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Deposits and Borrowings
 9 Months Ended
Sep. 30, 2025
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, time deposits, and sweep accounts 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. 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, 2025 and December 31, 2024. 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, 2025December 31, 2024
Deposits:
Non-interest bearing deposits
$27,649 $26,122 
Interest-bearing deposits(1)
441,136 336,585 
Total deposits
$468,785 $362,707 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$616 $562 
Total short-term borrowings$616 $562 
 September 30, 2025December 31, 2024
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2025 - 2030
1.03% - 5.82%
3.78%$13,642 $14,264 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2025-2036
1.65 - 7.96
5.0431,984 26,930 
Fixed unsecured subordinated debt2026-2036
2.36 - 6.18
4.594,678 3,766 
Total senior and subordinated notes36,662 30,696 
Other long-term borrowings
FHLB advances
2030
4.77 - 4.82
4.82538 0 
Finance lease liabilities2025 - 2030
3.74 - 9.91
5.6424 29 
Total other long-term borrowings$562 $29 
Total long-term debt$50,866 $44,989 
Total short-term borrowings and long-term debt$51,482 $45,551 
__________
(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, 2025, the total time deposit amount with some portion in excess of the insured amount was $16.9 billion and the portion of total time deposits estimated to be uninsured was $13.7 billion. As of December 31, 2024, the total time deposit amount with some portion in excess of the insured amount was $15.2 billion and the portion of total time deposits estimated to be uninsured was $10.1 billion.
(2)Includes $543 million and $473 million of Euro (“EUR”) denominated unsecured notes as of September 30, 2025 and December 31, 2024, respectively.