Financial Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us.

Table 81: Total Gross Derivatives (a)


	June 30, 2026						December 31, 2025
In millions	Notional / Contract Amount		Asset Fair Value (b)		Liability Fair Value (c)		Notional / Contract Amount		Asset Fair Value (b)		Liability Fair Value (c)
Derivatives designated for hedging
Interest rate contracts (d):
Fair value hedges	$	58,364	$	—	$	—	$	60,799	$	—	$	—
Cash flow hedges	78,277		—		—		59,994		—		—

Foreign exchange contracts:
Net investment hedges	1,472		15		—		1,387		—		6
Total derivatives designated for hedging	$	138,113	$	15	$	—	$	122,180	$	—	$	6
Derivatives not designated for hedging
Derivatives used for mortgage banking activities (e):
Interest rate contracts:
Swaps	$	41,301	$	—	$	—	$	34,357	$	—	$	—
Futures (f)	3,346		—		—		9,915		—		—
Mortgage-backed commitments	6,174		49		43		6,199		69		60
Other	11,088		19		22		12,438		25		16
Total interest rate contracts	61,909		68		65		62,909		94		76
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps	392,910		1,110		2,579		409,522		1,459		2,383
Futures (f)	42		—		—		45		—		—
Mortgage-backed commitments	6,589		8		15		8,278		7		12
Other	45,064		108		105		36,493		58		49
Total interest rate contracts	444,605		1,226		2,699		454,338		1,524		2,444
Commodity contracts:
Swaps	6,045		396		374		5,129		315		288
Other	8,950		281		280		7,904		234		234
Total commodity contracts	14,995		677		654		13,033		549		522
Foreign exchange contracts and other	50,252		557		509		43,025		493		417
Total derivatives for customer-related activities	509,852		2,460		3,862		510,396		2,566		3,383
Derivatives used for other risk management activities:
Foreign exchange contracts and other	17,643		109		125		18,553		12		161
Total derivatives not designated for hedging	$	589,404	$	2,637	$	4,052	$	591,858	$	2,672	$	3,620
Total gross derivatives	$	727,517	$	2,652	$	4,052	$	714,038	$	2,672	$	3,626
Less: Impact of legally enforceable master netting agreements			1,114		1,114				1,158		1,158
Less: Cash collateral received/paid			706		698				494		743
Total derivatives			$	832	$	2,240			$	1,020	$	1,725

(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

(b)Included in Other assets on our Consolidated Balance Sheet.

(c)Included in Other liabilities on our Consolidated Balance Sheet.

(d)Represents primarily swaps.

(e)Includes both residential and commercial mortgage banking activities.

(f)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

Schedule of Fair Value and Cash Flow Hedges

Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table.

Table 82: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) (c)


	Location and Amount of Gains (Losses) Recognized in Income
	Interest Income				Interest Expense		Noninterest Income
In millions	Loans		Investment Securities		Borrowed Funds		Other
For the three months ended June 30, 2026
Total amounts reported on the Consolidated Income Statement	$	4,986	$	1,263	$	905	$	489
Gains (losses) on fair value hedges recognized on:
Hedged items (d)	$	—	$	(194)	$	313	$	—
Derivatives	$	—	$	195	$	(314)	$	—
Amounts related to interest settlements on derivatives	$	—	$	(8)	$	(28)	$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(44)	$	(8)	$	—	$	(15)
Other amounts related to interest settlements on derivatives	$	3	$	—	$	—	$	—
For the three months ended June 30, 2025
Total amounts reported on the Consolidated Income Statement	$	4,609	$	1,151	$	870	$	212
Gains (losses) on fair value hedges recognized on:
Hedged items (d)	$	—	$	182	$	(318)	$	—
Derivatives	$	—	$	(180)	$	319	$	—
Amounts related to interest settlements on derivatives	$	—	$	25	$	(99)	$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(177)	$	(9)	$	—	$	—
Other amounts related to interest settlements on derivatives	$	(3)	$	—	$	—	$	—
For the six months ended June 30, 2026
Total amounts reported on the Consolidated Income Statement	$	9,778	$	2,465	$	1,653	$	614
Gains (losses) on fair value hedges recognized on:
Hedged items (d)	$	—	$	(337)	$	513	$	—
Derivatives	$	—	$	335	$	(512)	$	—
Amounts related to interest settlements on derivatives	$	—	$	(11)	$	(64)	$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(95)	$	(14)	$	—	$	(15)
Other amounts related to interest settlements on derivatives	$	—	$	—	$	—	$	—
For the six months ended June 30, 2025
Total amounts reported on the Consolidated Income Statement	$	9,081	$	2,275	$	1,716	$	349
Gains (losses) on fair value hedges recognized on:
Hedged items (d)	$	—	$	511	$	(876)	$	—
Derivatives	$	—	$	(509)	$	881	$	—
Amounts related to interest settlements on derivatives	$	—	$	49	$	(195)	$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income	$	(366)	$	(16)	$	—	$	2
Other amounts related to interest settlements on derivatives	$	2	$	—	$	—	$	—

(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies.

(b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented.

(c)Gains (losses) on fair value hedges related to deposits are included in Deposits interest expense on our Consolidated Income Statement and were insignificant for all periods presented.

(d)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.

(e)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.

Schedule of Fair Value Hedges

Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table.

Table 83: Hedged Items - Fair Value Hedges


	June 30, 2026				December 31, 2025
In millions	Carrying Value of the Hedged Items		Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)		Carrying Value of the Hedged Items		Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)
Investment securities - available-for-sale (b)	$	18,948	$	(213)	$	22,651	$	174
Borrowed funds	$	39,778	$	(614)	$	39,945	$	(101)
Deposits	$	300	$	—	$	100	$	—

(a)Includes an insignificant amount of fair value hedge adjustments related to discontinued available-for-sale securities and borrowed funds hedge relationships at both June 30, 2026 and December 31, 2025.

(b)Carrying value shown represents amortized cost.

Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table.

Table 84: Gains (Losses) on Derivatives Not Designated for Hedging under GAAP


	Three months ended June 30					Six months ended June 30
In millions		2026		2025			2026		2025
Derivatives used for mortgage banking activities:
Interest rate contracts (a)		$	(32)	$	34		$	(50)	$	119
Derivatives used for customer-related activities:
Interest rate contracts		3		6			32		(15)
Foreign exchange contracts and other		50		109			106		177
Gains from customer-related activities (b)		53		115			138		162
Derivatives used for other risk management activities:
Foreign exchange contracts and other (c)		—		(387)			76		(561)
Total gains (losses) from derivatives not designated as hedging instruments		$	21	$	(238)		$	164	$	(280)

(a)Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

(b)Included in Capital markets and advisory and Other noninterest income on our Consolidated Income Statement.

(c)Included in Capital markets and advisory and Other noninterest income and Deposits interest expense on our Consolidated Income Statement.

Derivative Assets And Liabilities Offsetting

Table 85 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at June 30, 2026 and December 31, 2025. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values.

Table 85 includes OTC derivatives not settled through an exchange (“OTC derivatives”) and OTC derivatives cleared through a central clearing house (“OTC cleared derivatives”). OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or directly cleared through a central clearing house. The majority of OTC derivatives are governed by the ISDA documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house that then becomes our counterparty. OTC cleared derivative instruments are typically settled in cash each day based on the prior day value.

Table 85: Derivative Assets and Liabilities Offsetting


In millions			Amounts Offset on the Consolidated Balance Sheet							Securities Collateral Held/Pledged Under Master Netting Agreements
	Gross Fair Value		Fair Value Offset Amount		Cash Collateral		Net Fair Value					Net Amounts
June 30, 2026
Derivative assets
Interest rate contracts:
Over-the-counter cleared	$	13	$	—	$	—	$	13		$	—	$	13

Over-the-counter	1,281		618		384		279			14		265
Commodity contracts	677		342		165		170			2		168
Foreign exchange and other contracts	681		154		157		370			1		369
Total derivative assets	$	2,652	$	1,114	$	706	$	832	(a)	$	17	$	815
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared	$	19	$	—	$	—	$	19		$	—	$	19

Over-the-counter	2,745		455		647		1,643			34		1,609
Commodity contracts	654		375		4		275			—		275
Foreign exchange and other contracts	634		284		47		303			—		303
Total derivative liabilities	$	4,052	$	1,114	$	698	$	2,240	(b)	$	34	$	2,206
December 31, 2025
Derivative assets
Interest rate contracts:
Over-the-counter cleared	$	10	$	—	$	—	$	10		$	—	$	10

Over-the-counter	1,608		715		353		540			61		479
Commodity contracts	549		328		96		125			13		112
Foreign exchange and other contracts	505		115		45		345			2		343
Total derivative assets	$	2,672	$	1,158	$	494	$	1,020	(a)	$	76	$	944
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared	$	17	$	—	$	—	$	17		$	—	$	17

Over-the-counter	2,503		615		616		1,272			29		1,243
Commodity contracts	522		305		8		209			—		209
Foreign exchange and other contracts	584		238		119		227			—		227
Total derivative liabilities	$	3,626	$	1,158	$	743	$	1,725	(b)	$	29	$	1,696

(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.

(b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

Credit-Risk Contingent Features

The following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2026 and December 31, 2025.

Table 86: Credit-Risk Contingent Features


In billions	June 30, 2026		December 31, 2025
Net derivative liabilities with credit-risk contingent features	$	2.8	$	2.3
Less: Collateral posted	0.8		0.8
Maximum additional amount of collateral exposure	$	2.0	$	1.5

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details