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Deposits and Borrowings
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Deposits and Borrowings
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 and 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, 2020 and 2019. 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, 2020December 31, 2019
Deposits:
Non-interest-bearing deposits$31,142 $23,488 
Interest-bearing deposits(1)
274,300 239,209 
Total deposits$305,442 $262,697 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$668 $314 
FHLB advances0 7,000 
Total short-term borrowings$668 $7,314 

 December 31, 2020December 31, 2019
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2021-2026
0.51% - 3.01%
1.87 %$12,414 $17,808 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2021-2029
0.80 - 4.75
3.24 21,045 23,302 
Floating unsecured senior debt2021-2023
0.64 - 1.36
0.97 1,609 2,695 
Total unsecured senior debt3.08 22,654 25,997 
Fixed unsecured subordinated debt2023-2026
3.38 - 4.20
3.78 4,728 4,475 
Total senior and subordinated notes27,382 30,472 
Other long-term borrowings:
Finance lease liabilities2021-2031
0.68 - 9.91
3.78 75 103 
Total other long-term borrowings75 103 
Total long-term debt$39,871 $48,383 
Total short-term borrowings and long-term debt$40,539 $55,697 
__________
(1)Includes $4.2 billion and $6.5 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of December 31, 2020 and 2019, respectively.
(2)Includes $1.6 billion and $1.4 billion of EUR-denominated unsecured notes as of December 31, 2020 and 2019, respectively.
The following table presents the carrying value of our interest-bearing time deposits with contractual maturities, securitized debt obligations and other debt by remaining contractual maturity as of December 31, 2020.
Table 8.2: Maturity Profile of Borrowings
(Dollars in millions)20212022202320242025ThereafterTotal
Interest-bearing time deposits $21,381 $6,447 $2,212 $2,196 $385 $126 $32,747 
Securitized debt obligations2,331 5,635 1,087 1,569 289 1,503 12,414 
Federal funds purchased and securities loaned or sold under agreements to repurchase668 0 0 0 0 0 668 
Senior and subordinated notes3,878 2,488 6,032 4,661 3,488 6,835 27,382 
Other borrowings20 20 18 5 3 9 75 
Total$28,278 $14,590 $9,349 $8,431 $4,165 $8,473 $73,286