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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2025
Summary of Derivative Instruments [Abstract] |
Schedule of Derivative Amounts | The following schedule presents derivative notional amounts and recorded gross fair values at June 30, 2025 and December 31, 2024:
| June 30, 2025 |  | December 31, 2024
| Notional amount |  | Fair value |  | Notional amount |  | Fair value
(In millions) | Other assets |  | Other liabilities |  | Other assets |  | Other liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Hedges of floating-rate assets | $ | 750 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 550 |  |  | $ | — |  |  | $ | 2 |
Hedges of floating-rate liabilities | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Hedges of fixed-rate assets 1 | 6,166 |  |  | 80 |  |  | — |  |  | 4,668 |  |  | 93 |  |  | — |
Hedges of fixed-rate liabilities | 500 |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |
Total derivatives designated as hedging instruments | 7,416 |  |  | 87 |  |  | — |  |  | 6,218 |  |  | 93 |  |  | 2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Customer interest rate derivatives 2 | 18,221 |  |  | 284 |  |  | 271 |  |  | 16,833 |  |  | 348 |  |  | 346 |
Other interest rate derivatives | 1,134 |  |  | 1 |  |  | — |  |  | 1,105 |  |  | 1 |  |  | — |
Foreign exchange derivatives | 466 |  |  | 4 |  |  | 2 |  |  | 373 |  |  | 4 |  |  | 2 |
Purchased credit derivatives | 79 |  |  | — |  |  | 1 |  |  | 24 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 19,900 |  |  | 289 |  |  | 274 |  |  | 18,335 |  |  | 353 |  |  | 348 |
Total derivatives | $ | 27,316 |  |  | $ | 376 |  |  | $ | 274 |  |  | $ | 24,553 |  |  | $ | 446 |  |  | $ | 350 |
1 Includes forward-starting swaps that are not yet effective. 2 Customer interest rate derivatives include both customer-facing derivatives and offsetting dealer-facing derivatives.
Schedule of Derivative Gains (Losses) Deferred in OCI or Recognized in Earnings | The following schedules present the amount of gains (losses) from derivative instruments designated as cash flow and fair value hedges that were deferred in AOCI or recognized in earnings for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, 2025
(In millions) | Effective portion of derivative gain (loss) deferred in AOCI |  |  |  | Amount of gain (loss) reclassified from AOCI into income |  | Interest on fair value hedges |  |
Cash flow hedges: 1 |  |  |  |  |  |  |  |  |
Hedges of floating-rate assets | $ | 2 |  |  |  |  | $ | (18) |  |  | $ | — |  |  |
Hedges of floating-rate liabilities | — |  |  |  |  | — |  |  | — |  |  |
Fair value hedges: 2 |  |  |  |  |  |  |  |  |
Hedges of fixed-rate assets | — |  |  |  |  | — |  |  | 14 |  |  |
Hedges of fixed-rate liabilities | — |  |  |  |  | — |  |  | (2) |  |  |
Total derivatives designated as hedging instruments | $ | 2 |  |  |  |  | $ | (18) |  |  | $ | 12 |  |  |
| Six Months Ended June 30, 2025
(In millions) | Effective portion of derivative gain (loss) deferred in AOCI |  |  |  | Amount of gain (loss) reclassified from AOCI into income |  | Interest on fair value hedges |  |
Cash flow hedges: 1 |  |  |  |  |  |  |  |  |
Hedges of floating-rate assets | $ | 8 |  |  |  |  | $ | (38) |  |  | $ | — |  |  |
Hedges of floating-rate liabilities | — |  |  |  |  | 1 |  |  | — |  |  |
Fair value hedges: 2 |  |  |  |  |  |  |  |  |
Hedges of fixed-rate assets | — |  |  |  |  | — |  |  | 27 |  |  |
Hedges of fixed-rate liabilities | — |  |  |  |  | — |  |  | (5) |  |  |
Total derivatives designated as hedging instruments | $ | 8 |  |  |  |  | $ | (37) |  |  | $ | 22 |  |  |
| Three Months Ended June 30, 2024
(In millions) | Effective portion of derivative gain (loss) deferred in AOCI |  |  |  | Amount of gain (loss) reclassified from AOCI into income |  | Interest on fair value hedges |  |
Cash flow hedges: 1 |  |  |  |  |  |  |  |  |
Hedges of floating-rate assets | $ | (1) |  |  |  |  | $ | (33) |  |  | $ | — |  |  |
Hedges of floating-rate liabilities | 1 |  |  |  |  | 2 |  |  | — |  |  |
Fair value hedges: 2 |  |  |  |  |  |  |  |  |
Hedges of fixed-rate assets | — |  |  |  |  | — |  |  | 24 |  |  |
Hedges of fixed-rate liabilities | — |  |  |  |  | — |  |  | (2) |  |  |
Total derivatives designated as hedging instruments | $ | — |  |  |  |  | $ | (31) |  |  | $ | 22 |  |  |
| Six Months Ended June 30, 2024
(In millions) | Effective portion of derivative gain (loss) deferred in AOCI |  |  |  | Amount of gain (loss) reclassified from AOCI into income |  | Interest on fair value hedges |  |
Cash flow hedges: 1 |  |  |  |  |  |  |  |  |
Hedges of floating-rate assets | $ | (6) |  |  |  |  | $ | (69) |  |  | $ | — |  |  |
Hedges of floating-rate liabilities | 5 |  |  |  |  | 4 |  |  | — |  |  |
Fair value hedges: 2 |  |  |  |  |  |  |  |  |
Hedges of fixed-rate assets | — |  |  |  |  | — |  |  | 46 |  |  |
Hedges of fixed-rate liabilities | — |  |  |  |  | — |  |  | (3) |  |  |
Total derivatives designated as hedging instruments | $ | (1) |  |  |  |  | $ | (65) |  |  | $ | 43 |  |  |
1 For the 12 months following June 30, 2025, we estimate that $45 million of net losses from active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with an estimate of $88 million at June 30, 2024. At June 30, 2025, there were $60 million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully reclassified into earnings by October 2027. 2 We had total cumulative unamortized basis adjustments from terminated fair value hedges of debt of $36 million and $43 million at June 30, 2025 and 2024, respectively. We had $3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at both June 30, 2025 and 2024. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.
Schedule of Gains (Losses) Recognized From Derivatives Not Designated as Accounting Hedges | The following schedule presents the amount of gains (losses) recognized from derivatives not designated as accounting hedges:
| Other Noninterest Income/(Expense)
(In millions) | Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Customer-facing interest rate derivatives | $ | 11 |  |  | $ | 18 |  |  | $ | 6 |  |  | $ | 12 |
Other interest rate derivatives | — |  |  | (1) |  |  | — |  |  | 1 |
Foreign exchange derivatives | 8 |  |  | 14 |  |  | 7 |  |  | 15 |
Purchased credit derivatives | (1) |  |  | (1) |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | $ | 18 |  |  | $ | 30 |  |  | $ | 13 |  |  | $ | 28 |
Schedule of Fair Value Hedges | The following schedule presents derivatives used in fair value hedge accounting relationships, along with pre-tax gains (losses) recorded on these derivatives and the related hedged items for the periods presented:
| Gains (losses) recorded in income |  |  |  |
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  |  |  |
(In millions) | Derivatives |  | Hedged items |  | Total income statement impact |  | Derivatives |  | Hedged items |  | Total income statement impact |  |  |  |
Hedges of fixed-rate assets 1, 2 | $ | (35) |  |  | $ | 35 |  |  | $ | — |  |  | $ | 20 |  |  | $ | (20) |  |  | $ | — |  |  |  |  |
Hedges of fixed-rate debt 1, 2 | 4 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
| Gains (losses) recorded in income
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(In millions) | Derivatives |  | Hedged items |  | Total income statement impact |  | Derivatives |  | Hedged items |  | Total income statement impact
Hedges of fixed-rate assets 1, 2 | $ | (115) |  |  | $ | 115 |  |  | $ | — |  |  | $ | 118 |  |  | $ | (118) |  |  | $ | — |
Hedges of fixed-rate debt 1, 2 | 16 |  |  | (16) |  |  | — |  |  | — |  |  | — |  |  | — |
1 Includes hedges of benchmark interest rate risk for fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in interest income or expense, consistent with the hedged items. 2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains (losses) on the hedged items.
Schedule of Basis Adjustments for Hedged Items | The following schedule presents information regarding basis adjustments for hedged items in fair value hedging relationships:
| Par value of hedged items |  | Carrying amount of the hedged items 1 |  | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In millions) | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Hedges of fixed-rate assets 1, 2 | $ | 11,473 |  |  | $ | 11,388 |  |  | $ | 11,299 |  |  | $ | 11,099 |  |  | $ | (174) |  |  | $ | (289) |
Hedges of fixed-rate debt 1 | (500) |  |  | (500) |  |  | (509) |  |  | (493) |  |  | (9) |  |  | 7 |
1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges. 2 At June 30, 2025, the amortized cost basis of assets designated using the portfolio layer method was $9.8 billion; the cumulative basis adjustment associated with these hedging relationships was $29 million; and the notional amounts of the designated hedging instruments were $4.5 billion.

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