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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables reflect the notional amounts and fair values for all derivative instruments included in the Condensed Consolidated Balance Sheets as of:

						Fair Value
June 30, 2026 ($ in millions)			Notional Amount			Derivative Assets			Derivative Liabilities
Derivatives Designated as Qualifying Hedging Instruments:
Fair value hedges:
Interest rate swaps related to long-term debt			$	7,314		1			17
Total fair value hedges						1			17
Cash flow hedges:
Interest rate swaps related to C&I loans			7,850			—			—
Interest rate swaps related to C&I loans - forward starting(a)			2,000			—			—
Interest rate swaps related to commercial mortgage and commercial construction loans			4,000			1			—
Total cash flow hedges						1			—
Total derivatives designated as qualifying hedging instruments						2			17
Derivatives Not Designated as Qualifying Hedging Instruments:
Free-standing derivatives – risk management and other business purposes:
Interest rate contracts related to residential MSR portfolio			4,880			7			1
Forward contracts related to residential mortgage loans measured at fair value(b)			1,021			2			3
Swap associated with the sale of Visa, Inc. Class B Shares			2,335			—			70
Foreign exchange contracts			493			19			—
Other			82			—			—
Total free-standing derivatives – risk management and other business purposes						28			74
Free-standing derivatives – customer accommodation:
Interest rate contracts(c)			103,146			601			781
Interest rate lock commitments			418			7			—
Commodity contracts			31,815			1,356			1,357
TBA securities			30			—			—
Foreign exchange contracts			22,698			484			437
Total free-standing derivatives – customer accommodation						2,448			2,575
Total derivatives not designated as qualifying hedging instruments						2,476			2,649
Total						$	2,478		2,666

(a)Forward starting swaps will become effective in December 2026.

(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments in addition to certain portfolio residential mortgage loans measured at fair value.

(c)Derivative assets and liabilities are presented net of variation margin of $263 and $39, respectively.

						Fair Value
December 31, 2025 ($ in millions)			Notional Amount			Derivative Assets			Derivative Liabilities
Derivatives Designated as Qualifying Hedging Instruments:
Fair value hedges:
Interest rate swaps related to long-term debt			$	4,205		1			—
Total fair value hedges						1			—
Cash flow hedges:
Interest rate swaps related to C&I loans			6,850			5			—
Interest rate swaps related to commercial mortgage and commercial construction loans			4,000			2			—
Total cash flow hedges						7			—
Total derivatives designated as qualifying hedging instruments						8			—
Derivatives Not Designated as Qualifying Hedging Instruments:
Free-standing derivatives – risk management and other business purposes:
Interest rate contracts related to MSR portfolio			4,275			6			1
Forward contracts related to residential mortgage loans measured at fair value(a)			1,072			1			3
Swap associated with the sale of Visa, Inc. Class B Shares			2,678			—			124
Foreign exchange contracts			150			—			2
Other			82			—			—
Total free-standing derivatives – risk management and other business purposes						7			130
Free-standing derivatives – customer accommodation:
Interest rate contracts(b)			82,901			443			540
Interest rate lock commitments			317			5			—
Commodity contracts			16,945			746			738
TBA securities			31			—			—
Foreign exchange contracts			26,166			659			626
Total free-standing derivatives – customer accommodation						1,853			1,904
Total derivatives not designated as qualifying hedging instruments						1,860			2,034
Total						$	1,868		2,034

(a)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments in addition to certain portfolio residential mortgage loans measured at fair value.

(b)Derivative assets and liabilities are presented net of variation margin of $120 and $29, respectively.

Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships

The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Condensed Consolidated Statements of Income in which the corresponding gains or losses are recorded:

			Condensed Consolidated Statements of Income Caption			For the three months ended June 30,									For the six months ended June 30,
($ in millions)						2026			2025						2026			2025
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debt			Interest on long-term debt			$	(45)		37						(64)			105
Change in fair value of hedged long-term debt attributable to the risk being hedged			Interest on long-term debt			45			(37)						65			(105)

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of:

($ in millions)			Condensed Consolidated Balance Sheets Caption			June 30, 2026			December 31, 2025
Long-term debt:
Carrying amount of the hedged items			Long-term debt			$	7,280		4,204
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items			Long-term debt			(55)			10
Available-for-sale debt and other securities:
Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinued			Available-for-sale debt and other securities			(7)			(7)

Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges

The following table presents the pre-tax net (losses) gains recorded in the Condensed Consolidated Statements of Income and in the Condensed Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:

			For the three months ended June 30,									For the six months ended June 30,
($ in millions)			2026			2025						2026			2025
Amount of pre-tax net (losses) gains recognized in OCI			$	(118)		144						(199)			399
Amount of pre-tax net losses reclassified from OCI into net income			(21)			(50)						(42)			(105)

Schedule of Price Risk Derivatives

The net gains (losses) recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:

			Condensed Consolidated Statements of Income Caption			For the three months ended June 30,									For the six months ended June 30,
($ in millions)						2026			2025						2026			2025
Interest rate contracts:
Interest rate contracts related to residential MSR portfolio			Mortgage banking net revenue			$	(17)		13						(28)			32
Forward contracts related to residential mortgage loans measured at fair value			Mortgage banking net revenue			—			(3)						9			(12)
Foreign exchange contracts:
Foreign exchange contracts for risk management purposes			Other noninterest income			12			(6)						22			(5)
Equity contracts:
Swap associated with sale of Visa, Inc. Class B Shares			Other noninterest income			(1)			(1)						7			(19)

Net Gains (Losses) Recognized in the Income Statement Related to Free-Standing Derivative Instruments Used For Customer Accommodation

The net gains (losses) recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:

			Condensed Consolidated Statements of Income Caption			For the three months ended June 30,									For the six months ended June 30,
($ in millions)						2026			2025						2026			2025
Interest rate contracts:
Interest rate contracts for customers (contract revenue)			Capital market fees			$	15		7						25			15
Interest rate contracts for customers (credit portion of fair value adjustment)			Other noninterest expense			2			(1)						3			(4)
Interest rate lock commitments			Mortgage banking net revenue			17			12						32			26
Commodity contracts:
Commodity contracts for customers (contract revenue)			Capital market fees			9			4						21			10
Commodity contracts for customers (credit portion of fair value adjustment)			Other noninterest expense			4			—						(1)			—
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)			Capital market fees			28			19						55			38
Foreign exchange contracts for customers (contract revenue)			Other noninterest income			1			(23)						5			(33)

Offsetting Derivative Financial Instruments

The following table provides a summary of offsetting derivative financial instruments:

			Gross Amount Recognized in the Condensed Consolidated Balance Sheets(a)			Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
						Derivatives			Collateral(b)			Net Amount
As of June 30, 2026
Derivative assets			$	2,471		(1,118)			(234)			1,119
Derivative liabilities			2,666			(1,118)			(79)			1,469
As of December 31, 2025
Derivative assets			$	1,863		(959)			(261)			643
Derivative liabilities			2,034			(959)			(142)			933

(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.

(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Condensed Consolidated Balance Sheets were excluded from this table.

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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