Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

AFS and HTM Securities


	At December 31, 2025
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,745	$	187	$	25	80,907
U.S. agency securities2	24,031		24		1,943		22,112
Agency CMBS	5,504		1		286		5,219


State and municipal securities	1,754		10		17		1,747
FFELP student loan ABS3	486		1		6		481

Unallocated basis adjustment4	2		—		2		—
Total AFS securities	112,522		223		2,279		110,466
HTM securities
U.S. Treasury securities	12,299		—		663		11,636
U.S. agency securities2	38,303		67		6,785		31,585
Agency CMBS	709		—		43		666
Non-agency CMBS	1,779		12		63		1,728
Total HTM securities	53,090		79		7,554		45,615
Total investment securities	$	165,612	$	302	$	9,833	$	156,081


	At December 31, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	70,160	$	62	$	388	$	69,834
U.S. agency securities2	24,113		6		2,652		21,467
Agency CMBS	5,704		—		388		5,316


State and municipal securities	1,373		18		4		1,387
FFELP student loan ABS3	612		1		9		604

Unallocated basis adjustment4	(2)		2		—		—
Total AFS securities	101,960		89		3,441		98,608
HTM securities
U.S. Treasury securities	16,885		—		1,082		15,803
U.S. agency securities2	41,582		4		8,592		32,994
Agency CMBS	1,154		—		88		1,066
Non-agency CMBS	1,450		3		113		1,340
Total HTM securities	61,071		7		9,875		51,203
Total investment securities	$	163,031	$	96	$	13,316	$	149,811

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis

adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

AFS Securities in an Unrealized Loss Position


	At December 31, 2025				At December 31, 2024
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than12 months	$	47	$	—	$	18,338	$	65
12 months or longer	7,440		25		19,629		323
Total	7,487		25		37,967		388
U.S. agency securities
Less than12 months	75		—		765		11
12 months or longer	17,290		1,943		18,996		2,641
Total	17,365		1,943		19,761		2,652
Agency CMBS
Less than12 months	133		—		—		—
12 months or longer	4,675		286		5,018		388
Total	4,808		286		5,018		388








State and municipal securities
Less than12 months	360		4		242		2
12 months or longer	382		13		62		2
Total	742		17		304		4
FFELP student loan ABS

12 months or longer	383		6		442		9
Total	383		6		442		9




Unallocated basis adjustment	—		2		—		—
Total AFS securities in an unrealized loss position
Less than12 months	615		4		19,345		78
12 months or longer	30,170		2,273		44,147		3,363
Unallocated basis adjustment	—		2		—		—
Total	$	30,785	$	2,279	$	63,492	$	3,441

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity


	At December 31, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	28,824	$	28,870	3.7	%
After 1 year through 5 years	51,178		51,291		3.8	%
After 5 years through 10 years	743		746		4.0	%

Total	80,745		80,907
U.S. agency securities:
Due within 1 year	23		22		0.6	%
After 1 year through 5 years	185		176		1.8	%
After 5 years through 10 years	399		371		1.6	%
After 10 years	23,424		21,543		3.4	%
Total	24,031		22,112
Agency CMBS:
Due within 1 year	596		591		2.1	%
After 1 year through 5 years	3,763		3,674		1.8	%
After 5 years through 10 years	193		189		1.3	%
After 10 years	952		765		1.6	%
Total	5,504		5,219












State and municipal securities:
Due within 1 year	78		78		4.8	%
After 1 year through 5 years	243		239		3.6	%
After 5 years through 10 years	113		114		4.9	%
After 10 years	1,320		1,316		4.5	%
Total	1,754		1,747
FFELP student loan ABS:
Due within 1 year	59		57		4.6	%
After 1 year through 5 years	47		46		4.6	%
After 5 years through 10 years	26		25		3.9	%
After 10 years	354		353		4.9	%
Total	486		481






Unallocated basis adjustment4:	2		—		—
Total AFS securities	112,522		110,466		3.6	%


	At December 31, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	5,435	$	5,416	2.2	%
After 1 year through 5 years	5,108		4,961		2.4	%
After 5 years through 10 years	203		179		1.3	%
After 10 years	1,553		1,080		2.3	%
Total	12,299		11,636
U.S. agency securities:

After 1 year through 5 years	140		135		2.0	%
After 5 years through 10 years	28		28		2.2	%
After 10 years	38,135		31,422		2.1	%
Total	38,303		31,585
Agency CMBS:
Due within 1 year	202		199		1.1	%
After 1 year through 5 years	354		338		1.4	%
After 5 years through 10 years	130		110		1.6	%
After 10 years	23		19		1.3	%
Total	709		666
Non-agency CMBS:
Due within 1 year	138		135		4.9	%
After 1 year through 5 years	847		824		4.6	%
After 5 years through 10 years	321		298		4.5	%
After 10 years	473		471		6.9	%
Total	1,779		1,728
Total HTM securities	53,090		45,615		2.2	%
Total investment securities	$	165,612	$	156,081	3.2	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At December 31, 2025, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.7% for AFS securities contractually maturing within 1 year and 3.7% for all AFS securities.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

Schedule of Gross Realized Gains and Losses on Sales of AFS Securities

Gross Realized Gains (Losses) on Sales of AFS Securities


$ in millions	2025		2024		2023
Gross realized gains	$	31	$	52	$	70
Gross realized (losses)	(1)		—		(21)
Total1	$	30	$	52	$	49

1.Realized gains and losses are recognized in Other revenues in the income statement.