v3.26.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Carrying Amount and Fair Value Hedge Adjustment of Hedged Assets
The carrying amount and fair value hedge adjustment of hedged assets at the dates indicated was:

Carrying Amount of Hedged ItemAmount of Fair Value Hedge Adjustment Included in the Carrying Amount
(in millions)September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Debt securities AFS (Note 2)$1,155 $1,473 $95 $27 
Borrowings (Note 7)$2,392 $— $(99)$— 
Schedule of Derivatives Designated as Accounting Hedge
Derivatives designated as accounting hedges included the following as of the dates indicated:
(in millions)Notional
Amount		AssetLiabilityWeighted Average Receive RateWeighted Average Pay
Rate		Weighted Average Life
(Years)
September 30, 2026
Fair value hedges:
Interest rate swaps$6,250 $81 $99 2.83 %1.94 %3.40
Cash flow hedges:
Pay fixed - receive variable interest rate swaps
55 — — 3.47 %3.86 %3.77
Pay variable - receive fixed interest rate swaps21,500 1 197 3.75 %1.22 %1.33
Total$27,805 $82 $296 3.54 %1.38 %1.80
December 31, 2025
Fair value hedges:
    Interest rate swaps
$3,750 $17 $4 1.60 %3.01 %2.36
Cash flow hedges:
Pay fixed — receive variable interest rate swaps618 — — 3.87 %3.49 %3.30
Pay variable - receive fixed interest rate swaps14,300 63 23 3.41 %0.90 %1.22
Total$18,668 $80 $27 3.06 %1.41 %1.52
Schedule of Other Derivative Activities
Other derivative activities included the following as of the dates indicated:
NotionalAsset derivatives
Fair value		Liability derivatives
Fair value
(in millions)September 30, 2026December 31, 2025September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Mortgage banking derivatives:
Total mortgage banking risk management$650 $626 $1 $5 $16 $14 
Customer-related derivatives:
Swaps receive fixed19,323 12,310 9 42 878 336 
Swaps pay fixed21,388 12,491 918 341 2 42 
Other12,911 10,006 133 136 133 133 
Total customer-related derivatives53,622 34,807 1,060 519 1,013 511 
Other derivative activities:
Foreign exchange contracts11,209 8,107 133 50 86 49 
Interest rate cap agreements308 741 — — — — 
Options for interest rate cap agreements308 741 — — — — 
TBA MBS forwards
30,082 23,256 431 18 46 2 
Other27,265 32,307 34 — 73 46 
Total$123,444 $100,585 $1,659 $592 $1,234 $622 
Schedule of Gains (Losses) on All Derivatives
The following Condensed Consolidated Statements of Operations line items were impacted by the Company’s derivative activities for the periods indicated:
(in millions)
Three months ended September 30,
Nine months ended September 30,
Line Item2026202520262025
Fair value hedges:
Cross-currency swapsNet interest income$— $— $— $(1)
Interest rate swapsNet interest income(97)7 (90)18 
Derivative Activity (1)
Cash flow hedges:
Pay fixed-receive variable interest rate swapsInterest expense on borrowings2 6 8 18 
Pay variable receive-fixed interest rate swapInterest income on loans(3)(38)(17)(110)
Other derivative activities:
Mortgage banking derivativesNon interest income(6)— (9)3 
Customer-related derivativesNon interest income165 (3)172 80 
Foreign exchangeNon interest income51 33 103 (57)
Interest rate swaps, caps, and optionsNet interest income— — — (1)
OtherNon interest income765 (90)837 (287)
(1)    Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected.
Schedule of Financial Assets Eligible for Offset The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of assets included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral received
Net amounts
Securities purchased under agreements to resell$32,246 $(23,661)$8,585 $(8,470)$(80)$35 
Securities borrowed1,007 — 1,007 (982)— $25 
Total$33,253 $(23,661)$9,592 $(9,452)$(80)$60 
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral pledged
Net amounts
Securities sold under agreements to repurchase$46,123 $(23,661)$22,462 $(22,234)$(108)$120 
Securities lending11 — 11 (10)— $1 
Total securities loaned or sold under agreements to repurchase subject to master netting$46,134 $(23,661)$22,473 $(22,244)$(108)$121 
Securities loaned or sold under agreements to repurchase not subject to master netting$317 $— $317 $(317)$— $— 
Total
$46,451 $(23,661)$22,790 $(22,561)$(108)$121 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

December 31, 2025
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell$27,629 $(20,396)$7,233 
Securities borrowed1,407 — 1,407 
Total
$29,036 $(20,396)$8,640 
December 31, 2025
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase$39,855 $(20,396)$19,459 
Securities lending1 — 1 
Total$39,856 $(20,396)$19,460 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets was as follows for the dates indicated:
Offsetting of Financial Assets
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)Gross Amounts of Recognized AssetsGross Amounts Offset in the Condensed Consolidated Balance SheetsNet Amounts of Assets Presented in the Condensed Consolidated Balance Sheets
Financial Instruments (2)
Cash Collateral Received (2)
Net Amount
September 30, 2026
Fair value hedges$81 $— $81 $— $— $81 
Cash flow hedges1 — 1 $— $— 1 
Other derivative activities (1)
1,649 — 1,649 (12)(1,145)492 
Total derivatives subject to a master netting arrangement or similar arrangement1,731 — 1,731 (12)(1,145)574 
Total derivatives not subject to a master netting arrangement or similar arrangement10 — 10 — — 10 
Total Derivative Assets$1,741 $— $1,741 $(12)$(1,145)$584 
December 31, 2025
Fair value hedges$17 $— $17 $— $(7)$10 
Cash flow hedges63 — 63 $— $(31)32 
Other derivative activities (1)
592 — 592 — (41)551 
Total Derivative Assets$672 $— $672 $— $(79)$593 
(1)Includes customer-related and other derivatives.
(2)When the Company receives cash collateral, it is reported in Other Liabilities and Deposits, and the cash received is classified as restricted in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial asset, and such excess amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets.
Schedule of Financial Liabilities Eligible for Offset The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of assets included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral received
Net amounts
Securities purchased under agreements to resell$32,246 $(23,661)$8,585 $(8,470)$(80)$35 
Securities borrowed1,007 — 1,007 (982)— $25 
Total$33,253 $(23,661)$9,592 $(9,452)$(80)$60 
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral pledged
Net amounts
Securities sold under agreements to repurchase$46,123 $(23,661)$22,462 $(22,234)$(108)$120 
Securities lending11 — 11 (10)— $1 
Total securities loaned or sold under agreements to repurchase subject to master netting$46,134 $(23,661)$22,473 $(22,244)$(108)$121 
Securities loaned or sold under agreements to repurchase not subject to master netting$317 $— $317 $(317)$— $— 
Total
$46,451 $(23,661)$22,790 $(22,561)$(108)$121 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

December 31, 2025
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell$27,629 $(20,396)$7,233 
Securities borrowed1,407 — 1,407 
Total
$29,036 $(20,396)$8,640 
December 31, 2025
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase$39,855 $(20,396)$19,459 
Securities lending1 — 1 
Total$39,856 $(20,396)$19,460 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
Offsetting of Financial Liabilities
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Condensed Consolidated Balance SheetsNet Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets
Financial Instruments (2)
Cash Collateral Pledged (2)
Net Amount
September 30, 2026
Fair value hedges$99 $— $99 $— $(7)$92 
Cash flow hedges197 — 197 $— $(2)195 
Other derivative activities (1)
853 — 853 (12)(446)395 
Total derivatives subject to a master netting arrangement or similar arrangement1,149 — 1,149 (12)(455)682 
Total derivatives not subject to a master netting arrangement or similar arrangement381 — 381 — — 381 
Total Derivative Liabilities $1,530 $— $1,530 $(12)$(455)$1,063 
December 31, 2025
Fair value hedges$4 $— $4 $— $— $4 
Cash flow hedges23 — 23 $— $(11)12 
Other derivative activities (1)
622 — 622 — (18)604 
Total Derivative Liabilities $649 $— $649 $— $(29)$620 
(1)Includes customer-related and other derivatives.
(2)Cash collateral pledged is reported in Other Assets and Cash, cash equivalents, and restricted cash in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial liability, and such excess amounts are excluded from this table.