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Deposits and Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Deposits and Borrowings |
NOTE 8—DEPOSITS AND BORROWINGS
Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits, represent our largest source of funding for our assets and operations. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. 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 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 September 30, 2024 and December 31, 2023. The carrying value presented below for these borrowings includes any 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) |  | September 30, 2024 |  | December 31, 2023
Deposits: |  |  |  |
Non-interest-bearing deposits |  | $ | 26,378 |  |  | $ | 28,024 |
Interest-bearing deposits(1) |  | 327,253 |  |  | 320,389 |
Total deposits |  | $ | 353,631 |  |  | $ | 348,413 |
Short-term borrowings: |  |  |  |
Federal funds purchased and securities loaned or sold under agreements to repurchase |  | $ | 520 |  |  | $ | 538 |
Total short-term borrowings |  | $ | 520 |  |  | $ | 538 |
|  | September 30, 2024 |  | December 31, 2023
(Dollars in millions) |  | Maturity Dates |  | Stated Interest Rates |  | Weighted-Average Interest Rate |  | Carrying Value |  | Carrying Value
Long-term debt: |  |  |  |  |  |  |  |  |  |
Securitized debt obligations |  | 2024-2028 |  | 0.77% - 6.11% |  | 3.13% |  | $ | 15,881 |  |  | $ | 18,043 |
Senior and subordinated notes: |  |  |  |  |  |  |  |  |  |
Fixed unsecured senior debt(2) |  | 2024-2035 |  | 1.65 - 7.62 |  | 4.76 |  | 29,102 |  |  | 27,168 |
Floating unsecured senior debt |  | — |  | — |  | — |  | 0 |  |  | 349 |
Total unsecured senior debt |  | 4.76 |  | 29,102 |  |  | 27,517 |
Fixed unsecured subordinated debt |  | 2025-2032 |  | 2.36 - 4.20 |  | 3.57 |  | 3,809 |  |  | 3,731 |
Total senior and subordinated notes |  | 32,911 |  |  | 31,248 |
Other long-term borrowings |  | 2024-2031 |  | 1.20 - 9.91 |  | 6.59 |  | 24 |  |  | 27 |
Total long-term debt |  | $ | 48,816 |  |  | $ | 49,318 |
Total short-term borrowings and long-term debt |  | $ | 49,336 |  |  | $ | 49,856 |
__________ (1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of September 30, 2024, the total time deposit amount with some portion in excess of the insured amount was $14.7 billion and the portion of total time deposits estimated to be uninsured was $9.7 billion. As of December 31, 2023, the total time deposit amount with some portion in excess of the insured amount was $15.8 billion and the portion of total time deposits estimated to be uninsured was $9.0 billion. (2)Includes $506 million and $1.3 billion of Euro (“EUR”) denominated unsecured notes as of September 30, 2024 and December 31, 2023, respectively.

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- Definition Information about short-term and long-term debt arrangements, including amounts of borrowings, repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements. Also includes the entire disclosure for deposit liabilities including data and tables. + References No definition available. + Details
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