Securities (Tables)

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 June 30, 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)	June 30, 2026								December 31, 2025
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	41,870	$	125	$	(1,154)	$	40,841	$	34,240	$	80	$	(1,179)	$	33,141
Agency-collateralized mortgage obligations	17,204		85		(141)		17,148		19,304		27		(132)		19,199
Commercial	44,281		260		(484)		44,057		38,688		191		(385)		38,494
Non-agency residential (1)	75		1		(24)		52		273		55		(56)		272
Total mortgage-backed securities	103,430		471		(1,803)		102,098		92,505		353		(1,752)		91,106
U.S. Treasury and government agencies	195,191		128		(916)		194,403		250,065		390		(621)		249,834
Non-U.S. securities	37,718		12		(63)		37,667		31,765		20		(18)		31,767

Other taxable securities	7,399		2		(54)		7,347		6,328		12		(36)		6,304

Tax-exempt securities	7,176		8		(159)		7,025		7,948		15		(176)		7,787
Total available-for-sale debt securities	350,914		621		(2,995)		348,540		388,611		790		(2,603)		386,798
Other debt securities carried at fair value (2)	14,928		121		(170)		14,879		16,066		200		(89)		16,177
Total debt securities carried at fair value	365,842		742		(3,165)		363,419		404,677		990		(2,692)		402,975
Held-to-maturity debt securities

Agency mortgage-backed securities	379,169		—		(68,332)		310,837		395,415		—		(67,309)		328,106




U.S. Treasury and government agencies	121,262		—		(13,011)		108,251		121,242		—		(12,225)		109,017


Other taxable securities	5,397		1		(752)		4,646		6,028		2		(723)		5,307


Total held-to-maturity debt securities	505,828		1		(82,095)		423,734		522,685		2		(80,257)		442,430
Total debt securities (3,4)	$	871,670	$	743	$	(85,260)	$	787,153	$	927,362	$	992	$	(82,949)	$	845,405

(1)At June 30, 2026 and December 31, 2025, the underlying collateral type included approximately 10 percent and 27 percent prime and 90 percent 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 $101.9 billion and $153.8 billion at June 30, 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 $240.5 billion and $156.6 billion, and a fair value of $200.9 billion and $131.5 billion at June 30, 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.

The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2026 and 2025 are presented in the table below.



Gains and Losses on Sales of AFS Debt Securities

	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025
Gross gains	$	111	$	5	$	178	$	16
Gross losses	(95)		(23)		(159)		(36)
Net gains (losses) on sales of AFS debt securities	$	16	$	(18)	$	19	$	(20)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$	4	$	(5)	$	5	$	(5)

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 June 30, 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 Months				Twelve Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(Dollars in millions)	June 30, 2026
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	11,723	$	(68)	$	15,861	$	(1,086)	$	27,584	$	(1,154)
Agency-collateralized mortgage obligations	138		(1)		1,324		(140)		1,462		(141)
Commercial	12,780		(152)		4,256		(332)		17,036		(484)
Non-agency residential	8		(1)		40		(23)		48		(24)
Total mortgage-backed securities	24,649		(222)		21,481		(1,581)		46,130		(1,803)
U.S. Treasury and government agencies	65,561		(385)		44,321		(531)		109,882		(916)
Non-U.S. securities	12,362		(58)		2,651		(5)		15,013		(63)

Other taxable securities	3,713		(24)		1,302		(30)		5,015		(54)

Tax-exempt securities	284		(1)		1,585		(158)		1,869		(159)



Total AFS debt securities in a continuous unrealized loss position	$	106,569	$	(690)	$	71,340	$	(2,305)	$	177,909	$	(2,995)

	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 obligations	2,503		(5)		2,351		(127)		4,854		(132)
Commercial	8,795		(27)		5,527		(358)		14,322		(385)
Non-agency residential	—		—		154		(56)		154		(56)
Total mortgage-backed securities	12,943		(32)		26,544		(1,720)		39,487		(1,752)
U.S. Treasury and government agencies	5,398		(7)		68,763		(614)		74,161		(621)
Non-U.S. securities	10,891		(10)		2,808		(8)		13,699		(18)

Other taxable securities	979		(5)		1,356		(31)		2,335		(36)

Tax-exempt securities	415		(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 June 30, 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	3.24	%	$	4	5.20	%	$	41,868	4.68	%	$	41,875	4.68	%
Agency-collateralized mortgage obligations	—		—		—		—		1		1.00		17,203		5.56		17,204		5.56
Commercial	178		2.83		23,485		4.11		18,749		4.44		1,882		3.85		44,294		4.23
Non-agency residential	—		—		—		—		1		0.27		319		13.11		320		13.07
Total mortgage-backed securities	178		2.83		23,488		4.11		18,755		4.44		61,272		4.94		103,693		4.66
U.S. Treasury and government agencies	12,238		3.91		170,697		3.63		15,939		3.55		43		3.12		198,917		3.64
Non-U.S. securities	25,189		2.69		6,147		3.35		7,789		4.45		9,532		4.06		48,657		3.32

Other taxable securities	2,098		4.88		4,421		4.39		187		2.99		693		4.38		7,399		4.49

Tax-exempt securities	233		2.50		2,624		3.35		847		3.13		3,472		3.51		7,176		3.37
Total amortized cost of debt securities carried at fair value	$	39,936	3.18		$	207,377	3.69		$	43,517	4.08		$	75,012	4.76		$	365,842	3.90
Amortized cost of HTM debt securities

Agency mortgage-backed securities	$	—	—	%	$	—	—	%	$	45	2.93	%	$	379,124	2.11	%	$	379,169	2.11	%




U.S. Treasury and government agencies	4,100		1.70		110,670		1.39		6,492		1.32		—		—		121,262		1.40


Other taxable securities	209		1.75		244		2.89		246		2.56		4,698		2.53		5,397		2.52


Total amortized cost of HTM debt securities	$	4,309	1.70		$	110,914	1.39		$	6,783	1.37		$	383,822	2.12		$	505,828	1.94

Debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—			$	3			$	4			$	40,839			$	40,846
Agency-collateralized mortgage obligations	—				—				1				17,147				17,148
Commercial	178				23,367				18,799				1,725				44,069
Non-agency residential	—				—				1				211				212
Total mortgage-backed securities	178				23,370				18,805				59,922				102,275
U.S. Treasury and government agencies	12,263				170,029				15,807				57				198,156
Non-U.S. securities	25,166				6,138				7,788				9,521				48,613

Other taxable securities	2,097				4,400				173				680				7,350

Tax-exempt securities	232				2,615				836				3,342				7,025
Total debt securities carried at fair value	$	39,936			$	206,552			$	43,409			$	73,522			$	363,419
Fair value of HTM debt securities

Agency mortgage-backed securities	$	—			$	—			$	42			$	310,795			$	310,837




U.S. Treasury and government agencies	4,044				98,573				5,634				—				108,251


Other taxable securities	208				236				200				4,002				4,646


Total fair value of HTM debt securities	$	4,252			$	98,809			$	5,876			$	314,797			$	423,734

(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.