Deposits and Borrowings

12 Months Ended

Dec. 31, 2019

NOTE 8—DEPOSITS AND BORROWINGS

Our deposits represent our largest source of funding for our assets and operations, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. In addition, we utilize FHLB advances, which are secured by certain portions of our loan and investment securities portfolios. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.

Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase, and short-term FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of December 31, 2019 and 2018. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.

Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt



(Dollars in millions)	December 31, 2019		December 31, 2018
Deposits:
Non-interest-bearing deposits	$	23,488	$	23,483
Interest-bearing deposits⁽¹⁾	239,209		226,281
Total deposits	$	262,697	$	249,764
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	314	$	352
FHLB advances	7,000		9,050
Total short-term borrowings	$	7,314	$	9,402



	December 31, 2019						December 31, 2018
(Dollars in millions)	Maturity Dates	Stated Interest Rates	Weighted- Average Interest Rate		Carrying Value		Carrying Value
Long-term debt:
Securitized debt obligations	2020-2026	1.66 - 3.01%	2.22	%	$	17,808	$	18,307
Senior and subordinated notes:
Fixed unsecured senior debt⁽²⁾	2020-2029	0.80 - 4.75	3.08		23,302		23,290
Floating unsecured senior debt	2020-2023	2.32 - 3.09	2.70		2,695		2,993
Total unsecured senior debt			3.04		25,997		26,283
Fixed unsecured subordinated debt	2023-2026	3.38 - 4.20	3.78		4,475		4,543
Total senior and subordinated notes					30,472		30,826
Other long-term borrowings:
FHLB advances	—	—	—		0		251
Other borrowings	2020-2035	2.20 - 12.86	3.73		103		119
Total other long-term borrowings					103		370
Total long-term debt					$	48,383	$	49,503
Total short-term borrowings and long-term debt					$	55,697	$	58,905

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⁽¹⁾	Includes $6.5 billion and $4.0 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of December 31, 2019 and 2018, respectively.


⁽²⁾	Includes $1.4 billion of EUR-denominated unsecured notes as of December 31, 2019.

The following table presents the carrying value of our interest-bearing time deposits, securitized debt obligations and other debt by remaining contractual maturity as of December 31, 2019.

Table 8.2: Maturity Profile of Borrowings



(Dollars in millions)	2020		2021		2022		2023		2024		Thereafter		Total
Interest-bearing time deposits	$	28,186	$	7,734	$	5,153	$	1,661	$	2,114	$	110	$	44,958
Securitized debt obligations	5,433		2,323		6,226		1,105		1,151		1,570		17,808
Federal funds purchased and securities loaned or sold under agreements to repurchase	314		0		0		0		0		0		314
Senior and subordinated notes	4,398		5,011		4,035		4,279		4,428		8,321		30,472
Other borrowings	7,022		20		20		18		5		18		7,103
Total	$	45,353	$	15,088	$	15,434	$	7,063	$	7,698	$	10,019	$	100,655