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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

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 37: Investment Securities Summary (a) (b)

						September 30, 2025																											December 31, 2024
In millions						Amortized Cost (c)						Unrealized												Fair Value									Amortized Cost (c)						Unrealized												Fair Value
												Gains						Losses																					Gains						Losses
Securities Available-for-Sale
U.S. Treasury and government agencies						$	27,953					$	131					$	(385)					$	27,699								$	23,962					$	25					$	(436)					$	23,551
Residential mortgage-backed
Agency						33,758						160						(2,131)						31,787									33,589						28						(2,991)						30,626
Non-agency						452						112						(4)						560									504						105						(6)						603
Commercial mortgage-backed
Agency						3,418						37						(75)						3,380									2,077						1						(133)						1,945
Non-agency						294						—						(4)						290									706						—						(15)						691
Asset-backed						2,391						52						—						2,443									2,353						42						(3)						2,392
Other						2,155						49						(66)						2,138									2,307						42						(118)						2,231
Total securities available-for-sale						$	70,421					$	541					$	(2,665)					$	68,297								$	65,498					$	243					$	(3,702)					$	62,039
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	24,428					$	23					$	(402)					$	24,049								$	29,420					$	—					$	(896)					$	28,524
Residential mortgage-backed
Agency						42,190						219						(2,410)						39,999									40,171						16						(3,696)						36,491
Non-agency						226						—						(13)						213									240						—						(21)						219
Commercial mortgage-backed
Agency						1,094						16						(9)						1,101									955						3						(28)						930
Non-agency						520						4						(1)						523									836						3						(7)						832
Asset-backed						2,261						43						(6)						2,298									3,380						37						(16)						3,401
Other						2,507						28						(40)						2,495									2,691						19						(49)						2,661
Total securities held-to-maturity (d)						$	73,226					$	333					$	(2,881)					$	70,678								$	77,693					$	78					$	(4,713)					$	73,058

(a) At September 30, 2025, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $207 million and $282 million, respectively. The comparable amounts at December 31, 2024 were $242 million and $328 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both September 30, 2025 and December 31, 2024.

(c) Amortized cost is presented net of allowance of $62 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at September 30, 2025. The comparable amounts at December 31, 2024 were $86 million and $5 million, respectively.

(d) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of the transfer. The amortized cost of held-to-maturity securities included net unrealized losses of $2.8 billion at September 30, 2025 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2024 was $3.4 billion.

Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses

Table 38: 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
September 30, 2025
U.S. Treasury and government agencies						$	(10)					$	6,439					$	(375)					$	9,343					$	(385)					$	15,782
Residential mortgage-backed
Agency						(5)						1,077						(2,126)						18,266						(2,131)						19,343
Non-agency						—						—						(2)						31						(2)						31
Commercial mortgage-backed
Agency						—						—						(75)						1,552						(75)						1,552
Non-agency						—						—						(4)						206						(4)						206
Asset-backed						—						—						—						—						—						—
Other						(4)						68						(50)						1,465						(54)						1,533
Total securities available-for-sale						$	(19)					$	7,584					$	(2,632)					$	30,863					$	(2,651)					$	38,447
December 31, 2024
U.S. Treasury and government agencies						$	(70)					$	17,500					$	(366)					$	1,824					$	(436)					$	19,324
Residential mortgage-backed
Agency						(65)						6,163						(2,926)						19,595						(2,991)						25,758
Non-agency						—						—						(3)						41						(3)						41
Commercial mortgage-backed
Agency						(8)						501						(125)						1,388						(133)						1,889
Non-agency						—						—						(15)						559						(15)						559
Asset-backed						(2)						226						(1)						8						(3)						234
Other						(2)						99						(98)						1,734						(100)						1,833
Total securities available-for-sale						$	(147)					$	24,489					$	(3,534)					$	25,149					$	(3,681)					$	49,638

Gains (Losses) on Sales Of Securities Available for Sale

Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table:

Table 39: Gains (Losses) on Sales of Securities Available-for-Sale

Nine months ended September 30 In millions
						Gross Gains			Gross Losses			Net Gains (Losses)			Tax Expense (Benefit)
2025						$	2		$	(4)		$	(2)		$	—
2024						$	2		$	(500)		$	(498)		$	(105)

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 September 30, 2025:

Table 40: Contractual Maturity of Debt Securities

September 30, 2025 Dollars in millions						1 Year or Less						After 1 Year through 5 Years						After 5 Years through 10 Years						After 10 Years						Total
Securities Available-for-Sale
U.S. Treasury and government agencies						$	171					$	13,495					$	12,136					$	2,151					$	27,953
Residential mortgage-backed
Agency						1						342						3,282						30,133						33,758
Non-agency						—						—						86						366						452
Commercial mortgage-backed
Agency						7						1,440						106						1,865						3,418
Non-agency						—						79						75						140						294
Asset-backed						—						1,072						405						914						2,391
Other						360						1,317						183						295						2,155
Total securities available-for-sale at amortized cost						$	539					$	17,745					$	16,273					$	35,864					$	70,421
Fair value						$	534					$	17,742					$	16,130					$	33,891					$	68,297
Weighted-average yield, GAAP basis (a)						2.47		%				3.74		%				4.22		%				3.96		%				3.95		%
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	10,794					$	11,341					$	1,458					$	835					$	24,428
Residential mortgage-backed
Agency						—						4						486						41,700						42,190
Non-agency						—						—						—						226						226
Commercial mortgage-backed
Agency						—						286						434						374						1,094
Non-agency						—						27						—						493						520
Asset-backed						21						506						1,040						694						2,261
Other						169						720						251						1,367						2,507
Total securities held-to-maturity at amortized cost						$	10,984					$	12,884					$	3,669					$	45,689					$	73,226
Fair value						$	10,928					$	12,717					$	3,595					$	43,438					$	70,678
Weighted-average yield, GAAP basis (a)						1.04		%				1.98		%				2.67		%				3.14		%				2.60		%

(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 41: Fair Value of Securities Pledged and Accepted as Collateral

In millions			September 30, 2025			December 31, 2024
Pledged to others			$	61,378		$	69,330
Accepted from others:
Permitted by contract or custom to sell or repledge			$	2,003		$	1,231
Permitted amount repledged to others			$	2,003		$	1,231

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Represents the fair value of securities pledged and accepted as collateral for borrowings.

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This item represents debt securities, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, categorized by contractual maturity at the balance sheet date and which are not categorized as trading securities.

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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.

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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