Investment Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

AFS and HTM Securities


	At March 31, 2026
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,724	$	77	$	63	$	80,738
U.S. agency securities2	24,022		24		1,966		22,080
Agency CMBS	5,326		1		276		5,051


State and municipal securities	1,535		1		25		1,511
FFELP student loan ABS3	443		1		7		437

Unallocated basis adjustment4	—		—		—		—
Total AFS securities	112,050		104		2,337		109,817
HTM securities
U.S. Treasury securities	10,457		—		689		9,768
U.S. agency securities2	37,602		51		6,811		30,842
Agency CMBS	619		—		41		578
Non-agency CMBS	1,868		9		72		1,805
Total HTM securities	50,546		60		7,613		42,993
Total investment securities	$	162,596	$	164	$	9,950	$	152,810


	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

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.

Schedule of AFS Securities in an Unrealized Loss Position

AFS Securities in an Unrealized Loss Position


	At March 31, 2026				At December 31, 2025
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	22,092	$	57	$	47	$	—
12 months or longer	3,183		6		7,440		25
Total	25,275		63		7,487		25
U.S. agency securities
Less than 12 months	1,031		3		75		—
12 months or longer	15,873		1,963		17,290		1,943
Total	16,904		1,966		17,365		1,943
Agency CMBS
Less than 12 months	58		—		133		—
12 months or longer	4,440		276		4,675		286
Total	4,498		276		4,808		286








State and municipal securities
Less than 12 months	786		11		360		4
12 months or longer	355		14		382		13
Total	1,141		25		742		17
FFELP student loan ABS
Less than 12 months	1		—		—		—
12 months or longer	359		7		383		6
Total	360		7		383		6




Unallocated basis adjustment	—		—		—		2
Total AFS securities in an unrealized loss position
Less than 12 months	23,968		71		615		4
12 months or longer	24,210		2,266		30,170		2,273
Unallocated basis adjustment	—		—		—		2
Total	$	48,178	$	2,337	$	30,785	$	2,279

Schedule of Investment Securities by Contractual Maturity

Investment Securities by Contractual Maturity


	At March 31, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	31,053	$	31,084	3.9	%
After 1 year through 5 years	49,308		49,291		3.9	%
After 5 years through 10 years	363		363		4.0	%

Total	80,724		80,738
U.S. agency securities:
Due within 1 year	9		9		1.5	%
After 1 year through 5 years	200		190		1.9	%
After 5 years through 10 years	333		308		1.6	%
After 10 years	23,480		21,573		3.2	%
Total	24,022		22,080
Agency CMBS:
Due within 1 year	538		534		2.1	%
After 1 year through 5 years	3,673		3,594		1.9	%
After 5 years through 10 years	176		172		1.5	%
After 10 years	939		751		1.6	%
Total	5,326		5,051












State and municipal securities:
Due within 1 year	81		81		4.8	%
After 1 year through 5 years	228		225		3.6	%
After 5 years through 10 years	160		158		4.5	%
After 10 Years	1,066		1,047		4.6	%
Total	1,535		1,511
FFELP student loan ABS:
Due within 1 year	57		55		4.7	%
After 1 year through 5 years	46		44		4.7	%
After 5 years through 10 years	24		24		3.9	%
After 10 years	316		314		4.8	%
Total	443		437







Total AFS securities	$	112,050	$	109,817	3.6	%


	At March 31, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	3,045	$	3,033	2.3	%
After 1 year through 5 years	5,656		5,489		2.6	%
After 5 years through 10 years	203		178		1.3	%
After 10 years	1,553		1,068		2.3	%
Total	10,457		9,768
U.S. agency securities:

After 1 year through 5 years	141		135		2.0	%
After 5 years through 10 years	13		13		2.4	%
After 10 years	37,448		30,694		2.1	%
Total	37,602		30,842
Agency CMBS:
Due within 1 year	167		164		1.2	%
After 1 year through 5 years	310		295		1.4	%
After 5 years through 10 years	119		100		1.6	%
After 10 years	23		19		1.3	%
Total	619		578
Non-agency CMBS:
Due within 1 year	128		127		4.8	%
After 1 year through 5 years	871		841		4.4	%
After 5 years through 10 years	312		288		4.6	%
After 10 years	557		549		6.8	%
Total	1,868		1,805
Total HTM securities	$	50,546	$	42,993	2.3	%
Total investment securities	$	162,596	$	152,810	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 March 31, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.8% for AFS securities contractually maturing within 1 year and 3.6% for all AFS securities.

Schedule of Gross Realized Gains (Losses) on Sales of AFS Securities

Gross Realized Gains (Losses) on Sales of AFS Securities


	Three Months Ended March 31,
$ in millions	2026		2025
Gross realized gains	$	8	$	21
Gross realized (losses)	(3)		—
Total1	$	5	$	21

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