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Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
December 31, 2019
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
16,219

 
$
128

 
$
(269
)
 
$
16,078

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
3,358

 
57

 
(13
)
 
3,402

Collateralized mortgage obligations
345

 
3

 
(1
)
 
347

Direct agency obligations
1,382

 
21

 
—

 
1,403

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
10,009

 
29

 
(41
)
 
9,997

Collateralized mortgage obligations
741

 
10

 
(4
)
 
747

Direct agency obligations
254

 
6

 
—

 
260

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
34

 
—

 
(2
)
 
32

Other
108

 
3

 
—

 
111

Foreign debt securities(1)
3,282

 
4

 
—

 
3,286

Total available-for-sale securities
$
35,732

 
$
261

 
$
(330
)
 
$
35,663

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,632

 
$
22

 
$
(1
)
 
$
1,653

Collateralized mortgage obligations
1,418

 
40

 
(4
)
 
1,454

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,004

 
17

 
—

 
3,021

Collateralized mortgage obligations
7,227

 
85

 
(22
)
 
7,290

Obligations of U.S. states and political subdivisions
10

 
1

 
—

 
11

Asset-backed securities collateralized by residential mortgages
2

 
—

 
—

 
2

Total held-to-maturity securities
$
13,293

 
$
165

 
$
(27
)
 
$
13,431

December 31, 2018
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
13,549

 
$
106

 
$
(365
)
 
$
13,290

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
5,541

 
6

 
(154
)
 
5,393

Collateralized mortgage obligations
686

 
1

 
(35
)
 
652

Direct agency obligations
2,831

 
37

 
(2
)
 
2,866

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
4,442

 
1

 
(171
)
 
4,272

Collateralized mortgage obligations
1,140

 
9

 
(29
)
 
1,120

Direct agency obligations
295

 
9

 
—

 
304

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
44

 
—

 
(2
)
 
42

Other
102

 
5

 
—

 
107

Foreign debt securities(1)
3,330

 
3

 
—

 
3,333

Total available-for-sale securities
$
31,960

 
$
177

 
$
(758
)
 
$
31,379

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,812

 
$
1

 
$
(34
)
 
$
1,779

Collateralized mortgage obligations
1,878

 
34

 
(26
)
 
1,886

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,104

 
2

 
(63
)
 
2,043

Collateralized mortgage obligations
8,863

 
35

 
(176
)
 
8,722

Obligations of U.S. states and political subdivisions
11

 
—

 
—

 
11

Asset-backed securities collateralized by residential mortgages
2

 
—

 
—

 
2

Total held-to-maturity securities
$
14,670

 
$
72

 
$
(299
)
 
$
14,443

 
(1) 
Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Value
The following table summarizes gross unrealized losses and related fair values at December 31, 2019 and 2018 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
December 31, 2019
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
22

 
$
(61
)
 
$
4,034

 
28

 
$
(208
)
 
$
4,962

U.S. Government sponsored enterprises
18

 
(8
)
 
772

 
83

 
(6
)
 
672

U.S. Government agency issued or guaranteed
27

 
(4
)
 
1,961

 
50

 
(41
)
 
2,508

Asset-backed securities
—

 
—

 
—

 
5

 
(2
)
 
33

Foreign debt securities
11

 
—

 
1,238

 
5

 
—

 
292

Securities available-for-sale
78

 
$
(73
)
 
$
8,005

 
171

 
$
(257
)
 
$
8,467

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
15

 
$
—

 
$
63

 
76

 
$
(5
)
 
$
522

U.S. Government agency issued or guaranteed
46

 
(3
)
 
887

 
274

 
(19
)
 
1,705

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
1

 
—

 
—

Securities held-to-maturity
62

 
$
(3
)
 
$
950

 
351

 
$
(24
)

$
2,227

 
One Year or Less
 
Greater Than One Year
December 31, 2018
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
8

 
$
(12
)
 
$
1,013

 
41

 
$
(353
)
 
$
8,828

U.S. Government sponsored enterprises
55

 
(6
)
 
538

 
159

 
(185
)
 
3,698

U.S. Government agency issued or guaranteed
8

 
(2
)
 
106

 
72

 
(198
)
 
4,825

Asset-backed securities
1

 
—

 
—

 
4

 
(2
)
 
42

Foreign debt securities
16

 
—

 
1,724

 
—

 
—

 
—

Securities available-for-sale
88

 
$
(20
)
 
$
3,381

 
276

 
$
(738
)

$
17,393

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
103

 
$
(8
)
 
$
684

 
511

 
$
(52
)
 
$
1,739

U.S. Government agency issued or guaranteed
111

 
(14
)
 
769

 
491

 
(225
)
 
7,372

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
1

 
—

 
—

Securities held-to-maturity
215

 
$
(22
)
 
$
1,453

 
1,003

 
$
(277
)
 
$
9,111
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities
The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:
Year Ended December 31,
2019
 
2018
 
2017
 
(in millions)
Gross realized gains
$
148

 
$
54

 
$
65

Gross realized losses
(60
)
 
(30
)
 
(13
)
Net realized gains
$
88

 
$
24

 
$
52
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio
The table below also reflects the distribution of maturities of debt securities held at December 31, 2019, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at December 31, 2019.
 
Within
One Year
 
After One
But Within
Five Years
 
After Five
But Within
Ten Years
 
After Ten
Years
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
(dollars are in millions)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
—

 
—
%
 
$
5,695

 
1.87
%
 
$
7,199

 
1.60
%
 
$
3,325

 
2.62
%
U.S. Government sponsored enterprises
725

 
2.82

 
168

 
3.12

 
1,953

 
2.74

 
2,239

 
2.90

U.S. Government agency issued or guaranteed
—

 
—

 
79

 
2.18

 
—

 
—

 
10,925

 
2.63

Asset-backed securities
—

 
—

 
—

 
—

 
58

 
5.19

 
84

 
3.71

Foreign debt securities
2,032

 
.50

 
1,250

 
2.17

 
—

 
—

 
—

 
—

Total amortized cost
$
2,757

 
1.11
%
 
$
7,192

 
1.96
%
 
$
9,210

 
1.86
%
 
$
16,573

 
2.67
%
Total fair value
$
2,762

 
 
 
$
7,234

 
 
 
$
9,122

 
 
 
$
16,545

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
$
—

 
—
%
 
$
482

 
2.66
%
 
$
551

 
2.30
%
 
$
2,017

 
3.16
%
U.S. Government agency issued or guaranteed
—

 
—

 
13

 
3.74

 
19

 
3.48

 
10,199

 
2.63

Obligations of U.S. states and political subdivisions
—

 
—

 
6

 
3.50

 
4

 
4.45

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
2

 
7.50

Total amortized cost
$
—

 
—
%
 
$
501

 
2.69
%
 
$
574

 
2.35
%
 
$
12,218

 
2.72
%
Total fair value
$
—

 
 
 
$
506

 
 
 
$
577

 
 
 
$
12,348

 
 
Equity Securities Not Classified as Trading
Equity securities that are not classified as trading and are included in other assets consisted of the following:
At December 31,
2019
 
2018
 
(in millions)
Equity securities carried at fair value
$
283

 
$
278

Equity securities without readily determinable fair values
12

 
7