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Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2021 and 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)December 31, 2021December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency$45,268 $1,257 $(186)$46,339 $59,518 $2,370 $(39)$61,849 
Agency-collateralized mortgage obligations3,331 74 (25)3,380 5,112 161 (13)5,260 
Commercial19,036 647 (79)19,604 15,470 1,025 (4)16,491 
Non-agency residential (1)
591 25 (33)583 899 127 (17)1,009 
Total mortgage-backed securities68,226 2,003 (323)69,906 80,999 3,683 (73)84,609 
U.S. Treasury and government agencies197,853 1,610 (318)199,145 114,157 2,236 (13)116,380 
Non-U.S. securities11,933 — — 11,933 14,009 15 (7)14,017 
Other taxable securities2,725 39 (3)2,761 2,656 61 (6)2,711 
Tax-exempt securities15,155 317 (39)15,433 16,417 389 (32)16,774 
Total available-for-sale debt securities 295,892 3,969 (683)299,178 228,238 6,384 (131)234,491 
Other debt securities carried at fair value (2)
8,873 105 (83)8,895 11,720 429 (39)12,110 
Total debt securities carried at fair value304,765 4,074 (766)308,073 239,958 6,813 (170)246,601 
Held-to-maturity debt securities
Agency mortgage-backed securities553,721 3,855 (10,366)547,210 414,289 9,768 (36)424,021 
U.S. Treasury and government agencies111,859 254 (2,395)109,718 16,084 — (71)16,013 
Other taxable securities9,011 147 (196)8,962 7,906 327 (87)8,146 
Total held-to-maturity debt securities674,591 4,256 (12,957)665,890 438,279 10,095 (194)448,180 
Total debt securities (3,4)
$979,356 $8,330 $(13,723)$973,963 $678,237 $16,908 $(364)$694,781 
(1)At December 31, 2021 and 2020, the underlying collateral type included approximately 21 percent and 37 percent prime, 0 percent and 2 percent Alt-A and 79 percent 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 20 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $111.9 billion and $65.5 billion at December 31, 2021 and 2020.
(4)The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $345.3 billion and $205.3 billion, and a fair value of $342.5 billion and $202.4 billion at December 31, 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.
At December 31, 2021, the accumulated net unrealized gain on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.5 billion, net of the related income tax expense of $817 million. At December 31, 2021 and 2020, nonperforming AFS debt securities held by the Corporation were insignificant.
At December 31, 2021 and 2020, the Corporation had $268.5 billion and $200.0 billion in AFS debt securities, which were primarily U.S. agency and U.S. Treasury securities that have a zero credit loss assumption. For the remaining $30.7 billion and $34.5 billion in AFS debt securities at December 31, 2021 and 2020, the amount of ECL was insignificant. Substantially all of the Corporation's HTM debt securities consist of U.S. agency and U.S. Treasury securities and have a zero credit loss assumption.
At December 31, 2021 and 2020, the Corporation held equity securities at an aggregate fair value of $513 million and $769 million and other equity securities, as valued under the
measurement alternative, at a carrying value of $266 million and $240 million, both of which are included in other assets. At December 31, 2021 and 2020, the Corporation also held money market investments at a fair value of $707 million and $1.6 billion, which are included in time deposits placed and other short-term investments.
The gross realized gains and losses on sales of AFS debt securities for 2021, 2020 and 2019 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
(Dollars in millions)202120202019
Gross gains$49 $423 $336 
Gross losses(27)(12)(119)
Net gains on sales of AFS debt securities$22 $411 $217 
Income tax expense attributable to realized net gains on sales of AFS debt securities
$5 $103 $54 
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 December 31, 2021 and 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)December 31, 2021
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$11,733 $(166)$815 $(20)$12,548 $(186)
Agency-collateralized mortgage obligations1,427 (22)122 (3)1,549 (25)
Commercial3,451 (41)776 (38)4,227 (79)
Non-agency residential241 (13)174 (20)415 (33)
Total mortgage-backed securities16,852 (242)1,887 (81)18,739 (323)
U.S. Treasury and government agencies103,307 (272)4,850 (46)108,157 (318)
Other taxable securities— — 82 (3)82 (3)
Tax-exempt securities502 (16)109 (23)611 (39)
Total AFS debt securities in a continuous
   unrealized loss position		$120,661 $(530)$6,928 $(153)$127,589 $(683)
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 $(131)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other ABS are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$5 5.00 %$49 4.63 %$45,214 3.11 %$45,268 3.11 %
Agency-collateralized mortgage obligations— — — — 20 2.50 3,311 2.91 3,331 2.91 
Commercial363 2.30 10,123 2.48 6,285 1.79 2,278 1.87 19,049 2.18 
Non-agency residential— — — — — — 1,112 6.43 1,112 6.43 
Total mortgage-backed securities363 2.30 10,128 2.48 6,354 1.81 51,915 3.11 68,760 2.89 
U.S. Treasury and government agencies6,564 1.22 39,875 1.80 151,962 1.20 27 2.61 198,428 1.32 
Non-U.S. securities18,645 0.20 1,045 3.61 — — 7 9.15 19,697 0.38 
Other taxable securities562 1.49 1,646 1.97 308 2.04 209 1.76 2,725 1.86 
Tax-exempt securities2,485 1.06 6,520 1.42 3,105 1.81 3,045 1.46 15,155 1.45 
Total amortized cost of debt securities carried at fair value
$28,619 0.56 $59,214 1.89 $161,729 1.23 $55,203 3.02 $304,765 1.62 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$4 2.00 %$553,717 2.13 %$553,721 2.13 %
U.S. Treasury and government agencies— — — — 111,859 1.35 — — 111,859 1.35 
Other taxable securities37 5.31 1,035 2.21 473 2.66 7,466 2.51 9,011 2.50 
Total amortized cost of HTM debt securities$37 5.31 $1,035 2.21 $112,336 1.35 $561,183 2.13 $674,591 2.00 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $5  $53  $46,281  $46,339  
Agency-collateralized mortgage obligations—  —  20  3,360  3,380  
Commercial366  10,562  6,379  2,310  19,617  
Non-agency residential—  4  —  1,164  1,168  
Total mortgage-backed securities366 10,571 6,452 53,115 70,504 
U.S. Treasury and government agencies6,614 40,912 152,168 26 199,720 
Non-U.S. securities18,599  1,046  —  7  19,652  
Other taxable securities566  1,676  310  212  2,764  
Tax-exempt securities2,489  6,660  3,223  3,061  15,433  
Total debt securities carried at fair value$28,634  $60,865  $162,153  $56,421  $308,073  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $4 $547,206 $547,210 
U.S. Treasury and government agencies— — 109,718 — 109,718 
Other taxable securities371,060 4837,382 8,962 
Total fair value of HTM debt securities$37 $1,060 $110,205 $554,588 $665,890 
(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.