Investment Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIESThe following table summarizes our available-for-sale and held-to-maturity portfolios by major security type.

Table 42: Investment Securities Summary (a) (b)


	March 31, 2026								December 31, 2025
In millions	Amortized Cost (c)		Unrealized				Fair Value		Amortized Cost (c)		Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Securities Available-for-Sale
U.S. Treasury and government agencies	$	26,765	$	90	$	(356)	$	26,499	$	29,022	$	188	$	(313)	$	28,897
Residential mortgage-backed
Agency	37,562		134		(2,043)		35,653		32,429		176		(1,942)		30,663
Non-agency	430		107		(4)		533		442		110		(4)		548
Commercial mortgage-backed
Agency	3,446		35		(69)		3,412		3,395		43		(66)		3,372
Non-agency	229		—		(3)		226		256		—		(4)		252
Asset-backed	2,272		38		(1)		2,309		2,247		50		—		2,297
Other	2,446		52		(58)		2,440		2,106		54		(54)		2,106
Total securities available-for-sale	$	73,150	$	456	$	(2,534)	$	71,072	$	69,897	$	621	$	(2,383)	$	68,135
Securities Held-to-Maturity
U.S. Treasury and government agencies	$	18,880	$	16	$	(358)	$	18,538	$	21,537	$	25	$	(318)	$	21,244
Residential mortgage-backed
Agency	44,508		182		(2,365)		42,325		42,599		279		(2,155)		40,723
Non-agency	219		—		(12)		207		222		—		(11)		211
Commercial mortgage-backed
Agency	4,364		13		(43)		4,334		1,091		16		(7)		1,100
Non-agency	223		2		—		225		328		3		(1)		330
Asset-backed	1,364		20		(6)		1,378		1,840		46		(6)		1,880
Other	2,482		22		(43)		2,461		2,488		34		(31)		2,491
Total securities held-to-maturity (d)	$	72,040	$	255	$	(2,827)	$	69,468	$	70,105	$	403	$	(2,529)	$	67,979

(a) At March 31, 2026, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $212 million and $266 million, respectively. The comparable amounts at December 31, 2025 were $219 million and $348 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both March 31, 2026 and December 31, 2025.

(c) Amortized cost is presented net of allowance of $61 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at both March 31, 2026 and December 31, 2025.

(d) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of the transfer. The amortized cost of held-to-maturity securities included net unrealized losses of $2.5 billion at March 31, 2026 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2025 was $2.7 billion.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available-for-sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held-to-maturity are carried at amortized cost, net of any allowance. Investment securities at March 31, 2026 included $1.3 billion of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount at March 31, 2025 was $0.3 billion of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At both March 31, 2026 and December 31, 2025, the allowance for investment securities was $66 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. See Note 1 Accounting Policies in our 2025 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At March 31, 2026, AOCI included pre-tax losses of $225 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 43 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at March 31, 2026 and December 31, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair

value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of March 31, 2026, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.

Table 43: Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses


	Unrealized loss position less than 12 months				Unrealized loss position 12 months or more				Total
In millions	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value
March 31, 2026

U.S. Treasury and government agencies	$	(26)	$	11,216	$	(330)	$	1,390	$	(356)	$	12,606
Residential mortgage-backed
Agency	(32)		5,494		(2,011)		16,745		(2,043)		22,239
Non-agency	—		—		(1)		31		(1)		31
Commercial mortgage-backed
Agency	(1)		83		(68)		1,543		(69)		1,626
Non-agency	—		—		(3)		140		(3)		140
Asset-backed	(1)		183		—		—		(1)		183
Other	(2)		251		(47)		1,419		(49)		1,670
Total securities available-for-sale	$	(62)	$	17,227	$	(2,460)	$	21,268	$	(2,522)	$	38,495
December 31, 2025
U.S. Treasury and government agencies	$	(1)	$	103	$	(312)	$	1,427	$	(313)	$	1,530
Residential mortgage-backed
Agency	(4)		541		(1,938)		17,383		(1,942)		17,924
Non-agency	—		—		(1)		24		(1)		24
Commercial mortgage-backed
Agency	—		—		(66)		1,572		(66)		1,572
Non-agency	—		—		(4)		167		(4)		167
Asset-backed	—		—		—		—		—		—
Other	—		—		(43)		1,518		(43)		1,518

Total securities available-for-sale	$	(5)	$	644	$	(2,364)	$	22,091	$	(2,369)	$	22,735

Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table.

Table 44: Gains (Losses) on Sales of Securities Available-for-Sale


Three months ended March 31 In millions
	Gross Gains		Gross Losses		Net Gains (Losses)		Tax Expense (Benefit)
2026	$	31	$	(3)	$	28	$	6
2025	$	2	$	(4)	$	(2)	$	—

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2026.

Table 45: Contractual Maturity of Debt Securities


March 31, 2026 Dollars in millions	1 Year or Less			After 1 Year through 5 Years			After 5 Years through 10 Years			After 10 Years			Total
Securities Available-for-Sale
U.S. Treasury and government agencies	$	545		$	20,697		$	3,346		$	2,177		$	26,765
Residential mortgage-backed
Agency	1			428			2,858			34,275			37,562
Non-agency	—			—			160			270			430
Commercial mortgage-backed
Agency	7			1,451			140			1,848			3,446
Non-agency	—			79			55			95			229
Asset-backed	14			1,089			364			805			2,272
Other	687			968			261			530			2,446
Total securities available-for-sale at amortized cost	$	1,254		$	24,712		$	7,184		$	40,000		$	73,150
Fair value	$	1,251		$	24,662		$	7,095		$	38,064		$	71,072
Weighted-average yield, GAAP basis (a)	3.19		%	3.98		%	3.81		%	3.83		%	3.87		%
Securities Held-to-Maturity
U.S. Treasury and government agencies	$	7,737		$	9,569		$	742		$	832		$	18,880
Residential mortgage-backed
Agency	—			4			2,594			41,910			44,508
Non-agency	—			—			—			219			219
Commercial mortgage-backed
Agency	—			3,515			477			372			4,364
Non-agency	—			—			—			223			223
Asset-backed	16			126			680			542			1,364
Other	69			724			258			1,431			2,482
Total securities held-to-maturity at amortized cost	$	7,822		$	13,938		$	4,751		$	45,529		$	72,040
Fair value	$	7,790		$	13,709		$	4,637		$	43,332		$	69,468
Weighted-average yield, GAAP basis (a)	1.27		%	2.42		%	2.70		%	3.20		%	2.81		%

(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.

The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings and unused borrowing capacity.

Table 46: Fair Value of Securities Pledged and Accepted as Collateral


In millions	March 31, 2026		December 31, 2025
Pledged to others	$	59,718	$	61,230
Accepted from others:
Permitted by contract or custom to sell or repledge	$	1,227	$	759
Permitted amount repledged to others	$	1,227	$	759

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge. Such securities were pledged to the Federal Reserve and pledged to secure public and trust deposits, repurchase agreements and for other purposes. See Note 13 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.