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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense for 2023, 2022 and 2021 are presented in the table below.
Income Tax Expense
(Dollars in millions)202320222021
Current income tax expense   
U.S. federal$1,361 $1,157 $1,076 
U.S. state and local559 389 775 
Non-U.S. 1,918 1,156 985 
Total current expense3,838 2,702 2,836 
Deferred income tax expense   
U.S. federal(2,241)110 962 
U.S. state and local(53)254 491 
Non-U.S. 283 375 (2,291)
Total deferred expense(2,011)739 (838)
Total income tax expense$1,827 $3,441 $1,998 
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of the expected U.S. federal income tax expense, calculated by applying the federal statutory tax rate, to the Corporation’s actual income tax expense, and the effective tax rates for 2023, 2022 and 2021 are presented in the following table.
Reconciliation of Income Tax Expense
 AmountPercentAmountPercentAmountPercent
(Dollars in millions)202320222021
Expected U.S. federal income tax expense$5,952 21.0 %$6,504 21.0 %$7,135 21.0 %
Increase (decrease) in taxes resulting from:
State tax expense, net of federal benefit475 1.7 756 2.4 1,087 3.2 
Affordable housing/energy/other credits(4,920)(17.4)(3,698)(11.9)(3,795)(11.2)
Tax-exempt income, including dividends(373)(1.3)(273)(0.9)(352)(1.0)
Tax law changes(137)(0.5)186 0.6 (2,050)(6.0)
Changes in prior-period UTBs, including interest(26)(0.1)(273)(0.9)(155)(0.5)
Rate differential on non-U.S. earnings601 2.1 368 1.2 45 0.1 
Nondeductible expenses367 1.3 352 1.1 206 0.6 
Other(112)(0.4)(481)(1.5)(123)(0.3)
Total income tax expense $1,827 6.4 %$3,441 11.1 %$1,998 5.9 %
Reconciliation of Change in Unrecognized Tax Benefits
The reconciliation of the beginning unrecognized tax benefits (UTB) balance to the ending balance is presented in the table below.
Reconciliation of the Change in Unrecognized Tax Benefits
(Dollars in millions)202320222021
Balance, January 1$1,056 $1,322 $1,340 
Increases related to positions taken during the current year
76 121 208 
Increases related to positions taken during prior years (1)
139 167 265 
Decreases related to positions taken during prior years (1)
(32)(289)(413)
Settlements(380)(99)(23)
Expiration of statute of limitations(48)(166)(55)
Balance, December 31$811 $1,056 $1,322 
(1)    The sum of the positions taken during prior years differs from the $(26) million, $(273) million and $(155) million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table.
Summary of Income Tax Examinations The table below summarizes the status of examinations by major jurisdiction for the Corporation and various subsidiaries at December 31, 2023.
Tax Examination Status
Years under
Examination (1)
Status at
December 31, 2023
United States2017-2021Field Examination
California2015-2017Field Examination
California2018-2021To begin in 2024
New York2019-2021Field Examination
United Kingdom (2)
2021Field Examination
(1)    All tax years subsequent to the years shown remain subject to examination.
(2) Field examination for tax year 2022 to begin in 2024.
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2023 and 2022 are presented in the following table.
Deferred Tax Assets and Liabilities
 December 31
(Dollars in millions)20232022
Deferred tax assets  
Tax attribute carryforwards (1)
$11,084 $9,798 
Security, loan and debt valuations (2)
3,991 5,748 
Allowance for credit losses3,518 3,503 
Lease liability2,328 2,443 
Employee compensation and retirement benefits1,698 1,625 
Accrued expenses1,640 1,143 
Other1,475 1,371 
Gross deferred tax assets25,734 25,631 
Valuation allowance(2,108)(2,133)
Total deferred tax assets, net of valuation
   allowance		23,626 23,498 
  
Deferred tax liabilities
Equipment lease financing2,488 2,432 
Right-of-use asset2,180 2,303 
Tax credit investments1,884 1,759 
Fixed Assets789 1,200 
Other1,913 2,459 
Gross deferred tax liabilities9,254 10,153 
Net deferred tax assets$14,372 $13,345 
(1)Includes both net operating loss and tax credit carryforwards.
(2)Includes AFS debt securities.
Schedule of Operating Loss Carryforwards
The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2023.
Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets
(Dollars in millions)Deferred
Tax Asset		Valuation
Allowance		Net
Deferred
Tax Asset		First Year
Expiring
Net operating losses - U.K. (1)
$7,588 $— $7,588 None
Net operating losses - other non-U.S. 
235 (44)191 Various
Net operating losses - U.S. states (2)
807 (471)336 Various
General business credits1,557 — 1,557 Various
Foreign tax credits897 (897)— After 2028
(1)Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely.
(2)The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.0 billion and $597 million.
Summary of Tax Credit Carryforwards
The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2023.
Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets
(Dollars in millions)Deferred
Tax Asset		Valuation
Allowance		Net
Deferred
Tax Asset		First Year
Expiring
Net operating losses - U.K. (1)
$7,588 $— $7,588 None
Net operating losses - other non-U.S. 
235 (44)191 Various
Net operating losses - U.S. states (2)
807 (471)336 Various
General business credits1,557 — 1,557 Various
Foreign tax credits897 (897)— After 2028
(1)Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely.
(2)The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.0 billion and $597 million.