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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Asset and Liability Management Derivative Positions | The following table summarizes the asset and liability management derivative positions of the Company:
| September 30, 2025 | December 31, 2024
| Notional Value | Fair Value | Notional Value | Fair Value
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities
Fair value hedges |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |
Receive fixed/pay floating swaps | $ | 8,550 |  | $ | — |  | $ | — |  | $ | 10,600 |  | $ | — |  | $ | — |
Pay fixed/receive floating swaps | 26,614 |  | — |  | — |  | 29,739 |  | — |  | — |
Cash flow hedges |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |
Receive fixed/pay floating swaps | 23,000 |  | — |  | — |  | 28,550 |  | — |  | — |
Pay fixed/receive floating swaps | 1,000 |  | — |  | — |  | — |  | — |  | — |
Net investment hedges |  |  |  |  |  |
Foreign exchange forward contracts | 741 |  | 6 |  | — |  | 870 |  | 7 |  | — |
Other economic hedges |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |
Futures and forwards |  |  |  |  |  |
Buy | 8,544 |  | 14 |  | 12 |  | 5,436 |  | 8 |  | 30 |
Sell | 3,283 |  | 4 |  | 12 |  | 2,711 |  | 10 |  | 1 |
Options |  |  |  |  |  |
Purchased | 9,520 |  | 145 |  | — |  | 7,810 |  | 186 |  | — |
Written | 3,181 |  | 21 |  | 66 |  | 1,991 |  | 8 |  | 47 |
Receive fixed/pay floating swaps | 9,396 |  | 109 |  | 30 |  | 9,977 |  | 45 |  | 23 |
Pay fixed/receive floating swaps | 2,983 |  | — |  | — |  | 2,371 |  | — |  | — |
Foreign exchange forward contracts | 774 |  | 4 |  | 1 |  | 702 |  | 4 |  | 4 |
Equity contracts | 321 |  | 8 |  | 1 |  | 293 |  | — |  | 9 |
Credit contracts | 2,816 |  | — |  | 18 |  | 3,558 |  | — |  | 29 |
Other(a) | 2,846 |  | 8 |  | 118 |  | 1,084 |  | 7 |  | 78 |
Total | $ | 103,569 |  | $ | 319 |  | $ | 258 |  | $ | 105,692 |  | $ | 275 |  | $ | 221 |
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.0 billion and $115 million at September 30, 2025, respectively, compared to $1.0 billion and $78 million at December 31, 2024, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $1.8 billion at September 30, 2025.
Summary of Customer-Related Derivative Positions | The following table summarizes the customer-related derivative positions of the Company:
| September 30, 2025 | December 31, 2024
| Notional Value | Fair Value | Notional Value | Fair Value
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities
Interest rate contracts |  |  |  |  |  |
Receive fixed/pay floating swaps | $ | 444,332 |  | $ | 1,357 |  | $ | 2,190 |  | $ | 413,841 |  | $ | 462 |  | $ | 4,485 |
Pay fixed/receive floating swaps | 382,650 |  | 1,124 |  | 481 |  | 363,837 |  | 2,342 |  | 153 |
Other(a) | 69,002 |  | 21 |  | 62 |  | 72,503 |  | 17 |  | 34 |
Options |  |  |  |  |  |
Purchased | 134,864 |  | 254 |  | 9 |  | 96,238 |  | 414 |  | 2 |
Written | 95,541 |  | 26 |  | 334 |  | 90,572 |  | 12 |  | 574 |
Futures |  |  |  |  |  |
Buy | 1,881 |  | — |  | — |  | — |  | — |  | — |
Sell | 963 |  | — |  | — |  | — |  | — |  | — |
Foreign exchange rate contracts |  |  |  |  |  |
Forwards, spots and swaps | 136,823 |  | 2,831 |  | 2,691 |  | 113,718 |  | 2,441 |  | 2,232 |
Options |  |  |  |  |  |
Purchased | 1,330 |  | 23 |  | 1 |  | 497 |  | 14 |  | — |
Written | 1,330 |  | 3 |  | 24 |  | 497 |  | — |  | 14 |
Commodity contracts |  |  |  |  |  |
Swaps | 14,804 |  | 579 |  | 485 |  | 8,224 |  | 199 |  | 180 |
Options |  |  |  |  |  |
Purchased | 5,300 |  | 348 |  | 2 |  | 3,921 |  | 233 |  | 2 |
Written | 5,293 |  | 2 |  | 348 |  | 3,921 |  | 3 |  | 233 |
Futures |  |  |  |  |  |
Buy | 4 |  | — |  | — |  | 1 |  | — |  | — |
Sell | 548 |  | 84 |  | 81 |  | 166 |  | 25 |  | 27 |
Equity contracts | 8 |  | — |  | — |  | — |  | — |  | — |
Credit contracts | 14,015 |  | 1 |  | 3 |  | 13,670 |  | — |  | 3 |
Total | $ | 1,308,688 |  | $ | 6,653 |  | $ | 6,711 |  | $ | 1,181,606 |  | $ | 6,162 |  | $ | 7,939 |
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):
| Three Months Ended September 30 | Nine Months Ended September 30
| Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Asset and Liability Management Positions |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate contracts | $ | (4) |  | $ | 342 |  | $ | (49) |  | $ | (57) |  | $ | 323 |  | $ | 6 |  | $ | (143) |  | $ | (153) |
Net investment hedges |  |  |  |  |  |  |  |
Foreign exchange forward contracts | 14 |  | (19) |  | — |  | — |  | (28) |  | 59 |  | — |  | — |
Non-derivative debt instruments | (3) |  | (56) |  | — |  | — |  | (194) |  | (15) |  | — |  | — |
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):
| Three Months Ended September 30 | Nine Months Ended September 30
| Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Asset and Liability Management Positions |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate contracts | $ | (4) |  | $ | 342 |  | $ | (49) |  | $ | (57) |  | $ | 323 |  | $ | 6 |  | $ | (143) |  | $ | (153) |
Net investment hedges |  |  |  |  |  |  |  |
Foreign exchange forward contracts | 14 |  | (19) |  | — |  | — |  | (28) |  | 59 |  | — |  | — |
Non-derivative debt instruments | (3) |  | (56) |  | — |  | — |  | (194) |  | (15) |  | — |  | — |
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income | The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income:
| Three Months Ended September 30 | Nine Months Ended September 30
| Interest Income | Interest Expense | Interest Income | Interest Expense
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ | 7,927 |  | $ | 8,086 |  | $ | 3,705 |  | $ | 3,951 |  | $ | 23,047 |  | $ | 23,835 |  | $ | 10,682 |  | $ | 11,692 |
Asset and Liability Management Positions |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |
Interest rate contract derivatives | 34 |  | (1,108) |  | 92 |  | 302 |  | (699) |  | (663) |  | (92) |  | 314 |
Hedged items | (34) |  | 1,113 |  | (92) |  | (303) |  | 699 |  | 666 |  | 96 |  | (315) |
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate contract derivatives | (60) |  | (70) |  | 5 |  | 7 |  | (172) |  | (185) |  | 19 |  | 21 |
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $5 million and $19 million into earnings during the three and nine months ended September 30, 2025, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $7 million and $21 million during the three and nine months ended September 30, 2024, respectively. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges | The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
| Carrying Amount of the Hedged Assets and Liabilities | Cumulative Hedging Adjustment
(Dollars in Millions) | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024
Line Item in the Consolidated Balance Sheet |  |  |  |
Available-for-sale investment securities(a) | $ | 26,687 |  | $ | 29,005 |  | $ | 257 |  | $ | (464) |
Long-term debt | 8,837 |  | 10,632 |  | 209 |  | 39 |
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(8) million and $(75) million, respectively, at September 30, 2025, compared with $(72) million and $(149) million at December 31, 2024, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $9.3 billion and $16.1 billion, respectively, at September 30, 2025, compared with $6.8 billion and $14.9 billion at December 31, 2024, respectively. (a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At September 30, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $20.8 billion, of which $10.8 billion was designated as hedged. At September 30, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $293 million. At December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.5 billion, of which $11.6 billion was designated as hedged. At December 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $13 million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
|  | Three Months Ended September 30 | Nine Months Ended September 30
(Dollars in Millions) | Location of Gains (Losses) Recognized in Earnings | 2025 | 2024 | 2025 | 2024
Asset and Liability Management Positions |  |  |  |  |
Other economic hedges |  |  |  |  |
Interest rate contracts |  |  |  |  |
Futures and forwards | Mortgage banking revenue | $ | 18 |  | $ | 2 |  | $ | 43 |  | $ | (12) |
Purchased and written options | Mortgage banking revenue | 43 |  | 64 |  | 111 |  | 112 |
Swaps | Mortgage banking revenue/Interest expense | 12 |  | 107 |  | 81 |  | 30 |
Foreign exchange forward contracts | Other noninterest income | 13 |  | (6) |  | (4) |  | 2 |
Equity contracts | Compensation expense | 20 |  | (2) |  | 28 |  | (4) |
Credit contracts | Capital markets revenue | 1 |  | (5) |  | 6 |  | (7) |
Other | Other noninterest income | (7) |  | (1) |  | (89) |  | (70) |
Customer-Related Positions |  |  |  |  |
Interest rate contracts |  |  |  |  |
Swaps | Capital markets revenue | 61 |  | (55) |  | 143 |  | 165 |
Purchased and written options | Capital markets revenue | (5) |  | 109 |  | 9 |  | 41 |
Futures | Capital markets revenue | 1 |  | — |  | 3 |  | — |
Foreign exchange rate contracts |  |  |  |  |
Forwards, spots and swaps | Capital markets revenue | 69 |  | 70 |  | 183 |  | 126 |
Purchased and written options | Capital markets revenue | — |  | — |  | 1 |  | — |
Commodity contracts |  |  |  |  |
Swaps | Capital markets revenue | (30) |  | (2) |  | (26) |  | (1) |
Purchased and written options | Capital markets revenue | 1 |  | 1 |  | 15 |  | 5 |
Futures | Capital markets revenue | 35 |  | 4 |  | 39 |  | 10 |
Credit contracts | Capital markets revenue | (4) |  | (3) |  | (10) |  | (3) |

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