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Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities 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 March 31, 2023 and December 31, 2022.
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)March 31, 2023December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency$24,726 $5 $(1,479)$23,252 $25,204 $5 $(1,767)$23,442 
Agency-collateralized mortgage obligations2,235 — (200)2,035 2,452 — (231)2,221 
Commercial6,890 31 (481)6,440 6,894 28 (515)6,407 
Non-agency residential (1)
459 3 (55)407 461 15 (90)386 
Total mortgage-backed securities34,310 39 (2,215)32,134 35,011 48 (2,603)32,456 
U.S. Treasury and government agencies102,943 2 (1,438)101,507 160,773 18 (1,769)159,022 
Non-U.S. securities13,161 5 (46)13,120 13,455 4 (52)13,407 
Other taxable securities4,830 1 (85)4,746 4,728 1 (84)4,645 
Tax-exempt securities11,105 25 (227)10,903 11,518 19 (279)11,258 
Total available-for-sale debt securities166,349 72 (4,011)162,410 225,485 90 (4,787)220,788 
Other debt securities carried at fair value (2)
10,081 63 (44)10,100 8,986 376 (156)9,206 
Total debt securities carried at fair value176,430 135 (4,055)172,510 234,471 466 (4,943)229,994 
Held-to-maturity debt securities
Agency mortgage-backed securities494,998 — (80,664)414,334 503,233 — (87,319)415,914 
U.S. Treasury and government agencies121,609 — (17,511)104,098 121,597 — (20,259)101,338 
Other taxable securities7,921 — (901)7,020 8,033 — (1,018)7,015 
Total held-to-maturity debt securities624,528 — (99,076)525,452 632,863 — (108,596)524,267 
Total debt securities (3,4)
$800,958 $135 $(103,131)$697,962 $867,334 $466 $(113,539)$754,261 
(1)At both March 31, 2023 and December 31, 2022, the underlying collateral type included approximately 17 percent prime and 83 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 $174.4 billion and $104.5 billion at March 31, 2023 and December 31, 2022.
(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 $285.7 billion and $174.0 billion, and a fair value of $238.6 billion and $144.2 billion at March 31, 2023, and an amortized cost of $290.5 billion and $176.7 billion, and a fair value of $239.6 billion and $144.6 billion at December 31, 2022.
At March 31, 2023, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.9 billion, net of the related income tax benefit of $985 million. At March 31, 2023 and December 31, 2022, nonperforming AFS debt securities held by the Corporation were not significant.
At March 31, 2023 and December 31, 2022, $759.7 billion and $826.5 billion of AFS and HTM debt securities, which were largely U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. The ECL on the remaining $31.2 billion and $31.8 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.
At March 31, 2023 and December 31, 2022, the Corporation held equity securities at an aggregate fair value of $574 million and $581 million and other equity securities, as
valued under the measurement alternative, at a carrying value of $354 million and $340 million, both of which are included in other assets. At March 31, 2023 and December 31, 2022, the Corporation also held money market investments at a fair value of $921 million and $868 million, 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 the three months ended March 31, 2023 and 2022 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended March 31
(Dollars in millions)20232022
Gross gains$96 $37 
Gross losses(306)(30)
   Net gains (losses) on sales of AFS debt securities$(210)$7 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$(53)$2 
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 March 31, 2023 and December 31, 2022.
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)March 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$10,106 $(323)$12,900 $(1,156)$23,006 $(1,479)
Agency-collateralized mortgage obligations130 (7)1,873 (193)2,003 (200)
Commercial1,411 (40)3,741 (441)5,152 (481)
Non-agency residential60 (6)334 (49)394 (55)
Total mortgage-backed securities11,707 (376)18,848 (1,839)30,555 (2,215)
U.S. Treasury and government agencies2,230 (74)99,047 (1,364)101,277 (1,438)
Non-U.S. securities5,159 (28)646 (18)5,805 (46)
Other taxable securities2,265 (29)2,037 (56)4,302 (85)
Tax-exempt securities783 (13)2,302 (214)3,085 (227)
Total AFS debt securities in a continuous
   unrealized loss position		$22,144 $(520)$122,880 $(3,491)$145,024 $(4,011)
December 31, 2022
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$18,759 $(1,118)$4,437 $(649)$23,196 $(1,767)
Agency-collateralized mortgage obligations1,165 (96)1,022 (135)2,187 (231)
Commercial3,273 (150)2,258 (365)5,531 (515)
Non-agency residential264 (65)97 (25)361 (90)
Total mortgage-backed securities23,461 (1,429)7,814 (1,174)31,275 (2,603)
U.S. Treasury and government agencies36,730 (308)118,636 (1,461)155,366 (1,769)
Non-U.S. securities9,399 (34)756 (18)10,155 (52)
Other taxable securities2,036 (16)1,580 (68)3,616 (84)
Tax-exempt securities607 (28)2,849 (251)3,456 (279)
Total AFS debt securities in a continuous
   unrealized loss position		$72,233 $(1,815)$131,635 $(2,972)$203,868 $(4,787)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2023 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$3 5.67 %$54 4.91 %$24,669 3.36 %$24,726 3.36 %
Agency-collateralized mortgage obligations— — 6 2.67 — — 2,229 2.77 2,235 2.77 
Commercial14 1.93 789 3.07 4,555 2.22 1,545 2.24 6,903 2.32 
Non-agency residential— — — — — — 741 9.63 741 9.63 
Total mortgage-backed securities14 1.93 798 3.08 4,609 2.25 29,184 3.41 34,605 3.25 
U.S. Treasury and government agencies1,914 3.36 57,616 2.93 44,698 2.36 38 3.63 104,266 2.69 
Non-U.S. securities18,460 3.20 2,905 4.79 71 7.57 188 7.31 21,624 3.47 
Other taxable securities1,341 5.16 2,829 5.44 453 3.72 207 4.39 4,830 5.16 
Tax-exempt securities670 3.07 4,679 3.67 1,919 3.83 3,837 4.16 11,105 3.83 
Total amortized cost of debt securities carried at fair value
$22,399 3.33 $68,827 3.17 $51,750 2.42 $33,454 3.53 $176,430 3.04 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$13 2.77 %$494,985 2.12 %$494,998 2.12 %
U.S. Treasury and government agencies— — 4,548 1.80 117,061 1.37 — — 121,609 1.39 
Other taxable securities39 9.16 1,289 2.43 273 3.28 6,320 2.48 7,921 2.53 
Total amortized cost of HTM debt securities$39 9.16 $5,837 1.94 $117,347 1.37 $501,305 2.12 $624,528 1.98 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $3  $54  $23,195  $23,252  
Agency-collateralized mortgage obligations—  6  —  2,029  2,035  
Commercial14  770  4,334  1,334  6,452  
Non-agency residential—  2  —  705  707  
Total mortgage-backed securities14 781 4,388 27,263 32,446 
U.S. Treasury and government agencies1,911 56,952 43,932 35 102,830 
Non-U.S. securities18,457  2,869  71  185  21,582  
Other taxable securities1,337  2,795  418  199  4,749  
Tax-exempt securities669  4,661  1,907  3,666  10,903  
Total debt securities carried at fair value$22,388  $68,058  $50,716  $31,348  $172,510  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $12 $414,322 $414,334 
U.S. Treasury and government agencies— 4,235 99,863 — 104,098 
Other taxable securities38 1,217 261 5,504 7,020 
Total fair value of HTM debt securities$38 $5,452 $100,136 $419,826 $525,452 
(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.