Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Table 12.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis.

Table 12.1: Fair Value on a Recurring Basis


	September 30, 2024							December 31, 2023
(in millions)	Level 1		Level 2		Level 3	Total		Level 1	Level 2	Level 3	Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies	$	38,916	3,973		—	42,889		32,178	3,027	—	35,205
Collateralized loan obligations	—		931		76	1,007		—	762	64	826
Corporate debt securities	—		17,135		55	17,190		—	12,859	82	12,941
Federal agency mortgage-backed securities	—		52,326		—	52,326		—	42,944	—	42,944
Non-agency mortgage-backed securities	—		1,611		4	1,615		—	1,477	10	1,487
Other debt securities	—		5,648		2	5,650		—	3,898	1	3,899
Total trading debt securities	38,916		81,624		137	120,677		32,178	64,967	157	97,302
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	28,956		—		—	28,956		45,467	—	—	45,467

Securities of U.S. states and political subdivisions	—		12,633		19	12,652		—	20,009	57	20,066
Federal agency mortgage-backed securities	—		120,092		—	120,092		—	59,578	—	59,578
Non-agency mortgage-backed securities	—		1,952		—	1,952		—	2,748	1	2,749
Collateralized loan obligations	—		1,725		—	1,725		—	1,533	—	1,533
Other debt securities	—		444		183	627		—	892	163	1,055
Total available-for-sale debt securities	28,956		136,846		202	166,004		45,467	84,760	221	130,448
Loans held for sale	—		5,449		233	5,682		—	2,444	448	2,892
Mortgage servicing rights (residential)	—		—		6,544	6,544		—	—	7,468	7,468
Derivative assets (gross):
Interest rate contracts	170		24,750		1,501	26,421		195	31,434	816	32,445
Commodity contracts	—		2,434		14	2,448		—	2,723	18	2,741
Equity contracts	97		16,277		161	16,535		71	13,041	193	13,305
Foreign exchange contracts	—		27,594		63	27,657		—	24,730	37	24,767
Credit contracts	—		88		5	93		—	74	39	113

Total derivative assets (gross)	267		71,143		1,744	73,154		266	72,002	1,103	73,371
Equity securities	17,493		4,812		56	22,361		10,849	8,949	43	19,841
Other assets	—		—		107	107		—	—	49	49
Total assets prior to derivative netting	$	85,632	299,874		9,023	394,529		88,760	233,122	9,489	331,371
Derivative netting (1)						(55,433)					(55,148)
Total assets after derivative netting						$	339,096				276,223
Derivative liabilities (gross):
Interest rate contracts	$	(158)	(24,552)		(2,970)	(27,680)		(201)	(32,298)	(4,383)	(36,882)
Commodity contracts	—		(2,310)		(13)	(2,323)		—	(2,719)	(27)	(2,746)
Equity contracts	(46)		(14,940)		(1,490)	(16,476)		(35)	(12,108)	(1,667)	(13,810)
Foreign exchange contracts	—		(29,466)		(14)	(29,480)		—	(27,138)	(19)	(27,157)
Credit contracts	—		(42)		(4)	(46)		—	(39)	(5)	(44)

Total derivative liabilities (gross)	(204)		(71,310)		(4,491)	(76,005)		(236)	(74,302)	(6,101)	(80,639)






Short-sale and other liabilities	(22,743)		(7,203)		(63)	(30,009)		(19,695)	(5,776)	(83)	(25,554)
Interest-bearing deposits	—		(1,087)		—	(1,087)		—	(1,297)	—	(1,297)
Long-term debt	—		(3,774)		—	(3,774)		—	(2,308)	—	(2,308)
Total liabilities prior to derivative netting	$	(22,947)	$	(83,374)	(4,554)	(110,875)		(19,931)	(83,683)	(6,184)	(109,798)
Derivative netting (1)						64,615					62,144
Total liabilities after derivative netting						$	(46,260)				(47,654)

(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level counterparty valuation adjustments. See Note 11 (Derivatives) for additional information.

Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis

Table 12.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis.

Table 12.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis


										Net unrealized gains (losses) related to assets and liabilities held at period end
(in millions)	Balance, beginning of period		Net gains/(losses) (1)	Purchases (2)	Sales	Settlements	Transfers into Level 3 (3)	Transfers out of Level 3 (4)	Balance, end of period		(5)
Quarter ended September 30, 2024
Trading debt securities	$	166	(15)	10	(42)	4	16	(2)	137	(11)	(6)
Available-for-sale debt securities	187		11	5	—	(2)	1	—	202	10	(6)
Loans held for sale	222		5	17	(23)	(21)	48	(15)	233	4	(7)
Mortgage servicing rights (residential) (8)	7,061		(529)	22	(10)	—	—	—	6,544	(294)	(7)
Net derivative assets and liabilities:
Interest rate contracts	(4,588)		2,317	—	—	810	(8)	—	(1,469)	3,000
Equity contracts	(1,299)		(168)	—	—	205	(106)	39	(1,329)	(64)
Other derivative contracts	20		111	7	(1)	(82)	(4)	—	51	59
Total derivative contracts	(5,867)		2,260	7	(1)	933	(118)	39	(2,747)	2,995	(9)
Equity securities	53		3	7	(7)	—	—	—	56	2	(6)
Other assets and liabilities	97		(54)	—	1	—	—	—	44	(54)	(10)
Quarter ended September 30, 2023
Trading debt securities	$	132	12	5	(8)	(3)	22	(24)	136	1	(6)
Available-for-sale debt securities	230		15	33	(32)	(3)	49	—	292	(10)	(6)
Loans held for sale	486		(5)	53	(38)	(37)	28	(6)	481	(13)	(7)
Mortgage servicing rights (residential) (8)	8,251		221	36	(51)	—	—	—	8,457	511	(7)
Net derivative assets and liabilities:
Interest rate contracts	(5,638)		(2,019)	—	—	813	(37)	8	(6,873)	(1,350)
Equity contracts	(1,381)		5	—	—	68	(25)	79	(1,254)	50
Other derivative contracts	(1)		(32)	6	(1)	17	—	(2)	(13)	(13)
Total derivative contracts	(7,020)		(2,046)	6	(1)	898	(62)	85	(8,140)	(1,313)	(9)
Equity securities	27		17	7	(6)	—	1	—	46	14	(6)
Other assets and liabilities	(58)		105	—	—	—	—	—	47	105	(10)
Nine months ended September 30, 2024
Trading debt securities	$	157	(12)	135	(181)	(8)	64	(18)	137	(11)	(6)
Available-for-sale debt securities	221		7	20	—	(17)	1	(30)	202	8	(6)
Loans held for sale	448		2	110	(118)	(74)	105	(240)	233	1	(7)
Mortgage servicing rights (residential) (8)	7,468		(678)	61	(307)	—	—	—	6,544	17	(7)
Net derivative assets and liabilities:
Interest rate contracts	(3,567)		(152)	—	—	2,258	(8)	—	(1,469)	1,709
Equity contracts	(1,474)		(440)	—	—	557	(150)	178	(1,329)	(30)
Other derivative contracts	43		219	9	(3)	(215)	(4)	2	51	12
Total derivative contracts	(4,998)		(373)	9	(3)	2,600	(162)	180	(2,747)	1,691	(9)
Equity securities	43		12	16	(15)	—	—	—	56	10	(6)

Other assets and liabilities	(34)		78	—	—	—	—	—	44	78	(10)
Nine months ended September 30, 2023
Trading debt securities	$	185	5	112	(156)	(7)	77	(80)	136	(9)	(6)
Available-for-sale debt securities	276		(9)	109	(32)	(13)	304	(343)	292	(28)	(6)
Loans held for sale	793		(5)	220	(267)	(102)	93	(251)	481	(27)	(7)
Mortgage servicing rights (residential) (8)	9,310		(334)	131	(650)	—	—	—	8,457	602	(7)
Net derivative assets and liabilities:
Interest rate contracts	(2,582)		(4,594)	1	(1)	1,748	(1,467)	22	(6,873)	(3,082)
Equity contracts	(1,224)		(458)	—	—	402	(80)	106	(1,254)	(48)
Other derivative contracts	9		(95)	12	(3)	68	(2)	(2)	(13)	(67)
Total derivative contracts	(3,797)		(5,147)	13	(4)	2,218	(1,549)	126	(8,140)	(3,197)	(9)
Equity securities	20		1	11	(9)	—	23	—	46	3	(6)
Other assets and liabilities	(167)		214	—	—	—	—	—	47	214	(10)

(1)All amounts represent net gains (losses) included in net income except for AFS debt securities and other assets and liabilities which also included net gains (losses) in other comprehensive income. Net gains (losses) included in other comprehensive income for AFS debt securities were $10 million and $8 million for the third quarter and first nine months of 2024, respectively, and $(9) million and $(28) million for the third quarter and first nine months of 2023, respectively. Net gains (losses) included in other comprehensive income for other assets and liabilities were $(10) million and $(20) million for the third quarter and first nine months of 2024, respectively, and $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively.

(2)Includes originations of mortgage servicing rights and loans held for sale.

(3)All assets and liabilities transferred into Level 3 were previously classified within Level 2.

(4)All assets and liabilities transferred out of Level 3 are classified as Level 2.

(5)All amounts represent net unrealized gains (losses) related to assets and liabilities held at period end included in net income except for AFS debt securities and other assets and liabilities which also included net unrealized gains (losses) related to assets and liabilities held at period end in other comprehensive income. Net unrealized gains (losses) included in other comprehensive income for AFS debt securities were $10 million for both the third quarter and first nine months of 2024, and $(8) million and $(25) million for the third quarter and first nine months of 2023, respectively. Net unrealized gains (losses) included in other comprehensive income for other assets and liabilities were $(10) million and $(20) million for the third quarter and first nine months of 2024, respectively, and $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively.

(6)Included in net gains from trading and securities on our consolidated statement of income.

(7)Included in mortgage banking income on our consolidated statement of income.

(8)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).

(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income on our consolidated statement of income.

(10)Included in other noninterest income on our consolidated statement of income.

Valuation Techniques – Recurring Basis

Table 12.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.

The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not

provided by the vendor (for additional information on vendor-developed valuations, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K).

Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.

Table 12.3: Valuation Techniques – Recurring Basis


($ in millions, except cost to service amounts)	Fair Value Level 3			Valuation Technique	Significant Unobservable Input	Range of Inputs					Weighted Average
September 30, 2024
Trading and available-for-sale debt securities	$	19		Discounted cash flow	Discount rate	2.5		-	6.5	%	3.5

	137			Market comparable pricing	Comparability adjustment	(33.5)		-	56.5		25.0

	183			Market comparable pricing	Multiples	1.0x		-	13.6x		5.4x
Loans held for sale	159			Discounted cash flow	Default rate	0.0		-	30.1	%	1.7
					Discount rate	0.8		-	17.8		8.6
					Loss severity	0.0		-	59.4		17.6
					Prepayment rate	2.3		-	15.8		11.4
	74			Market comparable pricing	Comparability adjustment	(2.8)		-	1.6		0.0
Mortgage servicing rights (residential)	6,544			Discounted cash flow	Cost to service per loan (1)	$	59	-	457		104
					Discount rate	8.8		-	14.9	%	9.6
					Prepayment rate (2)	7.3		-	21.0		8.5
Net derivative assets and (liabilities):
Interest rate contracts	(1,465)			Discounted cash flow	Discount rate	3.3		-	4.7		3.7
	(16)			Discounted cash flow	Default rate	0.4		-	1.1		0.5
					Loss severity	50.0		-	50.0		50.0

Interest rate contracts: derivative loan commitments	12			Discounted cash flow	Fall-out factor	1.0		-	99.0		28.2
					Initial-value servicing	(34.9)		-	141.0	bps	(6.8)
Equity contracts	(811)			Discounted cash flow	Conversion factor	(1.9)		-	0.0	%	(1.5)
					Weighted average life	1.3		-	4.3	yrs	2.3
	(518)			Option model	Correlation factor	(70.0)		-	99.0	%	67.8
					Volatility factor	6.5		-	120.0		39.9
Insignificant Level 3 assets, net of liabilities	151
Total Level 3 assets, net of liabilities	$	4,469	(3)
December 31, 2023
Trading and available-for-sale debt securities	$	60		Discounted cash flow	Discount rate	2.7		-	7.3	%	4.7
	157			Market comparable pricing	Comparability adjustment	(27.1)		-	20.1		(1.9)

	161			Market comparable pricing	Multiples	1.2x		-	10.3x		5.6x
Loans held for sale	359			Discounted cash flow	Default rate	0.0		-	28.0	%	1.1
					Discount rate	1.7		-	15.4		9.8
					Loss severity	0.0		-	58.1		15.7
					Prepayment rate	2.6		-	12.1		10.6
	89			Market comparable pricing	Comparability adjustment	(6.4)		-	1.1		(1.1)
Mortgage servicing rights (residential)	7,468			Discounted cash flow	Cost to service per loan (1)	$	52	-	527		105
					Discount rate	8.9		-	13.9	%	9.4
					Prepayment rate (2)	7.3		-	24.3		8.9
Net derivative assets and (liabilities):
Interest rate contracts	(3,501)			Discounted cash flow	Discount rate	3.6		-	5.4		4.2
	(36)			Discounted cash flow	Default rate	0.4		-	5.0		1.2
					Loss severity	50.0		-	50.0		50.0
					Prepayment rate	22.0		-	22.0		22.0
Interest rate contracts: derivative loan commitments	(30)			Discounted cash flow	Fall-out factor	1.0		-	99.0		30.2
					Initial-value servicing	(5.5)		-	141.0	bps	10.0
Equity contracts	(1,020)			Discounted cash flow	Conversion factor	(6.9)		-	0.0	%	(6.4)
					Weighted average life	0.5		-	2.0	yrs	1.1
	(454)			Option model	Correlation factor	(67.0)		-	99.0	%	73.8
					Volatility factor	6.5		-	147.0		38.6






Insignificant Level 3 assets, net of liabilities	52
Total Level 3 assets, net of liabilities	$	3,305	(3)

(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $59 - $163 at September 30, 2024, and $52 - $167 at December 31, 2023.

(2)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

(3)Consists of total Level 3 assets of $9.0 billion and $9.5 billion and total Level 3 liabilities of $4.6 billion and $6.2 billion, before netting of derivative balances, at September 30, 2024, and December 31, 2023, respectively.

Fair Value on a Nonrecurring Basis

Table 12.4 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of September 30, 2024, and December 31, 2023, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2024, and the year ended December 31, 2023.

Table 12.4: Fair Value on a Nonrecurring Basis


	September 30, 2024				December 31, 2023
(in millions)	Level 2		Level 3	Total	Level 2	Level 3	Total
Loans held for sale (1)	$	461	271	732	326	297	623
Loans:
Commercial	1,118		—	1,118	1,565	—	1,565
Consumer	82		—	82	97	—	97
Total loans	1,200		—	1,200	1,662	—	1,662

Equity securities	1,048		1,479	2,527	2,086	2,354	4,440
Other assets	3,652		23	3,675	2,451	58	2,509
Total assets at fair value on a nonrecurring basis	$	6,361	1,773	8,134	6,525	2,709	9,234

(1)Consists of commercial mortgages and residential mortgage – first lien loans.

Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment

Table 12.5 presents the gains (losses) on certain assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods.

Table 12.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment


	Nine months ended September 30,
(in millions)	2024		2023
Loans held for sale	$	10	(33)
Loans:
Commercial	(786)		(329)
Consumer	(411)		(550)
Total loans	(1,197)		(879)

Equity securities (1)	(156)		(681)

Other assets (2)	450		(180)
Total	$	(893)	(1,773)

(1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative.

(2)Includes impairment of operating lease ROU assets, valuation of physical commodities, valuation losses on foreclosed real estate, and other collateral owned, and impairment of venture capital investments in consolidated portfolio companies.

Valuation Techniques – Nonrecurring Basis

Table 12.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis and determined using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for equity securities and venture capital and private equity investments in consolidated portfolio companies.

Table 12.6: Valuation Techniques – Nonrecurring Basis


($ in millions)	Fair Value Level 3		Valuation Technique (1)	Significant Unobservable Input (1)	Range of Inputs Positive (Negative)				Weighted Average
September 30, 2024
Loans held for sale	$	271	Discounted cash flow	Default rate	0.2	-	88.5	%	17.2
				Discount rate	2.8	-	12.8		5.2
				Loss severity	6.6	-	58.0		15.9
				Prepayment rate	2.3	-	33.7		12.4




Equity securities	1,009		Market comparable pricing	Multiples	1.0x	-	7.9x		2.2x

	470		Market comparable pricing	Comparability Adjustment	(100.0)	-	2.3	%	(40.3)





Insignificant Level 3 assets	23
Total	$	1,773
December 31, 2023
Loans held for sale	$	297	Discounted cash flow	Default rate	0.1	-	95.8	%	17.5
				Discount rate	3.0	-	13.2		5.8
				Loss severity	5.4	-	58.6		16.6
				Prepayment rate	2.1	-	33.8		11.8




Equity securities	1,721		Market comparable pricing	Multiples	0.7x	-	27.1x		8.4x

	591		Market comparable pricing	Comparability Adjustment	(100.0)	-	(11.5)	%	(42.9)
	42		Discounted cash flow	Discount rate	5.0	-	5.0		5.0




Insignificant Level 3 assets	58
Total	$	2,709

(1)See Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.

Fair Value Option

Table 12.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity.

Table 12.7: Fair Value Option


	September 30, 2024				December 31, 2023
(in millions)	Fair value carrying amount		Aggregate unpaid principal	Fair value carrying amount less aggregate unpaid principal	Fair value carrying amount	Aggregate unpaid principal	Fair value carrying amount less aggregate unpaid principal
Loans held for sale (1)	$	5,682	5,796	(114)	2,892	3,119	(227)
Interest-bearing deposits	(1,087)		(1,087)	—	(1,297)	(1,298)	1
Long-term debt (2)	(3,774)		(4,331)	557	(2,308)	(2,864)	556

(1)Nonaccrual loans and loans 90 days or more past due and still accruing included in LHFS for which we have elected the fair value option were insignificant at September 30, 2024, and December 31, 2023.

(2)Includes zero coupon notes for which the aggregate unpaid principal amount reflects the contractual principal due at maturity.

Gains (Losses) on Changes in Fair Value Included in Earnings

Table 12.8 reflects amounts included in earnings related to initial measurement and subsequent changes in fair value, by income statement line item, for assets and liabilities for which

the fair value option was elected. Amounts recorded in net interest income are excluded from the table below.

Table 12.8: Gains (Losses) on Changes in Fair Value Included in Earnings



	2024				2023
(in millions)	Mortgage banking noninterest income		Net gains from trading and securities	Other noninterest income	Mortgage banking noninterest income	Net gains from trading and securities	Other noninterest income
Quarter ended September 30,
Loans held for sale	$	65	13	—	30	8	(44)
Interest-bearing deposits	—		(6)	—	—	(4)	—
Long-term debt	—		(56)	—	—	10	—
Nine months ended September 30,
Loans held for sale	$	108	28	—	161	33	(48)
Interest-bearing deposits	—		(2)	—	—	(4)	—
Long-term debt	—		3	—	—	(11)	—

Fair Value Estimates for Financial Instruments

Table 12.9 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes.

Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in

Table 12.9. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $505 million and $575 million at September 30, 2024, and December 31, 2023, respectively.

The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company.

Table 12.9: Fair Value Estimates for Financial Instruments


			Estimated fair value
(in millions)	Carrying amount		Level 1	Level 2	Level 3	Total
September 30, 2024
Financial assets
Cash and due from banks (1)	$	33,530	33,530	—	—	33,530
Interest-earning deposits with banks (1)	152,016		151,638	378	—	152,016
Federal funds sold and securities purchased under resale agreements (1)	105,390		—	105,390	—	105,390
Held-to-maturity debt securities	243,151		2,261	206,496	2,959	211,716
Loans held for sale	1,593		—	1,265	377	1,642
Loans, net (2)	879,108		—	45,160	806,535	851,695
Equity securities (cost method)	3,916		—	—	4,003	4,003
Total financial assets	$	1,418,704	187,429	358,689	813,874	1,359,992
Financial liabilities
Deposits (3)	$	161,358	—	85,648	75,244	160,892
Short-term borrowings	111,629		—	111,630	—	111,630
Long-term debt (4)	178,225		—	180,614	2,323	182,937
Total financial liabilities	$	451,212	—	377,892	77,567	455,459
December 31, 2023
Financial assets
Cash and due from banks (1)	$	33,026	33,026	—	—	33,026
Interest-earning deposits with banks (1)	204,193		203,960	233	—	204,193
Federal funds sold and securities purchased under resale agreements (1)	80,456		—	80,456	—	80,456
Held-to-maturity debt securities	262,708		2,288	222,209	2,819	227,316
Loans held for sale	2,044		—	848	1,237	2,085
Loans, net (2)	905,764		—	52,127	818,358	870,485
Equity securities (cost method)	5,276		—	—	5,344	5,344
Total financial assets	$	1,493,467	239,274	355,873	827,758	1,422,905
Financial liabilities
Deposits (3)	$	190,970	—	127,738	62,372	190,110
Short-term borrowings	89,340		—	89,340	—	89,340
Long-term debt (4)	205,261		—	205,705	2,028	207,733
Total financial liabilities	$	485,571	—	422,783	64,400	487,183

(1)Amounts consist of financial instruments for which carrying value approximates fair value.

(2)Excludes lease financing with a carrying amount of $16.3 billion and $16.2 billion at September 30, 2024, and December 31, 2023, respectively.

(3)Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion at both September 30, 2024, and December 31, 2023.

(4)Excludes obligations under finance leases of $16 million and $19 million at September 30, 2024, and December 31, 2023, respectively.