribution
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 30, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$5 4.73 %$53 4.51 %$50,698 3.12 %$50,756 3.12 %
Agency-collateralized mortgage obligations— — — — 21 2.52 3,663 2.91 3,684 2.91 
Commercial354 2.32 10,257 2.48 5,857 1.75 1,636 2.18 18,104 2.21 
Non-agency residential— — — — — — 1,442 6.59 1,442 6.59 
Total mortgage-backed securities354 2.32 10,262 2.48 5,931 1.78 57,439 3.17 73,986 2.96 
U.S. Treasury and government agencies4,988 1.25 33,785 1.65 128,893 1.07 29 2.57 167,695 1.20 
Non-U.S. securities20,658 0.30 370 3.01 344 1.03 61 51.33 21,433 0.51 
Other taxable securities666 1.53 1,336 2.27 341 2.44 246 1.63 2,589 2.04 
Tax-exempt securities1,542 1.07 7,539 1.35 3,445 1.65 2,786 1.40 15,312 1.40 
Total amortized cost of debt securities carried at fair value
$28,208 0.57 $53,292 1.79 $138,954 1.12 $60,561 3.13 $281,015 1.62 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$4 2.33 %$562,120 2.15 %$562,124 2.15 %
U.S. Treasury and government agencies— — — — 111,855 1.35 — — 111,855 1.35 
Other taxable securities234 6.51 824 2.36 314 3.05 7,923 2.52 9,295 2.63 
Total amortized cost of HTM debt securities$234 6.51 $824 2.36 $112,173 1.35 $570,043 2.16 $683,274 2.03 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $5  $57  $52,235  $52,297  
Agency-collateralized mortgage obligations—  —  21  3,755  3,776  
Commercial358  10,798  5,998  1,678  18,832  
Non-agency residential—  —  4  1,506  1,510  
Total mortgage-backed securities358 10,803 6,080 59,174 76,415 
U.S. Treasury and government agencies5,024 34,884 129,463 30 169,401 
Non-U.S. securities20,534  373  347  59  21,313  
Other taxable securities671  1,368  346  251  2,636  
Tax-exempt securities1,544  7,681  3,577  2,810  15,612  
Total debt securities carried at fair value$28,131  $55,109  $139,813  $62,324  $285,377  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $4 $559,586 $559,590 
U.S. Treasury and government agencies— — 109,408 — 109,408 
Other taxable securities234 863 326 7,912 9,335 
Total fair value of HTM debt securities$234 $863 $109,738 $567,498 $678,333 
(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.