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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 December 31, 2023December 31, 2022
 Amortized
Cost		Gross
Unrealized		Fair
Value		Amortized
Cost		Gross
Unrealized		Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$8,427 $39 $165 $8,301 $8,232 $10 $261 $7,981 
Mortgage-backed securities(1)
10,870 49 164 10,755 8,767 2 260 8,509 
Total U.S. Treasury and federal agencies19,297 88 329 19,056 16,999 12 521 16,490 
Non-U.S. debt securities:
Mortgage-backed securities1,861 3 7 1,857 1,642 — 19 1,623 
Asset-backed securities(2)
2,148 2 13 2,137 1,696 — 27 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency15,159 73 132 15,100 14,512 1 424 14,089 
Other(3)
2,733 39 37 2,735 2,255 — 164 2,091 
Total non-U.S. debt securities21,901 117 189 21,829 20,105 1 634 19,472 
Asset-backed securities:
Student loans(4)
113 1 — 114 116 — 1 115 
Collateralized loan obligations(5)
2,530 3 6 2,527 2,394 — 39 2,355 
Non-agency CMBS and RMBS(6)
252 — 3 249 237 — 6 231 
Other90 — — 90 90 — 2 88 
Total asset-backed securities2,985 4 9 2,980 2,837 — 48 2,789 
State and political subdivisions356 — 1 355 839 1 17 823 
Other U.S. debt securities(7)
314 — 8 306 1,078 — 73 1,005 
Total available-for-sale securities(8)(9)
$44,853 $209 $536 $44,526 $41,858 $14 $1,293 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$8,584 $— $163 $8,421 $11,693 $— $341 $11,352 
Mortgage-backed securities(10)
39,472 7 5,271 34,208 42,307 3 6,030 36,280 
Total U.S. Treasury and federal agencies48,056 7 5,434 42,629 54,000 3 6,371 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency5,757 8 153 5,612 6,603 — 304 6,299 
Total non-U.S. debt securities5,757 8 153 5,612 6,603 — 304 6,299 
Asset-backed securities:
Student loans(4)
3,298 2 62 3,238 3,955 1 134 3,822 
Non-agency CMBS and RMBS(11)
6 18 — 24 142 18 — 160 
Total asset-backed securities3,304 20 62 3,262 4,097 19 134 3,982 
Total held-to-maturity securities(8)(12)
$57,117 $35 $5,649 $51,503 $64,700 $22 $6,809 $57,913 
(1) As of December 31, 2023 and 2022, the total fair value included $5.54 billion and $6.78 billion, respectively, of agency CMBS and $5.21 billion and $1.73 billion, respectively, of agency MBS.
(2) As of December 31, 2023 and 2022, the fair value includes non-U.S. collateralized loan obligations of $1.02 billion and $0.86 billion, respectively.
(3) As of December 31, 2023 and 2022, the fair value includes non-U.S. corporate bonds of $2.36 billion and $1.14 billion, respectively.
(4) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency CMBS as of both December 31, 2023 and 2022.
(7) As of December 31, 2023 and 2022, the fair value of U.S. corporate bonds was $0.31 billion and $1.01 billion, respectively.
(8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended December 31, 2023.
(9) As of December 31, 2023, we had no allowance for credit losses on AFS investment securities. As of December 31, 2022, we had an allowance for credit losses on AFS investment securities of $2 million.
(10) As of December 31, 2023 and 2022, the total amortized cost included $5.23 billion and $4.99 billion of agency CMBS, respectively.
(11) Consists entirely of non-agency RMBS as of December 31, 2023. As of December 31, 2022, the total amortized cost included $133 million of non-agency CMBS and $9 million of non-agency RMBS.
(12) As of December 31, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. As of December 31, 2022, we had no allowance for credit losses on HTM investment securities.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
As of December 31, 2023
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$333 $2 $5,416 $163 $5,749 $165 
Mortgage-backed securities961 6 6,512 158 7,473 164 
Total U.S. Treasury and federal agencies1,294 8 11,928 321 13,222 329 
Non-U.S. debt securities:
Mortgage-backed securities424 1 719 6 1,143 7 
Asset-backed securities358 — 1,052 13 1,410 13 
Non-U.S. sovereign, supranational and non-U.S. agency3,972 7 5,788 125 9,760 132 
Other50 — 893 37 943 37 
Total non-U.S. debt securities4,804 8 8,452 181 13,256 189 
Asset-backed securities:
Collateralized loan obligations183 — 1,605 6 1,788 6 
Non-agency CMBS and RMBS35 — 180 3 215 3 
Total asset-backed securities218 — 1,785 9 2,003 9 
State and political subdivisions64 — 104 1 168 1 
Other U.S. debt securities3 — 303 8 306 8 
Total$6,383 $16 $22,572 $520 $28,955 $536 
As of December 31, 2022
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $368 $18,093 $924 $37,522 $1,293 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of December 31, 2023. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
As of December 31, 2023
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$279 $279 $7,519 $7,385 $629 $637 $— $— $8,427 $8,301 
Mortgage-backed securities40 39 1,732 1,718 3,865 3,797 5,233 5,201 10,870 10,755 
Total U.S. Treasury and federal agencies319 318 9,251 9,103 4,494 4,434 5,233 5,201 19,297 19,056 
Non-U.S. debt securities:
Mortgage-backed securities244 243 262 262 — — 1,355 1,352 1,861 1,857 
Asset-backed securities343 339 561 558 652 649 592 591 2,148 2,137 
Non-U.S. sovereign, supranational and
non-U.S. agency		5,501 5,472 7,311 7,291 2,347 2,337 — — 15,159 15,100 
Other339 335 2,171 2,169 223 231 — — 2,733 2,735 
Total non-U.S. debt securities6,427 6,389 10,305 10,280 3,222 3,217 1,947 1,943 21,901 21,829 
Asset-backed securities:
Student loans31 32 — — 16 16 66 66 113 114 
Collateralized loan obligations80 80 325 323 1,425 1,422 700 702 2,530 2,527 
Non-agency CMBS and RMBS— — 20 20 — — 232 229 252 249 
Other— — 90 90 — — — — 90 90 
Total asset-backed securities111 112 435 433 1,441 1,438 998 997 2,985 2,980 
State and political subdivisions95 93 129 128 132 134 — — 356 355 
Other U.S. debt securities232 228 82 78 — — — — 314 306 
Total$7,184 $7,140 $20,202 $20,022 $9,289 $9,223 $8,178 $8,141 $44,853 $44,526 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$3,277 $3,260 $5,272 $5,127 $24 $23 $11 $11 $8,584 $8,421 
Mortgage-backed securities130 117 727 679 4,359 3,714 34,256 29,698 39,472 34,208 
Total U.S. Treasury and federal agencies3,407 3,377 5,999 5,806 4,383 3,737 34,267 29,709 48,056 42,629 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,971 1,941 3,262 3,167 524 504 — — 5,757 5,612 
Total non-U.S. debt securities1,971 1,941 3,262 3,167 524 504 — — 5,757 5,612 
Asset-backed securities:
Student loans225 219 317 315 500 493 2,256 2,211 3,298 3,238 
Non-agency CMBS and RMBS1 8 — — — — 5 16 6 24 
Total asset-backed securities226 227 317 315 500 493 2,261 2,227 3,304 3,262 
Total$5,604 $5,545 $9,578 $9,288 $5,407 $4,734 $36,528 $31,936 $57,117 $51,503