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Investment Securities - (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment Securities Summary | The following table summarizes our available for sale and held to maturity portfolios by major security type: Table 41: Investment Securities Summary
|  | December 31, 2020 (a) |  |  | December 31, 2019
In millions |  | Amortized Cost (b) |  | Unrealized |  | Fair Value |  |  | Amortized Cost |  | Unrealized |  | Fair Value
Gains |  | Losses |  |  |  | Gains |  | Losses |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 19,821 |  |  | $ | 903 |  |  | $ | (13) |  |  | $ | 20,711 |  |  |  | $ | 16,150 |  |  | $ | 382 |  |  | $ | (16) |  |  | $ | 16,516 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 47,355 |  |  | 1,566 |  |  | (10) |  |  | 48,911 |  |  |  | 35,847 |  |  | 517 |  |  | (43) |  |  | 36,321 |
Non-agency |  | 1,272 |  |  | 243 |  |  | (14) |  |  | 1,501 |  |  |  | 1,515 |  |  | 302 |  |  | (3) |  |  | 1,814 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 2,571 |  |  | 119 |  |  | (2) |  |  | 2,688 |  |  |  | 3,094 |  |  | 42 |  |  | (18) |  |  | 3,118 |
Non-agency |  | 3,678 |  |  | 78 |  |  | (67) |  |  | 3,689 |  |  |  | 3,352 |  |  | 29 |  |  | (9) |  |  | 3,372 |
Asset-backed |  | 5,060 |  |  | 100 |  |  | (10) |  |  | 5,150 |  |  |  | 5,044 |  |  | 78 |  |  | (8) |  |  | 5,114 |
Other |  | 4,415 |  |  | 293 |  |  |  |  | 4,708 |  |  |  | 2,788 |  |  | 121 |  |  | (1) |  |  | 2,908 |
Total securities available for sale (b) |  | $ | 84,172 |  |  | $ | 3,302 |  |  | $ | (116) |  |  | $ | 87,358 |  |  |  | $ | 67,790 |  |  | $ | 1,471 |  |  | $ | (98) |  |  | $ | 69,163 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 795 |  |  | $ | 125 |  |  |  |  | $ | 920 |  |  |  | $ | 776 |  |  | $ | 56 |  |  |  |  | $ | 832 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  |  |  |  |  |  |  |  | 14,419 |  |  | 270 |  |  | $ | (26) |  |  | 14,663 |
Non-agency |  |  |  |  |  |  |  |  |  |  | 133 |  |  | 7 |  |  |  |  | 140 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  |  |  |  |  |  |  |  | 59 |  |  | 1 |  |  |  |  | 60 |
Non-agency |  |  |  |  |  |  |  |  |  |  | 430 |  |  | 4 |  |  |  |  | 434 |
Asset-backed |  |  |  |  |  |  |  |  |  |  | 52 |  |  |  |  |  |  | 52 |
Other |  | 646 |  |  | 42 |  |  | $ | (3) |  |  | 685 |  |  |  | 1,792 |  |  | 85 |  |  | (14) |  |  | 1,863 |
Total securities held to maturity (b) (c) |  | $ | 1,441 |  |  | $ | 167 |  |  | $ | (3) |  |  | $ | 1,605 |  |  |  | $ | 17,661 |  |  | $ | 423 |  |  | $ | (40) |  |  | $ | 18,044 |
(a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $238 million and $5 million at December 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $79 million for securities available for sale and $3 million for securities held to maturity at December 31, 2020 in accordance with the CECL accounting standard. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the CECL accounting standard. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. As of December 31, 2020, 85% of our securities held to maturity were rated AAA/AA.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses | Table 42: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
|  | Unrealized loss position less than 12 months |  | Unrealized loss position 12 months or more |  | Total
In millions |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (13) |  |  | $ | 603 |  |  |  |  |  |  | $ | (13) |  |  | $ | 603 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (8) |  |  | 3,152 |  |  | $ | (2) |  |  | $ | 82 |  |  | (10) |  |  | 3,234 |
Non-agency |  | (7) |  |  | 119 |  |  | (7) |  |  | 73 |  |  | (14) |  |  | 192 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  |  |  | (2) |  |  | 149 |  |  | (2) |  |  | 149 |
Non-agency |  | (13) |  |  | 972 |  |  | (7) |  |  | 714 |  |  | (20) |  |  | 1,686 |
Asset-backed |  | (1) |  |  | 339 |  |  | (9) |  |  | 706 |  |  | (10) |  |  | 1,045 |
Total securities available for sale |  | $ | (42) |  |  | $ | 5,185 |  |  | $ | (27) |  |  | $ | 1,724 |  |  | $ | (69) |  |  | $ | 6,909 |
Gross Unrealized Loss and Fair Value of Debt Securities | Table 43: Gross Unrealized Loss and Fair Value of Debt Securities
|  | Unrealized loss position less than 12 months |  | Unrealized loss position 12 months or more |  | Total |
In millions |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (14) |  |  | $ | 2,451 |  |  | $ | (2) |  |  | $ | 607 |  |  | $ | (16) |  |  | $ | 3,058 |  |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (6) |  |  | 2,832 |  |  | (37) |  |  | 4,659 |  |  | (43) |  |  | 7,491 |  |
Non-agency |  |  |  |  |  | (3) |  |  | 102 |  |  | (3) |  |  | 102 |  |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (6) |  |  | 852 |  |  | (12) |  |  | 953 |  |  | (18) |  |  | 1,805 |  |
Non-agency |  | (4) |  |  | 1,106 |  |  | (5) |  |  | 230 |  |  | (9) |  |  | 1,336 |  |
Asset-backed |  | (3) |  |  | 660 |  |  | (5) |  |  | 561 |  |  | (8) |  |  | 1,221 |  |
Other |  |  |  |  |  | (1) |  |  | 403 |  |  | (1) |  |  | 403 |  |
Total securities available for sale |  | $ | (33) |  |  | $ | 7,901 |  |  | $ | (65) |  |  | $ | 7,515 |  |  | $ | (98) |  |  | $ | 15,416 |  |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed - Agency |  |  |  |  |  | $ | (26) |  |  | $ | 2,960 |  |  | $ | (26) |  |  | $ | 2,960 |  |
Other |  | $ | (1) |  |  | $ | 22 |  |  | (13) |  |  | 105 |  |  | (14) |  |  | 127 |  |
Total securities held to maturity |  | $ | (1) |  |  | $ | 22 |  |  | $ | (39) |  |  | $ | 3,065 |  |  | $ | (40) |  |  | $ | 3,087 |  |
Gains (losses) on Sales Of Securities Available for Sale | Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 44: Gains (Losses) on Sales of Securities Available for Sale
Year ended December 31 In millions | Gross Gains |  | Gross Losses |  | Net Gains |  | Tax Expense |
2020 | $ | 307 |  |  | $ | (2) |  |  | $ | 305 |  |  | $ | 64 |  |
2019 | $ | 69 |  |  | $ | (21) |  |  | $ | 48 |  |  | $ | 10 |  |
2018 | $ | 57 |  |  | $ | (57) |  |  |  |  |  |
Contractual Maturity of Securities | The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2020: Table 45: Contractual Maturity of Debt Securities
December 31, 2020 |  | 1 Year or Less |  | After 1 Year through 5 Years |  | After 5 Years through 10 Years |  | After 10 Years |  | Total
Dollars in millions |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 1,149 |  |  | $ | 11,973 |  |  | $ | 5,418 |  |  | $ | 1,281 |  |  | $ | 19,821 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 1 |  |  | 205 |  |  | 2,384 |  |  | 44,765 |  |  | 47,355 |
Non-agency |  |  |  |  |  |  |  | 1,272 |  |  | 1,272 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 13 |  |  | 563 |  |  | 679 |  |  | 1,316 |  |  | 2,571 |
Non-agency |  |  |  | 83 |  |  | 236 |  |  | 3,359 |  |  | 3,678 |
Asset-backed |  | 67 |  |  | 2,375 |  |  | 1,029 |  |  | 1,589 |  |  | 5,060 |
Other |  | 788 |  |  | 1,502 |  |  | 1,218 |  |  | 907 |  |  | 4,415 |
Total securities available for sale at amortized cost |  | $ | 2,018 |  |  | $ | 16,701 |  |  | $ | 10,964 |  |  | $ | 54,489 |  |  | $ | 84,172 |
Fair value |  | $ | 2,038 |  |  | $ | 17,283 |  |  | $ | 11,443 |  |  | $ | 56,594 |  |  | $ | 87,358 |
Weighted-average yield, GAAP basis (a) |  | 2.20 | % |  | 1.81 | % |  | 1.74 | % |  | 2.80 | % |  | 2.45 | %
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  |  | $ | 199 |  |  | $ | 312 |  |  | $ | 284 |  |  | $ | 795 |
Other |  | $ | 34 |  |  | 422 |  |  | 109 |  |  | 81 |  |  | 646 |
Total securities held to maturity at amortized cost |  | $ | 34 |  |  | $ | 621 |  |  | $ | 421 |  |  | $ | 365 |  |  | $ | 1,441 |
Fair value |  | $ | 35 |  |  | $ | 659 |  |  | $ | 507 |  |  | $ | 404 |  |  | $ | 1,605 |
Weighted-average yield, GAAP basis (a) |  | 3.75 | % |  | 3.26 | % |  | 3.93 | % |  | 2.48 | % |  | 3.29 | %
(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
Fair Value of Securities Pledged and Accepted as Collateral | The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings: Table 46: Fair Value of Securities Pledged and Accepted as Collateral
In millions | December 31 2020 |  | December 31 2019
Pledged to others | $ | 22,841 |  |  | $ | 14,609 |
Accepted from others: |  |  |
Permitted by contract or custom to sell or repledge (a) | $ | 683 |  |  | $ | 2,349 |
Permitted amount repledged to others | $ | 683 |  |  | $ | 360 |
(a)Balances at December 31, 2019 include $2.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged.

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- Definition Summarization of information required and determined to be disclosed concerning Investment Securities which consist of all investments in certain debt and equity securities not classified as trading securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. + References No definition available. + Details
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