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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables present these assets and liabilities at June 30, 2026, and December 31, 2025.
| June 30, 2026 | December 31, 2025
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS |  |  |  |  |  |  |  |
Trading account assets: |  |  |  |  |  |  |  |
U.S. Treasury, agencies and corporations | $ | — |  | $ | 434 |  | $ | — |  | $ | 434 |  | $ | — |  | $ | 674 |  | $ | — |  | $ | 674 |
States and political subdivisions | — |  | 20 |  | — |  | 20 |  | — |  | 60 |  | — |  | 60 |
Other mortgage-backed securities | — |  | 430 |  | — |  | 430 |  | — |  | 316 |  | — |  | 316 |
Other securities | — |  | 45 |  | — |  | 45 |  | — |  | 6 |  | — |  | 6 |
Total trading account securities | — |  | 929 |  | — |  | 929 |  | — |  | 1,056 |  | — |  | 1,056 |
Commercial loans | — |  | 7 |  | — |  | 7 |  | — |  | 5 |  | — |  | 5 |
Total trading account assets | — |  | 936 |  | — |  | 936 |  | — |  | 1,061 |  | — |  | 1,061 |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, agencies and corporations | — |  | 7,075 |  | — |  | 7,075 |  | — |  | 7,886 |  | — |  | 7,886 |
Agency residential collateralized mortgage obligations | — |  | 7,995 |  | — |  | 7,995 |  | — |  | 8,565 |  | — |  | 8,565 |
Agency residential mortgage-backed securities | — |  | 19,608 |  | — |  | 19,608 |  | — |  | 19,195 |  | — |  | 19,195 |
Agency commercial mortgage-backed securities | — |  | 3,781 |  | — |  | 3,781 |  | — |  | 3,950 |  | — |  | 3,950 |
Other securities | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total securities available for sale | — |  | 38,459 |  | — |  | 38,459 |  | — |  | 39,596 |  | — |  | 39,596 |
Other investments: |  |  |  |  |  |  |  |
Principal investments: |  |  |  |  |  |  |  |
Indirect (measured at NAV) (a) | — |  | — |  | — |  | 7 |  | — |  | — |  | — |  | 9 |
Total principal investments | — |  | — |  | — |  | 7 |  | — |  | — |  | — |  | 9 |
Equity investments: |  |  |  |  |  |  |  |
Direct | — |  | 4 |  | 2 |  | 6 |  | — |  | — |  | 3 |  | 3 |
Direct (measured at NAV) (a) | — |  | — |  | — |  | 78 |  | — |  | — |  | — |  | 71 |
Indirect (measured at NAV) (a) | — |  | — |  | — |  | 3 |  | — |  | — |  | — |  | 3 |
Total equity investments | — |  | 4 |  | 2 |  | 87 |  | — |  | — |  | 3 |  | 77 |
Total other investments | — |  | 4 |  | 2 |  | 94 |  | — |  | — |  | 3 |  | 86 |
Loans, net of unearned income (residential) | — |  | — |  | 11 |  | 11 |  | — |  | — |  | 11 |  | 11 |
Loans held for sale (residential) | — |  | 204 |  | — |  | 204 |  | — |  | 149 |  | — |  | 149 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate | — |  | 105 |  | (1) |  | 104 |  | — |  | 135 |  | (3) |  | 132 |
Foreign exchange | 66 |  | 33 |  | — |  | 99 |  | 39 |  | 44 |  | — |  | 83 |
Commodity | — |  | 284 |  | — |  | 284 |  | — |  | 249 |  | — |  | 249 |
Other | — |  | 54 |  | 2 |  | 56 |  | — |  | 7 |  | 1 |  | 8 |
Derivative assets | 66 |  | 476 |  | 1 |  | 543 |  | 39 |  | 435 |  | (2) |  | 472 |
Netting adjustments (b) | — |  | — |  | — |  | (347) |  | — |  | — |  | — |  | (297) |
Total derivative assets | 66 |  | 476 |  | 1 |  | 196 |  | 39 |  | 435 |  | (2) |  | 175 |
Total assets on a recurring basis at fair value | $ | 66 |  | $ | 40,079 |  | $ | 14 |  | $ | 39,900 |  | $ | 39 |  | $ | 41,241 |  | $ | 12 |  | $ | 41,078 |
LIABILITIES MEASURED ON A RECURRING BASIS |  |  |  |  |  |  |  |
Bank notes and other short-term borrowings: |  |  |  |  |  |  |  |
Short positions | $ | 668 |  | $ | 262 |  | $ | — |  | $ | 930 |  | $ | 412 |  | $ | 409 |  | $ | — |  | $ | 821 |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate | — |  | 635 |  | — |  | 635 |  | — |  | 577 |  | — |  | 577 |
Foreign exchange | 61 |  | 34 |  | — |  | 95 |  | 36 |  | 44 |  | — |  | 80 |
Commodity | — |  | 273 |  | — |  | 273 |  | — |  | 237 |  | — |  | 237 |
Credit | — |  | 5 |  | — |  | 5 |  | — |  | 8 |  | — |  | 8 |
Other | — |  | 9 |  | — |  | 9 |  | — |  | 25 |  | — |  | 25 |
Derivative liabilities | 61 |  | 956 |  | — |  | 1,017 |  | 36 |  | 891 |  | — |  | 927 |
Netting adjustments (b) | — |  | — |  | — |  | (323) |  | — |  | — |  | — |  | (274) |
Total derivative liabilities | 61 |  | 956 |  | — |  | 694 |  | 36 |  | 891 |  | — |  | 653 |
Total liabilities on a recurring basis at fair value | $ | 729 |  | $ | 1,218 |  | $ | — |  | $ | 1,624 |  | $ | 448 |  | $ | 1,300 |  | $ | — |  | $ | 1,474 |
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following table presents our assets measured at fair value on a nonrecurring basis at June 30, 2026, and December 31, 2025:
| June 30, 2026 |  | December 31, 2025
Dollars in millions | Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
ASSETS MEASURED ON A NONRECURRING BASIS |  |  |  |  |  |  |  |  |
Collateral-dependent loans | $ | — |  | $ | — |  | $ | 186 |  | $ | 186 |  |  | $ | — |  | $ | — |  | $ | 56 |  | $ | 56 |
Accrued income and other assets | — |  | — |  | 14 |  | 14 |  |  | — |  | — |  | 32 |  | 32 |
Total assets on a nonrecurring basis at fair value | $ | — |  | $ | — |  | $ | 200 |  | $ | 200 |  |  | $ | — |  | $ | — |  | $ | 88 |  | $ | 88 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at June 30, 2026, and December 31, 2025, along with the valuation techniques used, are shown in the following table:
| Level 3 Asset (Liability) | Valuation Technique | Significant Unobservable Input | Range (Weighted-Average) (a), (b)
Dollars in millions | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025
Recurring |  |  |  |  |  |
Loans, net of unearned income (residential) | $ | 11 |  | $ | 11 |  | Market comparable pricing | Comparability factor | 74.40 - 95.00% (84.09%) | 74.30-99.00% (84.99%)
Derivative instruments: |  |  |  |  |  |
Interest rate | (1) |  | (3) |  | Discounted cash flows | Probability of default | .02 - 100% (4.20%) | .02 - 100% (4.40%)
|  |  |  | Loss given default | 0 - 1 (.411) | 0 - 1 (.485)
Insignificant level 3 assets, net of liabilities(c) | 4 |  | 4 |  |  |  |  |
Nonrecurring |  |  |  |  |  |
Collateral-dependent loans | 186 |  | 56 |  | Fair value of collateral | Credit and liquidity discount | 0 - 72.00% (22.00%) | 0 - 100.00% (40.00%)
Accrued income and other assets: (d) |  |  |  |  |  |
OREO and other Level 3 assets | 11 |  | 8 |  | Appraised value | Appraised value | N/M | N/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value. (b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used. (c)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities. (d)Excludes $3 million pertaining to mortgage servicing assets measured on a nonrecurring basis as of June 30, 2026. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Schedule of Fair Value Disclosures of Financial Instruments | The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at June 30, 2026, and December 31, 2025, are shown in the following tables. Assets and liabilities are further arranged by measurement category.
| June 30, 2026
| Carrying Amount | Fair Value
Dollars in millions | Level 1 | Level 2 | Level 3 |  |  | Total
FINANCIAL ASSETS |  |  |  |  |  |  |
Cash and short-term investments (a) | $ | 14,127 |  | $ | 14,127 |  | $ | — |  | $ | — |  |  |  | $ | 14,127 |
Held-to-maturity securities (b) | 9,515 |  | — |  | 9,124 |  | — |  |  |  | 9,124 |
Other investments (c) | 1,139 |  | — |  | 4 |  | 1,135 |  |  |  | 1,139 |
Loans, net of unearned income (d) | 108,974 |  | — |  | — |  | 105,930 |  |  |  | 105,930 |
Loans held for sale (c) | 994 |  | — |  | — |  | 994 |  |  |  | 994 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |
Time deposits (e) | $ | 12,014 |  | $ | — |  | $ | 12,063 |  | $ | — |  |  |  | $ | 12,063 |
Short-term borrowings (a) | 2,755 |  | — |  | 2,755 |  | — |  |  |  | 2,755 |
Long-term debt (e) | 10,967 |  | 10,025 |  | 1,711 |  | — |  |  |  | 11,736 |
Deposits with no stated maturity (a) | 141,075 |  | — |  | 141,075 |  | — |  |  |  | 141,075 |
| December 31, 2025
| Carrying Amount | Fair Value
Dollars in millions | Level 1 | Level 2 | Level 3 |  |  | Total
FINANCIAL ASSETS |  |  |  |  |  |  |
Cash and short-term investments (a) | $ | 11,450 |  | $ | 11,450 |  | $ | — |  | $ | — |  |  |  | $ | 11,450 |
Held-to-maturity securities (b) | 8,622 |  | — |  | 8,313 |  | — |  |  |  | 8,313 |
Other investments (c) | 863 |  | — |  | — |  | 863 |  |  |  | 863 |
Loans, net of unearned income (d) | 105,103 |  | — |  | — |  | 101,946 |  |  |  | 101,946 |
Loans held for sale (c) | 928 |  | — |  | — |  | 928 |  |  |  | 928 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |
Time deposits (e) | $ | 12,680 |  | $ | — |  | $ | 12,731 |  | $ | — |  |  |  | $ | 12,731 |
Short-term borrowings (a) | 263 |  | — |  | 263 |  | — |  |  |  | 263 |
Long-term debt (e) | 9,917 |  | 9,318 |  | $ | 729 |  | — |  |  |  | 10,047 |
Deposits with no stated maturity (a) | 136,033 |  | — |  | 136,033 |  | — |  |  |  | 136,033 |
Valuation Methods and Assumptions (a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles. (b)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets. (c)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2025 Form 10-K Note 5 (“Fair Value Measurements”). (d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value. (e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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