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Securities
 12 Months Ended
Dec. 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 AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2023 and 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)December 31, 2023December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency$39,195 $37 $(1,420)$37,812 $25,204 $5 $(1,767)$23,442 
Agency-collateralized mortgage obligations2,739 6 (201)2,544 2,452 — (231)2,221 
Commercial10,909 40 (514)10,435 6,894 28 (515)6,407 
Non-agency residential (1)
449 3 (70)382 461 15 (90)386 
Total mortgage-backed securities53,292 86 (2,205)51,173 35,011 48 (2,603)32,456 
U.S. Treasury and government agencies179,108 19 (1,461)177,666 160,773 18 (1,769)159,022 
Non-U.S. securities22,868 27 (20)22,875 13,455 4 (52)13,407 
Other taxable securities4,910 1 (76)4,835 4,728 1 (84)4,645 
Tax-exempt securities10,304 17 (221)10,100 11,518 19 (279)11,258 
Total available-for-sale debt securities270,482 150 (3,983)266,649 225,485 90 (4,787)220,788 
Other debt securities carried at fair value (2)
10,202 56 (55)10,203 8,986 376 (156)9,206 
Total debt securities carried at fair value280,684 206 (4,038)276,852 234,471 466 (4,943)229,994 
Held-to-maturity debt securities
Agency mortgage-backed securities465,456 — (78,930)386,526 503,233 — (87,319)415,914 
U.S. Treasury and government agencies121,645 — (17,963)103,682 121,597 — (20,259)101,338 
Other taxable securities7,490 — (1,101)6,389 8,033 — (1,018)7,015 
Total held-to-maturity debt securities594,591 — (97,994)496,597 632,863 — (108,596)524,267 
Total debt securities (3,4)
$875,275 $206 $(102,032)$773,449 $867,334 $466 $(113,539)$754,261 
(1)At both December 31, 2023 and 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 20 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $204.9 billion and $104.5 billion at December 31, 2023 and 2022.
(4)The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $272.5 billion and $171.5 billion, and a fair value of $226.4 billion and $142.3 billion at December 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 December 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 $2.8 billion, net of the related income tax benefit of $960 million. At December 31, 2023 and 2022, nonperforming AFS debt securities held by the Corporation were not significant.
At December 31, 2023 and 2022, $824.9 billion and $826.5 billion of AFS and HTM debt securities, which were predominantly U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. For the same periods, the ECL on the remaining $40.2 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.
At December 31, 2023 and 2022, the Corporation held equity securities at an aggregate fair value of $251 million and $581 million and other equity securities, as valued under the
measurement alternative, at a carrying value of $377 million and $340 million, both of which are included in other assets. At December 31, 2023 and 2022, the Corporation also held money market investments at a fair value of $1.2 billion 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 2023, 2022 and 2021 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
(Dollars in millions)202320222021
Gross gains$109 $1,251 $49 
Gross losses(514)(1,219)(27)
Net gains (losses) on sales of AFS debt securities$(405)$32 $22 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$(101)$8 $5 
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, 2023 and 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)December 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$8,624 $(21)$20,776 $(1,399)$29,400 $(1,420)
Agency-collateralized mortgage obligations— — 1,701 (201)1,701 (201)
Commercial2,363 (27)4,588 (487)6,951 (514)
Non-agency residential— — 370 (70)370 (70)
Total mortgage-backed securities10,987 (48)27,435 (2,157)38,422 (2,205)
U.S. Treasury and government agencies14,907 (12)69,669 (1,449)84,576 (1,461)
Non-U.S. securities7,702 (8)1,524 (12)9,226 (20)
Other taxable securities3,269 (19)1,437 (57)4,706 (76)
Tax-exempt securities466 (5)2,106 (216)2,572 (221)
Total AFS debt securities in a continuous
   unrealized loss position		$37,331 $(92)$102,171 $(3,891)$139,502 $(3,983)
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 $(4,787)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2023 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other ABS are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$4 4.00 %$8 3.38 %$39,183 4.66 %$39,195 4.66 %
Agency-collateralized mortgage obligations— — — — — — 2,739 3.39 2,739 3.39 
Commercial— — 1,759 6.18 7,475 4.59 1,688 2.61 10,922 4.54 
Non-agency residential— — — — — — 732 10.48 732 10.48 
Total mortgage-backed securities— — 1,763 6.17 7,483 4.59 44,342 4.60 53,588 4.65 
U.S. Treasury and government agencies79,257 5.29 86,631 3.39 14,868 2.72 42 3.90 180,798 4.17 
Non-U.S. securities19,138 3.96 6,546 1.82 4,203 5.49 1,197 5.07 31,084 3.76 
Other taxable securities422 6.09 3,995 6.14 377 4.30 116 3.27 4,910 5.93 
Tax-exempt securities1,801 4.53 3,698 3.62 873 3.11 3,932 4.17 10,304 3.94 
Total amortized cost of debt securities carried at fair value
$100,618 5.03 $102,633 3.45 $27,804 3.68 $49,629 4.57 $280,684 4.24 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$12 2.67 %$465,444 2.12 %$465,456 2.12 %
U.S. Treasury and government agencies— — 4,563 1.80 117,082 1.38 — — 121,645 1.40 
Other taxable securities58 1.85 1,240 2.57 253 3.28 5,939 2.49 7,490 2.52 
Total amortized cost of HTM debt securities$58 1.85 $5,803 1.96 $117,347 1.38 $471,383 2.12 $594,591 1.97 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $4  $8  $37,800  $37,812  
Agency-collateralized mortgage obligations—  —  —  2,544  2,544  
Commercial1  1,720  7,260  1,465  10,446  
Non-agency residential—  2  —  660  662  
Total mortgage-backed securities1 1,726 7,268 42,469 51,464 
U.S. Treasury and government agencies79,268 85,674 14,374 40 179,356 
Non-U.S. securities19,138  6,554  4,204  1,198  31,094  
Other taxable securities419  3,966  346  107  4,838  
Tax-exempt securities1,797  3,687  855  3,761  10,100  
Total debt securities carried at fair value$100,623  $101,607  $27,047  $47,575  $276,852  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $11 $386,515 $386,526 
U.S. Treasury and government agencies— 4,279 99,403 — 103,682 
Other taxable securities57 1,177 194 4,961 6,389 
Total fair value of HTM debt securities$57 $5,456 $99,608 $391,476 $496,597 
(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.