v3.26.1
Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at March 31, 2026 and December 31, 2025.
Debt Securities
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in millions)March 31, 2026December 31, 2025
Available-for-sale debt securities
Mortgage-backed securities:
Agency$44,544 $72 $(1,170)$43,446 $34,240 $80 $(1,179)$33,141 
Agency-collateralized mortgage obligations18,365 47 (137)18,275 19,304 27 (132)19,199 
Commercial44,212 181 (452)43,941 38,688 191 (385)38,494 
Non-agency residential (1)
270 54 (61)263 273 55 (56)272 
Total mortgage-backed securities107,391 354 (1,820)105,925 92,505 353 (1,752)91,106 
U.S. Treasury and government agencies215,210 103 (866)214,447 250,065 390 (621)249,834 
Non-U.S. securities33,455 4 (47)33,412 31,765 20 (18)31,767 
Other taxable securities6,185 3 (57)6,131 6,328 12 (36)6,304 
Tax-exempt securities9,203 14 (169)9,048 7,948 15 (176)7,787 
Total available-for-sale debt securities371,444 478 (2,959)368,963 388,611 790 (2,603)386,798 
Other debt securities carried at fair value (2)
17,492 118 (184)17,426 16,066 200 (89)16,177 
Total debt securities carried at fair value388,936 596 (3,143)386,389 404,677 990 (2,692)402,975 
Held-to-maturity debt securities
Agency mortgage-backed securities387,880 — (67,766)320,114 395,415 — (67,309)328,106 
U.S. Treasury and government agencies121,252 — (12,640)108,612 121,242 — (12,225)109,017 
Other taxable securities5,631 2 (748)4,885 6,028 2 (723)5,307 
Total held-to-maturity debt securities514,763 2 (81,154)433,611 522,685 2 (80,257)442,430 
Total debt securities (3,4)
$903,699 $598 $(84,297)$820,000 $927,362 $992 $(82,949)$845,405 
(1)At both March 31, 2026 and December 31, 2025, the underlying collateral type included approximately 27 percent prime and 73 percent subprime.
(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $132.1 billion and $153.8 billion at March 31, 2026 and December 31, 2025.
(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $245.8 billion and $159.4 billion, and a fair value of $206.5 billion and $134.4 billion at March 31, 2026, and an amortized cost of $246.9 billion and $158.5 billion, and a fair value of $208.0 billion and $133.6 billion at December 31, 2025.
At March 31, 2026 and December 31, 2025, the Corporation’s expected credit losses on AFS and HTM debt securities with a total amortized cost of $886.2 billion and $911.3 billion were not significant. Of these amounts, $835.9 billion and $863.7 billion of AFS and HTM debt securities were predominantly U.S. agency and U.S. Treasury securities and had a zero credit loss assumption as of the end of the same periods. At March 31, 2026 and December 31, 2025, nonperforming AFS debt securities held by the Corporation were not significant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K.
At March 31, 2026 and December 31, 2025, the Corporation held equity securities at an aggregate fair value of $250 million and $253 million, respectively, and other equity securities, as valued under the measurement alternative, at a carrying value of $523 million and $479 million, respectively,
both of which are included in other assets. At March 31, 2026 and December 31, 2025, the Corporation also held money market investments at a fair value of $1.3 billion and $1.2 billion, which are included in time deposits placed and other short-term investments.
The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2026 and 2025 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended March 31
(Dollars in millions)20262025
Gross gains$67 $11 
Gross losses(64)(13)
Net gains (losses) on sales of AFS debt securities$3 $(2)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$1 $— 
The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at March 31, 2026 and December 31, 2025. Substantially all of the unrealized losses relate to debt securities that have a zero credit loss assumption.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses		Fair
Value		Gross
 Unrealized
 Losses
(Dollars in millions)March 31, 2026
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$17,327 $(93)$16,487 $(1,077)$33,814 $(1,170)
Agency-collateralized mortgage obligations456 (1)1,377 (136)1,833 (137)
Commercial15,687 (106)4,394 (346)20,081 (452)
Non-agency residential— — 150 (61)150 (61)
Total mortgage-backed securities33,470 (200)22,408 (1,620)55,878 (1,820)
U.S. Treasury and government agencies97,001 (250)48,515 (616)145,516 (866)
Non-U.S. securities15,834 (39)2,704 (8)18,538 (47)
Other taxable securities3,770 (20)1,304 (37)5,074 (57)
Tax-exempt securities372 (1)3,310 (168)3,682 (169)
Total AFS debt securities in a continuous
   unrealized loss position
$150,447 $(510)$78,241 $(2,449)$228,688 $(2,959)
December 31, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$1,645 $— $18,512 $(1,179)$20,157 $(1,179)
Agency-collateralized mortgage obligations2,503 (5)2,351 (127)4,854 (132)
Commercial8,795 (27)5,527 (358)14,322 (385)
Non-agency residential— — 154 (56)154 (56)
Total mortgage-backed securities12,943 (32)26,544 (1,720)39,487 (1,752)
U.S. Treasury and government agencies5,398 (7)68,763 (614)74,161 (621)
Non-U.S. securities10,891 (10)2,808 (8)13,699 (18)
Other taxable securities979 (5)1,356 (31)2,335 (36)
Tax-exempt securities415 (1)1,730 (175)2,145 (176)
Total AFS debt securities in a continuous
   unrealized loss position		$30,626 $(55)$101,201 $(2,548)$131,827 $(2,603)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2026 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$3 3.08 %$5 4.37 %$44,541 4.71 %$44,549 4.71 %
Agency-collateralized mortgage obligations— — — — 1 1.00 18,364 5.57 18,365 5.57 
Commercial195 2.82 22,703 4.17 18,998 4.42 2,329 5.11 44,225 4.32 
Non-agency residential— — — — 11 22.08 538 11.73 549 11.93 
Total mortgage-backed securities195 2.82 22,706 4.17 19,015 4.43 65,772 5.02 107,688 4.73 
U.S. Treasury and government agencies29,575 4.13 173,862 3.59 16,422 3.47 31 3.97 219,890 3.65 
Non-U.S. securities25,817 2.65 4,626 2.96 7,595 4.41 7,932 4.09 45,970 3.22 
Other taxable securities837 5.03 4,233 4.33 422 3.79 693 4.41 6,185 4.39 
Tax-exempt securities2,181 3.42 2,656 3.23 821 2.95 3,545 3.35 9,203 3.30 
Total amortized cost of debt securities carried at fair value$58,605 3.46 $208,083 3.65 $44,275 4.04 $77,973 4.84 $388,936 3.90 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$— — %$— — %$47 2.92 %$387,833 2.11 %$387,880 2.11 %
U.S. Treasury and government agencies4,098 1.69 90,914 1.38 26,240 1.38 — — 121,252 1.39 
Other taxable securities296 1.27 259 2.92 266 2.49 4,810 2.53 5,631 2.48 
Total amortized cost of HTM debt securities$4,394 1.67 $91,173 1.39 $26,553 1.39 $392,643 2.12 $514,763 1.95 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $3  $5  $43,443  $43,451  
Agency-collateralized mortgage obligations—  —  1  18,274  18,275  
Commercial193  22,629  18,971  2,160  43,953  
Non-agency residential—  —  27  475  502  
Total mortgage-backed securities193 22,632 19,004 64,352 106,181 
U.S. Treasury and government agencies29,611 173,249 16,236 30 219,126 
Non-U.S. securities25,765  4,619  7,590  7,925  45,899  
Other taxable securities835  4,206  411  683  6,135  
Tax-exempt securities2,181  2,644  812  3,411  9,048  
Total debt securities carried at fair value$58,585  $207,350  $44,053  $76,401  $386,389  
Fair value of HTM debt securities
Agency mortgage-backed securities$— $— $45 $320,069 $320,114 
U.S. Treasury and government agencies4,028 81,513 23,071 — 108,612 
Other taxable securities294 252 221 4,118 4,885 
Total fair value of HTM debt securities$4,322 $81,765 $23,337 $324,187 $433,611 
(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related open hedging derivatives.