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Derivative And Credit-Related Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments
The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at September 30, 2024 and December 31, 2023. The table excludes a derivative related to the Corporation's 2008 sale of its remaining ownership of Visa shares and includes accrued interest receivable and payable.
 September 30, 2024December 31, 2023
  Fair Value Fair Value
(in millions)Notional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative LiabilitiesNotional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative Liabilities
Risk management purposes
Derivatives designated as hedging instruments
Interest rate contracts:
Fair value swaps - receive fixed/pay floating$6,800 $— $— $6,300 $— $— 
Cash flow swaps - receive fixed/pay floating (b)29,500 — 60 24,850 — 8 
Derivatives used as economic hedges
Foreign exchange contracts:
Spot, forwards and swaps560 — 2 560 1 3 
Total risk management purposes36,860 — 62 31,710 1 11 
Customer-initiated and other activities
Interest rate contracts:
Caps and floors written1,859 — 13 1,577 — 18 
Caps and floors purchased1,859 13 — 1,577 18 — 
Swaps (c)
23,448 184 267 19,316 207 409 
Total interest rate contracts27,166 197 280 22,470 225 427 
Energy contracts:
Caps and floors written3,823 2 229 3,719 3 291 
Caps and floors purchased3,823 230 2 3,719 292 3 
Swaps6,802 361 341 6,368 463 442 
Total energy contracts14,448 593 572 13,806 758 736 
Foreign exchange contracts:
Spot, forwards, options and swaps2,960 42 35 2,751 35 32 
Total customer-initiated and other activities44,574 832 887 39,027 1,018 1,195 
Total gross derivatives$81,434 832 949 $70,737 1,019 1,206 
Amounts offset in the Consolidated Balance Sheets:
Netting adjustment - Offsetting derivative assets/liabilities
(325)(325)(311)(311)
Netting adjustment - Cash collateral received/posted
(55)(5)(143)(13)
Net derivatives included in the Consolidated Balance Sheets (d)
452 619 565 882 
Amounts not offset in the Consolidated Balance Sheets:
Marketable securities pledged under bilateral collateral agreements
(323)(3)(501)(4)
Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets
$129 $616 $64 $878 
(a)Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Balance Sheets.
(b)September 30, 2024 included $6.1 billion of forward starting swaps that will become effective on their contractual start dates in 2024. Forward starting SOFR swaps with a notional amount of $5.6 billion will replace existing short-dated BSBY swaps.
(c)September 30, 2024 included a temporary increase of $3.7 billion to notional amounts related to the transition from BSBY to SOFR.
(d)Net derivative assets are included in accrued income and other assets and net derivative liabilities are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $3 million at both September 30, 2024 and December 31, 2023.
Schedule of the Effects of Fair Value Hedging on the Consolidated Statements of Comprehensive Income
The following table details the effects of fair value hedging on the Consolidated Statements of Comprehensive Income.
Interest on Medium- and Long-Term Debt
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Total interest on medium- and long-term debt (a)$117 $106 $358 $273 
Fair value hedging relationships:
Interest rate contracts:
Hedged items84 74 252 194 
Derivatives designated as hedging instruments33 32 106 79 
(a) Includes the effects of hedging.
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps The following tables summarize the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the weighted average carrying amount of the related hedged items, as of September 30, 2024 and December 31, 2023.
Cash flow swaps - receive fixed/pay floating rate on variable-rate loans
September 30, 2024December 31, 2023
Weighted average:
   Time to maturity (in years)2.7 3.9 
   Receive rate (a)2.51 %2.43 %
   Pay rate (a), (b)5.19 5.38 
(a)Excludes forward starting swaps not effective as of the period shown. September 30, 2024 excluded $6.1 billion of forward starting swaps. December 31, 2023 excluded $2.0 billion of forward starting swaps.
(b)Variable rates paid on receive fixed swaps designated as cash flow hedges are based on BSBY or Secured Overnight Financing Rate (SOFR) rates in effect at September 30, 2024 and December 31, 2023. Derivative contracts with maturity dates beyond the BSBY cessation date will fall back to the daily SOFR with a spread adjustment.
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps
Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt
(dollar amounts in millions)September 30, 2024December 31, 2023
Carrying value of hedged items (a)$6,786 $6,206 
Weighted average:
   Time to maturity (in years)2.9 3.1 
   Receive rate (b)3.77 %3.67 %
   Pay rate (b)5.26 5.74 
(a)Included $(8) million and $(93) million of cumulative hedging adjustments at September 30, 2024 and December 31, 2023, respectively, which included $2 million and $3 million, respectively, of hedging adjustment on a discontinued hedging relationship.
(b)Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at September 30, 2024 and December 31, 2023.
Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions included in capital markets income, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Interest rate contracts$7 $5 $15 $17 
Energy contracts5 4 13 17 
Foreign exchange contracts11 12 35 40 
Total$23 $21 $63 $74 
Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table.
(in millions)September 30, 2024December 31, 2023
Unused commitments to extend credit:
Commercial and other$24,081 $27,303 
Bankcard, revolving credit and home equity loan commitments4,002 4,082 
Total unused commitments to extend credit$28,083 $31,385 
Standby letters of credit$3,748 $3,586 
Commercial letters of credit53 48 
Summary Of Criticized Letters Of Credit
The following table presents a summary of criticized standby and commercial letters of credit at September 30, 2024 and December 31, 2023. The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful
categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines.
(dollar amounts in millions)September 30, 2024December 31, 2023
Total criticized standby and commercial letters of credit$45 $50 
As a percentage of total outstanding standby and commercial letters of credit1.2 %1.4 %