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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Notional or Contractual Amounts and Estimated Fair Value of Derivative Instruments | The following table presents the gross notional or contractual amounts and estimated fair value of derivative instruments employed by the Company:
|  | June 30, 2026 |  | December 31, 2025
|  | Notional or Contractual Amount |  | Fair Value |  | Notional or Contractual Amount |  | Fair Value
(Dollars in millions) |  |  | Assets |  | Liabilities |  |  | Assets |  | Liabilities
Derivatives designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Swaps hedging commercial loans |  | $ | 83,672 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 97,135 |  |  | $ | — |  |  | $ | — |
Swaps hedging long-term debt |  | 28,400 |  |  | — |  |  | (1) |  |  | 27,033 |  |  | — |  |  | — |
Swaps hedging AFS securities |  | 23,730 |  |  | — |  |  | (1) |  |  | 26,751 |  |  | — |  |  | — |
Total derivatives designated as hedges |  | 135,802 |  |  | — |  |  | (8) |  |  | 150,919 |  |  | — |  |  | — |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |
Client-related and other risk management: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  | 195,669 |  |  | 411 |  |  | (1,115) |  |  | 185,861 |  |  | 516 |  |  | (944) |
Written options |  | 10,712 |  |  | 1 |  |  | (28) |  |  | 10,577 |  |  | 2 |  |  | (18) |
Purchased options |  | 5,792 |  |  | 15 |  |  | — |  |  | 8,558 |  |  | 15 |  |  | — |
Futures and forwards |  | 2,997 |  |  | 1 |  |  | (3) |  |  | 2,636 |  |  | 2 |  |  | (14) |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  | 16,539 |  |  | 418 |  |  | (372) |  |  | 13,647 |  |  | 450 |  |  | (382) |
Futures and forwards |  | 27,887 |  |  | 374 |  |  | (332) |  |  | 27,008 |  |  | 338 |  |  | (335) |
Other |  | 2,615 |  |  | 29 |  |  | (26) |  |  | 2,820 |  |  | 35 |  |  | (33) |
Equity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Written options |  | 30,311 |  |  | 18 |  |  | (2,770) |  |  | 26,600 |  |  | 12 |  |  | (2,278) |
Purchased options |  | 13,989 |  |  | 1,800 |  |  | (139) |  |  | 12,485 |  |  | 1,358 |  |  | (121) |
Other |  | 2,521 |  |  | 74 |  |  | (22) |  |  | 1,386 |  |  | 11 |  |  | (59) |
Commodity contracts |  | 10,920 |  |  | 437 |  |  | (417) |  |  | 8,340 |  |  | 322 |  |  | (302) |
Credit contracts: |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps |  | 1,181 |  |  | — |  |  | (3) |  |  | 900 |  |  | — |  |  | — |
Total return swaps |  | 1,782 |  |  | 34 |  |  | (5) |  |  | 1,835 |  |  | 31 |  |  | (7) |
Risk participation agreements |  | 9,211 |  |  | — |  |  | (2) |  |  | 8,863 |  |  | — |  |  | (2) |
Total |  | 332,126 |  |  | 3,612 |  |  | (5,234) |  |  | 311,516 |  |  | 3,092 |  |  | (4,495) |
MSRs and mortgage banking: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  | 15,605 |  |  | — |  |  | — |  |  | 11,035 |  |  | — |  |  | — |
Written options |  | 568 |  |  | 11 |  |  | — |  |  | 1,288 |  |  | 14 |  |  | — |
Purchased options |  | 9,550 |  |  | 6 |  |  | (75) |  |  | 10,465 |  |  | 10 |  |  | (118) |
Interest rate lock commitments |  | 1,271 |  |  | 5 |  |  | (10) |  |  | 960 |  |  | 4 |  |  | (2) |
When issued securities, forward rate agreements, forward commitments, and futures |  | 7,843 |  |  | 10 |  |  | (4) |  |  | 7,807 |  |  | 2 |  |  | — |
Total |  | 34,837 |  |  | 32 |  |  | (89) |  |  | 31,555 |  |  | 30 |  |  | (120) |
Total derivatives not designated as hedges |  | 366,963 |  |  | 3,644 |  |  | (5,323) |  |  | 343,071 |  |  | 3,122 |  |  | (4,615) |
Total derivatives |  | $ | 502,765 |  |  | $ | 3,644 |  |  | $ | (5,331) |  |  | $ | 493,990 |  |  | $ | 3,122 |  |  | $ | (4,615) |
Gross amounts in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |  |
Amounts subject to master netting arrangements and exchange traded derivatives |  |  |  | (1,963) |  |  | 1,963 |  |  |  |  | (1,585) |  |  | 1,585 |
Cash collateral (received) posted for amounts subject to master netting arrangements |  |  |  | (226) |  |  | 1,140 |  |  |  |  | (194) |  |  | 1,233 |
Net amount |  |  |  | $ | 1,455 |  |  | $ | (2,228) |  |  |  |  | $ | 1,343 |  |  | $ | (1,797) |
Netting of Financial Instruments - Derivatives | The following table presents the offsetting of derivative instruments, including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets. Refer to “Note 2. Securities Financing Activities“ for information about the Company's securities financing transactions subject to master netting (or similar) arrangements.
June 30, 2026 (Dollars in millions) |  | Gross Amount |  | Amount Offset |  | Net Amount in Consolidated Balance Sheets |  | Held/Pledged Financial Instruments(1) |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |  |
Derivatives subject to master netting arrangement or similar arrangement |  | $ | 1,896 |  |  | $ | (1,354) |  |  | $ | 542 |  |  | $ | — |  |  | $ | 542 |
Derivatives not subject to master netting arrangement or similar arrangement |  | 169 |  |  | — |  |  | 169 |  |  | — |  |  | 169 |
Exchange traded derivatives |  | 1,579 |  |  | (835) |  |  | 744 |  |  | — |  |  | 744 |
Total derivative assets |  | $ | 3,644 |  |  | $ | (2,189) |  |  | $ | 1,455 |  |  | $ | — |  |  | $ | 1,455 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives subject to master netting arrangement or similar arrangement |  | $ | (3,486) |  |  | $ | 2,268 |  |  | $ | (1,218) |  |  | $ | 80 |  |  | $ | (1,138) |
Derivatives not subject to master netting arrangement or similar arrangement |  | (1,009) |  |  | — |  |  | (1,009) |  |  | — |  |  | (1,009) |
Exchange traded derivatives |  | (836) |  |  | 835 |  |  | (1) |  |  | — |  |  | (1) |
Total derivative liabilities |  | $ | (5,331) |  |  | $ | 3,103 |  |  | $ | (2,228) |  |  | $ | 80 |  |  | $ | (2,148) |
December 31, 2025 (Dollars in millions) |  | Gross Amount |  | Amount Offset |  | Net Amount in Consolidated Balance Sheets |  | Held/Pledged Financial Instruments(1) |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |  |
Derivatives subject to master netting arrangement or similar arrangement |  | $ | 1,836 |  |  | $ | (1,157) |  |  | $ | 679 |  |  | $ | — |  |  | $ | 679 |
Derivatives not subject to master netting arrangement or similar arrangement |  | 129 |  |  | — |  |  | 129 |  |  | — |  |  | 129 |
Exchange traded derivatives |  | 1,157 |  |  | (622) |  |  | 535 |  |  | — |  |  | 535 |
Total derivative assets |  | $ | 3,122 |  |  | $ | (1,779) |  |  | $ | 1,343 |  |  | $ | — |  |  | $ | 1,343 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives subject to master netting arrangement or similar arrangement |  | $ | (3,171) |  |  | $ | 2,196 |  |  | $ | (975) |  |  | $ | 77 |  |  | $ | (898) |
Derivatives not subject to master netting arrangement or similar arrangement |  | (821) |  |  | — |  |  | (821) |  |  | — |  |  | (821) |
Exchange traded derivatives |  | (623) |  |  | 622 |  |  | (1) |  |  | — |  |  | (1) |
Total derivative liabilities |  | $ | (4,615) |  |  | $ | 2,818 |  |  | $ | (1,797) |  |  | $ | 77 |  |  | $ | (1,720) |
(1)The fair value of held/pledged financial instruments is limited to the carrying amount of the associated derivative asset or liability.
Fair Value Hedging Basis Adjustments | The following table presents the carrying amount of hedged items in fair value hedging relationships:
| June 30, 2026 |  | December 31, 2025
| Carrying Amount of the Hedged Assets and Liabilities(1) |  | Cumulative basis adjustment increasing (decreasing) the carrying amount |  | Carrying Amount of the Hedged Assets and Liabilities(1) |  | Cumulative basis adjustment increasing (decreasing) the carrying amount
(Dollars in millions) |  | Items Currently Designated |  | Discontinued Hedges |  |  | Items Currently Designated |  | Discontinued Hedges
AFS securities(2) | $ | 38,106 |  |  | $ | (148) |  |  | $ | (27) |  |  | $ | 38,608 |  |  | $ | 104 |  |  | $ | 13 |
Loans and leases | 174 |  |  | — |  |  | 2 |  |  | 179 |  |  | — |  |  | 3 |
Long-term debt | 28,633 |  |  | (354) |  |  | (305) |  |  | 28,194 |  |  | 70 |  |  | (375) |
(1)Carrying value shown represents amortized cost. (2)As of June 30, 2026, closed portfolios of securities hedged under the portfolio layer method had an amortized cost of $19.4 billion, of which $14.8 billion was designated as the hedged item. As of December 31, 2025, closed portfolios of securities hedged under the portfolio layer method had an amortized cost of $27.4 billion, of which $16.4 billion was designated as the hedged item. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes the impact on NII related to fair value hedges:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Investment securities: |  |  |  |  |  |  |  |  |
Amounts related to settlements(1) | $ | 14 |  |  | $ | 79 |  |  | $ | 29 |  |  | $ | 158 |  |  |
Recognized on derivatives | 171 |  |  | (199) |  |  | 292 |  |  | (591) |  |  |
Recognized on hedged items | (171) |  |  | 201 |  |  | (292) |  |  | 594 |  |  |
Interest income gain (loss) recognized(2) | 14 |  |  | 81 |  |  | 29 |  |  | 161 |  |  |
Loans and leases: |  |  |  |  |  |  |  |  |
Amounts related to settlements(1) | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  |
Long-term debt: |  |  |  |  |  |  |  |  |
Amounts related to settlements(1) | (24) |  |  | (56) |  |  | (51) |  |  | (120) |  |  |
Recognized on derivatives | (262) |  |  | 92 |  |  | (435) |  |  | 244 |  |  |
Recognized on hedged items | 262 |  |  | (90) |  |  | 434 |  |  | (243) |  |  |
Interest expense gain (loss) recognized | (24) |  |  | (54) |  |  | (52) |  |  | (119) |  |  |
Net interest income gain (loss) recognized, total | $ | (11) |  |  | $ | 27 |  |  | $ | (24) |  |  | $ | 41 |  |  |
(1)Includes amounts related to active and terminated hedges. Prior period balances have been conformed to current period presentation. (2)Includes income recognized from securities with terminated hedges that were reclassified to HTM of $9 million and $17 million for the three and six months ended June 30, 2026, respectively, and $9 million and $18 million for the three and six months ended June 30, 2025, respectively. The income recognized was offset by the amortization of the fair value mark. Refer to “Note 3. Investment Securities” for additional information on the hedge basis adjustment. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Pre-tax gain (loss) recognized in OCI: |  |  |  |  |  |  |  |  |
Commercial loans | $ | (663) |  |  | $ | 267 |  |  | $ | (1,223) |  |  | $ | 736 |  |  |
Pre-tax gain (loss) reclassified from AOCI into interest income: |  |  |  |  |  |  |  |  |
Commercial loans | (54) |  |  | (92) |  |  | (91) |  |  | (185) |  |  |
The following table presents information about the Company’s cash flow and fair value hedges:
(Dollars in millions) |  | Jun 30, 2026 |  | Dec 31, 2025 |
Cash flow hedges: |  |  |  |  |
Net unrecognized after-tax gain (loss) on hedges recorded in AOCI |  | $ | (1,035) |  |  | $ | (173) |  |
Maximum length of time over which forecasted cash flows are hedged |  | 4 years |  | 5 years |
Fair value hedges: |  |  |  |  |
Net unrecognized pre-tax gain (loss) on terminated hedges(1) |  | $ | 38 |  |  | $ | (56) |  |
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $318 million at June 30, 2026 and $335 million at December 31, 2025. The following table presents pre-tax gains (losses) recognized in income for derivative instruments not designated as hedges:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | Income Statement Location | 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Client-related and other risk management: |  |  |  |  |  |  |  |  |
Interest rate contracts | Investment banking and trading income and other income | $ | 25 |  |  | $ | 10 |  |  | $ | 58 |  |  | $ | 21 |  |  |
Foreign exchange contracts | Investment banking and trading income and other income | 55 |  |  | (164) |  |  | 121 |  |  | (213) |  |  |
Equity contracts | Investment banking and trading income, other income, and personnel expense | 212 |  |  | (38) |  |  | 250 |  |  | 15 |  |  |
Credit contracts | Investment banking and trading income and other income | (26) |  |  | (26) |  |  | (11) |  |  | (12) |  |  |
Commodity contracts | Investment banking and trading income | 2 |  |  | 3 |  |  | 6 |  |  | 6 |  |  |
MSRs and mortgage banking: |  |  |  |  |  |  |  |  |
Interest rate contracts | Mortgage banking income | (26) |  |  | (18) |  |  | (15) |  |  | 19 |  |  |
Total |  | $ | 242 |  |  | $ | (233) |  |  | $ | 409 |  |  | $ | (164) |  |  |
Derivatives Credit Risk - Risk Participation Agreements and Total Return Swaps | The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:
(Dollars in millions) | June 30, 2026 |  | Dec 31, 2025
Risk participation agreements: |  |  |
Maximum potential amount of exposure | $ | 377 |  |  | $ | 554 |
Total return swaps: |  |  |
Cash received for variation margin | 34 |  |  | 31 |
Cash and other collateral received for initial margin | 488 |  |  | 471 |

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