Investment Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIESThe 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.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available-for-sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held-to-maturity are carried at amortized cost, net of any allowance. Investment securities at September 30, 2025 included $438 million of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount at September 30, 2024 was $952 million of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At September 30, 2025, the allowance for investment securities was $67 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2024 was $91 million. See Note 1 Accounting Policies in our 2024 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At September 30, 2025, AOCI included pre-tax losses of $255 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 38 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at September 30, 2025 and December 31, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that

the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of September 30, 2025, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.

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

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)

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.

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

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge. Such securities were pledged to the Federal Reserve and pledged to secure public and trust deposits, repurchase agreements and for other purposes. See Note 12 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.