US BANCORP \DE\, 10-Q filed on 8/6/2024
Quarterly Report
v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-6880  
Entity Registrant Name US BANCORP \DE\  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-0255900  
Entity Address, Address Line One 800 Nicollet Mall  
Entity Address, City or Town Minneapolis  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55402  
City Area Code 651  
Local Phone Number 466-3000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,560,514,033
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000036104  
Current Fiscal Year End Date --12-31  
Floating Rate Notes, Series CC (Senior), due May 21, 2028    
Document Information [Line Items]    
Title of 12(b) Security Floating Rate Notes, Series CC (Senior), due May 21, 2028  
Trading Symbol USB/28  
Security Exchange Name NYSE  
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032    
Document Information [Line Items]    
Title of 12(b) Security 4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032  
Trading Symbol USB/32  
Security Exchange Name NYSE  
Common Stock, $.01 par value per share    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, $.01 par value per share  
Trading Symbol USB  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrA  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrH  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrP  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrQ  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB Pr  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrS  
Security Exchange Name NYSE  
v3.24.2.u1
Consolidated Balance Sheet - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 65,832 $ 61,192
Investment securities    
Held-to-maturity (fair value $69,311 and $74,088, respectively) 81,486 84,045
Available-for-sale ($290 and $338 pledged as collateral, respectively) [1] 79,799 69,706
Loans held for sale (including $2,550 and $2,011 of mortgage loans carried at fair value, respectively) 2,582 2,201
Loans    
Total loans 376,133 373,835
Less allowance for loan losses (7,549) (7,379)
Net loans 368,584 366,456
Premises and equipment 3,570 3,623
Goodwill 12,476 12,489
Other intangible assets 5,757 6,084
Other assets (including $5,554 and $3,548 of trading securities at fair value pledged as collateral, respectively) [1] 59,972 57,695
Total assets 680,058 663,491
Deposits    
Noninterest-bearing 86,756 89,989
Interest-bearing (including $6,089 and $2,818 of time deposits carried at fair value, respectively) 437,029 422,323
Total deposits 523,785 512,312
Short-term borrowings 16,557 15,279
Long-term debt 52,720 51,480
Other liabilities 30,111 28,649
Total liabilities 623,173 607,720
Shareholders’ equity    
Preferred stock 6,808 6,808
Common stock, $— par value per share, authorized: 4,000,000,000 shares; issued: 6/30/24 and 12/31/23—2,125,725,742 shares 21 21
Capital surplus 8,688 8,673
Retained earnings 75,231 74,026
Less cost of common stock in treasury: 6/30/24—565,238,392 shares; 12/31/23—567,732,687 shares (24,020) (24,126)
Accumulated other comprehensive income (loss) (10,308) (10,096)
Total U.S. Bancorp shareholders’ equity 56,420 55,306
Noncontrolling interests 465 465
Total equity 56,885 55,771
Total liabilities and equity 680,058 663,491
Commercial | Commercial    
Loans    
Total loans 135,248 131,881
Commercial | Commercial real estate    
Loans    
Total loans 51,887 53,455
Consumer | Residential mortgages    
Loans    
Total loans 117,147 115,530
Consumer | Credit card    
Loans    
Total loans 28,715 28,560
Consumer | Other retail    
Loans    
Total loans $ 43,136 $ 44,409
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Held-to-maturity, fair value $ 69,311 $ 74,088
Available-for-sale securities [1] 79,799 69,706
Loans held-for-sale, mortgage loans carried at fair value 2,550 2,011
Time deposits carried at fair value $ 6,089 $ 2,818
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, issued (in shares) 2,125,725,742 2,125,725,742
Common stock in treasury (in shares) 565,238,392 567,732,687
Asset Pledged as Collateral with Right    
Available-for-sale securities $ 290 $ 338
Trading securities at fair value $ 5,554 $ 3,548
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Loans $ 5,761 $ 5,605 $ 11,473 $ 10,882
Loans held for sale 41 38 78 69
Investment securities 1,294 1,077 2,469 2,151
Other interest income 889 806 1,729 1,388
Total interest income 7,985 7,526 15,749 14,490
Interest Expense        
Deposits 3,028 1,939 5,912 3,444
Short-term borrowings 296 740 566 1,189
Long-term debt 638 432 1,263 808
Total interest expense 3,962 3,111 7,741 5,441
Net interest income 4,023 4,415 8,008 9,049
Provision for credit losses 568 821 1,121 1,248
Net interest income after provision for credit losses 3,455 3,594 6,887 7,801
Noninterest Income        
Card revenue 428 422 820 782
Corporate payment products revenue 195 190 379 379
Merchant processing services 454 436 855 823
Trust and investment management fees 649 621 1,290 1,211
Service charges 322 324 637 648
Commercial products revenue 374 358 762 692
Mortgage banking revenue 190 131 356 259
Investment products fees 82 68 159 136
Securities gains (losses), net (36) 3 (34) (29)
Other 157 173 291 332
Total noninterest income 2,815 2,726 5,515 5,233
Noninterest Expense        
Compensation and employee benefits 2,619 2,646 5,310 5,292
Net occupancy and equipment 316 316 612 637
Professional services 116 141 226 275
Marketing and business development 158 122 294 244
Technology and communications 509 522 1,016 1,025
Other intangibles 142 159 288 319
Merger and integration charges 0 310 155 554
Other 354 353 772 778
Total noninterest expense 4,214 4,569 8,673 9,124
Income before income taxes 2,056 1,751 3,729 3,910
Applicable income taxes 445 382 792 837
Net income 1,611 1,369 2,937 3,073
Net (income) loss attributable to noncontrolling interests (8) (8) (15) (14)
Net income attributable to U.S. Bancorp 1,603 1,361 2,922 3,059
Net income applicable to U.S. Bancorp common shareholders 1,518 1,281 2,727 2,873
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,518 $ 1,281 $ 2,727 $ 2,873
Earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Diluted earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Average common shares outstanding (in shares) 1,560 1,533 1,560 1,532
Average diluted common shares outstanding (in shares) 1,561 1,533 1,560 1,533
v3.24.2.u1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,611 $ 1,369 $ 2,937 $ 3,073
Other Comprehensive Income (Loss)        
Changes in unrealized gains (losses) on investment securities available-for-sale (78) (460) (249) 845
Changes in unrealized gains (losses) on derivative hedges (109) (465) (452) (261)
Foreign currency translation (2) 19 4 18
Changes in unrealized gains (losses) on retirement plans 0 0 0 1
Reclassification to earnings of realized (gains) losses 247 147 408 305
Income taxes related to other comprehensive income (loss) (13) 194 77 (219)
Total other comprehensive income (loss) 45 (565) (212) 689
Comprehensive income (loss) 1,656 804 2,725 3,762
Comprehensive (income) loss attributable to noncontrolling interests (8) (8) (15) (14)
Comprehensive income (loss) attributable to U.S. Bancorp $ 1,648 $ 796 $ 2,710 $ 3,748
v3.24.2.u1
Consolidated Statement of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Change in accounting principle
 [1]
Total U.S. Bancorp Shareholders’ Equity
Total U.S. Bancorp Shareholders’ Equity
Change in accounting principle
 [1]
Common Stock
Preferred Stock
Capital Surplus
Retained Earnings
Retained Earnings
Change in accounting principle
 [1]
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2022         1,531              
Beginning Balance at Dec. 31, 2022 $ 51,232 $ 46 $ 50,766 $ 46 $ 21 $ 6,808 $ 8,712 $ 71,901 $ 46 $ (25,269) $ (11,407) $ 466
Ending Balance (in shares) at Mar. 31, 2023         1,533              
Ending Balance at Mar. 31, 2023 $ 53,454   52,989   $ 21 6,808 8,699 72,807   (25,193) (10,153) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2022-02 [Member]                      
Beginning Balance (in shares) at Dec. 31, 2022         1,531              
Beginning Balance at Dec. 31, 2022 $ 51,232 $ 46 50,766 $ 46 $ 21 6,808 8,712 71,901 $ 46 (25,269) (11,407) 466
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 3,073   3,059         3,059       14
Other comprehensive income (loss) 689   689               689  
Preferred stock dividends [2] (171)   (171)         (171)        
Common stock dividends (1,480)   (1,480)         (1,480)        
Issuance of common and treasury stock (in shares)         3              
Issuance of common and treasury stock 8   8       (116)     124    
Purchase of treasury stock (in shares)         (1)              
Purchase of treasury stock (44)   (44)             (44)    
Distributions to noncontrolling interests (14)                     (14)
Net other changes in noncontrolling interests (1)                     (1)
Stock option and restricted stock grants 146   146       146          
Ending Balance (in shares) at Jun. 30, 2023         1,533              
Ending Balance at Jun. 30, 2023 53,484   53,019   $ 21 6,808 8,742 73,355   (25,189) (10,718) 465
Beginning Balance (in shares) at Mar. 31, 2023         1,533              
Beginning Balance at Mar. 31, 2023 53,454   52,989   $ 21 6,808 8,699 72,807   (25,193) (10,153) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 1,369   1,361         1,361       8
Other comprehensive income (loss) (565)   (565)               (565)  
Preferred stock dividends [3] (73)   (73)         (73)        
Common stock dividends (740)   (740)         (740)        
Issuance of common and treasury stock 2   2       (2)     4    
Distributions to noncontrolling interests (7)                     (7)
Net other changes in noncontrolling interests (1)                     (1)
Stock option and restricted stock grants 45   45       45          
Ending Balance (in shares) at Jun. 30, 2023         1,533              
Ending Balance at Jun. 30, 2023 53,484   53,019   $ 21 6,808 8,742 73,355   (25,189) (10,718) 465
Beginning Balance (in shares) at Dec. 31, 2023         1,558              
Beginning Balance at Dec. 31, 2023 55,771   55,306   $ 21 6,808 8,673 74,026   (24,126) (10,096) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 2,937   2,922         2,922       15
Other comprehensive income (loss) (212)   (212)               (212)  
Preferred stock dividends [4] (177)   (177)         (177)        
Common stock dividends (1,540)   (1,540)         (1,540)        
Issuance of common and treasury stock (in shares)         3              
Issuance of common and treasury stock 14   14       (142)     156    
Purchase of treasury stock (in shares)         (1)              
Purchase of treasury stock (50)   (50)             (50)    
Distributions to noncontrolling interests (15)                     (15)
Stock option and restricted stock grants 157   157       157          
Ending Balance (in shares) at Jun. 30, 2024         1,560              
Ending Balance at Jun. 30, 2024 56,885   56,420   $ 21 6,808 8,688 75,231   (24,020) (10,308) 465
Beginning Balance (in shares) at Mar. 31, 2024         1,560              
Beginning Balance at Mar. 31, 2024 56,033   55,568   $ 21 6,808 8,642 74,473   (24,023) (10,353) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 1,611   1,603         1,603       8
Other comprehensive income (loss) 45   45               45  
Preferred stock dividends [5] (75)   (75)         (75)        
Common stock dividends (770)   (770)         (770)        
Issuance of common and treasury stock 1   1       (3)     4    
Purchase of treasury stock (1)   (1)             (1)    
Distributions to noncontrolling interests (8)                     (8)
Stock option and restricted stock grants 49   49       49          
Ending Balance (in shares) at Jun. 30, 2024         1,560              
Ending Balance at Jun. 30, 2024 $ 56,885   $ 56,420   $ 21 $ 6,808 $ 8,688 $ 75,231   $ (24,020) $ (10,308) $ 465
[1] Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings. Upon adoption, the Company reduced its allowance for credit losses and increased retained earnings net of deferred taxes through a cumulative-effect adjustment.
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,049.948, $709.695, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.
[3] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,587.52, $370.338, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[4] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,338.125, $781.448, $662.50, $687.50, $468.750, $500.00, $462.50 and $562.50, respectively.
[5] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,670.904, $391.184, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
v3.24.2.u1
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Common stock dividends (in dollars per share) $ 0.49 $ 0.48 $ 0.98 $ 0.96
Series A        
Preferred stock dividends declared (in dollars per share) 1,670.904 1,587.52 3,338.125 3,049.948
Series B        
Preferred stock dividends declared (in dollars per share) 391.184 370.338 781.448 709.695
Series J        
Preferred stock dividends declared (in dollars per share)     662.50 662.50
Series K        
Preferred stock dividends declared (in dollars per share) 343.75 343.75 687.50 687.50
Series L        
Preferred stock dividends declared (in dollars per share) 234.375 234.375 468.750 468.75
Series M        
Preferred stock dividends declared (in dollars per share) 250.00 250.00 500.00 500.00
Series N        
Preferred stock dividends declared (in dollars per share) 231.25 231.25 462.50 462.50
Series O        
Preferred stock dividends declared (in dollars per share) $ 281.25 $ 281.25 $ 562.50 $ 562.50
v3.24.2.u1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income attributable to U.S. Bancorp $ 2,922 $ 3,059
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 1,121 1,248
Depreciation and amortization of premises and equipment 182 193
Amortization of intangibles 288 319
(Gain) loss on sale of loans held for sale (71) 18
(Gain) loss on sale of securities and other assets 15 24
Loans originated for sale, net of repayments (10,725) (14,639)
Proceeds from sales of loans held for sale 10,069 14,244
Other, net 1,734 (308)
Net cash provided by operating activities 5,535 4,158
Investing Activities    
Proceeds from sales of available-for-sale investment securities 648 8,135
Proceeds from maturities of held-to-maturity investment securities 2,973 2,995
Proceeds from maturities of available-for-sale investment securities 2,949 3,048
Purchases of held-to-maturity investment securities (156) (924)
Purchases of available-for-sale investment securities (14,085) (2,790)
Net increase in loans outstanding (3,063) (613)
Proceeds from sales of loans 248 5,105
Purchases of loans (567) (608)
Net increase in securities purchased under agreements to resell (1,842) (1,443)
Other, net (386) (1,416)
Net cash (used in) provided by investing activities (13,281) 11,489
Financing Activities    
Net increase (decrease) in deposits 11,473 (3,002)
Net increase in short-term borrowings 1,278 551
Proceeds from issuance of long-term debt 4,947 7,230
Principal payments or redemption of long-term debt (3,552) (1,644)
Proceeds from issuance of common stock 14 6
Repurchase of common stock (50) (44)
Cash dividends paid on preferred stock (178) (165)
Cash dividends paid on common stock (1,539) (1,479)
Other, net (7) 0
Net cash provided by financing activities 12,386 1,453
Change in cash and due from banks 4,640 17,100
Cash and due from banks at beginning of period 61,192 53,542
Cash and due from banks at end of period $ 65,832 $ 70,642
v3.24.2.u1
Basis of Presentation
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
 NOTE 1Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts in prior periods have been reclassified to conform to the current period presentation.
v3.24.2.u1
Accounting Changes
 6 Months Ended
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes
NOTE 2Accounting Changes
Reference Interest Rate Transition In March 2020, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2024. The Company is applying certain optional expedients and exceptions for cash flow hedges and will continue to evaluate these for eligible contract modifications and hedging relationships.
Income Taxes - Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, related to segment disclosures. This guidance requires disclosures of significant segment expenses and other segment items and expands interim period disclosure requirements to include segment profit or loss and assets, which are currently only required to be disclosed annually. The guidance is required to be adopted retrospectively to all periods presented in the financial statements. The Company expects the adoption of this guidance will not be material to its financial statements.
v3.24.2.u1
Investment Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
 NOTE 3  Investment Securities
The Company’s held-to-maturity investment securities are carried at historical cost, adjusted for amortization of premiums and accretion of discounts. The Company’s available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$1,296 $— $(40)$1,256 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency78,327 — (12,105)66,222 80,997 6 (9,929)71,074 
Commercial agency1,700 — (30)1,670 1,695 6 (5)1,696 
Other163 — — 163 8 — — 8 
Total held-to-maturity$81,486 $— $(12,175)$69,311 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$30,251 $4 $(2,205)$28,050 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency30,254 67 (2,364)27,957 28,185 104 (2,211)26,078 
Commercial
Agency8,689 — (1,415)7,274 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,595 13 (26)6,582 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,808 18 (1,142)9,684 10,867 36 (914)9,989 
Other245 — — 245 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,849 102 (7,152)79,799 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
60 — (60)— 335 — (335)— 
Total available-for-sale$86,909 $102 $(7,212)$79,799 $76,602 $173 $(7,069)$69,706 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Investment securities with a fair value of $21.4 billion at June 30, 2024, and $20.5 billion at December 31, 2023, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $290 million at June 30, 2024, and $338 million at December 31, 2023.
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Taxable$1,218 $999 $2,317 $1,993 
Non-taxable76 78 152 158 
Total interest income from investment securities$1,294 $1,077 $2,469 $2,151 
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Realized gains$— $5 $3 $65 
Realized losses(36)(2)(37)(94)
Net realized gains (losses)$(36)$3 $(34)$(29)
Income tax (benefit) on net realized gains (losses)$(9)$1 $(8)$(7)
The Company conducts a regular assessment of its available-for-sale investment securities with unrealized losses to determine whether all or some portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. If the Company intends to sell or it is more likely than not the Company will be required to sell an investment security, the amortized cost of the security is written down to fair value. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, and market conditions. The Company measures the allowance for credit losses using market information where available and discounting the cash flows at the original effective rate of the investment security. The allowance for credit losses is adjusted each period through earnings and can be subsequently recovered. The allowance for credit losses on the Company’s available-for-sale investment securities was immaterial at June 30, 2024 and December 31, 2023.
At June 30, 2024, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2024:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
U.S. Treasury and agencies$7,891 $(13)$17,447 $(2,192)$25,338 $(2,205)
Mortgage-backed securities
Residential agency1,891 (16)19,724 (2,348)21,615 (2,364)
Commercial
     Agency— — 7,274 (1,415)7,274 (1,415)
Non-agency— — 7 — 7 — 
Asset-backed securities2,897 (8)1,560 (18)4,457 (26)
Obligations of state and political subdivisions1,540 (18)7,706 (1,124)9,246 (1,142)
Other134 — 4 — 138 — 
Total investment securities$14,353 $(55)$53,722 $(7,097)$68,075 $(7,152)
These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase of these available-for-sale investment securities. U.S. Treasury and agencies securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government. The Company’s obligations of state and political subdivisions are generally high grade. Accordingly, the Company does not consider these unrealized losses to be credit-related and an allowance for credit losses is not necessary. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At June 30, 2024, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.
During the six months ended June 30, 2024 and 2023, the Company did not purchase any investment securities that had more-than-insignificant credit deterioration.
Predominately all of the Company’s held-to-maturity investment securities are U.S. Treasury and agencies securities and highly rated agency mortgage-backed securities that are guaranteed or otherwise supported by the United States government and have no history of credit losses. Accordingly the Company does not expect to incur any credit losses on held-to-maturity investment securities and has no allowance for credit losses recorded for these securities.
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at June 30, 2024:
(Dollars in Millions)
Amortized
Cost
Fair Value
Weighted- Average
Maturity in
Years
Weighted-Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies
Maturing in one year or less$650 $637 0.92.71 %
Maturing after one year through five years646 619 2.83.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,296 $1,256 1.92.85 %
Mortgage-backed securities(a)
Maturing in one year or less$28 $27 0.74.44 %
Maturing after one year through five years1,507 1,488 3.04.54 
Maturing after five years through ten years73,202 62,203 8.92.16 
Maturing after ten years5,290 4,174 10.21.89 
Total$80,027 $67,892 8.92.19 %
Other
Maturing in one year or less$16 $16 0.83.24 %
Maturing after one year through five years147 147 2.92.82 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$163 $163 2.72.86 %
Total held-to-maturity(b)
$81,486 $69,311 8.82.20 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$435 $431 0.73.98 %
Maturing after one year through five years12,962 12,318 3.62.93 
Maturing after five years through ten years16,077 14,721 6.83.08 
Maturing after ten years777 580 11.01.92 
Total$30,251 $28,050 5.43.00 %
Mortgage-backed securities(a)
Maturing in one year or less$99 $96 0.71.83 %
Maturing after one year through five years8,252 7,787 3.43.22 
Maturing after five years through ten years29,495 26,425 7.43.53 
Maturing after ten years1,104 930 10.83.40 
Total$38,950 $35,238 6.63.46 %
Asset-backed securities(a)
Maturing in one year or less$8 $9 0.67.55 %
Maturing after one year through five years4,601 4,582 1.74.96 
Maturing after five years through ten years1,986 1,991 5.96.66 
Maturing after ten years— — — — 
Total$6,595 $6,582 2.95.48 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$165 $165 0.35.11 %
Maturing after one year through five years2,080 2,064 2.84.74 
Maturing after five years through ten years1,560 1,480 7.33.79 
Maturing after ten years7,003 5,975 15.23.41 
Total$10,808 $9,684 11.53.74 %
Other
Maturing in one year or less$4 $4 0.91.89 %
Maturing after one year through five years241 241 2.05.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$245 $245 2.04.95 %
Total available-for-sale(b)(f)
$86,849 $79,799 6.53.49 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 8.7 years at December 31, 2023, with a corresponding weighted-average yield of 2.22 percent. The weighted-average maturity of total available-for-sale investment securities was 6.3 years at December 31, 2023, with a corresponding weighted-average yield of 3.12 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $60 million.
v3.24.2.u1
Loans and Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Loans and Allowance for Credit Losses
NOTE 4Loans and Allowance for Credit Losses
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
June 30, 2024December 31, 2023
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$131,043 34.9 %$127,676 34.2 %
Lease financing4,205 1.1 4,205 1.1 
Total commercial135,248 36.0 131,881 35.3 
Commercial Real Estate
Commercial mortgages40,844 10.9 41,934 11.2 
Construction and development11,043 2.9 11,521 3.1 
Total commercial real estate51,887 13.8 53,455 14.3 
Residential Mortgages
Residential mortgages110,680 29.4 108,605 29.0 
Home equity loans, first liens6,467 1.7 6,925 1.9 
Total residential mortgages117,147 31.1 115,530 30.9 
Credit Card28,715 7.6 28,560 7.6 
Other Retail
Retail leasing4,178 1.1 4,135 1.1 
Home equity and second mortgages13,180 3.5 13,056 3.5 
Revolving credit3,597 1.0 3,668 1.0 
Installment14,169 3.8 13,889 3.7 
Automobile8,012 2.1 9,661 2.6 
Total other retail43,136 11.5 44,409 11.9 
Total loans$376,133 100.0 %$373,835 100.0 %
The Company had loans of $125.5 billion at June 30, 2024, and $123.1 billion at December 31, 2023, pledged at the Federal Home Loan Bank, and loans of $83.2 billion at June 30, 2024, and $82.8 billion at December 31, 2023, pledged at the Federal Reserve Bank.
Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans amounted to $2.7 billion at June 30, 2024 and December 31, 2023. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased credit deteriorated loans.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. The allowance recorded for individually evaluated loans greater than $5 million in the commercial lending segment is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Activity in the allowance for credit losses by portfolio class was as follows:
Three Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,159 $1,629 $843 $2,425 $848 $7,904 
Add
Provision for credit losses164 3 (11)388 24 568 
Deduct
Loans charged-off180 38 3 358 73 652 
Less recoveries of loans charged-off(37)(2)(7)(43)(25)(114)
Net loan charge-offs (recoveries)143 36 (4)315 48 538 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
2023
Balance at beginning of period$2,180 $1,359 $947 $2,112 $925 $7,523 
Add
Provision for credit losses119 140 66 272 224 821 
Deduct
Loans charged-off110 31 121 242 251 755 
Less recoveries of loans charged-off(20)(5)(7)(43)(31)(106)
Net loan charge-offs (recoveries)90 26 114 199 220 649 
Balance at end of period$2,209 $1,473 $899 $2,185 $929 $7,695 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses320 33 5 706 57 1,121 
Deduct
Loans charged-off319 72 7 695 154 1,247 
Less recoveries of loans charged-off(60)(15)(11)(84)(51)(221)
Net loan charge-offs (recoveries)259 57 (4)611 103 1,026 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
2023
Balance at beginning of period$2,163 $1,325 $926 $2,020 $970 $7,404 
Add
Change in accounting principle(a)
— — (31)(27)(4)(62)
Allowance for acquired credit losses(b)
— 127 — — — 127 
Provision for credit losses183 164 117 566 218 1,248 
Deduct
Loans charged-off173 154 125 457 315 1,224 
Less recoveries of loans charged-off(36)(11)(12)(83)(60)(202)
Net loan charge-offs (recoveries)137 143 113 374 255 1,022 
Balance at end of period$2,209 $1,473 $899 $2,185 $929 $7,695 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Represents allowance for acquired credit deteriorated and charged-off loans.
The increase in the allowance for credit losses at June 30, 2024, compared with December 31, 2023, was primarily driven by credit migration in consumer and small business cards and portfolio growth.
The following table provides a summary of loans charged-off by portfolio class and year of origination:
Three Months Ended June 30
(Dollars in Millions)		CommercialCommercial
Real Estate
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$3 $36 $— $— $— $39 
Originated in 202326 2 — — 11 39 
Originated in 202266 — 1 — 14 81 
Originated in 20217 — — — 10 17 
Originated in 20202 — — — 5 7 
Originated prior to 202011 — 2 — 8 21 
Revolving65 — — 358 25 448 
Total charge-offs$180 $38 $3 $358 $73 $652 
2023
Originated in 2023$7 $— $— $— $46 $53 
Originated in 202234 — — — 89 123 
Originated in 20214 17 5 — 46 72 
Originated in 20206 — 8 — 19 33 
Originated in 20192 — 15 — 13 30 
Originated prior to 201917 14 93 — 5 129 
Revolving40 — — 242 5 287 
Revolving converted to term— — — — 28 28 
Total charge-offs$110 $31 $121 $242 $251 $755 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$3 $41 $— $— $2 $46 
Originated in 202352 6 — — 21 79 
Originated in 202284 24 1 — 28 137 
Originated in 202115 — — — 21 36 
Originated in 20206 — — — 13 19 
Originated prior to 202021 1 6 — 19 47 
Revolving138 — — 695 50 883 
Total charge-offs$319 $72 $7 $695 $154 $1,247 
2023
Originated in 2023$7 $— $— $— $46 $53 
Originated in 202240 88 — — 99 227 
Originated in 20218 17 5 — 57 87 
Originated in 202010 — 8 — 25 43 
Originated in 20197 3 16 — 20 46 
Originated prior to 201928 46 96 — 13 183 
Revolving73 — — 457 27 557 
Revolving converted to term— — — — 28 28 
Total charge-offs$173 $154 $125 $457 $315 $1,224 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and near term loan origination years for gross charge-offs relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Includes $91 million of charge-offs in the first quarter of 2023 related to uncollectible amounts on acquired loans.
(b)Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.
(c)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
(d)Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due, and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments received if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt, or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Nonperforming(b)
Total
June 30, 2024
Commercial$134,317 $288 $87 $556 $135,248 
Commercial real estate50,897 22 9 959 51,887 
Residential mortgages(a)
116,681 142 170 154 117,147 
Credit card27,957 384 374 — 28,715 
Other retail42,700 234 61 141 43,136 
Total loans$372,552 $1,070 $701 $1,810 $376,133 
December 31, 2023
Commercial$130,925 $464 $116 $376 $131,881 
Commercial real estate52,619 55 4 777 53,455 
Residential mortgages(a)
115,067 169 136 158 115,530 
Credit card27,779 406 375 — 28,560 
Other retail43,926 278 67 138 44,409 
Total loans$370,316 $1,372 $698 $1,449 $373,835 
(a)At June 30, 2024, $561 million of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $595 million and $2.0 billion at December 31, 2023, respectively.
(b)Substantially all nonperforming loans at June 30, 2024 and December 31, 2023, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $6 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $11 million and $7 million for the six months ended June 30, 2024 and 2023, respectively .
At June 30, 2024, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $23 million, compared with $26 million at December 31, 2023. These amounts excluded $49 million and $47 million at June 30, 2024 and December 31, 2023, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at June 30, 2024 and December 31, 2023, was $605 million and $728 million, respectively, of which $379 million and $487 million, respectively, related to loans purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
June 30, 2024December 31, 2023
CriticizedCriticized
(Dollars in Millions)Pass
Special
Mention
Classified(a)
Total
Criticized
TotalPass
Special
Mention
Classified(a)
Total
Criticized
Total
Commercial
Originated in 2024$27,054 $272 $496 $768 $27,822 $— $— $— $— $— 
Originated in 202330,508 349 894 1,243 31,751 43,023 827 856 1,683 44,706 
Originated in 202229,451 274 970 1,244 30,695 40,076 274 632 906 40,982 
Originated in 20216,738 143 116 259 6,997 9,219 117 154 271 9,490 
Originated in 20202,843 61 102 163 3,006 3,169 92 71 163 3,332 
Originated prior to 20204,948 9 98 107 5,055 5,303 30 209 239 5,542 
Revolving(b)
28,585 279 1,058 1,337 29,922 26,213 362 1,254 1,616 27,829 
Total commercial130,127 1,387 3,734 5,121 135,248 127,003 1,702 3,176 4,878 131,881 
Commercial real estate
Originated in 20244,385 194 912 1,106 5,491 — — — — — 
Originated in 20236,788 160 1,566 1,726 8,514 8,848 465 2,206 2,671 11,519 
Originated in 202210,515 736 1,303 2,039 12,554 11,831 382 1,141 1,523 13,354 
Originated in 20217,919 377 626 1,003 8,922 9,235 500 385 885 10,120 
Originated in 20203,218 44 144 188 3,406 3,797 51 87 138 3,935 
Originated prior to 20209,550 93 923 1,016 10,566 10,759 458 619 1,077 11,836 
Revolving2,365 11 58 69 2,434 2,613 6 70 76 2,689 
Revolving converted to term— — — — — 2 — — — 2 
Total commercial real estate44,740 1,615 5,532 7,147 51,887 47,085 1,862 4,508 6,370 53,455 
Residential mortgages(c)
Originated in 20245,067 — 1 1 5,068 — — — — — 
Originated in 20239,343 — 9 9 9,352 9,734 — 5 5 9,739 
Originated in 202228,891 — 24 24 28,915 29,146 — 17 17 29,163 
Originated in 202135,541 — 25 25 35,566 36,365 — 16 16 36,381 
Originated in 202014,245 — 12 12 14,257 14,773 — 9 9 14,782 
Originated prior to 202023,731 — 258 258 23,989 25,202 — 262 262 25,464 
Revolving— — — — — 1 — — — 1 
Total residential mortgages116,818 — 329 329 117,147 115,221 — 309 309 115,530 
Credit card(d)
28,341 — 374 374 28,715 28,185 — 375 375 28,560 
Other retail
Originated in 20244,046 — 2 2 4,048 — — — — — 
Originated in 20234,554 — 6 6 4,560 5,184 — 4 4 5,188 
Originated in 20224,830 — 11 11 4,841 5,607 — 12 12 5,619 
Originated in 20218,396 — 14 14 8,410 10,398 — 15 15 10,413 
Originated in 20203,434 — 7 7 3,441 4,541 — 9 9 4,550 
Originated prior to 20203,339 2 16 18 3,357 4,008 — 20 20 4,028 
Revolving13,600 — 107 107 13,707 13,720 — 104 104 13,824 
Revolving converted to term725 — 47 47 772 735 — 52 52 787 
Total other retail42,924 2 210 212 43,136 44,193 — 216 216 44,409 
Total loans$362,950 $3,004 $10,179 $13,183 $376,133 $361,687 $3,564 $8,584 $12,148 $373,835 
Total outstanding commitments$764,699 $4,690 $12,170 $16,860 $781,559 $762,869 $5,053 $10,470 $15,523 $778,392 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominately all current year and near term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At June 30, 2024, $1.7 billion of GNMA loans 90 days or more past due and $1.5 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.0 billion and $1.2 billion at December 31, 2023, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.

Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company
recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
The following table provides a summary of period-end balances of loans modified during the periods presented, by portfolio class and modification granted:
Three Months Ended June 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2024
Commercial$23 $— $253 $— $276 .2 %
Commercial real estate78 — 391 7 476 .9 
Residential mortgages(b)
— 9 7 6 22 — 
Credit card116 — — — 116 .4 
Other retail2 — 33 1 36 .1 
Total loans, excluding loans purchased from GNMA mortgage pools219 9 684 14 926 .2 
Loans purchased from GNMA mortgage pools(b)
— 474109122705.6 
Total loans$219 $483 $793 $136 $1,631 .4 %
2023
Commercial$13 $— $136 $— $149 .1 %
Commercial real estate— — 101 — 101 .2 
Residential mortgages(b)
— 79 6 4 89 .1 
Credit card91 — — — 91 .3 
Other retail2 14 39 1 56 .1 
Total loans, excluding loans purchased from GNMA mortgage pools106 93 282 5 486 .1 
Loans purchased from GNMA mortgage pools(b)
— 453 86 98 637 .6 
Total loans$106 $546 $368 $103 $1,123 .3 %
Six Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2024
Commercial$44 $— $452 $— $496 .4 %
Commercial real estate78 — 629 7 714 1.4 
Residential mortgages(b)
— 28 12 9 49 — 
Credit card228 — — — 228 .8 
Other retail4 1 69 1 75 .2 
Total loans, excluding loans purchased from GNMA mortgage pools354 29 1,162 17 1,562 .4 
Loans purchased from GNMA mortgage pools(b)
1 908 173 204 1,286 1.1 
Total loans$355 $937 $1,335 $221 $2,848 .8 %
2023
Commercial$159 $— $159 $— $318 .2 %
Commercial real estate— — 109 — 109 .2 
Residential mortgages(b)
— 202 15 16 233 .2 
Credit card174 — — — 174 .7 
Other retail4 18 81 3 106 .2 
Total loans, excluding loans purchased from GNMA mortgage pools337 220 364 19 940 .2 
Loans purchased from GNMA mortgage pools(b)
— 649 147 143 939 .8 
Total loans$337 $869 $511 $162 $1,879 .5 %
(a)Includes $111 million of total loans receiving a payment delay and term extension, $17 million of total loans receiving an interest rate reduction and term extension and $8 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2024, compared with $100 million, $2 million and $1 million for the three months ended June 30, 2023, respectively. Includes $189 million of total loans receiving a payment delay and term extension, $20 million of total loans receiving an interest rate reduction and term extension and $12 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2024, compared with $151 million, $5 million and $6 million for the six months ended June 30, 2023, respectively.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
Loan modifications included in the table above exclude trial period arrangements offered to customers and secured loans to consumer borrowers that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt during the periods presented. At June 30, 2024 the balance of loans modified in trial period arrangements was $43 million, while the balance of secured loans to consumer borrowers that have had debt discharged through bankruptcy was not material.
The following table summarizes the effects of loan modifications made to borrowers on loans modified:
Three Months Ended June 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2024
Commercial(a)
20.6 %5
Commercial real estate2.2 8
Residential mortgages.5 86
Credit card16.3 —
Other retail7.6 5
Loans purchased from GNMA mortgage pools.5 119
2023
Commercial21.3 %8
Commercial real estate— 10
Residential mortgages1.4 89
Credit card16.4 —
Other retail8.6 108
Loans purchased from GNMA mortgage pools.7 87
Six Months Ended June 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2024
Commercial(a)
20.0 %7
Commercial real estate2.2 9
Residential mortgages.7 85
Credit card16.3 —
Other retail8.4 4
Loans purchased from GNMA mortgage pools.5 116
2023
Commercial3.3 %7
Commercial real estate— 10
Residential mortgages1.4 111
Credit card16.2 —
Other retail7.3 134
Loans purchased from GNMA mortgage pools.7 79
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and six months ended June 30, 2024 and 2023. Forbearance payments are required to be paid at the end of the original term loan.
(a)The weighted-average interest rate reduction for commercial loans for the three and six months ended June 30, 2024, was primarily driven by commercial cards.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In some instances, participation in residential mortgage loan modification programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Loans that receive a forbearance plan generally remain in default until they are no longer delinquent as the result of the payment of all past due amounts or the borrower receiving a term extension or modification. Therefore, loans only receiving forbearance plans are not included in the table below.
The following table provides a summary of loan balances at June 30, 2024, which were modified during the prior twelve months, by portfolio class and delinquency status:
(Dollars in Millions)  Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
Commercial$628 $17 $117 $762 
Commercial real estate847 — 419 1,266 
Residential mortgages(a)
1,585 6 13 1,604 
Credit card293 64 34 391 
Other retail122 17 6 145 
Total loans$3,475 $104 $589 $4,168 
(a)At June 30, 2024, $462 million of loans 30-89 days past due and $196 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
The following table provides a summary of loan balances at June 30, 2023, which were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through June 30, 2023, by portfolio class and delinquency status:
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
Commercial$287 $7 $24 $318 
Commercial real estate43 — 66 109 
Residential mortgages(a)
668 11 13 692 
Credit card125 34 15 174 
Other retail68 3 4 75 
Total loans$1,191 $55 $122 $1,368 
(a)At June 30, 2023, $95 million of loans 30-89 days past due and $20 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified within twelve months prior to default:
(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Three Months Ended June 30, 2024
Commercial$7 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 9 1 1 
Credit card30 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools38 9 30 1 
Loans purchased from GNMA mortgage pools— 58 24 29 
Total loans$38 $67 $54 $30 
Six Months Ended June 30, 2024
Commercial$13 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 13 4 3 
Credit card59 — — — 
Other retail1 1 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools73 14 38 3 
Loans purchased from GNMA mortgage pools— 96 43 57 
Total loans$73 $110 $81 $60 
(a)Includes $29 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction and term extension for the three months ended June 30, 2024. Includes $58 million of total loans receiving a payment delay and term extension, $1 million of total loans receiving an interest rate reduction and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2024.
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through June 30, 2023:
(Dollars in Millions)Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
Three Months Ended June 30, 2023
Commercial$1 $— $— $— 
Residential mortgages— 1 — 1 
Credit card5 — — — 
Other retail— 2 1 — 
Total loans, excluding loans purchased from GNMA mortgage pools6 3 1 1 
Loans purchased from GNMA mortgage pools— 6 1 2 
Total loans$6 $9 $2 $3 
Six Months Ended June 30, 2023
Commercial$1 $— $— $— 
Residential mortgages— 1 — 1 
Credit card5 — — — 
Other retail— 2 1 — 
Total loans, excluding loans purchased from GNMA mortgage pools6 3 1 1 
Loans purchased from GNMA mortgage pools— 6 1 2 
Total loans$6 $9 $2 $3 
(a) Includes $2 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the three and six months ended June 30, 2023.
As of June 30, 2024 the Company had $371 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified.
v3.24.2.u1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
NOTE 5Accounting for Transfers and Servicing of Financial Assets and Variable
Interest Entities
The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to GSEs, transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 15.
For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 6. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.
The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits are recognized as a reduction of tax expense or, for investments qualifying as investment tax credits, as a reduction to the related investment asset. The Company recognized federal and state income tax credits related to its affordable housing and other tax-advantaged investments in tax expense of $144 million and $149 million for the three months ended June 30, 2024 and 2023, respectively, and $283 million and $287 million for the six months ended June 30, 2024 and 2023, respectively. The Company also recognized $120 million and $72 million of investment tax credits for the three months ended June 30, 2024 and 2023, respectively, and $178 million and $236 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognized $145 million and $135 million of expenses related to all of these investments for the three months ended June 30, 2024 and 2023, respectively, which were primarily included in tax expense. The Company recognized $283 million and $265 million of expenses related to all of the these investments for the six months ended June 30, 2024 and 2023, respectively, which were primarily included in tax expense.
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
(Dollars in Millions)June 30, 2024December 31, 2023
Investment carrying amount$7,374 $6,659 
Unfunded capital and other commitments4,337 3,619 
Maximum exposure to loss8,916 9,002 
The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $254 million at June 30, 2024 and $219 million at December 31, 2023. The maximum exposure to loss related to these VIEs was $381 million at June 30, 2024 and $319 million at December 31, 2023, representing the Company’s investment balance and its unfunded commitments to invest additional amounts.
The Company also held senior notes of $4.1 billion as available-for-sale investment securities at June 30, 2024, compared with $5.3 billion at December 31, 2023. These senior notes were issued by third-party securitization vehicles that held $4.8 billion at
June 30, 2024 and $6.1 billion at December 31, 2023 of indirect auto loans that collateralize the senior notes. These VIEs are not consolidated by the Company.
The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $71 million at June 30, 2024, compared with less than $1 million to $86 million at December 31, 2023.
The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At June 30, 2024, approximately $5.7 billion of the Company’s assets and $3.9 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $6.1 billion and $4.4 billion, respectively, at December 31, 2023. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee.
In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At June 30, 2024, $343 million of available-for-sale investment securities and $218 million of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $607 million of available-for-sale investment securities and $381 million of short-term borrowings at December 31, 2023.
v3.24.2.u1
Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2024
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights
 NOTE 6Mortgage Servicing Rights
The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $225.8 billion of residential mortgage loans for others at June 30, 2024, and $233.4 billion at December 31, 2023, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in net gains of $24 million and net losses of $31 million for the three months ended June 30, 2024 and 2023, respectively, and net gains of $21 million and net losses of $42 million for the six months ended June 30, 2024 and 2023, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $176 million and $187 million for the three months ended June 30, 2024 and 2023, respectively, and $356 million and $377 million for the six months ended June 30, 2024 and 2023, respectively.
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Balance at beginning of period$3,462 $3,724 $3,377 $3,755 
Rights purchased1 1 1 2 
Rights capitalized64 99 119 195 
Rights sold
(189)(149)(189)(148)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
45 84 148 46 
Due to revised assumptions or models(b)
33 (21)41 (16)
Other changes in fair value(c)
(90)(105)(171)(201)
Balance at end of period$3,326 $3,633 $3,326 $3,633 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(312)$(145)$(69)$63 $121 $220 $(370)$(173)$(84)$77 $147 $268 
Derivative instrument hedges30414470(65)(127)(240)38117886(79)(152)(289)
Net sensitivity$(8)$(1)$1 $(2)$(6)$(20)$11 $5 $2 $(2)$(5)$(21)
The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- to moderate-income homebuyers through a favorable rate subsidy, down payment and/or closing cost assistance on government- and conventional-insured mortgages.
The following table provides a summary of the Company’s MSRs and related characteristics by portfolio:
 June 30, 2024December 31, 2023
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$50,185 $25,762 $137,716 $213,663 $48,286 $25,996 $151,056 $225,338 
Fair value$824 $522 $1,980 $3,326 $769 $507 $2,101 $3,377 
Value (bps)(b)
164 203 144 156 159 195 139 150 
Weighted-average servicing fees (bps)36 45 25 30 36 44 26 30 
Multiple (value/servicing fees)4.60 4.55 5.66 5.16 4.45 4.41 5.41 5.00 
Weighted-average note rate4.74 %4.31 %3.73 %4.04 %4.56 %4.23 %3.81 %4.02 %
Weighted-average age (in years)4.45.84.84.84.35.54.34.4
Weighted-average expected prepayment (constant prepayment rate)10.1 %10.6 %8.3 %9.0 %10.5 %11.1 %9.1 %9.6 %
Weighted-average expected life (in years)7.36.77.27.27.26.57.07.0
Weighted-average option adjusted spread(c)
5.5 %5.9 %4.6 %5.0 %5.4 %5.9 %4.6 %4.9 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.24.2.u1
Preferred Stock
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Preferred Stock
NOTE 7Preferred Stock
At June 30, 2024 and December 31, 2023, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at June 30, 2024 and December 31, 2023, was $1.00 per share.
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 8Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total
2024      
Balance at beginning of period$(5,279)$(3,452)$(461)$(1,138)$(23)$(10,353)
Changes in unrealized gains (losses)(78)— (109)— — (187)
Foreign currency translation adjustment(a)
— — — — (2)(2)
Reclassification to earnings of realized (gains) losses36 131 80 — — 247 
Applicable income taxes11 (33)8 — 1 (13)
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
2023      
Balance at beginning of period$(5,369)$(3,843)$43 $(940)$(44)$(10,153)
Changes in unrealized gains (losses)(460)— (465)— — (925)
Foreign currency translation adjustment(a)
— — — — 19 19 
Reclassification to earnings of realized (gains) losses(3)141 11 (2)— 147 
Applicable income taxes116 (35)117 1 (5)194 
Balance at end of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
Six Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency TranslationTotal
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
Changes in unrealized gains (losses)(249)— (452)— — (701)
Foreign currency translation adjustment(a)
— — — — 4 4 
Reclassification to earnings of realized (gains) losses34 245 129 — — 408 
Applicable income taxes56 (62)83 — — 77 
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)845 — (261)1 — 585 
Foreign currency translation adjustment(a)
— — — — 18 18 
Reclassification to earnings of realized (gains) losses29 262 18 (4)— 305 
Applicable income taxes(212)(66)63 1 (5)(219)
Balance at end of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
June 30		Six Months Ended
June 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2024202320242023
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sale of investment securities$(36)$3 $(34)$(29)Securities gains (losses), net
9 (1)8 7 Applicable income taxes
(27)2 (26)(22)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(131)(141)(245)(262)Interest income
33 35 62 66 Applicable income taxes
(98)(106)(183)(196)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(80)(11)(129)(18)Net interest income
20 3 33 4 Applicable income taxes
(60)(8)(96)(14)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization— 2 — 4 Other noninterest expense
— (1)— (1)Applicable income taxes
— 1 — 3 Net-of-tax
Total impact to net income$(185)$(111)$(305)$(229) 
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 9Earnings Per Share
The components of earnings per share were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars and Shares in Millions, Except Per Share Data)2024202320242023
Net income attributable to U.S. Bancorp$1,603 $1,361 $2,922 $3,059 
Preferred dividends(75)(73)(177)(171)
Earnings allocated to participating stock awards(10)(7)(18)(15)
Net income applicable to U.S. Bancorp common shareholders$1,518 $1,281 $2,727 $2,873 
Average common shares outstanding1,560 1,533 1,560 1,532 
Net effect of the exercise and assumed purchase of stock awards1 — — 1 
Average diluted common shares outstanding1,561 1,533 1,560 1,533 
Earnings per common share$.97 $.84 $1.75 $1.87 
Diluted earnings per common share$.97 $.84 $1.75 $1.87 
Options outstanding at June 30, 2024 to purchase 1 million common shares for the three and six months ended June 30, 2024, and outstanding at June 30, 2023 to purchase 3 million common shares for the three and six months ended June 30, 2023 were not included in the computation of diluted earnings per share because they were antidilutive.
v3.24.2.u1
Employee Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefits
NOTE 10Employee Benefits
The components of net periodic benefit cost for the Company’s pension plans were:
 Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2024202320242023
Service cost$54 $56 $109 $112 
Interest cost94 93 188 185 
Expected return on plan assets(146)(137)(292)(273)
Prior service cost (credit) amortization(1)— (2)(1)
Actuarial loss (gain) amortization3 1 5 2 
Net periodic benefit cost(a)
$4 $13 $8 $25 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 11Income Taxes
The components of income tax expense were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Federal
Current$321 $263 $501 $660 
Deferred49 33 182 1 
Federal income tax370 296 683 661 
State
Current88 119 109 215 
Deferred(13)(33)— (39)
State income tax75 86 109 176 
Total income tax provision$445 $382 $792 $837 
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Tax at statutory rate$432 $368 $783 $821 
State income tax, at statutory rates, net of federal tax benefit102 83 183 185 
Tax effect of
Tax credits and benefits, net of related expenses(83)(63)(144)(140)
Exam resolutions(32)— (97)— 
Tax-exempt income(36)(41)(67)(75)
Other items62 35 134 46 
Applicable income taxes$445 $382 $792 $837 
The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of June 30, 2024, federal tax examinations for all years ending through December 31, 2016 are completed and resolved. The Company’s tax returns for the years ended December 31, 2017 through December 31, 2020 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction.
The Company’s net deferred tax asset was $6.3 billion at June 30, 2024 and $6.4 billion at December 31, 2023.
v3.24.2.u1
Derivative Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
NOTE 12Derivative Instruments
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).
Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying available-for-sale investment securities and fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings.
Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At June 30, 2024, the Company had $482 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $242 million (net-of-tax) of realized and unrealized losses at December 31, 2023. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss of $208 million (net-of-tax). All cash flow hedges were highly effective for the three months ended June 30, 2024.
Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative debt instruments, to hedge the volatility of its net investment in foreign operations driven by fluctuations in foreign currency exchange rates. The carrying amount of non-derivative debt instruments designated as net investment hedges was $1.3 billion at June 30, 2024 and December 31, 2023.
Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell TBAs and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to MLHFS and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, swaptions, forward commitments to buy TBAs, U.S. Treasury and Eurodollar futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. The Company also enters into interest rate swaps as economic hedges of fair value option elected deposits. In addition, the Company acts as a seller and buyer of interest rate, foreign exchange and commodity contracts for its customers. The Company mitigates the market and liquidity risk associated with these customer derivatives by entering into similar offsetting positions with broker-dealers, or on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure to earnings from these customer-related positions. The Company’s customer derivatives and related hedges are monitored and reviewed by the Company’s Market Risk Committee, which establishes policies for market risk management, including exposure limits for each portfolio. The Company also has derivative contracts that are created through its operations, including certain unfunded mortgage loan commitments and swap agreements related to the sale of a portion of its Class B common and preferred shares of Visa Inc. Refer to Note 14 for further information on these swap agreements. The Company uses credit derivatives to economically hedge the credit risk on its derivative positions and loan portfolios.
The following table summarizes the asset and liability management derivative positions of the Company:
 June 30, 2024December 31, 2023
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$15,700 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps28,581 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,400 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts842 1 1 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,460 7 9 5,006 29 5 
Sell2,757 3 7 4,501 7 34 
Options
Purchased5,090 182 — 6,085 237 — 
Written2,331 17 53 3,696 14 75 
Receive fixed/pay floating swaps9,287 89 2 7,029 9 3 
Pay fixed/receive floating swaps3,354 — — 3,801 — — 
Foreign exchange forward contracts704 1 — 734 2 5 
Equity contracts267 1 1 227 2 — 
Credit contracts3,558 — 9 2,620 1 — 
Other(a)
2,070 8 120 2,136 11 93 
Total$103,401 $309 $202 $91,328 $312 $241 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.4 billion and $119 million at June 30, 2024, respectively, compared to $2.0 billion and $91 million at December 31, 2023, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $576 million at June 30, 2024, and $28 million at December 31, 2023.
The following table summarizes the customer-related derivative positions of the Company:
 June 30, 2024December 31, 2023
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$369,671 $439 $5,184 $363,375 $791 $4,395 
Pay fixed/receive floating swaps345,929 2,147 170 330,539 1,817 280 
Other(a)
76,713 15 50 82,209 17 51 
Options
Purchased95,653 736 1 102,423 1,026 18 
Written91,365 9 953 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps109,853 2,054 1,836 121,119 2,252 1,942 
Options
Purchased538 17 — 1,532 28 — 
Written538 — 17 1,532 — 28 
Commodity contracts
Swaps5,010 140 135 2,498 116 110 
Options
Purchased3,080 205 1 1,936 151 — 
Written3,079 1 205 1,936 — 151 
Futures
Sell83 17 10 — — — 
Credit contracts12,554 1 4 13,053 1 6 
Total$1,114,066 $5,781 $8,566 $1,119,842 $6,219 $8,068 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20242023202420232024202320242023
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$(81)$(345)$(60)$(8)$(336)$(194)$(96)$(14)
Net investment hedges        
Foreign exchange forward contracts9 (6)— — 78 (9)— — 
Non-derivative debt instruments7 1 — — 41 (17)— — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income:

 Three Months Ended June 30Six Months Ended June 30
 Interest Income Interest Expense Interest Income Interest Expense
(Dollars in Millions)20242023202420232024202320242023
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$7,985 $7,526 $3,962 $3,111 $15,749 $14,490 $7,741 $5,441 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(23)334 69 243 445 156 12 129 
Hedged items22 (332)(69)(241)(447)(158)(12)(127)
Cash flow hedges        
Interest rate contract derivatives(73)— 7 11 (115)— 14 18 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million and $14 million into earnings during the three and six months ended June 30, 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $11 million and $18 million during the three and six months ended June 30, 2023, respectively. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
 Carrying Amount of the Hedged Assets
and Liabilities		Cumulative Hedging Adjustment
(Dollars in Millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$27,933 $23,924 $(446)$(93)
Long-term debt15,650 12,034 (18)(32)
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(96) million and $(181) million, respectively, at June 30, 2024, compared with $(18) million and $(116) million at December 31, 2023, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $6.7 billion and $9.2 billion, respectively, at June 30, 2024, compared with $830 million and $7.2 billion at December 31, 2023, respectively.
(a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At June 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $18.2 billion, of which $11.6 billion was designated as hedged. At June 30, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $60 million. At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $15.6 billion, of which $9.6 billion was designated as hedged. At December 31, 2023, the cumulative amount of basis adjustments associated with these hedging relationships was $335 million.
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		2024202320242023
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$(2)$31 $(14)$38 
Purchased and written optionsMortgage banking revenue9 17 48 15 
SwapsMortgage banking revenue/Interest expense9 (38)(77)20 
Foreign exchange forward contractsOther noninterest income4 (8)8 (13)
Equity contractsCompensation expense(2)— (2)(3)
Credit contractsCommercial products revenue— — (2)— 
OtherOther noninterest income6 1 (69)(1)
Customer-Related Positions     
Interest rate contracts     
SwapsCommercial products revenue89 58 220 95 
Purchased and written optionsCommercial products revenue(21)(1)(68)— 
FuturesCommercial products revenue— — — (1)
Foreign exchange rate contracts     
Forwards, spots and swapsCommercial products revenue32 44 56 99 
Commodity contracts     
SwapsCommercial products revenue(1)2 1 2 
Purchased and written optionsCommercial products revenue2 — 4 — 
FuturesCommercial products revenue6 — 6 — 
Credit contractsCommercial products revenue1 (1)— (1)
Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements.
The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at June 30, 2024, was $2.6 billion. At June 30, 2024, the Company had $2.3 billion of cash posted as collateral against this net liability position.
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
 6 Months Ended
Jun. 30, 2024
Offsetting [Abstract]  
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
NOTE 13Netting Arrangements for Certain Financial Instruments and Securities
Financing Activities
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $1.2 trillion total notional amount of derivative positions at June 30, 2024, $533.8 billion related to bilateral over-the-counter trades, $683.2 billion related to those centrally cleared through clearinghouses and $479 million related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels.
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)Overnight and
 Continuous
Less Than
30 Days
30-89 DaysGreater Than 90 DaysTotal
June 30, 2024
Repurchase agreements
U.S. Treasury and agencies$4,171 $12 $— $— $4,183 
Residential agency mortgage-backed securities290 — — — 290 
Corporate debt securities1,000 14 — — 1,014 
Asset-backed securities— 85 — — 85 
Total repurchase agreements5,461 111 — — 5,572 
Securities loaned     
Corporate debt securities264 — — — 264 
Total securities loaned264 — — — 264 
Gross amount of recognized liabilities$5,725 $111 $— $— $5,836 
December 31, 2023
Repurchase agreements
U.S. Treasury and agencies$2,375 $— $— $— $2,375 
Residential agency mortgage-backed securities338 — — — 338 
Corporate debt securities821 — — — 821 
Asset-backed securities— 45 — — 45 
Total repurchase agreements3,534 45 — — 3,579 
Securities loaned
Corporate debt securities290 — — — 290 
Total securities loaned290 — — — 290 
Gross amount of recognized liabilities$3,824 $45 $— $— $3,869 
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
 Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Received(c)
June 30, 2024
Derivative assets(d)
$6,064 $(3,379)$2,685 $(113)$(2)$2,570 
Reverse repurchase agreements4,361 — 4,361 (450)(3,903)8 
Securities borrowed1,846 — 1,846 — (1,762)84 
Total$12,271 $(3,379)$8,892 $(563)$(5,667)$2,662 
December 31, 2023
Derivative assets(d)
$6,504 $(3,666)$2,838 $(141)$(3)$2,694 
Reverse repurchase agreements2,513 — 2,513 (568)(1,941)4 
Securities borrowed1,802 — 1,802 (14)(1,717)71 
Total$10,819 $(3,666)$7,153 $(723)$(3,661)$2,769 
(a)Includes $1.7 billion and $1.6 billion of cash collateral related payables that were netted against derivative assets at June 30, 2024 and December 31, 2023, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $26 million and $27 million at June 30, 2024 and December 31, 2023, respectively, of derivative assets not subject to netting arrangements.
 Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Pledged(c)
June 30, 2024
Derivative liabilities(d)
$8,647 $(3,944)$4,703 $(113)$— $4,590 
Repurchase agreements5,572 — 5,572 (450)(5,110)12 
Securities loaned264 — 264 — (257)7 
Total$14,483 $(3,944)$10,539 $(563)$(5,367)$4,609 
December 31, 2023
Derivative liabilities(d)
$8,217 $(3,720)$4,497 $(141)$— $4,356 
Repurchase agreements3,579 — 3,579 (568)(3,008)3 
Securities loaned290 — 290 (14)(270)6 
Total$12,086 $(3,720)$8,366 $(723)$(3,278)$4,365 
(a)Includes $2.3 billion and $1.7 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2024 and December 31, 2023, respectively.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $121 million and $92 million at June 30, 2024 and December 31, 2023, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.2.u1
Fair Values of Assets and Liabilities
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities
 NOTE 14Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the six months ended June 30, 2024 and 2023, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-for-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net losses of $3 million and $30 million for the three months ended June 30, 2024 and 2023, respectively, and net losses of $4 million and $33 million for the six months ended June 30, 2024 and 2023, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net gains of $3 million and $11 million for the three and six months ended June 30, 2024, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels.
There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 6 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 15 for further information on the Visa Inc. restructuring and related card association litigation.
Significant Unobservable Inputs of Level 3 Assets and Liabilities
The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.
Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements.
The following table shows the significant valuation assumption ranges for MSRs at June 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment7 %21 %9 %
Option adjusted spread4 11 5 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3.
The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at June 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate8 %100 %77 %
Inherent MSR value (basis points per loan)53 197 105 
(a)Determined based on the relative fair value of the related mortgage loans.
The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At June 30, 2024, the minimum, maximum and weighted-average credit valuation adjustment as a percentage of the net fair value of the counterparty’s derivative contracts prior to adjustment was 0 percent, 297 percent and 1 percent, respectively.
The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios occurring, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability.
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
June 30, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$23,364 $4,686 $— $— $28,050 
Mortgage-backed securities     
Residential agency— 27,957 — — 27,957 
Commercial     
Agency— 7,274 — — 7,274 
Non-agency— 7 — — 7 
Asset-backed securities— 6,582 — — 6,582 
Obligations of state and political subdivisions— 9,684 — — 9,684 
Other— 245 — — 245 
Total available-for-sale23,364 56,435 — — 79,799 
Mortgage loans held for sale— 2,550 — — 2,550 
Mortgage servicing rights— — 3,326 — 3,326 
Derivative assets16 4,773 1,301 (3,379)2,711 
Other assets292 2,346 — — 2,638 
Total$23,672 $66,104 $4,627 $(3,379)$91,024 
Time deposits$— $6,089 $— $— $6,089 
Derivative liabilities11 5,153 3,604 (3,944)4,824 
Short-term borrowings and other liabilities(a)
483 1,859 — — 2,342 
Total$494 $13,101 $3,604 $(3,944)$13,255 
December 31, 2023     
Available-for-sale securities     
U.S. Treasury and agencies$14,787 $4,755 $— $— $19,542 
Mortgage-backed securities     
Residential agency— 26,078 — — 26,078 
Commercial     
Agency— 7,343 — — 7,343 
Non-agency— 6 — — 6 
Asset-backed securities— 6,724 — — 6,724 
Obligations of state and political subdivisions— 9,989 — — 9,989 
Other— 24 — — 24 
Total available-for-sale14,787 54,919 — — 69,706 
Mortgage loans held for sale— 2,011 — — 2,011 
Mortgage servicing rights— — 3,377 — 3,377 
Derivative assets— 5,078 1,453 (3,666)2,865 
Other assets550 1,991 — — 2,541 
Total$15,337 $63,999 $4,830 $(3,666)$80,500 
Time deposits$— $2,818 $— $— $2,818 
Derivative liabilities16 4,955 3,338 (3,720)4,589 
Short-term borrowings and other liabilities(a)
517 1,786 — — 2,303 
Total$533 $9,559 $3,338 $(3,720)$9,710 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $136 million and $133 million at June 30, 2024 and December 31, 2023, respectively, and reflect no impairment or observable price change adjustment at June 30, 2024, compared with a cumulative impairment of $5 million and no observable price change adjustment at December 31, 2023. The Company recorded a $5 million impairment on these equity investments during the first six months of 2023. The Company did not record any adjustments for observable price changes during the first six months of 2024 and 2023.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period Balance Net Gains (Losses) Included in Net IncomePurchasesSales Principal PaymentsIssuancesSettlementsEnd of Period Balance Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$— $64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(b)
270 (3)— — 795 (2,303)4 
(d)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $— $— $— $(1)$— $— $— $— 
Total available-for-sale1 — — — (1)— — — — 
Mortgage servicing rights3,724 (42)
(a)
1 (149)— 99 
(c)
— 3,633 (42)
(a)
Net derivative assets and liabilities(2,265)(1,927)
(e)
(18)(7)— — 798 (3,419)(1,631)
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning
of Period
Balance 		Net Gains
(Losses)
Included in Net Income		 PurchasesSales Principal
Payments 		IssuancesSettlementsEnd
of Period
Balance 		Net Change
in Unrealized
Gains (Losses)
Relating to
Assets and
Liabilities
Held at End
of Period
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$— $119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(g)
648 (5)— — 1,626 (2,303)(676)
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (171)
(a)
2 (148)— 195 
(c)
— 3,633 (171)
(a)
Net derivative assets and liabilities(3,199)(2,243)
(i)
405 (19)— — 1,637 (3,419)(1,242)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $46 million, $(2.0) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $18 million, $(1.7) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $98 million, $(2.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(j)Approximately $18 million, $(1.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date:
June 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $508 $508 $— $— $354 $354 
Other assets(b)
— — 21 21 — — 27 27 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:
Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2024202320242023
Loans(a)
$96 $68 $163 $210 
Other assets(b)
1 — 3 1 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Fair Value Option
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding:
June 30, 2024December 31, 2023
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,550 $2,528 $22 $2,011 $1,994 $17 
Time deposits6,089 6,104 (15)2,818 2,822 (4)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at June 30, 2024 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2023. Includes loans 90 days or more past due of $2 million carried at fair value with contractual principal outstanding of $2 million at June 30, 2024 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2023.
Fair Value of Financial Instruments
The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of June 30, 2024 and December 31, 2023. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded.
The estimated fair values of the Company’s financial instruments are shown in the table below:
June 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$65,832 $65,832 $— $— $65,832 $61,192 $61,192 $— $— $61,192 
Federal funds sold and securities purchased under resale agreements4,408 — 4,408 — 4,408 2,543 — 2,543 — 2,543 
Investment securities held-to-maturity81,486 1,256 68,055 — 69,311 84,045 1,310 72,778 — 74,088 
Loans held for sale(a)
32 — — 32 32 190 — — 190 190 
Loans368,584 — — 359,667 359,667 366,456 — — 362,849 362,849 
Other(b)
2,084 — 1,556 528 2,084 2,377 — 1,863 514 2,377 
Financial Liabilities
Time deposits(c)
51,228 — 51,395 — 51,395 49,455 — 49,607 — 49,607 
Short-term borrowings(d)
14,215 — 13,983 — 13,983 12,976 — 12,729 — 12,729 
Long-term debt52,720 — 51,171 — 51,171 51,480 — 49,697 — 49,697 
Other(e)
4,860 — 1,359 3,501 4,860 5,432 — 1,406 4,026 5,432 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
The fair value of unfunded commitments, deferred non-yield related loan fees, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit was $416 million and $489 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of other guarantees was $184 million and $198 million at June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Guarantees and Contingent Liabilities
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Guarantees and Contingent Liabilities
 NOTE 15Guarantees and Contingent Liabilities
Visa Restructuring and Card Association Litigation The Company’s Payment Services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). As of June 30, 2024, the Company has sold substantially all of its Class B shares.
Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities and fully offsets the related Visa Litigation contingent liability.
In October 2012, Visa signed a settlement agreement to resolve merchant class action claims associated with the multidistrict interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). The Damages Action was settled and is fully resolved. A number of merchants opted out of the Damages Action class settlement and filed individual cases in various federal district courts. Some of those cases have been settled and others are still being litigated. In March 2024, Visa signed a settlement agreement to resolve the Injunctive Action. In June 2024, the court declined to grant preliminary approval of the proposed settlement, which provided for lower interchange fees and various other rule changes for U.S. merchants. Accordingly, the Injunctive Action continues.
Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2024:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $20 $10,921 
Securities lending indemnifications6,769 — 6,586 
Asset sales— 99 10,644 
 (a)
Merchant processing876 64 152,500 
Tender option bond program guarantee343 — 338 
Other— 21 2,825 
(a)The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.
Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.
The Company currently processes card transactions in the United States, Canada and Europe through wholly-owned subsidiaries. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At June 30, 2024, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $12.9 billion. The Company held collateral of $758 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At June 30, 2024, the liability was $40 million primarily related to these airline processing arrangements.
Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the GSE for losses. At June 30, 2024, the Company had reserved $10 million for potential losses from representation and warranty obligations, compared with $13 million at December 31, 2023. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends.
As of June 30, 2024 and December 31, 2023, the Company had $14 million and $18 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs.
Litigation and Regulatory Matters
The Company is subject to various litigation and regulatory matters that arise from the conduct of its business activities. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
Residential Mortgage-Backed Securities Litigation Starting in 2011, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts for losses arising out of the 2008 financial crisis. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, U.S. Bank National Association (“USBNA”), as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs in these matters seek monetary damages in unspecified amounts and most also seek equitable relief.
Regulatory Matters The Company is continually subject to examinations, inquiries, investigations and other forms of regulatory and governmental inquiry or scrutiny covering a wide range of issues in its financial services businesses including in areas of heightened regulatory scrutiny, such as compliance, risk management, third-party risk management and consumer protection. In some cases, these matters are part of reviews of specified activities at multiple industry participants; in others, they are directed at the Company individually. For example, the Division of Enforcement of the SEC has been investigating U.S. Bancorp Fund Services, LLC (“USBFS”), a subsidiary of USBNA, relating to its role providing fund administration services to a third-party investment fund. This investment fund was advised by an investment adviser who engaged in fraud, and USBFS was not affiliated with the investment adviser and did not provide any advisory services to the fund. The Division of Enforcement has made a preliminary determination to recommend that the SEC file an enforcement action against USBFS, and USBFS is in the process of responding to the SEC on this matter. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue).
Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of the range of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates.
v3.24.2.u1
Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segments
NOTE 16Business Segments
Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has the following reportable operating segments and functional activities in Treasury and Corporate Support:
Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, government and institutional clients.
Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.
Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset/liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt products. The residual effect on net interest income of asset/liability management activities is included in Treasury and Corporate Support. Noninterest income and expenses directly managed by each business segment, including fees, service charges, salaries and benefits, and other direct revenues and costs are accounted for within each segment’s financial results in a manner similar to the consolidated financial statements. Occupancy costs are allocated based on utilization of facilities by the business segments. Generally, operating losses are charged to the business segment when the loss event is realized in a manner similar to a loan charge-off. Noninterest expenses incurred by centrally managed operations or business segments that directly support another business segment’s operations are charged to the applicable business segment based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Certain activities that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance are not charged to the business segments. The income or expenses associated with these corporate activities, including merger and integration charges, are reported within the Treasury and Corporate Support business segment. Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2024 and 2023, certain organization and methodology changes were made, including revising the Company’s line of business funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024 and combining its Wealth Management and Investment Services and Corporate and Commercial Banking lines of businesses to create the Wealth, Corporate, Commercial and Institutional Banking line of business during the third quarter of 2023. Prior period results were restated and presented on a comparable basis.
Business segment results for the three months ended June 30 were as follows:
 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment Services
(Dollars in Millions)202420232024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$1,906 $1,894 $1,922 $2,295 $673 $623 
Noninterest income1,131 1,071 413 431 1,094  (a) 1,050  (a)
Total net revenue3,037 2,965 2,335 2,726 1,767 1,673 
Noninterest expense1,374 1,380 1,622 1,764 983 941 
Income (loss) before provision and income taxes1,663 1,585 713 962 784 732 
Provision for credit losses100 162 30 16 388 314 
Income (loss) before income taxes1,563 1,423 683 946 396 418 
Income taxes and taxable-equivalent adjustment391 356 171 237 99 105 
Net income (loss)1,172 1,067 512 709 297 313 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$1,172 $1,067 $512 $709 $297 $313 
Average Balance Sheet
Loans$173,695 $178,749 $154,857 $167,002 $40,832 $37,913 
Other earning assets9,590 6,671 2,278 2,512 115 74 
Goodwill4,824 4,651 4,326 4,530 3,327 3,331 
Other intangible assets1,007 962 4,734 5,393 281 359 
Assets203,201 205,169 168,634 184,804 46,099 44,126 
Noninterest-bearing deposits57,299 73,512 20,900 34,120 2,706 3,179 
Interest-bearing deposits216,293 195,333 202,967 180,239 97 104 
Total deposits273,592 268,845 223,867 214,359 2,803 3,283 
Total U.S. Bancorp shareholders’ equity21,481 22,359 14,553 16,386 9,941 9,127 
 Treasury and Corporate Support Consolidated Company
(Dollars in Millions)2024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$(449)$(363)$4,052 $4,449 
Noninterest income177 174 2,815 (b)2,726 (b)
Total net revenue(272)(189)6,867 (c)7,175 (c)
Noninterest expense235 484 4,214 4,569 
Income (loss) before provision and income taxes(507)(673)2,653 2,606 
Provision for credit losses50 329 568 821 
Income (loss) before income taxes(557)(1,002)2,085 1,785 
Income taxes and taxable-equivalent adjustment(187)(282)474 416 
Net income (loss)(370)(720)1,611 1,369 
Net (income) loss attributable to noncontrolling interests(8)(8)(8)(8)
Net income (loss) attributable to U.S. Bancorp$(378)$(728)$1,603 $1,361 
Average Balance Sheet
Loans$5,301 $5,153 $374,685 $388,817 
Other earning assets222,224 215,765 234,207 225,022 
Goodwill— — 12,477 12,512 
Other intangible assets9 10 6,031 6,724 
Assets247,570 238,913 665,504 673,012 
Noninterest-bearing deposits2,513 2,947 83,418 113,758 
Interest-bearing deposits11,134 7,831 430,491 383,507 
Total deposits13,647 10,778 513,909 497,265 
Total U.S. Bancorp shareholders’ equity10,054 5,950 56,029 53,822 
(a)Presented net of related rewards and rebate costs and certain partner payments of $776 million and $760 million for the three months ended June 30, 2024 and 2023, respectively.
(b)Includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended June 30, 2024 and 2023, respectively.
(c)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $195 million and $186 million of revenue for the three months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
Business segment results for the six months ended June 30 were as follows:
Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking  Payment Services
(Dollars in Millions)202420232024 2023 2024 2023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$3,810 $3,857 $3,801 $4,684 $1,375 $1,270 
Noninterest income2,244 2,090 836 831 2,073  (a) 1,987  (a)
Total net revenue6,054 5,947 4,637 5,515 3,448 3,257 
Noninterest expense2,746 2,738 3,224 3,496 1,981 1,889 
Income (loss) before provision and income taxes3,308 3,209 1,413 2,019 1,467 1,368 
Provision for credit losses241 135 84 23 747 534 
Income (loss) before income taxes3,067 3,074 1,329 1,996 720 834 
Income taxes and taxable-equivalent adjustment767 769 333 500 180 209 
Net income (loss)2,300 2,305 996 1,496 540 625 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$2,300 $2,305 $996 $1,496 $540 $625 
  
Average Balance Sheet      
Loans$172,381 $177,867 $154,845 $167,214 $40,318 $37,426 
Other earning assets9,164 6,349 2,078 2,346 134 187 
Goodwill4,825 4,633 4,326 4,512 3,329 3,323 
Other intangible assets1,033 998 4,714 5,492 291 372 
Assets201,196 203,168 168,854 185,032 46,458 43,492 
Noninterest-bearing deposits57,939 77,816 21,137 37,616 2,749 3,181 
Interest-bearing deposits212,068 197,372 201,131 177,227 97 106 
Total deposits270,007 275,188 222,268 214,843 2,846 3,287 
Total U.S. Bancorp shareholders’ equity21,619 21,949 14,699 16,476 9,953 9,048 
 
 Treasury and Corporate Support Consolidated Company  
(Dollars in Millions)202420232024 2023 
Condensed Income Statement     
Net interest income (taxable-equivalent basis)$(919)$(694)$8,067  $9,117 
Noninterest income362 325 5,515 (b)5,233 (b)
Total net revenue(557)(369)13,582 (c)14,350 (c)
Noninterest expense722 1,001 8,673 9,124 
Income (loss) before provision and income taxes(1,279)(1,370)4,909  5,226 
Provision for credit losses49 556 1,121  1,248 
Income (loss) before income taxes(1,328)(1,926)3,788  3,978 
Income taxes and taxable-equivalent adjustment(429)(573)851  905 
Net income (loss)(899)(1,353)2,937  3,073 
Net (income) loss attributable to noncontrolling interests(15)(14)(15) (14)
Net income (loss) attributable to U.S. Bancorp$(914)$(1,367)$2,922  $3,059 
Average Balance Sheet     
Loans$5,334 $5,282 $372,878  $387,789 
Other earning assets218,259 214,073 229,635  222,955 
Goodwill— — 12,480  12,468 
Other intangible assets10 23 6,048  6,885 
Assets243,199 237,559 659,707  669,251 
Noninterest-bearing deposits2,277 3,092 84,102  121,705 
Interest-bearing deposits11,087 7,348 424,383  382,053 
Total deposits13,364 10,440 508,485  503,758 
Total U.S. Bancorp shareholders’ equity9,578 5,775 55,849  53,248 
(a)Presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for both the six months ended June 30, 2024 and 2023.
(b)Includes revenue generated from certain contracts with customers of $4.5 billion and $4.3 billion for the six months ended June 30, 2024 and 2023, respectively.
(c)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $382 million and $369 million of revenue for the six months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
NOTE 17Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to June 30, 2024 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.
v3.24.2.u1
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Accounting Changes
Reference Interest Rate Transition In March 2020, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2024. The Company is applying certain optional expedients and exceptions for cash flow hedges and will continue to evaluate these for eligible contract modifications and hedging relationships.
Income Taxes - Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, related to segment disclosures. This guidance requires disclosures of significant segment expenses and other segment items and expands interim period disclosure requirements to include segment profit or loss and assets, which are currently only required to be disclosed annually. The guidance is required to be adopted retrospectively to all periods presented in the financial statements. The Company expects the adoption of this guidance will not be material to its financial statements.
Loans and Allowance for Credit Losses Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased credit deteriorated loans.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. The allowance recorded for individually evaluated loans greater than $5 million in the commercial lending segment is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due, and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments received if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt, or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company
recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In some instances, participation in residential mortgage loan modification programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Accounting for Transfers and Servicing of Financial Assets In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value.
Variable Interest Entities
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest.The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee.
Netting Arrangements for Certain Financial Instruments
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $1.2 trillion total notional amount of derivative positions at June 30, 2024, $533.8 billion related to bilateral over-the-counter trades, $683.2 billion related to those centrally cleared through clearinghouses and $479 million related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels.
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.
Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the six months ended June 30, 2024 and 2023, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-for-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net losses of $3 million and $30 million for the three months ended June 30, 2024 and 2023, respectively, and net losses of $4 million and $33 million for the six months ended June 30, 2024 and 2023, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net gains of $3 million and $11 million for the three and six months ended June 30, 2024, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels.
There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 6 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 15 for further information on the Visa Inc. restructuring and related card association litigation.
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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Held-to-Maturity Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$1,296 $— $(40)$1,256 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency78,327 — (12,105)66,222 80,997 6 (9,929)71,074 
Commercial agency1,700 — (30)1,670 1,695 6 (5)1,696 
Other163 — — 163 8 — — 8 
Total held-to-maturity$81,486 $— $(12,175)$69,311 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$30,251 $4 $(2,205)$28,050 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency30,254 67 (2,364)27,957 28,185 104 (2,211)26,078 
Commercial
Agency8,689 — (1,415)7,274 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,595 13 (26)6,582 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,808 18 (1,142)9,684 10,867 36 (914)9,989 
Other245 — — 245 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,849 102 (7,152)79,799 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
60 — (60)— 335 — (335)— 
Total available-for-sale$86,909 $102 $(7,212)$79,799 $76,602 $173 $(7,069)$69,706 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Available-for-Sale Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$1,296 $— $(40)$1,256 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency78,327 — (12,105)66,222 80,997 6 (9,929)71,074 
Commercial agency1,700 — (30)1,670 1,695 6 (5)1,696 
Other163 — — 163 8 — — 8 
Total held-to-maturity$81,486 $— $(12,175)$69,311 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$30,251 $4 $(2,205)$28,050 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency30,254 67 (2,364)27,957 28,185 104 (2,211)26,078 
Commercial
Agency8,689 — (1,415)7,274 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,595 13 (26)6,582 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,808 18 (1,142)9,684 10,867 36 (914)9,989 
Other245 — — 245 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,849 102 (7,152)79,799 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
60 — (60)— 335 — (335)— 
Total available-for-sale$86,909 $102 $(7,212)$79,799 $76,602 $173 $(7,069)$69,706 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Taxable$1,218 $999 $2,317 $1,993 
Non-taxable76 78 152 158 
Total interest income from investment securities$1,294 $1,077 $2,469 $2,151 
Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Realized gains$— $5 $3 $65 
Realized losses(36)(2)(37)(94)
Net realized gains (losses)$(36)$3 $(34)$(29)
Income tax (benefit) on net realized gains (losses)$(9)$1 $(8)$(7)
Gross Unrealized Losses and Fair Value of Investment Securities The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2024:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
U.S. Treasury and agencies$7,891 $(13)$17,447 $(2,192)$25,338 $(2,205)
Mortgage-backed securities
Residential agency1,891 (16)19,724 (2,348)21,615 (2,364)
Commercial
     Agency— — 7,274 (1,415)7,274 (1,415)
Non-agency— — 7 — 7 — 
Asset-backed securities2,897 (8)1,560 (18)4,457 (26)
Obligations of state and political subdivisions1,540 (18)7,706 (1,124)9,246 (1,142)
Other134 — 4 — 138 — 
Total investment securities$14,353 $(55)$53,722 $(7,097)$68,075 $(7,152)
Investment Amortized Cost, Fair Value and Yield by Maturity Date
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at June 30, 2024:
(Dollars in Millions)
Amortized
Cost
Fair Value
Weighted- Average
Maturity in
Years
Weighted-Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies
Maturing in one year or less$650 $637 0.92.71 %
Maturing after one year through five years646 619 2.83.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,296 $1,256 1.92.85 %
Mortgage-backed securities(a)
Maturing in one year or less$28 $27 0.74.44 %
Maturing after one year through five years1,507 1,488 3.04.54 
Maturing after five years through ten years73,202 62,203 8.92.16 
Maturing after ten years5,290 4,174 10.21.89 
Total$80,027 $67,892 8.92.19 %
Other
Maturing in one year or less$16 $16 0.83.24 %
Maturing after one year through five years147 147 2.92.82 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$163 $163 2.72.86 %
Total held-to-maturity(b)
$81,486 $69,311 8.82.20 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$435 $431 0.73.98 %
Maturing after one year through five years12,962 12,318 3.62.93 
Maturing after five years through ten years16,077 14,721 6.83.08 
Maturing after ten years777 580 11.01.92 
Total$30,251 $28,050 5.43.00 %
Mortgage-backed securities(a)
Maturing in one year or less$99 $96 0.71.83 %
Maturing after one year through five years8,252 7,787 3.43.22 
Maturing after five years through ten years29,495 26,425 7.43.53 
Maturing after ten years1,104 930 10.83.40 
Total$38,950 $35,238 6.63.46 %
Asset-backed securities(a)
Maturing in one year or less$8 $9 0.67.55 %
Maturing after one year through five years4,601 4,582 1.74.96 
Maturing after five years through ten years1,986 1,991 5.96.66 
Maturing after ten years— — — — 
Total$6,595 $6,582 2.95.48 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$165 $165 0.35.11 %
Maturing after one year through five years2,080 2,064 2.84.74 
Maturing after five years through ten years1,560 1,480 7.33.79 
Maturing after ten years7,003 5,975 15.23.41 
Total$10,808 $9,684 11.53.74 %
Other
Maturing in one year or less$4 $4 0.91.89 %
Maturing after one year through five years241 241 2.05.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$245 $245 2.04.95 %
Total available-for-sale(b)(f)
$86,849 $79,799 6.53.49 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 8.7 years at December 31, 2023, with a corresponding weighted-average yield of 2.22 percent. The weighted-average maturity of total available-for-sale investment securities was 6.3 years at December 31, 2023, with a corresponding weighted-average yield of 3.12 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $60 million.
v3.24.2.u1
Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
June 30, 2024December 31, 2023
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$131,043 34.9 %$127,676 34.2 %
Lease financing4,205 1.1 4,205 1.1 
Total commercial135,248 36.0 131,881 35.3 
Commercial Real Estate
Commercial mortgages40,844 10.9 41,934 11.2 
Construction and development11,043 2.9 11,521 3.1 
Total commercial real estate51,887 13.8 53,455 14.3 
Residential Mortgages
Residential mortgages110,680 29.4 108,605 29.0 
Home equity loans, first liens6,467 1.7 6,925 1.9 
Total residential mortgages117,147 31.1 115,530 30.9 
Credit Card28,715 7.6 28,560 7.6 
Other Retail
Retail leasing4,178 1.1 4,135 1.1 
Home equity and second mortgages13,180 3.5 13,056 3.5 
Revolving credit3,597 1.0 3,668 1.0 
Installment14,169 3.8 13,889 3.7 
Automobile8,012 2.1 9,661 2.6 
Total other retail43,136 11.5 44,409 11.9 
Total loans$376,133 100.0 %$373,835 100.0 %
Activity in Allowance for Credit Losses by Portfolio Class
Activity in the allowance for credit losses by portfolio class was as follows:
Three Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,159 $1,629 $843 $2,425 $848 $7,904 
Add
Provision for credit losses164 3 (11)388 24 568 
Deduct
Loans charged-off180 38 3 358 73 652 
Less recoveries of loans charged-off(37)(2)(7)(43)(25)(114)
Net loan charge-offs (recoveries)143 36 (4)315 48 538 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
2023
Balance at beginning of period$2,180 $1,359 $947 $2,112 $925 $7,523 
Add
Provision for credit losses119 140 66 272 224 821 
Deduct
Loans charged-off110 31 121 242 251 755 
Less recoveries of loans charged-off(20)(5)(7)(43)(31)(106)
Net loan charge-offs (recoveries)90 26 114 199 220 649 
Balance at end of period$2,209 $1,473 $899 $2,185 $929 $7,695 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses320 33 5 706 57 1,121 
Deduct
Loans charged-off319 72 7 695 154 1,247 
Less recoveries of loans charged-off(60)(15)(11)(84)(51)(221)
Net loan charge-offs (recoveries)259 57 (4)611 103 1,026 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
2023
Balance at beginning of period$2,163 $1,325 $926 $2,020 $970 $7,404 
Add
Change in accounting principle(a)
— — (31)(27)(4)(62)
Allowance for acquired credit losses(b)
— 127 — — — 127 
Provision for credit losses183 164 117 566 218 1,248 
Deduct
Loans charged-off173 154 125 457 315 1,224 
Less recoveries of loans charged-off(36)(11)(12)(83)(60)(202)
Net loan charge-offs (recoveries)137 143 113 374 255 1,022 
Balance at end of period$2,209 $1,473 $899 $2,185 $929 $7,695 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Represents allowance for acquired credit deteriorated and charged-off loans.
Credit Quality Indicators
The following table provides a summary of loans charged-off by portfolio class and year of origination:
Three Months Ended June 30
(Dollars in Millions)		CommercialCommercial
Real Estate
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$3 $36 $— $— $— $39 
Originated in 202326 2 — — 11 39 
Originated in 202266 — 1 — 14 81 
Originated in 20217 — — — 10 17 
Originated in 20202 — — — 5 7 
Originated prior to 202011 — 2 — 8 21 
Revolving65 — — 358 25 448 
Total charge-offs$180 $38 $3 $358 $73 $652 
2023
Originated in 2023$7 $— $— $— $46 $53 
Originated in 202234 — — — 89 123 
Originated in 20214 17 5 — 46 72 
Originated in 20206 — 8 — 19 33 
Originated in 20192 — 15 — 13 30 
Originated prior to 201917 14 93 — 5 129 
Revolving40 — — 242 5 287 
Revolving converted to term— — — — 28 28 
Total charge-offs$110 $31 $121 $242 $251 $755 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$3 $41 $— $— $2 $46 
Originated in 202352 6 — — 21 79 
Originated in 202284 24 1 — 28 137 
Originated in 202115 — — — 21 36 
Originated in 20206 — — — 13 19 
Originated prior to 202021 1 6 — 19 47 
Revolving138 — — 695 50 883 
Total charge-offs$319 $72 $7 $695 $154 $1,247 
2023
Originated in 2023$7 $— $— $— $46 $53 
Originated in 202240 88 — — 99 227 
Originated in 20218 17 5 — 57 87 
Originated in 202010 — 8 — 25 43 
Originated in 20197 3 16 — 20 46 
Originated prior to 201928 46 96 — 13 183 
Revolving73 — — 457 27 557 
Revolving converted to term— — — — 28 28 
Total charge-offs$173 $154 $125 $457 $315 $1,224 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and near term loan origination years for gross charge-offs relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Includes $91 million of charge-offs in the first quarter of 2023 related to uncollectible amounts on acquired loans.
(b)Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.
(c)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
(d)Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
June 30, 2024December 31, 2023
CriticizedCriticized
(Dollars in Millions)Pass
Special
Mention
Classified(a)
Total
Criticized
TotalPass
Special
Mention
Classified(a)
Total
Criticized
Total
Commercial
Originated in 2024$27,054 $272 $496 $768 $27,822 $— $— $— $— $— 
Originated in 202330,508 349 894 1,243 31,751 43,023 827 856 1,683 44,706 
Originated in 202229,451 274 970 1,244 30,695 40,076 274 632 906 40,982 
Originated in 20216,738 143 116 259 6,997 9,219 117 154 271 9,490 
Originated in 20202,843 61 102 163 3,006 3,169 92 71 163 3,332 
Originated prior to 20204,948 9 98 107 5,055 5,303 30 209 239 5,542 
Revolving(b)
28,585 279 1,058 1,337 29,922 26,213 362 1,254 1,616 27,829 
Total commercial130,127 1,387 3,734 5,121 135,248 127,003 1,702 3,176 4,878 131,881 
Commercial real estate
Originated in 20244,385 194 912 1,106 5,491 — — — — — 
Originated in 20236,788 160 1,566 1,726 8,514 8,848 465 2,206 2,671 11,519 
Originated in 202210,515 736 1,303 2,039 12,554 11,831 382 1,141 1,523 13,354 
Originated in 20217,919 377 626 1,003 8,922 9,235 500 385 885 10,120 
Originated in 20203,218 44 144 188 3,406 3,797 51 87 138 3,935 
Originated prior to 20209,550 93 923 1,016 10,566 10,759 458 619 1,077 11,836 
Revolving2,365 11 58 69 2,434 2,613 6 70 76 2,689 
Revolving converted to term— — — — — 2 — — — 2 
Total commercial real estate44,740 1,615 5,532 7,147 51,887 47,085 1,862 4,508 6,370 53,455 
Residential mortgages(c)
Originated in 20245,067 — 1 1 5,068 — — — — — 
Originated in 20239,343 — 9 9 9,352 9,734 — 5 5 9,739 
Originated in 202228,891 — 24 24 28,915 29,146 — 17 17 29,163 
Originated in 202135,541 — 25 25 35,566 36,365 — 16 16 36,381 
Originated in 202014,245 — 12 12 14,257 14,773 — 9 9 14,782 
Originated prior to 202023,731 — 258 258 23,989 25,202 — 262 262 25,464 
Revolving— — — — — 1 — — — 1 
Total residential mortgages116,818 — 329 329 117,147 115,221 — 309 309 115,530 
Credit card(d)
28,341 — 374 374 28,715 28,185 — 375 375 28,560 
Other retail
Originated in 20244,046 — 2 2 4,048 — — — — — 
Originated in 20234,554 — 6 6 4,560 5,184 — 4 4 5,188 
Originated in 20224,830 — 11 11 4,841 5,607 — 12 12 5,619 
Originated in 20218,396 — 14 14 8,410 10,398 — 15 15 10,413 
Originated in 20203,434 — 7 7 3,441 4,541 — 9 9 4,550 
Originated prior to 20203,339 2 16 18 3,357 4,008 — 20 20 4,028 
Revolving13,600 — 107 107 13,707 13,720 — 104 104 13,824 
Revolving converted to term725 — 47 47 772 735 — 52 52 787 
Total other retail42,924 2 210 212 43,136 44,193 — 216 216 44,409 
Total loans$362,950 $3,004 $10,179 $13,183 $376,133 $361,687 $3,564 $8,584 $12,148 $373,835 
Total outstanding commitments$764,699 $4,690 $12,170 $16,860 $781,559 $762,869 $5,053 $10,470 $15,523 $778,392 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominately all current year and near term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At June 30, 2024, $1.7 billion of GNMA loans 90 days or more past due and $1.5 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.0 billion and $1.2 billion at December 31, 2023, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loans by Portfolio Class, Including Delinquency Status
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Nonperforming(b)
Total
June 30, 2024
Commercial$134,317 $288 $87 $556 $135,248 
Commercial real estate50,897 22 9 959 51,887 
Residential mortgages(a)
116,681 142 170 154 117,147 
Credit card27,957 384 374 — 28,715 
Other retail42,700 234 61 141 43,136 
Total loans$372,552 $1,070 $701 $1,810 $376,133 
December 31, 2023
Commercial$130,925 $464 $116 $376 $131,881 
Commercial real estate52,619 55 4 777 53,455 
Residential mortgages(a)
115,067 169 136 158 115,530 
Credit card27,779 406 375 — 28,560 
Other retail43,926 278 67 138 44,409 
Total loans$370,316 $1,372 $698 $1,449 $373,835 
(a)At June 30, 2024, $561 million of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $595 million and $2.0 billion at December 31, 2023, respectively.
(b)Substantially all nonperforming loans at June 30, 2024 and December 31, 2023, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $6 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $11 million and $7 million for the six months ended June 30, 2024 and 2023, respectively .
Loans Modified
The following table provides a summary of period-end balances of loans modified during the periods presented, by portfolio class and modification granted:
Three Months Ended June 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2024
Commercial$23 $— $253 $— $276 .2 %
Commercial real estate78 — 391 7 476 .9 
Residential mortgages(b)
— 9 7 6 22 — 
Credit card116 — — — 116 .4 
Other retail2 — 33 1 36 .1 
Total loans, excluding loans purchased from GNMA mortgage pools219 9 684 14 926 .2 
Loans purchased from GNMA mortgage pools(b)
— 474109122705.6 
Total loans$219 $483 $793 $136 $1,631 .4 %
2023
Commercial$13 $— $136 $— $149 .1 %
Commercial real estate— — 101 — 101 .2 
Residential mortgages(b)
— 79 6 4 89 .1 
Credit card91 — — — 91 .3 
Other retail2 14 39 1 56 .1 
Total loans, excluding loans purchased from GNMA mortgage pools106 93 282 5 486 .1 
Loans purchased from GNMA mortgage pools(b)
— 453 86 98 637 .6 
Total loans$106 $546 $368 $103 $1,123 .3 %
Six Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2024
Commercial$44 $— $452 $— $496 .4 %
Commercial real estate78 — 629 7 714 1.4 
Residential mortgages(b)
— 28 12 9 49 — 
Credit card228 — — — 228 .8 
Other retail4 1 69 1 75 .2 
Total loans, excluding loans purchased from GNMA mortgage pools354 29 1,162 17 1,562 .4 
Loans purchased from GNMA mortgage pools(b)
1 908 173 204 1,286 1.1 
Total loans$355 $937 $1,335 $221 $2,848 .8 %
2023
Commercial$159 $— $159 $— $318 .2 %
Commercial real estate— — 109 — 109 .2 
Residential mortgages(b)
— 202 15 16 233 .2 
Credit card174 — — — 174 .7 
Other retail4 18 81 3 106 .2 
Total loans, excluding loans purchased from GNMA mortgage pools337 220 364 19 940 .2 
Loans purchased from GNMA mortgage pools(b)
— 649 147 143 939 .8 
Total loans$337 $869 $511 $162 $1,879 .5 %
(a)Includes $111 million of total loans receiving a payment delay and term extension, $17 million of total loans receiving an interest rate reduction and term extension and $8 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2024, compared with $100 million, $2 million and $1 million for the three months ended June 30, 2023, respectively. Includes $189 million of total loans receiving a payment delay and term extension, $20 million of total loans receiving an interest rate reduction and term extension and $12 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2024, compared with $151 million, $5 million and $6 million for the six months ended June 30, 2023, respectively.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
The following table summarizes the effects of loan modifications made to borrowers on loans modified:
Three Months Ended June 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2024
Commercial(a)
20.6 %5
Commercial real estate2.2 8
Residential mortgages.5 86
Credit card16.3 —
Other retail7.6 5
Loans purchased from GNMA mortgage pools.5 119
2023
Commercial21.3 %8
Commercial real estate— 10
Residential mortgages1.4 89
Credit card16.4 —
Other retail8.6 108
Loans purchased from GNMA mortgage pools.7 87
Six Months Ended June 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2024
Commercial(a)
20.0 %7
Commercial real estate2.2 9
Residential mortgages.7 85
Credit card16.3 —
Other retail8.4 4
Loans purchased from GNMA mortgage pools.5 116
2023
Commercial3.3 %7
Commercial real estate— 10
Residential mortgages1.4 111
Credit card16.2 —
Other retail7.3 134
Loans purchased from GNMA mortgage pools.7 79
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and six months ended June 30, 2024 and 2023. Forbearance payments are required to be paid at the end of the original term loan.
(a)The weighted-average interest rate reduction for commercial loans for the three and six months ended June 30, 2024, was primarily driven by commercial cards.
Loans Modified by Delinquency Status
The following table provides a summary of loan balances at June 30, 2024, which were modified during the prior twelve months, by portfolio class and delinquency status:
(Dollars in Millions)  Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
Commercial$628 $17 $117 $762 
Commercial real estate847 — 419 1,266 
Residential mortgages(a)
1,585 6 13 1,604 
Credit card293 64 34 391 
Other retail122 17 6 145 
Total loans$3,475 $104 $589 $4,168 
(a)At June 30, 2024, $462 million of loans 30-89 days past due and $196 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
The following table provides a summary of loan balances at June 30, 2023, which were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through June 30, 2023, by portfolio class and delinquency status:
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
Commercial$287 $7 $24 $318 
Commercial real estate43 — 66 109 
Residential mortgages(a)
668 11 13 692 
Credit card125 34 15 174 
Other retail68 3 4 75 
Total loans$1,191 $55 $122 $1,368 
(a)At June 30, 2023, $95 million of loans 30-89 days past due and $20 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
Loans Modified During the year that Defaulted
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified within twelve months prior to default:
(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Three Months Ended June 30, 2024
Commercial$7 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 9 1 1 
Credit card30 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools38 9 30 1 
Loans purchased from GNMA mortgage pools— 58 24 29 
Total loans$38 $67 $54 $30 
Six Months Ended June 30, 2024
Commercial$13 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 13 4 3 
Credit card59 — — — 
Other retail1 1 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools73 14 38 3 
Loans purchased from GNMA mortgage pools— 96 43 57 
Total loans$73 $110 $81 $60 
(a)Includes $29 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction and term extension for the three months ended June 30, 2024. Includes $58 million of total loans receiving a payment delay and term extension, $1 million of total loans receiving an interest rate reduction and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2024.
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through June 30, 2023:
(Dollars in Millions)Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
Three Months Ended June 30, 2023
Commercial$1 $— $— $— 
Residential mortgages— 1 — 1 
Credit card5 — — — 
Other retail— 2 1 — 
Total loans, excluding loans purchased from GNMA mortgage pools6 3 1 1 
Loans purchased from GNMA mortgage pools— 6 1 2 
Total loans$6 $9 $2 $3 
Six Months Ended June 30, 2023
Commercial$1 $— $— $— 
Residential mortgages— 1 — 1 
Credit card5 — — — 
Other retail— 2 1 — 
Total loans, excluding loans purchased from GNMA mortgage pools6 3 1 1 
Loans purchased from GNMA mortgage pools— 6 1 2 
Total loans$6 $9 $2 $3 
(a) Includes $2 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the three and six months ended June 30, 2023.
v3.24.2.u1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
(Dollars in Millions)June 30, 2024December 31, 2023
Investment carrying amount$7,374 $6,659 
Unfunded capital and other commitments4,337 3,619 
Maximum exposure to loss8,916 9,002 
v3.24.2.u1
Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2024
Transfers and Servicing [Abstract]  
Changes in Fair Value of Capitalized MSRs
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Balance at beginning of period$3,462 $3,724 $3,377 $3,755 
Rights purchased1 1 1 2 
Rights capitalized64 99 119 195 
Rights sold
(189)(149)(189)(148)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
45 84 148 46 
Due to revised assumptions or models(b)
33 (21)41 (16)
Other changes in fair value(c)
(90)(105)(171)(201)
Balance at end of period$3,326 $3,633 $3,326 $3,633 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(312)$(145)$(69)$63 $121 $220 $(370)$(173)$(84)$77 $147 $268 
Derivative instrument hedges30414470(65)(127)(240)38117886(79)(152)(289)
Net sensitivity$(8)$(1)$1 $(2)$(6)$(20)$11 $5 $2 $(2)$(5)$(21)
MSRs and Related Characteristics by Portfolio
The following table provides a summary of the Company’s MSRs and related characteristics by portfolio:
 June 30, 2024December 31, 2023
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$50,185 $25,762 $137,716 $213,663 $48,286 $25,996 $151,056 $225,338 
Fair value$824 $522 $1,980 $3,326 $769 $507 $2,101 $3,377 
Value (bps)(b)
164 203 144 156 159 195 139 150 
Weighted-average servicing fees (bps)36 45 25 30 36 44 26 30 
Multiple (value/servicing fees)4.60 4.55 5.66 5.16 4.45 4.41 5.41 5.00 
Weighted-average note rate4.74 %4.31 %3.73 %4.04 %4.56 %4.23 %3.81 %4.02 %
Weighted-average age (in years)4.45.84.84.84.35.54.34.4
Weighted-average expected prepayment (constant prepayment rate)10.1 %10.6 %8.3 %9.0 %10.5 %11.1 %9.1 %9.6 %
Weighted-average expected life (in years)7.36.77.27.27.26.57.07.0
Weighted-average option adjusted spread(c)
5.5 %5.9 %4.6 %5.0 %5.4 %5.9 %4.6 %4.9 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.24.2.u1
Preferred Stock (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Shares Issued and Outstanding and Carrying Amount of Preferred Stock The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at June 30, 2024 and December 31, 2023, was $1.00 per share.
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total
2024      
Balance at beginning of period$(5,279)$(3,452)$(461)$(1,138)$(23)$(10,353)
Changes in unrealized gains (losses)(78)— (109)— — (187)
Foreign currency translation adjustment(a)
— — — — (2)(2)
Reclassification to earnings of realized (gains) losses36 131 80 — — 247 
Applicable income taxes11 (33)8 — 1 (13)
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
2023      
Balance at beginning of period$(5,369)$(3,843)$43 $(940)$(44)$(10,153)
Changes in unrealized gains (losses)(460)— (465)— — (925)
Foreign currency translation adjustment(a)
— — — — 19 19 
Reclassification to earnings of realized (gains) losses(3)141 11 (2)— 147 
Applicable income taxes116 (35)117 1 (5)194 
Balance at end of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
Six Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency TranslationTotal
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
Changes in unrealized gains (losses)(249)— (452)— — (701)
Foreign currency translation adjustment(a)
— — — — 4 4 
Reclassification to earnings of realized (gains) losses34 245 129 — — 408 
Applicable income taxes56 (62)83 — — 77 
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)845 — (261)1 — 585 
Foreign currency translation adjustment(a)
— — — — 18 18 
Reclassification to earnings of realized (gains) losses29 262 18 (4)— 305 
Applicable income taxes(212)(66)63 1 (5)(219)
Balance at end of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
June 30		Six Months Ended
June 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2024202320242023
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sale of investment securities$(36)$3 $(34)$(29)Securities gains (losses), net
9 (1)8 7 Applicable income taxes
(27)2 (26)(22)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(131)(141)(245)(262)Interest income
33 35 62 66 Applicable income taxes
(98)(106)(183)(196)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(80)(11)(129)(18)Net interest income
20 3 33 4 Applicable income taxes
(60)(8)(96)(14)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization— 2 — 4 Other noninterest expense
— (1)— (1)Applicable income taxes
— 1 — 3 Net-of-tax
Total impact to net income$(185)$(111)$(305)$(229) 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Components of Earnings Per Share
The components of earnings per share were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars and Shares in Millions, Except Per Share Data)2024202320242023
Net income attributable to U.S. Bancorp$1,603 $1,361 $2,922 $3,059 
Preferred dividends(75)(73)(177)(171)
Earnings allocated to participating stock awards(10)(7)(18)(15)
Net income applicable to U.S. Bancorp common shareholders$1,518 $1,281 $2,727 $2,873 
Average common shares outstanding1,560 1,533 1,560 1,532 
Net effect of the exercise and assumed purchase of stock awards1 — — 1 
Average diluted common shares outstanding1,561 1,533 1,560 1,533 
Earnings per common share$.97 $.84 $1.75 $1.87 
Diluted earnings per common share$.97 $.84 $1.75 $1.87 
v3.24.2.u1
Employee Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the Company’s pension plans were:
 Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2024202320242023
Service cost$54 $56 $109 $112 
Interest cost94 93 188 185 
Expected return on plan assets(146)(137)(292)(273)
Prior service cost (credit) amortization(1)— (2)(1)
Actuarial loss (gain) amortization3 1 5 2 
Net periodic benefit cost(a)
$4 $13 $8 $25 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Federal
Current$321 $263 $501 $660 
Deferred49 33 182 1 
Federal income tax370 296 683 661 
State
Current88 119 109 215 
Deferred(13)(33)— (39)
State income tax75 86 109 176 
Total income tax provision$445 $382 $792 $837 
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2024202320242023
Tax at statutory rate$432 $368 $783 $821 
State income tax, at statutory rates, net of federal tax benefit102 83 183 185 
Tax effect of
Tax credits and benefits, net of related expenses(83)(63)(144)(140)
Exam resolutions(32)— (97)— 
Tax-exempt income(36)(41)(67)(75)
Other items62 35 134 46 
Applicable income taxes$445 $382 $792 $837 
v3.24.2.u1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Asset and Liability Management Derivative Positions
The following table summarizes the asset and liability management derivative positions of the Company:
 June 30, 2024December 31, 2023
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$15,700 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps28,581 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,400 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts842 1 1 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,460 7 9 5,006 29 5 
Sell2,757 3 7 4,501 7 34 
Options
Purchased5,090 182 — 6,085 237 — 
Written2,331 17 53 3,696 14 75 
Receive fixed/pay floating swaps9,287 89 2 7,029 9 3 
Pay fixed/receive floating swaps3,354 — — 3,801 — — 
Foreign exchange forward contracts704 1 — 734 2 5 
Equity contracts267 1 1 227 2 — 
Credit contracts3,558 — 9 2,620 1 — 
Other(a)
2,070 8 120 2,136 11 93 
Total$103,401 $309 $202 $91,328 $312 $241 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.4 billion and $119 million at June 30, 2024, respectively, compared to $2.0 billion and $91 million at December 31, 2023, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $576 million at June 30, 2024, and $28 million at December 31, 2023.
Summary of Customer-Related Derivative Positions
The following table summarizes the customer-related derivative positions of the Company:
 June 30, 2024December 31, 2023
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$369,671 $439 $5,184 $363,375 $791 $4,395 
Pay fixed/receive floating swaps345,929 2,147 170 330,539 1,817 280 
Other(a)
76,713 15 50 82,209 17 51 
Options
Purchased95,653 736 1 102,423 1,026 18 
Written91,365 9 953 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps109,853 2,054 1,836 121,119 2,252 1,942 
Options
Purchased538 17 — 1,532 28 — 
Written538 — 17 1,532 — 28 
Commodity contracts
Swaps5,010 140 135 2,498 116 110 
Options
Purchased3,080 205 1 1,936 151 — 
Written3,079 1 205 1,936 — 151 
Futures
Sell83 17 10 — — — 
Credit contracts12,554 1 4 13,053 1 6 
Total$1,114,066 $5,781 $8,566 $1,119,842 $6,219 $8,068 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20242023202420232024202320242023
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$(81)$(345)$(60)$(8)$(336)$(194)$(96)$(14)
Net investment hedges        
Foreign exchange forward contracts9 (6)— — 78 (9)— — 
Non-derivative debt instruments7 1 — — 41 (17)— — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20242023202420232024202320242023
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$(81)$(345)$(60)$(8)$(336)$(194)$(96)$(14)
Net investment hedges        
Foreign exchange forward contracts9 (6)— — 78 (9)— — 
Non-derivative debt instruments7 1 — — 41 (17)— — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income:

 Three Months Ended June 30Six Months Ended June 30
 Interest Income Interest Expense Interest Income Interest Expense
(Dollars in Millions)20242023202420232024202320242023
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$7,985 $7,526 $3,962 $3,111 $15,749 $14,490 $7,741 $5,441 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(23)334 69 243 445 156 12 129 
Hedged items22 (332)(69)(241)(447)(158)(12)(127)
Cash flow hedges        
Interest rate contract derivatives(73)— 7 11 (115)— 14 18 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million and $14 million into earnings during the three and six months ended June 30, 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $11 million and $18 million during the three and six months ended June 30, 2023, respectively. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
 Carrying Amount of the Hedged Assets
and Liabilities		Cumulative Hedging Adjustment
(Dollars in Millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$27,933 $23,924 $(446)$(93)
Long-term debt15,650 12,034 (18)(32)
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(96) million and $(181) million, respectively, at June 30, 2024, compared with $(18) million and $(116) million at December 31, 2023, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $6.7 billion and $9.2 billion, respectively, at June 30, 2024, compared with $830 million and $7.2 billion at December 31, 2023, respectively.
(a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At June 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $18.2 billion, of which $11.6 billion was designated as hedged. At June 30, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $60 million. At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $15.6 billion, of which $9.6 billion was designated as hedged. At December 31, 2023, the cumulative amount of basis adjustments associated with these hedging relationships was $335 million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		2024202320242023
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$(2)$31 $(14)$38 
Purchased and written optionsMortgage banking revenue9 17 48 15 
SwapsMortgage banking revenue/Interest expense9 (38)(77)20 
Foreign exchange forward contractsOther noninterest income4 (8)8 (13)
Equity contractsCompensation expense(2)— (2)(3)
Credit contractsCommercial products revenue— — (2)— 
OtherOther noninterest income6 1 (69)(1)
Customer-Related Positions     
Interest rate contracts     
SwapsCommercial products revenue89 58 220 95 
Purchased and written optionsCommercial products revenue(21)(1)(68)— 
FuturesCommercial products revenue— — — (1)
Foreign exchange rate contracts     
Forwards, spots and swapsCommercial products revenue32 44 56 99 
Commodity contracts     
SwapsCommercial products revenue(1)2 1 2 
Purchased and written optionsCommercial products revenue2 — 4 — 
FuturesCommercial products revenue6 — 6 — 
Credit contractsCommercial products revenue1 (1)— (1)
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Offsetting [Abstract]  
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)Overnight and
 Continuous
Less Than
30 Days
30-89 DaysGreater Than 90 DaysTotal
June 30, 2024
Repurchase agreements
U.S. Treasury and agencies$4,171 $12 $— $— $4,183 
Residential agency mortgage-backed securities290 — — — 290 
Corporate debt securities1,000 14 — — 1,014 
Asset-backed securities— 85 — — 85 
Total repurchase agreements5,461 111 — — 5,572 
Securities loaned     
Corporate debt securities264 — — — 264 
Total securities loaned264 — — — 264 
Gross amount of recognized liabilities$5,725 $111 $— $— $5,836 
December 31, 2023
Repurchase agreements
U.S. Treasury and agencies$2,375 $— $— $— $2,375 
Residential agency mortgage-backed securities338 — — — 338 
Corporate debt securities821 — — — 821 
Asset-backed securities— 45 — — 45 
Total repurchase agreements3,534 45 — — 3,579 
Securities loaned
Corporate debt securities290 — — — 290 
Total securities loaned290 — — — 290 
Gross amount of recognized liabilities$3,824 $45 $— $— $3,869 
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
 Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Received(c)
June 30, 2024
Derivative assets(d)
$6,064 $(3,379)$2,685 $(113)$(2)$2,570 
Reverse repurchase agreements4,361 — 4,361 (450)(3,903)8 
Securities borrowed1,846 — 1,846 — (1,762)84 
Total$12,271 $(3,379)$8,892 $(563)$(5,667)$2,662 
December 31, 2023
Derivative assets(d)
$6,504 $(3,666)$2,838 $(141)$(3)$2,694 
Reverse repurchase agreements2,513 — 2,513 (568)(1,941)4 
Securities borrowed1,802 — 1,802 (14)(1,717)71 
Total$10,819 $(3,666)$7,153 $(723)$(3,661)$2,769 
(a)Includes $1.7 billion and $1.6 billion of cash collateral related payables that were netted against derivative assets at June 30, 2024 and December 31, 2023, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $26 million and $27 million at June 30, 2024 and December 31, 2023, respectively, of derivative assets not subject to netting arrangements.
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities
 Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Pledged(c)
June 30, 2024
Derivative liabilities(d)
$8,647 $(3,944)$4,703 $(113)$— $4,590 
Repurchase agreements5,572 — 5,572 (450)(5,110)12 
Securities loaned264 — 264 — (257)7 
Total$14,483 $(3,944)$10,539 $(563)$(5,367)$4,609 
December 31, 2023
Derivative liabilities(d)
$8,217 $(3,720)$4,497 $(141)$— $4,356 
Repurchase agreements3,579 — 3,579 (568)(3,008)3 
Securities loaned290 — 290 (14)(270)6 
Total$12,086 $(3,720)$8,366 $(723)$(3,278)$4,365 
(a)Includes $2.3 billion and $1.7 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2024 and December 31, 2023, respectively.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $121 million and $92 million at June 30, 2024 and December 31, 2023, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.2.u1
Fair Values of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Valuation Assumption Ranges for MSRs
The following table shows the significant valuation assumption ranges for MSRs at June 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment7 %21 %9 %
Option adjusted spread4 11 5 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Valuation Assumption Ranges for Derivative Commitments
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at June 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate8 %100 %77 %
Inherent MSR value (basis points per loan)53 197 105 
(a)Determined based on the relative fair value of the related mortgage loans.
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
June 30, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$23,364 $4,686 $— $— $28,050 
Mortgage-backed securities     
Residential agency— 27,957 — — 27,957 
Commercial     
Agency— 7,274 — — 7,274 
Non-agency— 7 — — 7 
Asset-backed securities— 6,582 — — 6,582 
Obligations of state and political subdivisions— 9,684 — — 9,684 
Other— 245 — — 245 
Total available-for-sale23,364 56,435 — — 79,799 
Mortgage loans held for sale— 2,550 — — 2,550 
Mortgage servicing rights— — 3,326 — 3,326 
Derivative assets16 4,773 1,301 (3,379)2,711 
Other assets292 2,346 — — 2,638 
Total$23,672 $66,104 $4,627 $(3,379)$91,024 
Time deposits$— $6,089 $— $— $6,089 
Derivative liabilities11 5,153 3,604 (3,944)4,824 
Short-term borrowings and other liabilities(a)
483 1,859 — — 2,342 
Total$494 $13,101 $3,604 $(3,944)$13,255 
December 31, 2023     
Available-for-sale securities     
U.S. Treasury and agencies$14,787 $4,755 $— $— $19,542 
Mortgage-backed securities     
Residential agency— 26,078 — — 26,078 
Commercial     
Agency— 7,343 — — 7,343 
Non-agency— 6 — — 6 
Asset-backed securities— 6,724 — — 6,724 
Obligations of state and political subdivisions— 9,989 — — 9,989 
Other— 24 — — 24 
Total available-for-sale14,787 54,919 — — 69,706 
Mortgage loans held for sale— 2,011 — — 2,011 
Mortgage servicing rights— — 3,377 — 3,377 
Derivative assets— 5,078 1,453 (3,666)2,865 
Other assets550 1,991 — — 2,541 
Total$15,337 $63,999 $4,830 $(3,666)$80,500 
Time deposits$— $2,818 $— $— $2,818 
Derivative liabilities16 4,955 3,338 (3,720)4,589 
Short-term borrowings and other liabilities(a)
517 1,786 — — 2,303 
Total$533 $9,559 $3,338 $(3,720)$9,710 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $136 million and $133 million at June 30, 2024 and December 31, 2023, respectively, and reflect no impairment or observable price change adjustment at June 30, 2024, compared with a cumulative impairment of $5 million and no observable price change adjustment at December 31, 2023. The Company recorded a $5 million impairment on these equity investments during the first six months of 2023. The Company did not record any adjustments for observable price changes during the first six months of 2024 and 2023.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
Changes in Fair Value for Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period Balance Net Gains (Losses) Included in Net IncomePurchasesSales Principal PaymentsIssuancesSettlementsEnd of Period Balance Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$— $64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(b)
270 (3)— — 795 (2,303)4 
(d)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $— $— $— $(1)$— $— $— $— 
Total available-for-sale1 — — — (1)— — — — 
Mortgage servicing rights3,724 (42)
(a)
1 (149)— 99 
(c)
— 3,633 (42)
(a)
Net derivative assets and liabilities(2,265)(1,927)
(e)
(18)(7)— — 798 (3,419)(1,631)
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning
of Period
Balance 		Net Gains
(Losses)
Included in Net Income		 PurchasesSales Principal
Payments 		IssuancesSettlementsEnd
of Period
Balance 		Net Change
in Unrealized
Gains (Losses)
Relating to
Assets and
Liabilities
Held at End
of Period
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$— $119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(g)
648 (5)— — 1,626 (2,303)(676)
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (171)
(a)
2 (148)— 195 
(c)
— 3,633 (171)
(a)
Net derivative assets and liabilities(3,199)(2,243)
(i)
405 (19)— — 1,637 (3,419)(1,242)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $46 million, $(2.0) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $18 million, $(1.7) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $98 million, $(2.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(j)Approximately $18 million, $(1.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
Changes in Fair Value for Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period Balance Net Gains (Losses) Included in Net IncomePurchasesSales Principal PaymentsIssuancesSettlementsEnd of Period Balance Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$— $64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(b)
270 (3)— — 795 (2,303)4 
(d)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $— $— $— $(1)$— $— $— $— 
Total available-for-sale1 — — — (1)— — — — 
Mortgage servicing rights3,724 (42)
(a)
1 (149)— 99 
(c)
— 3,633 (42)
(a)
Net derivative assets and liabilities(2,265)(1,927)
(e)
(18)(7)— — 798 (3,419)(1,631)
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning
of Period
Balance 		Net Gains
(Losses)
Included in Net Income		 PurchasesSales Principal
Payments 		IssuancesSettlementsEnd
of Period
Balance 		Net Change
in Unrealized
Gains (Losses)
Relating to
Assets and
Liabilities
Held at End
of Period
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$— $119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(g)
648 (5)— — 1,626 (2,303)(676)
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (171)
(a)
2 (148)— 195 
(c)
— 3,633 (171)
(a)
Net derivative assets and liabilities(3,199)(2,243)
(i)
405 (19)— — 1,637 (3,419)(1,242)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $46 million, $(2.0) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $18 million, $(1.7) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $98 million, $(2.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(j)Approximately $18 million, $(1.3) billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
Assets Measured at Fair Value on Nonrecurring Basis
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date:
June 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $508 $508 $— $— $354 $354 
Other assets(b)
— — 21 21 — — 27 27 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
Losses Recognized Related to Nonrecurring Fair Value Measurements
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:
Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2024202320242023
Loans(a)
$96 $68 $163 $210 
Other assets(b)
1 — 3 1 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Fair Value Option
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding:
June 30, 2024December 31, 2023
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,550 $2,528 $22 $2,011 $1,994 $17 
Time deposits6,089 6,104 (15)2,818 2,822 (4)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at June 30, 2024 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2023. Includes loans 90 days or more past due of $2 million carried at fair value with contractual principal outstanding of $2 million at June 30, 2024 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2023.
Estimated Fair Values of Financial Instruments
The estimated fair values of the Company’s financial instruments are shown in the table below:
June 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$65,832 $65,832 $— $— $65,832 $61,192 $61,192 $— $— $61,192 
Federal funds sold and securities purchased under resale agreements4,408 — 4,408 — 4,408 2,543 — 2,543 — 2,543 
Investment securities held-to-maturity81,486 1,256 68,055 — 69,311 84,045 1,310 72,778 — 74,088 
Loans held for sale(a)
32 — — 32 32 190 — — 190 190 
Loans368,584 — — 359,667 359,667 366,456 — — 362,849 362,849 
Other(b)
2,084 — 1,556 528 2,084 2,377 — 1,863 514 2,377 
Financial Liabilities
Time deposits(c)
51,228 — 51,395 — 51,395 49,455 — 49,607 — 49,607 
Short-term borrowings(d)
14,215 — 13,983 — 13,983 12,976 — 12,729 — 12,729 
Long-term debt52,720 — 51,171 — 51,171 51,480 — 49,697 — 49,697 
Other(e)
4,860 — 1,359 3,501 4,860 5,432 — 1,406 4,026 5,432 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
v3.24.2.u1
Guarantees and Contingent Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2024:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $20 $10,921 
Securities lending indemnifications6,769 — 6,586 
Asset sales— 99 10,644 
 (a)
Merchant processing876 64 152,500 
Tender option bond program guarantee343 — 338 
Other— 21 2,825 
(a)The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.
v3.24.2.u1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segment Results
Business segment results for the three months ended June 30 were as follows:
 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment Services
(Dollars in Millions)202420232024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$1,906 $1,894 $1,922 $2,295 $673 $623 
Noninterest income1,131 1,071 413 431 1,094  (a) 1,050  (a)
Total net revenue3,037 2,965 2,335 2,726 1,767 1,673 
Noninterest expense1,374 1,380 1,622 1,764 983 941 
Income (loss) before provision and income taxes1,663 1,585 713 962 784 732 
Provision for credit losses100 162 30 16 388 314 
Income (loss) before income taxes1,563 1,423 683 946 396 418 
Income taxes and taxable-equivalent adjustment391 356 171 237 99 105 
Net income (loss)1,172 1,067 512 709 297 313 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$1,172 $1,067 $512 $709 $297 $313 
Average Balance Sheet
Loans$173,695 $178,749 $154,857 $167,002 $40,832 $37,913 
Other earning assets9,590 6,671 2,278 2,512 115 74 
Goodwill4,824 4,651 4,326 4,530 3,327 3,331 
Other intangible assets1,007 962 4,734 5,393 281 359 
Assets203,201 205,169 168,634 184,804 46,099 44,126 
Noninterest-bearing deposits57,299 73,512 20,900 34,120 2,706 3,179 
Interest-bearing deposits216,293 195,333 202,967 180,239 97 104 
Total deposits273,592 268,845 223,867 214,359 2,803 3,283 
Total U.S. Bancorp shareholders’ equity21,481 22,359 14,553 16,386 9,941 9,127 
 Treasury and Corporate Support Consolidated Company
(Dollars in Millions)2024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$(449)$(363)$4,052 $4,449 
Noninterest income177 174 2,815 (b)2,726 (b)
Total net revenue(272)(189)6,867 (c)7,175 (c)
Noninterest expense235 484 4,214 4,569 
Income (loss) before provision and income taxes(507)(673)2,653 2,606 
Provision for credit losses50 329 568 821 
Income (loss) before income taxes(557)(1,002)2,085 1,785 
Income taxes and taxable-equivalent adjustment(187)(282)474 416 
Net income (loss)(370)(720)1,611 1,369 
Net (income) loss attributable to noncontrolling interests(8)(8)(8)(8)
Net income (loss) attributable to U.S. Bancorp$(378)$(728)$1,603 $1,361 
Average Balance Sheet
Loans$5,301 $5,153 $374,685 $388,817 
Other earning assets222,224 215,765 234,207 225,022 
Goodwill— — 12,477 12,512 
Other intangible assets9 10 6,031 6,724 
Assets247,570 238,913 665,504 673,012 
Noninterest-bearing deposits2,513 2,947 83,418 113,758 
Interest-bearing deposits11,134 7,831 430,491 383,507 
Total deposits13,647 10,778 513,909 497,265 
Total U.S. Bancorp shareholders’ equity10,054 5,950 56,029 53,822 
(a)Presented net of related rewards and rebate costs and certain partner payments of $776 million and $760 million for the three months ended June 30, 2024 and 2023, respectively.
(b)Includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended June 30, 2024 and 2023, respectively.
(c)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $195 million and $186 million of revenue for the three months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
Business segment results for the six months ended June 30 were as follows:
Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking  Payment Services
(Dollars in Millions)202420232024 2023 2024 2023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$3,810 $3,857 $3,801 $4,684 $1,375 $1,270 
Noninterest income2,244 2,090 836 831 2,073  (a) 1,987  (a)
Total net revenue6,054 5,947 4,637 5,515 3,448 3,257 
Noninterest expense2,746 2,738 3,224 3,496 1,981 1,889 
Income (loss) before provision and income taxes3,308 3,209 1,413 2,019 1,467 1,368 
Provision for credit losses241 135 84 23 747 534 
Income (loss) before income taxes3,067 3,074 1,329 1,996 720 834 
Income taxes and taxable-equivalent adjustment767 769 333 500 180 209 
Net income (loss)2,300 2,305 996 1,496 540 625 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$2,300 $2,305 $996 $1,496 $540 $625 
  
Average Balance Sheet      
Loans$172,381 $177,867 $154,845 $167,214 $40,318 $37,426 
Other earning assets9,164 6,349 2,078 2,346 134 187 
Goodwill4,825 4,633 4,326 4,512 3,329 3,323 
Other intangible assets1,033 998 4,714 5,492 291 372 
Assets201,196 203,168 168,854 185,032 46,458 43,492 
Noninterest-bearing deposits57,939 77,816 21,137 37,616 2,749 3,181 
Interest-bearing deposits212,068 197,372 201,131 177,227 97 106 
Total deposits270,007 275,188 222,268 214,843 2,846 3,287 
Total U.S. Bancorp shareholders’ equity21,619 21,949 14,699 16,476 9,953 9,048 
 
 Treasury and Corporate Support Consolidated Company  
(Dollars in Millions)202420232024 2023 
Condensed Income Statement     
Net interest income (taxable-equivalent basis)$(919)$(694)$8,067  $9,117 
Noninterest income362 325 5,515 (b)5,233 (b)
Total net revenue(557)(369)13,582 (c)14,350 (c)
Noninterest expense722 1,001 8,673 9,124 
Income (loss) before provision and income taxes(1,279)(1,370)4,909  5,226 
Provision for credit losses49 556 1,121  1,248 
Income (loss) before income taxes(1,328)(1,926)3,788  3,978 
Income taxes and taxable-equivalent adjustment(429)(573)851  905 
Net income (loss)(899)(1,353)2,937  3,073 
Net (income) loss attributable to noncontrolling interests(15)(14)(15) (14)
Net income (loss) attributable to U.S. Bancorp$(914)$(1,367)$2,922  $3,059 
Average Balance Sheet     
Loans$5,334 $5,282 $372,878  $387,789 
Other earning assets218,259 214,073 229,635  222,955 
Goodwill— — 12,480  12,468 
Other intangible assets10 23 6,048  6,885 
Assets243,199 237,559 659,707  669,251 
Noninterest-bearing deposits2,277 3,092 84,102  121,705 
Interest-bearing deposits11,087 7,348 424,383  382,053 
Total deposits13,364 10,440 508,485  503,758 
Total U.S. Bancorp shareholders’ equity9,578 5,775 55,849  53,248 
(a)Presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for both the six months ended June 30, 2024 and 2023.
(b)Includes revenue generated from certain contracts with customers of $4.5 billion and $4.3 billion for the six months ended June 30, 2024 and 2023, respectively.
(c)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $382 million and $369 million of revenue for the six months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
v3.24.2.u1
Investment Securities - Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost $ 81,486 $ 84,045
Unrealized Gains 0 12
Unrealized Losses (12,175) (9,969)
Fair Value 69,311 74,088
U.S. Treasury and agencies    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,296 1,345
Unrealized Gains 0 0
Unrealized Losses (40) (35)
Fair Value 1,256 1,310
Residential mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 78,327 80,997
Unrealized Gains 0 6
Unrealized Losses (12,105) (9,929)
Fair Value 66,222 71,074
Commercial mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,700 1,695
Unrealized Gains 0 6
Unrealized Losses (30) (5)
Fair Value 1,670 1,696
Other    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 163 8
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value $ 163 $ 8
v3.24.2.u1
Investment Securities - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 86,909 $ 76,602
Unrealized Gains 102 173
Unrealized Losses (7,212) (7,069)
Fair Value [1] 79,799 69,706
Portfolio level basis adjustments, Amortized Cost 60 335
Portfolio level basis adjustments, Unrealized Losses (60) (335)
U.S. Treasury and agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 30,251 21,768
Unrealized Gains 4 8
Unrealized Losses (2,205) (2,234)
Fair Value 28,050 19,542
Residential mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 30,254 28,185
Unrealized Gains 67 104
Unrealized Losses (2,364) (2,211)
Fair Value 27,957 26,078
Commercial mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 8,689 8,703
Unrealized Gains 0 0
Unrealized Losses (1,415) (1,360)
Fair Value 7,274 7,343
Commercial mortgage-backed securities | Non-agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 7 7
Unrealized Gains 0 0
Unrealized Losses 0 (1)
Fair Value 7 6
Asset-backed securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 6,595 6,713
Unrealized Gains 13 25
Unrealized Losses (26) (14)
Fair Value 6,582 6,724
Obligations of state and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 10,808 10,867
Unrealized Gains 18 36
Unrealized Losses (1,142) (914)
Fair Value 9,684 9,989
Other    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 245 24
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 245 24
Excluding portfolio level basis adjustments    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 86,849 76,267
Unrealized Gains 102 173
Unrealized Losses (7,152) (6,734)
Fair Value $ 79,799 $ 69,706
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities [1] $ 79,799 $ 69,706
Allowance for credit loss on held-to-maturity securities 0  
Asset Pledged as Collateral    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities 21,400 20,500
Asset Pledged as Collateral with Right    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities $ 290 $ 338
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Investment Securities - Interest Income from Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Taxable $ 1,218 $ 999 $ 2,317 $ 1,993
Non-taxable 76 78 152 158
Total interest income from investment securities $ 1,294 $ 1,077 $ 2,469 $ 2,151
v3.24.2.u1
Investment Securities - Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Realized gains $ 0 $ 5 $ 3 $ 65
Realized losses (36) (2) (37) (94)
Net realized gains (losses) (36) 3 (34) (29)
Income tax (benefit) on net realized gains (losses) $ (9) $ 1 $ (8) $ (7)
v3.24.2.u1
Investment Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value $ 14,353
Less Than 12 Months, Unrealized Losses (55)
12 Months or Greater, Fair Value 53,722
12 Months or Greater, Unrealized Losses (7,097)
Total, Fair Value 68,075
Total, Unrealized Losses (7,152)
U.S. Treasury and agencies  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 7,891
Less Than 12 Months, Unrealized Losses (13)
12 Months or Greater, Fair Value 17,447
12 Months or Greater, Unrealized Losses (2,192)
Total, Fair Value 25,338
Total, Unrealized Losses (2,205)
Residential mortgage-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 1,891
Less Than 12 Months, Unrealized Losses (16)
12 Months or Greater, Fair Value 19,724
12 Months or Greater, Unrealized Losses (2,348)
Total, Fair Value 21,615
Total, Unrealized Losses (2,364)
Commercial mortgage-backed securities | Agency  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 7,274
12 Months or Greater, Unrealized Losses (1,415)
Total, Fair Value 7,274
Total, Unrealized Losses (1,415)
Commercial mortgage-backed securities | Non-agency  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 7
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 7
Total, Unrealized Losses 0
Asset-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 2,897
Less Than 12 Months, Unrealized Losses (8)
12 Months or Greater, Fair Value 1,560
12 Months or Greater, Unrealized Losses (18)
Total, Fair Value 4,457
Total, Unrealized Losses (26)
Obligations of state and political subdivisions  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 1,540
Less Than 12 Months, Unrealized Losses (18)
12 Months or Greater, Fair Value 7,706
12 Months or Greater, Unrealized Losses (1,124)
Total, Fair Value 9,246
Total, Unrealized Losses (1,142)
Other  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 134
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 4
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 138
Total, Unrealized Losses $ 0
v3.24.2.u1
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Amortized Cost          
Amortized Cost $ 81,486   $ 81,486   $ 84,045
Fair Value          
Fair Value $ 69,311   $ 69,311   $ 74,088
Weighted- Average Maturity in Years          
Total     8 years 9 months 18 days    
Weighted-Average Yield          
Total 2.20%   2.20%   2.22%
Weighted average maturity of total held to maturity investment securities         8 years 8 months 12 days
Amortized Cost          
Amortized Cost $ 86,849   $ 86,849    
Fair Value          
Fair Value [1] $ 79,799   $ 79,799   $ 69,706
Weighted- Average Maturity in Years          
Total     6 years 6 months   6 years 3 months 18 days
Weighted-Average Yield          
Total 3.49%   3.49%   3.12%
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Portfolio basis adjustments excluded from amortized cost $ 60   $ 60    
U.S. Treasury and agencies          
Amortized Cost          
Maturing in one year or less 650   650    
Maturing after one year through five years 646   646    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 1,296   1,296   $ 1,345
Fair Value          
Maturing in one year or less 637   637    
Maturing after one year through five years 619   619    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 1,256   $ 1,256   1,310
Weighted- Average Maturity in Years          
Maturing in one year or less     10 months 24 days    
Maturing after one year through five years     2 years 9 months 18 days    
Total     1 year 10 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 2.71%   2.71%    
Maturing after one year through five years 3.00%   3.00%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 2.85%   2.85%    
Maturing in one year or less     8 months 12 days    
Amortized Cost          
Maturing in one year or less $ 435   $ 435    
Maturing after one year through five years 12,962   12,962    
Maturing after five years through ten years 16,077   16,077    
Maturing after ten years 777   777    
Amortized Cost 30,251   30,251    
Fair Value          
Maturing in one year or less 431   431    
Maturing after one year through five years 12,318   12,318    
Maturing after five years through ten years 14,721   14,721    
Maturing after ten years 580   580    
Fair Value $ 28,050   $ 28,050   19,542
Weighted- Average Maturity in Years          
Maturing in one year or less     8 months 12 days    
Maturing after one year through five years     3 years 7 months 6 days    
Maturing after five years through ten years     6 years 9 months 18 days    
Maturing after ten years     11 years    
Total     5 years 4 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 3.98%   3.98%    
Maturing after one year through five years 2.93%   2.93%    
Maturing after five years through ten years 3.08%   3.08%    
Maturing after ten years 1.92%   1.92%    
Total 3.00%   3.00%    
Mortgage-backed securities          
Amortized Cost          
Maturing in one year or less $ 28   $ 28    
Maturing after one year through five years 1,507   1,507    
Maturing after five years through ten years 73,202   73,202    
Maturing after ten years 5,290   5,290    
Amortized Cost 80,027   80,027    
Fair Value          
Maturing in one year or less 27   27    
Maturing after one year through five years 1,488   1,488    
Maturing after five years through ten years 62,203   62,203    
Maturing after ten years 4,174   4,174    
Fair Value $ 67,892   $ 67,892    
Weighted- Average Maturity in Years          
Maturing in one year or less     8 months 12 days    
Maturing after one year through five years     3 years    
Maturing after five years through ten years     8 years 10 months 24 days    
Maturing after ten years     10 years 2 months 12 days    
Total     8 years 10 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 4.44%   4.44%    
Maturing after one year through five years 4.54%   4.54%    
Maturing after five years through ten years 2.16%   2.16%    
Maturing after ten years 1.89%   1.89%    
Total 2.19%   2.19%    
Maturing in one year or less     8 months 12 days    
Amortized Cost          
Maturing in one year or less $ 99   $ 99    
Maturing after one year through five years 8,252   8,252    
Maturing after five years through ten years 29,495   29,495    
Maturing after ten years 1,104   1,104    
Amortized Cost 38,950   38,950    
Fair Value          
Maturing in one year or less 96   96    
Maturing after one year through five years 7,787   7,787    
Maturing after five years through ten years 26,425   26,425    
Maturing after ten years 930   930    
Fair Value $ 35,238   $ 35,238    
Weighted- Average Maturity in Years          
Maturing in one year or less     8 months 12 days    
Maturing after one year through five years     3 years 4 months 24 days    
Maturing after five years through ten years     7 years 4 months 24 days    
Maturing after ten years     10 years 9 months 18 days    
Total     6 years 7 months 6 days    
Weighted-Average Yield          
Maturing in one year or less 1.83%   1.83%    
Maturing after one year through five years 3.22%   3.22%    
Maturing after five years through ten years 3.53%   3.53%    
Maturing after ten years 3.40%   3.40%    
Total 3.46%   3.46%    
Asset-backed securities          
Weighted-Average Yield          
Maturing in one year or less     7 months 6 days    
Amortized Cost          
Maturing in one year or less $ 8   $ 8    
Maturing after one year through five years 4,601   4,601    
Maturing after five years through ten years 1,986   1,986    
Maturing after ten years 0   0    
Amortized Cost 6,595   6,595    
Fair Value          
Maturing in one year or less 9   9    
Maturing after one year through five years 4,582   4,582    
Maturing after five years through ten years 1,991   1,991    
Maturing after ten years 0   0    
Fair Value $ 6,582   $ 6,582   6,724
Weighted- Average Maturity in Years          
Maturing in one year or less     7 months 6 days    
Maturing after one year through five years     1 year 8 months 12 days    
Maturing after five years through ten years     5 years 10 months 24 days    
Total     2 years 10 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 7.55%   7.55%    
Maturing after one year through five years 4.96%   4.96%    
Maturing after five years through ten years 6.66%   6.66%    
Maturing after ten years 0.00%   0.00%    
Total 5.48%   5.48%    
Obligations of state and political subdivisions          
Weighted-Average Yield          
Maturing in one year or less     3 months 18 days    
Amortized Cost          
Maturing in one year or less $ 165   $ 165    
Maturing after one year through five years 2,080   2,080    
Maturing after five years through ten years 1,560   1,560    
Maturing after ten years 7,003   7,003    
Amortized Cost 10,808   10,808    
Fair Value          
Maturing in one year or less 165   165    
Maturing after one year through five years 2,064   2,064    
Maturing after five years through ten years 1,480   1,480    
Maturing after ten years 5,975   5,975    
Fair Value $ 9,684   $ 9,684   9,989
Weighted- Average Maturity in Years          
Maturing in one year or less     3 months 18 days    
Maturing after one year through five years     2 years 9 months 18 days    
Maturing after five years through ten years     7 years 3 months 18 days    
Maturing after ten years     15 years 2 months 12 days    
Total     11 years 6 months    
Weighted-Average Yield          
Maturing in one year or less 5.11%   5.11%    
Maturing after one year through five years 4.74%   4.74%    
Maturing after five years through ten years 3.79%   3.79%    
Maturing after ten years 3.41%   3.41%    
Total 3.74%   3.74%    
Other          
Amortized Cost          
Maturing in one year or less $ 16   $ 16    
Maturing after one year through five years 147   147    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 163   163   8
Fair Value          
Maturing in one year or less 16   16    
Maturing after one year through five years 147   147    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 163   $ 163   8
Weighted- Average Maturity in Years          
Maturing in one year or less     9 months 18 days    
Maturing after one year through five years     2 years 10 months 24 days    
Total     2 years 8 months 12 days    
Weighted-Average Yield          
Maturing in one year or less 3.24%   3.24%    
Maturing after one year through five years 2.82%   2.82%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 2.86%   2.86%    
Maturing in one year or less     10 months 24 days    
Amortized Cost          
Maturing in one year or less $ 4   $ 4    
Maturing after one year through five years 241   241    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 245   245    
Fair Value          
Maturing in one year or less 4   4    
Maturing after one year through five years 241   241    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 245   $ 245   $ 24
Weighted- Average Maturity in Years          
Maturing in one year or less     10 months 24 days    
Maturing after one year through five years     2 years    
Total     2 years    
Weighted-Average Yield          
Maturing in one year or less 1.89%   1.89%    
Maturing after one year through five years 5.00%   5.00%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 4.95%   4.95%    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 376,133 $ 373,835
Percent of Total 100.00% 100.00%
Commercial | Total commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 135,248 $ 131,881
Percent of Total 36.00% 35.30%
Commercial | Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 131,043 $ 127,676
Percent of Total 34.90% 34.20%
Commercial | Lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,205 $ 4,205
Percent of Total 1.10% 1.10%
Commercial | Total commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 51,887 $ 53,455
Percent of Total 13.80% 14.30%
Commercial | Commercial mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 40,844 $ 41,934
Percent of Total 10.90% 11.20%
Commercial | Construction and development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 11,043 $ 11,521
Percent of Total 2.90% 3.10%
Consumer | Total residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 117,147 $ 115,530
Percent of Total 31.10% 30.90%
Consumer | Residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 110,680 $ 108,605
Percent of Total 29.40% 29.00%
Consumer | Home equity loans, first liens    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 6,467 $ 6,925
Percent of Total 1.70% 1.90%
Consumer | Credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 28,715 $ 28,560
Percent of Total 7.60% 7.60%
Consumer | Total other retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 43,136 $ 44,409
Percent of Total 11.50% 11.90%
Consumer | Retail leasing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,178 $ 4,135
Percent of Total 1.10% 1.10%
Consumer | Home equity and second mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 13,180 $ 13,056
Percent of Total 3.50% 3.50%
Consumer | Revolving credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 3,597 $ 3,668
Percent of Total 1.00% 1.00%
Consumer | Installment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 14,169 $ 13,889
Percent of Total 3.80% 3.70%
Consumer | Automobile    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 8,012 $ 9,661
Percent of Total 2.10% 2.60%
v3.24.2.u1
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans pledged at the Federal Home Loan Bank $ 368,584   $ 368,584   $ 366,456
Loans pledged at the Federal Reserve Bank 83,200   83,200   82,800
Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans $ 2,700   $ 2,700   2,700
Reasonable and supportable period for allowance for credit loss 3 years   3 years    
Foreclosed residential real estate property included in other real estate owned $ 23   $ 23   26
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs 49   49   47
Residential mortgage loans secured by residential real estate in process of foreclosure 605   605   728
Modified loans 1,631 $ 1,123 2,848 $ 1,879  
Commitments to lend $ 371   371    
Trial Modifications          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Modified loans     $ 43    
Credit card          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan modification amortization period 60 months   60 months    
GNMA loans upon foreclosure          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Residential mortgage loans secured by residential real estate in process of foreclosure $ 379   $ 379   487
Commercial          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan threshold when individually evaluated for allowance calculation $ 5   $ 5    
Threshold period to be placed on nonaccrual status 90 days   90 days    
Consumer          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan modification amortization period 60 months   60 months    
Consumer | Residential Mortgages and Other Retail Loans Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period for charge-off to fair value of collateral less costs to sell 180 days   180 days    
Consumer | Residential Mortgages Loans and Junior Liens Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period to be placed on nonaccrual status 120 days   120 days    
Consumer | First Lien          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period to be placed on nonaccrual status 180 days   180 days    
Consumer | Credit card          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 180 days   180 days    
Modified loans $ 116 $ 91 $ 228 $ 174  
Consumer | Other Retail Loans not Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 120 days   120 days    
Consumer | Revolving Consumer Lines          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 180 days   180 days    
Federal Home Loan Bank          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans pledged at the Federal Home Loan Bank $ 125,500   $ 125,500   $ 123,100
v3.24.2.u1
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 7,904 $ 7,523 $ 7,839 $ 7,404
Add        
Allowance for acquired credit losses       127
Provision for credit losses 568 821 1,121 1,248
Deduct        
Loans charged-off 652 755 1,247 1,224
Less recoveries of loans charged-off (114) (106) (221) (202)
Net loan charge-offs (recoveries) 538 649 1,026 1,022
Balance at end of period 7,934 7,695 7,934 7,695
Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       (62)
Commercial | Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,159 2,180 2,119 2,163
Add        
Allowance for acquired credit losses       0
Provision for credit losses 164 119 320 183
Deduct        
Loans charged-off 180 110 319 173
Less recoveries of loans charged-off (37) (20) (60) (36)
Net loan charge-offs (recoveries) 143 90 259 137
Balance at end of period 2,180 2,209 2,180 2,209
Commercial | Commercial | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       0
Commercial | Commercial real estate        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 1,629 1,359 1,620 1,325
Add        
Allowance for acquired credit losses       127
Provision for credit losses 3 140 33 164
Deduct        
Loans charged-off 38 31 72 154
Less recoveries of loans charged-off (2) (5) (15) (11)
Net loan charge-offs (recoveries) 36 26 57 143
Balance at end of period 1,596 1,473 1,596 1,473
Commercial | Commercial real estate | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       0
Consumer | Residential mortgages        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 843 947 827 926
Add        
Allowance for acquired credit losses       0
Provision for credit losses (11) 66 5 117
Deduct        
Loans charged-off 3 121 7 125
Less recoveries of loans charged-off (7) (7) (11) (12)
Net loan charge-offs (recoveries) (4) 114 (4) 113
Balance at end of period 836 899 836 899
Consumer | Residential mortgages | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       (31)
Consumer | Credit card        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,425 2,112 2,403 2,020
Add        
Allowance for acquired credit losses       0
Provision for credit losses 388 272 706 566
Deduct        
Loans charged-off 358 242 695 457
Less recoveries of loans charged-off (43) (43) (84) (83)
Net loan charge-offs (recoveries) 315 199 611 374
Balance at end of period 2,498 2,185 2,498 2,185
Consumer | Credit card | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       (27)
Consumer | Other retail        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 848 925 870 970
Add        
Allowance for acquired credit losses       0
Provision for credit losses 24 224 57 218
Deduct        
Loans charged-off 73 251 154 315
Less recoveries of loans charged-off (25) (31) (51) (60)
Net loan charge-offs (recoveries) 48 220 103 255
Balance at end of period $ 824 $ 929 $ 824 929
Consumer | Other retail | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       $ (4)
v3.24.2.u1
Loans and Allowance for Credit Losses - Loans Charged-off (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 $ 39 $ 53 $ 46 $ 53
Originated in 2023/2022 39 123 79 227
Originated in 2022/2021 81 72 137 87
Originated in 2021/2020 17 33 36 43
Originated in 2020/2019 7 30 19 46
Originated prior to 2020/2019 21 129 47 183
Revolving 448 287 883 557
Revolving converted to term   28   28
Total charge-offs 652 755 1,247 1,224
Commercial | Commercial        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 3 7 3 7
Originated in 2023/2022 26 34 52 40
Originated in 2022/2021 66 4 84 8
Originated in 2021/2020 7 6 15 10
Originated in 2020/2019 2 2 6 7
Originated prior to 2020/2019 11 17 21 28
Revolving 65 40 138 73
Revolving converted to term   0   0
Total charge-offs 180 110 319 173
Commercial | Commercial real estate        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 36 0 41 0
Originated in 2023/2022 2 0 6 88
Originated in 2022/2021 0 17 24 17
Originated in 2021/2020 0 0 0 0
Originated in 2020/2019 0 0 0 3
Originated prior to 2020/2019 0 14 1 46
Revolving 0 0 0 0
Revolving converted to term   0   0
Total charge-offs 38 31 72 154
Financing receivable charge offs relating to uncollectible amount on acquired loans   91    
Consumer | Residential mortgages        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 0 0 0 0
Originated in 2023/2022 0 0 0 0
Originated in 2022/2021 1 5 1 5
Originated in 2021/2020 0 8 0 8
Originated in 2020/2019 0 15 0 16
Originated prior to 2020/2019 2 93 6 96
Revolving 0 0 0 0
Revolving converted to term   0   0
Total charge-offs 3 121 7 125
Financing receivables charge off relating to balance sheet repositioning and capital management actions   117    
Consumer | Credit card        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 0 0 0 0
Originated in 2023/2022 0 0 0 0
Originated in 2022/2021 0 0 0 0
Originated in 2021/2020 0 0 0 0
Originated in 2020/2019 0 0 0 0
Originated prior to 2020/2019 0 0 0 0
Revolving 358 242 695 457
Revolving converted to term   0   0
Total charge-offs 358 242 695 457
Consumer | Other retail        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2024/2023 0 46 2 46
Originated in 2023/2022 11 89 21 99
Originated in 2022/2021 14 46 28 57
Originated in 2021/2020 10 19 21 25
Originated in 2020/2019 5 13 13 20
Originated prior to 2020/2019 8 5 19 13
Revolving 25 5 50 27
Revolving converted to term   28   28
Total charge-offs $ 73 251 $ 154 $ 315
Financing receivables charge off relating to balance sheet repositioning and capital management actions   $ 192    
v3.24.2.u1
Loans and Allowance for Credit Losses - Loans by Portfolio Class, Including Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans $ 376,133   $ 376,133   $ 373,835
Loans purchased from GNMA mortgage pools          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Interest income on nonperforming loans 6 $ 3 11 $ 7  
Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 1,810   1,810   1,449
Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 372,552   372,552   370,316
30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 1,070   1,070   1,372
90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 701   701   698
Commercial | Commercial          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 135,248   135,248   131,881
Commercial | Commercial | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 556   556   376
Commercial | Commercial | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 134,317   134,317   130,925
Commercial | Commercial | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 288   288   464
Commercial | Commercial | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 87   87   116
Commercial | Commercial real estate          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 51,887   51,887   53,455
Commercial | Commercial real estate | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 959   959   777
Commercial | Commercial real estate | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 50,897   50,897   52,619
Commercial | Commercial real estate | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 22   22   55
Commercial | Commercial real estate | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 9   9   4
Consumer | Residential mortgages          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 117,147   117,147   115,530
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current 561   561   595
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current 1,700   1,700   2,000
Consumer | Residential mortgages | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 154   154   158
Consumer | Residential mortgages | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 116,681   116,681   115,067
Consumer | Residential mortgages | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 142   142   169
Consumer | Residential mortgages | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 170   170   136
Consumer | Credit card          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 28,715   28,715   28,560
Consumer | Credit card | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 0   0   0
Consumer | Credit card | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 27,957   27,957   27,779
Consumer | Credit card | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 384   384   406
Consumer | Credit card | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 374   374   375
Consumer | Other retail          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 43,136   43,136   44,409
Consumer | Other retail | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 141   141   138
Consumer | Other retail | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 42,700   42,700   43,926
Consumer | Other retail | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 234   234   278
Consumer | Other retail | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans $ 61   $ 61   $ 67
v3.24.2.u1
Loans and Allowance for Credit Losses - Loans by Portfolio Class and Internal Credit Quality Rating (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Loans by origination year          
Total loans $ 376,133   $ 376,133   $ 373,835
Total outstanding commitments 781,559   781,559   778,392
Modified loans 1,631 $ 1,123 2,848 $ 1,879  
Pass          
Loans by origination year          
Total loans 362,950   362,950   361,687
Total outstanding commitments 764,699   764,699   762,869
Total Criticized          
Loans by origination year          
Total loans 13,183   13,183   12,148
Total outstanding commitments 16,860   16,860   15,523
Special Mention          
Loans by origination year          
Total loans 3,004   3,004   3,564
Total outstanding commitments 4,690   4,690   5,053
Classified          
Loans by origination year          
Total loans 10,179   10,179   8,584
Total outstanding commitments 12,170   12,170   10,470
Loans purchased from GNMA mortgage pools          
Loans by origination year          
Modified loans 705 637 1,286 939  
Commercial | Commercial          
Loans by origination year          
Originated in 2024/2023 27,822   27,822   44,706
Originated in 2023/2022 31,751   31,751   40,982
Originated in 2022/2021 30,695   30,695   9,490
Originated in 2021/2020 6,997   6,997   3,332
Originated in 2020 3,006   3,006    
Originated prior to 2020 5,055   5,055    
Originated prior to 2020         5,542
Revolving 29,922   29,922   27,829
Total loans 135,248   135,248   131,881
Modified loans 276 149 496 318  
Commercial | Commercial | Pass          
Loans by origination year          
Originated in 2024/2023 27,054   27,054   43,023
Originated in 2023/2022 30,508   30,508   40,076
Originated in 2022/2021 29,451   29,451   9,219
Originated in 2021/2020 6,738   6,738   3,169
Originated in 2020 2,843   2,843    
Originated prior to 2020 4,948   4,948    
Originated prior to 2020         5,303
Revolving 28,585   28,585   26,213
Total loans 130,127   130,127   127,003
Commercial | Commercial | Total Criticized          
Loans by origination year          
Originated in 2024/2023 768   768   1,683
Originated in 2023/2022 1,243   1,243   906
Originated in 2022/2021 1,244   1,244   271
Originated in 2021/2020 259   259   163
Originated in 2020 163   163    
Originated prior to 2020 107   107    
Originated prior to 2020         239
Revolving 1,337   1,337   1,616
Total loans 5,121   5,121   4,878
Commercial | Commercial | Special Mention          
Loans by origination year          
Originated in 2024/2023 272   272   827
Originated in 2023/2022 349   349   274
Originated in 2022/2021 274   274   117
Originated in 2021/2020 143   143   92
Originated in 2020 61   61    
Originated prior to 2020 9   9    
Originated prior to 2020         30
Revolving 279   279   362
Total loans 1,387   1,387   1,702
Commercial | Commercial | Classified          
Loans by origination year          
Originated in 2024/2023 496   496   856
Originated in 2023/2022 894   894   632
Originated in 2022/2021 970   970   154
Originated in 2021/2020 116   116   71
Originated in 2020 102   102    
Originated prior to 2020 98   98    
Originated prior to 2020         209
Revolving 1,058   1,058   1,254
Total loans 3,734   3,734   3,176
Commercial | Commercial real estate          
Loans by origination year          
Originated in 2024/2023 5,491   5,491   11,519
Originated in 2023/2022 8,514   8,514   13,354
Originated in 2022/2021 12,554   12,554   10,120
Originated in 2021/2020 8,922   8,922   3,935
Originated in 2020 3,406   3,406    
Originated prior to 2020 10,566   10,566    
Originated prior to 2020         11,836
Revolving 2,434   2,434   2,689
Revolving converted to term 0   0   2
Total loans 51,887   51,887   53,455
Modified loans 476 101 714 109  
Commercial | Commercial real estate | Pass          
Loans by origination year          
Originated in 2024/2023 4,385   4,385   8,848
Originated in 2023/2022 6,788   6,788   11,831
Originated in 2022/2021 10,515   10,515   9,235
Originated in 2021/2020 7,919   7,919   3,797
Originated in 2020 3,218   3,218    
Originated prior to 2020 9,550   9,550    
Originated prior to 2020         10,759
Revolving 2,365   2,365   2,613
Revolving converted to term 0   0   2
Total loans 44,740   44,740   47,085
Commercial | Commercial real estate | Total Criticized          
Loans by origination year          
Originated in 2024/2023 1,106   1,106   2,671
Originated in 2023/2022 1,726   1,726   1,523
Originated in 2022/2021 2,039   2,039   885
Originated in 2021/2020 1,003   1,003   138
Originated in 2020 188   188    
Originated prior to 2020 1,016   1,016    
Originated prior to 2020         1,077
Revolving 69   69   76
Revolving converted to term 0   0   0
Total loans 7,147   7,147   6,370
Commercial | Commercial real estate | Special Mention          
Loans by origination year          
Originated in 2024/2023 194   194   465
Originated in 2023/2022 160   160   382
Originated in 2022/2021 736   736   500
Originated in 2021/2020 377   377   51
Originated in 2020 44   44    
Originated prior to 2020 93   93    
Originated prior to 2020         458
Revolving 11   11   6
Revolving converted to term 0   0   0
Total loans 1,615   1,615   1,862
Commercial | Commercial real estate | Classified          
Loans by origination year          
Originated in 2024/2023 912   912   2,206
Originated in 2023/2022 1,566   1,566   1,141
Originated in 2022/2021 1,303   1,303   385
Originated in 2021/2020 626   626   87
Originated in 2020 144   144    
Originated prior to 2020 923   923    
Originated prior to 2020         619
Revolving 58   58   70
Revolving converted to term 0   0   0
Total loans 5,532   5,532   4,508
Consumer | Residential mortgages          
Loans by origination year          
Originated in 2024/2023 5,068   5,068   9,739
Originated in 2023/2022 9,352   9,352   29,163
Originated in 2022/2021 28,915   28,915   36,381
Originated in 2021/2020 35,566   35,566   14,782
Originated in 2020 14,257   14,257    
Originated prior to 2020 23,989   23,989    
Originated prior to 2020         25,464
Revolving 0   0   1
Total loans 117,147   117,147   115,530
Modified loans 22 89 49 233  
Consumer | Residential mortgages | Pass          
Loans by origination year          
Originated in 2024/2023 5,067   5,067   9,734
Originated in 2023/2022 9,343   9,343   29,146
Originated in 2022/2021 28,891   28,891   36,365
Originated in 2021/2020 35,541   35,541   14,773
Originated in 2020 14,245   14,245    
Originated prior to 2020 23,731   23,731    
Originated prior to 2020         25,202
Revolving 0   0   1
Total loans 116,818   116,818   115,221
Consumer | Residential mortgages | Total Criticized          
Loans by origination year          
Originated in 2024/2023 1   1   5
Originated in 2023/2022 9   9   17
Originated in 2022/2021 24   24   16
Originated in 2021/2020 25   25   9
Originated in 2020 12   12    
Originated prior to 2020 258   258    
Originated prior to 2020         262
Revolving 0   0   0
Total loans 329   329   309
Consumer | Residential mortgages | Special Mention          
Loans by origination year          
Originated in 2024/2023 0   0   0
Originated in 2023/2022 0   0   0
Originated in 2022/2021 0   0   0
Originated in 2021/2020 0   0   0
Originated in 2020 0   0    
Originated prior to 2020 0   0    
Originated prior to 2020         0
Revolving 0   0   0
Total loans 0   0   0
Consumer | Residential mortgages | Classified          
Loans by origination year          
Originated in 2024/2023 1   1   5
Originated in 2023/2022 9   9   17
Originated in 2022/2021 24   24   16
Originated in 2021/2020 25   25   9
Originated in 2020 12   12    
Originated prior to 2020 258   258    
Originated prior to 2020         262
Revolving 0   0   0
Total loans 329   329   309
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools | Pass          
Loans by origination year          
Loans 90 days or more past due 1,700   1,700   2,000
Modified loans     1,500   1,200
Consumer | Credit card          
Loans by origination year          
Total loans 28,715   28,715   28,560
Modified loans 116 91 228 174  
Consumer | Credit card | Pass          
Loans by origination year          
Total loans 28,341   28,341   28,185
Consumer | Credit card | Total Criticized          
Loans by origination year          
Total loans 374   374   375
Consumer | Credit card | Special Mention          
Loans by origination year          
Total loans 0   0   0
Consumer | Credit card | Classified          
Loans by origination year          
Total loans 374   374   375
Consumer | Other retail          
Loans by origination year          
Originated in 2024/2023 4,048   4,048   5,188
Originated in 2023/2022 4,560   4,560   5,619
Originated in 2022/2021 4,841   4,841   10,413
Originated in 2021/2020 8,410   8,410   4,550
Originated in 2020 3,441   3,441    
Originated prior to 2020 3,357   3,357    
Originated prior to 2020         4,028
Revolving 13,707   13,707   13,824
Revolving converted to term 772   772   787
Total loans 43,136   43,136   44,409
Modified loans 36 $ 56 75 $ 106  
Consumer | Other retail | Pass          
Loans by origination year          
Originated in 2024/2023 4,046   4,046   5,184
Originated in 2023/2022 4,554   4,554   5,607
Originated in 2022/2021 4,830   4,830   10,398
Originated in 2021/2020 8,396   8,396   4,541
Originated in 2020 3,434   3,434    
Originated prior to 2020 3,339   3,339    
Originated prior to 2020         4,008
Revolving 13,600   13,600   13,720
Revolving converted to term 725   725   735
Total loans 42,924   42,924   44,193
Consumer | Other retail | Total Criticized          
Loans by origination year          
Originated in 2024/2023 2   2   4
Originated in 2023/2022 6   6   12
Originated in 2022/2021 11   11   15
Originated in 2021/2020 14   14   9
Originated in 2020 7   7    
Originated prior to 2020 18   18    
Originated prior to 2020         20
Revolving 107   107   104
Revolving converted to term 47   47   52
Total loans 212   212   216
Consumer | Other retail | Special Mention          
Loans by origination year          
Originated in 2024/2023 0   0   0
Originated in 2023/2022 0   0   0
Originated in 2022/2021 0   0   0
Originated in 2021/2020 0   0   0
Originated in 2020 0   0    
Originated prior to 2020 2   2    
Originated prior to 2020         0
Revolving 0   0   0
Revolving converted to term 0   0   0
Total loans 2   2   0
Consumer | Other retail | Classified          
Loans by origination year          
Originated in 2024/2023 2   2   4
Originated in 2023/2022 6   6   12
Originated in 2022/2021 11   11   15
Originated in 2021/2020 14   14   9
Originated in 2020 7   7    
Originated prior to 2020 16   16    
Originated prior to 2020         20
Revolving 107   107   104
Revolving converted to term 47   47   52
Total loans $ 210   $ 210   $ 216
v3.24.2.u1
Loans and Allowance for Credit Losses - Loans Modified by Modification Type (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Modified [Line Items]        
Modifications $ 1,631 $ 1,123 $ 2,848 $ 1,879
Percent of Class Total 0.40% 0.30% 0.80% 0.50%
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 219 $ 106 $ 355 $ 337
Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 483 546 937 869
Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 793 368 1,335 511
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 136 103 221 162
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 111 100 189 151
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 17 2 20 5
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 8 1 12 6
Total loans, excluding loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 926 $ 486 $ 1,562 $ 940
Percent of Class Total 0.20% 0.10% 0.40% 0.20%
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 219 $ 106 $ 354 $ 337
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 9 93 29 220
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 684 282 1,162 364
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 14 5 17 19
Loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 705 $ 637 $ 1,286 $ 939
Percent of Class Total 0.60% 0.60% 1.10% 0.80%
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 0 $ 1 $ 0
Loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 474 453 908 649
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 109 86 173 147
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 122 98 204 143
Commercial | Commercial        
Financing Receivable, Modified [Line Items]        
Modifications $ 276 $ 149 $ 496 $ 318
Percent of Class Total 0.20% 0.10% 0.40% 0.20%
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 23 $ 13 $ 44 $ 159
Commercial | Commercial | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 253 136 452 159
Commercial | Commercial | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial real estate        
Financing Receivable, Modified [Line Items]        
Modifications $ 476 $ 101 $ 714 $ 109
Percent of Class Total 0.90% 0.20% 1.40% 0.20%
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 78 $ 0 $ 78 $ 0
Commercial | Commercial real estate | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 391 101 629 109
Commercial | Commercial real estate | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 7 0 7 0
Consumer | Residential mortgages        
Financing Receivable, Modified [Line Items]        
Modifications $ 22 $ 89 $ 49 $ 233
Percent of Class Total 0.00% 0.10% 0.00% 0.20%
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 0 $ 0 $ 0
Consumer | Residential mortgages | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 9 79 28 202
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 7 6 12 15
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 6 4 9 16
Consumer | Credit card        
Financing Receivable, Modified [Line Items]        
Modifications $ 116 $ 91 $ 228 $ 174
Percent of Class Total 0.40% 0.30% 0.80% 0.70%
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 116 $ 91 $ 228 $ 174
Consumer | Credit card | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Consumer | Credit card | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Consumer | Credit card | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Consumer | Other retail        
Financing Receivable, Modified [Line Items]        
Modifications $ 36 $ 56 $ 75 $ 106
Percent of Class Total 0.10% 0.10% 0.20% 0.20%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 2 $ 2 $ 4 $ 4
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 14 1 18
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 33 39 69 81
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications $ 1 $ 1 $ 1 $ 3
v3.24.2.u1
Loans and Allowance for Credit Losses - Effects of Loan Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Payment Delay        
Financing Receivable, Modified [Line Items]        
Weighted-average payment deferral (less than) $ 1 $ 1 $ 1 $ 1
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 0.50% 0.70% 0.50% 0.70%
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 119 months 87 months 116 months 79 months
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 20.60% 21.30% 20.00% 3.30%
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 5 months 8 months 7 months 7 months
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 2.20% 0.00% 2.20% 0.00%
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 8 months 10 months 9 months 10 months
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 0.50% 1.40% 0.70% 1.40%
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 86 months 89 months 85 months 111 months
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 16.30% 16.40% 16.30% 16.20%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 7.60% 8.60% 8.40% 7.30%
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 5 months 108 months 4 months 134 months
v3.24.2.u1
Loans and Allowance for Credit Losses - Loan Modifications by Delinquency Status (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 4,168 $ 1,368
Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 3,475 1,191
30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 104 55
90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 589 122
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 762 318
Commercial | Commercial | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 628 287
Commercial | Commercial | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 17 7
Commercial | Commercial | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 117 24
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,266 109
Commercial | Commercial real estate | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 847 43
Commercial | Commercial real estate | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 0 0
Commercial | Commercial real estate | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 419 66
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,604 692
Consumer | Residential mortgages | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,585 668
Consumer | Residential mortgages | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 6 11
Consumer | Residential mortgages | 30-89 Days Past Due | Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 462 95
Consumer | Residential mortgages | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 13 13
Consumer | Residential mortgages | 90 Days or More Past Due | Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 196 20
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 391 174
Consumer | Credit card | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 293 125
Consumer | Credit card | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 64 34
Consumer | Credit card | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 34 15
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 145 75
Consumer | Other retail | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 122 68
Consumer | Other retail | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 17 3
Consumer | Other retail | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 6 $ 4
v3.24.2.u1
Loans and Allowance for Credit Losses - Loan Modifications that Defaulted (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 38 $ 6 $ 73 $ 6
Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 67 9 110 9
Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 54 2 81 2
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 30 3 60 3
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 29 2 58 2
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1   1  
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted   1 1 1
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 38 6 73 6
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 9 3 14 3
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 30 1 38 1
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 1 3 1
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 58 6 96 6
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 24 1 43 1
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 29 2 57 2
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 7 1 13 1
Commercial | Commercial | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0   0  
Commercial | Commercial real estate | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0   0  
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 24   24  
Commercial | Commercial real estate | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0   0  
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Residential mortgages | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 9 1 13 1
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 0 4 0
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 1 3 1
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 30 5 59 5
Consumer | Credit card | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Credit card | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Credit card | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 0 1 0
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 2 1 2
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 5 1 10 1
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Tax credits related to tax-advantaged investments $ 144 $ 149 $ 283 $ 287  
Investment tax credits 120 72 178 236  
Expense related to tax-advantaged investments 145 $ 135 283 $ 265  
Investments in VIEs 680,058   680,058   $ 663,491
Available-for-sale securities [1] 79,799   79,799   69,706
Liabilities related to VIEs 623,173   623,173   607,720
Variable Interest Entity Not Primary Beneficiary | Minimum          
Variable Interest Entity [Line Items]          
Net investments in unconsolidated VIEs 1   1   1
Variable Interest Entity Not Primary Beneficiary | Maximum          
Variable Interest Entity [Line Items]          
Net investments in unconsolidated VIEs 71   71   86
Variable Interest Entity, Not Primary Beneficiary, Private Investment Funds and Partnerships          
Variable Interest Entity [Line Items]          
Investments in VIEs 254   254   219
Maximum exposure to loss 381   381   319
Variable Interest Entity, Not Primary Beneficiary, Securitization Vehicles | Senior Notes          
Variable Interest Entity [Line Items]          
Available-for-sale securities 4,100   4,100   5,300
Collateral held related to senior notes 4,800   4,800   6,100
Variable Interest Entity, Primary Beneficiary, Community Development and Tax-Advantaged Investments          
Variable Interest Entity [Line Items]          
Investments in VIEs 5,700   5,700   6,100
Liabilities related to VIEs 3,900   3,900   4,400
Variable Interest Entity, Primary Beneficiary, Tender Option Bond Program          
Variable Interest Entity [Line Items]          
Investments in VIEs 343   343   607
Liabilities related to VIEs $ 218   $ 218   $ 381
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Investments in Community Development and Tax-advantaged VIEs (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Investment carrying amount $ 680,058 $ 663,491
Unfunded capital and other commitments 623,173 607,720
Variable Interest Entity, Not Primary Beneficiary, Community Development and Tax-Advantaged Investments    
Variable Interest Entity [Line Items]    
Investment carrying amount 7,374 6,659
Unfunded capital and other commitments 4,337 3,619
Maximum exposure to loss $ 8,916 $ 9,002
v3.24.2.u1
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Transfers and Servicing [Abstract]          
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset $ 225,800   $ 225,800   $ 233,400
Gains (losses) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs 24 $ (31) 21 $ (42)  
Loan servicing and ancillary fees $ 176 $ 187 $ 356 $ 377  
v3.24.2.u1
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]        
Balance at beginning of period $ 3,462 $ 3,724 $ 3,377 $ 3,755
Rights purchased 1 1 1 2
Rights capitalized 64 99 119 195
Rights sold (189) (149) (189) (148)
Changes in fair value of MSRs        
Due to fluctuations in market interest rates 45 84 148 46
Due to revised assumptions or models 33 (21) 41 (16)
Other changes in fair value (90) (105) (171) (201)
Balance at end of period $ 3,326 $ 3,633 $ 3,326 $ 3,633
v3.24.2.u1
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Down | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change $ 304 $ 381
Fair value 50 basis points change 144 178
Fair value 25 basis points change 70 86
Down | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (8) 11
Fair value 50 basis points change (1) 5
Fair value 25 basis points change 1 2
Down | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (312) (370)
Fair value 50 basis points change (145) (173)
Fair value 25 basis points change (69) (84)
Up | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (240) (289)
Fair value 50 basis points change (127) (152)
Fair value 25 basis points change (65) (79)
Up | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (20) (21)
Fair value 50 basis points change (6) (5)
Fair value 25 basis points change (2) (2)
Up | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change 220 268
Fair value 50 basis points change 121 147
Fair value 25 basis points change $ 63 $ 77
v3.24.2.u1
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]            
Fair value $ 3,326 $ 3,377 $ 3,462 $ 3,633 $ 3,724 $ 3,755
MSR portfolio            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio 213,663 225,338        
Fair value $ 3,326 $ 3,377        
Value (bps) 1.56% 1.50%        
Weighted-average servicing fees (bps) 0.30% 0.30%        
Multiple (value/servicing fees) 5.16 5.00        
Weighted-average note rate 4.04% 4.02%        
Weighted-average age (in years) 4 years 9 months 18 days 4 years 4 months 24 days        
Weighted-average expected prepayment (constant prepayment rate) 9.00% 9.60%        
Weighted-average expected life (in years) 7 years 2 months 12 days 7 years        
Weighted-average option adjusted spread 5.00% 4.90%        
MSR portfolio | HFA            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 50,185 $ 48,286        
Fair value $ 824 $ 769        
Value (bps) 1.64% 1.59%        
Weighted-average servicing fees (bps) 0.36% 0.36%        
Multiple (value/servicing fees) 4.60 4.45        
Weighted-average note rate 4.74% 4.56%        
Weighted-average age (in years) 4 years 4 months 24 days 4 years 3 months 18 days        
Weighted-average expected prepayment (constant prepayment rate) 10.10% 10.50%        
Weighted-average expected life (in years) 7 years 3 months 18 days 7 years 2 months 12 days        
Weighted-average option adjusted spread 5.50% 5.40%        
MSR portfolio | Government            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 25,762 $ 25,996        
Fair value $ 522 $ 507        
Value (bps) 2.03% 1.95%        
Weighted-average servicing fees (bps) 0.45% 0.44%        
Multiple (value/servicing fees) 4.55 4.41        
Weighted-average note rate 4.31% 4.23%        
Weighted-average age (in years) 5 years 9 months 18 days 5 years 6 months        
Weighted-average expected prepayment (constant prepayment rate) 10.60% 11.10%        
Weighted-average expected life (in years) 6 years 8 months 12 days 6 years 6 months        
Weighted-average option adjusted spread 5.90% 5.90%        
MSR portfolio | Conventional            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 137,716 $ 151,056        
Fair value $ 1,980 $ 2,101        
Value (bps) 1.44% 1.39%        
Weighted-average servicing fees (bps) 0.25% 0.26%        
Multiple (value/servicing fees) 5.66 5.41        
Weighted-average note rate 3.73% 3.81%        
Weighted-average age (in years) 4 years 9 months 18 days 4 years 3 months 18 days        
Weighted-average expected prepayment (constant prepayment rate) 8.30% 9.10%        
Weighted-average expected life (in years) 7 years 2 months 12 days 7 years        
Weighted-average option adjusted spread 4.60% 4.60%        
v3.24.2.u1
Preferred Stock - Additional Information (Details) - shares
shares in Millions
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Preferred stock shares authorized (in shares) 50 50
v3.24.2.u1
Preferred Stock - Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Jun. 30, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 243,510 243,510
Liquidation Preference $ 7,026 $ 7,026
Discount 218 218
Carrying Amount $ 6,808 $ 6,808
Preferred Stock par value (in dollars per share) $ 1.00 $ 1.00
Series A    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 12,510 12,510
Liquidation Preference $ 1,251 $ 1,251
Discount 145 145
Carrying Amount $ 1,106 $ 1,106
Series B    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 0 0
Carrying Amount $ 1,000 $ 1,000
Series J    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 7 7
Carrying Amount $ 993 $ 993
Series K    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 23,000 23,000
Liquidation Preference $ 575 $ 575
Discount 10 10
Carrying Amount $ 565 $ 565
Series L    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 20,000 20,000
Liquidation Preference $ 500 $ 500
Discount 14 14
Carrying Amount $ 486 $ 486
Series M    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 30,000 30,000
Liquidation Preference $ 750 $ 750
Discount 21 21
Carrying Amount $ 729 $ 729
Series N    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 60,000 60,000
Liquidation Preference $ 1,500 $ 1,500
Discount 8 8
Carrying Amount $ 1,492 $ 1,492
Series O    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 18,000 18,000
Liquidation Preference $ 450 $ 450
Discount 13 13
Carrying Amount $ 437 $ 437
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 56,033 $ 53,454 $ 55,771 $ 51,232
Changes in unrealized gains (losses) (78) (460) (249) 845
Changes in unrealized gains (losses) (109) (465) (452) (261)
Changes in unrealized gains (losses) 0 0 0 1
Changes in unrealized gains (losses) (187) (925) (701) 585
Foreign currency translation adjustment (2) 19 4 18
Reclassification to earnings of realized (gains) losses 247 147 408 305
Applicable income taxes (13) 194 77 (219)
Ending Balance 56,885 53,484 56,885 53,484
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (10,353) (10,153) (10,096) (11,407)
Ending Balance (10,308) (10,718) (10,308) (10,718)
Unrealized Gains (Losses) on Investment Securities Available-for- Sale        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (5,279) (5,369) (5,151) (6,378)
Changes in unrealized gains (losses) (78) (460) (249) 845
Reclassification to earnings of realized (gains) losses 36 (3) 34 29
Applicable income taxes 11 116 56 (212)
Ending Balance (5,310) (5,716) (5,310) (5,716)
Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (3,452) (3,843) (3,537) (3,933)
Reclassification to earnings of realized (gains) losses 131 141 245 262
Applicable income taxes (33) (35) (62) (66)
Ending Balance (3,354) (3,737) (3,354) (3,737)
Unrealized Gains (Losses) on Derivative Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (461) 43 (242) (114)
Changes in unrealized gains (losses) (109) (465) (452) (261)
Reclassification to earnings of realized (gains) losses 80 11 129 18
Applicable income taxes 8 117 83 63
Ending Balance (482) (294) (482) (294)
Unrealized Gains (Losses) on Retirement Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (1,138) (940) (1,138) (939)
Changes in unrealized gains (losses)       1
Reclassification to earnings of realized (gains) losses   (2)   (4)
Applicable income taxes   1   1
Ending Balance (1,138) (941) (1,138) (941)
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (23) (44) (28) (43)
Foreign currency translation adjustment (2) 19 4 18
Applicable income taxes 1 (5)   (5)
Ending Balance $ (24) $ (30) $ (24) $ (30)
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Securities gains (losses), net $ (36) $ 3 $ (34) $ (29)
Interest income 7,985 7,526 15,749 14,490
Net interest income 4,023 4,415 8,008 9,049
Other noninterest expense (354) (353) (772) (778)
Applicable income taxes (445) (382) (792) (837)
Net income 1,611 1,369 2,937 3,073
Reclassification Out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (185) (111) (305) (229)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities Available-for- Sale        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Securities gains (losses), net (36) 3 (34) (29)
Applicable income taxes 9 (1) 8 7
Net income (27) 2 (26) (22)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest income (131) (141) (245) (262)
Applicable income taxes 33 35 62 66
Net income (98) (106) (183) (196)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net interest income (80) (11) (129) (18)
Applicable income taxes 20 3 33 4
Net income (60) (8) (96) (14)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Retirement Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other noninterest expense 0 2 0 4
Applicable income taxes 0 (1) 0 (1)
Net income $ 0 $ 1 $ 0 $ 3
v3.24.2.u1
Earnings Per Share - Components of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income attributable to U.S. Bancorp $ 1,603 $ 1,361 $ 2,922 $ 3,059
Preferred dividends (75) [1] (73) [2] (177) [3] (171) [4]
Earnings allocated to participating stock awards (10) (7) (18) (15)
Net income applicable to U.S. Bancorp common shareholders 1,518 1,281 2,727 2,873
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,518 $ 1,281 $ 2,727 $ 2,873
Average common shares outstanding (in shares) 1,560 1,533 1,560 1,532
Average diluted common shares outstanding (in shares) 1,561 1,533 1,560 1,533
Earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Diluted earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Net effect of the exercise and assumed purchase of stock awards (in shares) 1 0 0 1
[1] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,670.904, $391.184, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,587.52, $370.338, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[3] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,338.125, $781.448, $662.50, $687.50, $468.750, $500.00, $462.50 and $562.50, respectively.
[4] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,049.948, $709.695, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.
v3.24.2.u1
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2023
Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Options outstanding of common shares 1 3 3
v3.24.2.u1
Employee Benefits (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 54 $ 56 $ 109 $ 112
Interest cost 94 93 188 185
Expected return on plan assets (146) (137) (292) (273)
Prior service cost (credit) amortization (1) 0 (2) (1)
Actuarial loss (gain) amortization 3 1 5 2
Net periodic benefit cost $ 4 $ 13 $ 8 $ 25
v3.24.2.u1
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Federal        
Current $ 321 $ 263 $ 501 $ 660
Deferred 49 33 182 1
Federal income tax 370 296 683 661
State        
Current 88 119 109 215
Deferred (13) (33) 0 (39)
State income tax 75 86 109 176
Total income tax provision $ 445 $ 382 $ 792 $ 837
v3.24.2.u1
Income Taxes - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Net deferred tax asset $ 6.3   $ 6.3   $ 6.4
v3.24.2.u1
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Tax at statutory rate $ 432 $ 368 $ 783 $ 821
State income tax, at statutory rates, net of federal tax benefit 102 83 183 185
Tax credits and benefits, net of related expenses (83) (63) (144) (140)
Exam resolutions (32) 0 (97) 0
Tax-exempt income (36) (41) (67) (75)
Other items 62 35 134 46
Total income tax provision $ 445 $ 382 $ 792 $ 837
v3.24.2.u1
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) $ 482 $ 242
Estimated loss to be reclassified from other comprehensive income (loss) into earnings 208  
Fair value of derivatives under collateral agreements in a net liability position 2,600  
Collateral posted by company netted against net liability position 2,300  
Net investment hedges    
Derivative [Line Items]    
Non-derivative debt instruments $ 1,300 $ 1,300
v3.24.2.u1
Derivative Instruments - Asset and Liability Management Derivative Positions (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Value $ 1,200,000  
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 103,401 $ 91,328
Fair Value, Assets 309 312
Fair Value, Liabilities 202 241
Asset and Liability Management Positions | Swaps | Visa Class B Shares    
Derivative [Line Items]    
Fair Value, Liabilities 119 91
Derivative liability notional value 1,400 2,000
Asset and Liability Management Positions | Underwriting Purchase and Sale Commitments    
Derivative [Line Items]    
Notional Value 576 28
Asset and Liability Management Positions | Other    
Derivative [Line Items]    
Notional Value 2,070 2,136
Fair Value, Assets 8 11
Fair Value, Liabilities 120 93
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 9,287 7,029
Fair Value, Assets 89 9
Fair Value, Liabilities 2 3
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 3,354 3,801
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 4,460 5,006
Fair Value, Assets 7 29
Fair Value, Liabilities 9 5
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,757 4,501
Fair Value, Assets 3 7
Fair Value, Liabilities 7 34
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 5,090 6,085
Fair Value, Assets 182 237
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,331 3,696
Fair Value, Assets 17 14
Fair Value, Liabilities 53 75
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 704 734
Fair Value, Assets 1 2
Fair Value, Liabilities 0 5
Asset and Liability Management Positions | Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 267 227
Fair Value, Assets 1 2
Fair Value, Liabilities 1 0
Asset and Liability Management Positions | Other economic hedges | Credit contracts    
Derivative [Line Items]    
Notional Value 3,558 2,620
Fair Value, Assets 0 1
Fair Value, Liabilities 9 0
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 15,700 12,100
Fair Value, Assets 0 0
Fair Value, Liabilities 0 16
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 28,581 24,139
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 24,400 18,400
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Net investment hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 842 854
Fair Value, Assets 1 0
Fair Value, Liabilities $ 1 $ 10
v3.24.2.u1
Derivative Instruments - Customer-Related Derivative Positions (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Value $ 1,200,000  
Customer-Related Positions    
Derivative [Line Items]    
Notional Value 1,114,066 $ 1,119,842
Fair Value, Assets 5,781 6,219
Fair Value, Liabilities 8,566 8,068
Customer-Related Positions | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 369,671 363,375
Fair Value, Assets 439 791
Fair Value, Liabilities 5,184 4,395
Customer-Related Positions | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 345,929 330,539
Fair Value, Assets 2,147 1,817
Fair Value, Liabilities 170 280
Customer-Related Positions | Interest rate contracts | Other    
Derivative [Line Items]    
Notional Value 76,713 82,209
Fair Value, Assets 15 17
Fair Value, Liabilities 50 51
Customer-Related Positions | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 95,653 102,423
Fair Value, Assets 736 1,026
Fair Value, Liabilities 1 18
Customer-Related Positions | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 91,365 97,690
Fair Value, Assets 9 20
Fair Value, Liabilities 953 1,087
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps    
Derivative [Line Items]    
Notional Value 109,853 121,119
Fair Value, Assets 2,054 2,252
Fair Value, Liabilities 1,836 1,942
Customer-Related Positions | Foreign exchange options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 538 1,532
Fair Value, Assets 17 28
Fair Value, Liabilities 0 0
Customer-Related Positions | Foreign exchange options | Sell/ Written    
Derivative [Line Items]    
Notional Value 538 1,532
Fair Value, Assets 0 0
Fair Value, Liabilities 17 28
Customer-Related Positions | Commodity contracts | Swaps    
Derivative [Line Items]    
Notional Value 5,010 2,498
Fair Value, Assets 140 116
Fair Value, Liabilities 135 110
Customer-Related Positions | Commodity contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 83 0
Fair Value, Assets 17 0
Fair Value, Liabilities 10 0
Customer-Related Positions | Commodity options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 3,080 1,936
Fair Value, Assets 205 151
Fair Value, Liabilities 1 0
Customer-Related Positions | Commodity options | Sell/ Written    
Derivative [Line Items]    
Notional Value 3,079 1,936
Fair Value, Assets 1 0
Fair Value, Liabilities 205 151
Customer-Related Positions | Credit contracts    
Derivative [Line Items]    
Notional Value 12,554 13,053
Fair Value, Assets 1 1
Fair Value, Liabilities $ 4 $ 6
v3.24.2.u1
Derivative Instruments - Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Details) - Asset and Liability Management Positions - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flow hedges | Interest rate contracts        
Cash flow hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ (81) $ (345) $ (336) $ (194)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (60) (8) (96) (14)
Net investment hedges | Foreign exchange forward contracts        
Net investment hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) 9 (6) 78 (9)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings 0 0 0 0
Net investment hedges | Non-derivative debt instruments        
Net investment hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) 7 1 41 (17)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest Income $ 7,985 $ 7,526 $ 15,749 $ 14,490
Interest Expense 3,962 3,111 7,741 5,441
Losses recognized in earnings related discontinuance of cash flow hedges 7 11 14 18
Asset and Liability Management Positions | Fair value hedges | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedged item 22 (332) (447) (158)
Asset and Liability Management Positions | Fair value hedges | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedged item 69 241 12 127
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedging instruments (23) 334 445 156
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedging instruments (69) (243) (12) (129)
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, cash flow hedging instruments (73) 0 (115) 0
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, cash flow hedging instruments $ (7) $ (11) $ (14) $ (18)
v3.24.2.u1
Derivative Instruments - Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Increase (decrease) in cumulative amount of basis adjustments $ 60 $ 335
Available-for-sale investment securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged assets 27,933 23,924
Cumulative hedging adjustment for hedged assets (446) (93)
Cumulative hedging adjustment asset related to discontinued hedging relationships (96) (18)
Carrying amount of assets related to discontinued hedging relationships 6,700 830
Amortized cost of the closed portfolios 18,200 15,600
Amortized cost of the closed portfolios designated as hedged 11,600 9,600
Increase (decrease) in cumulative amount of basis adjustments 60 335
Long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged liabilities 15,650 12,034
Cumulative hedging adjustment for hedged liabilities (18) (32)
Cumulative hedging adjustment liability related to discontinued hedging relationships (181) (116)
Carrying amount of liabilities related to discontinued hedging relationships $ 9,200 $ 7,200
v3.24.2.u1
Derivative Instruments - Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Customer-Related Positions | Interest rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ (21) $ (1) $ (68) $ 0
Customer-Related Positions | Interest rate contracts | Futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 0 0 0 (1)
Customer-Related Positions | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 89 58 220 95
Customer-Related Positions | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 1 (1) 0 (1)
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 32 44 56 99
Customer-Related Positions | Commodity contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 2 0 4 0
Customer-Related Positions | Commodity contracts | Futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 6 0 6 0
Customer-Related Positions | Commodity contracts | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (1) 2 1 2
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (2) 31 (14) 38
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 9 17 48 15
Asset and Liability Management Positions | Other economic hedges | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 9 (38) (77) 20
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 4 (8) 8 (13)
Asset and Liability Management Positions | Other economic hedges | Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (2) 0 (2) (3)
Asset and Liability Management Positions | Other economic hedges | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 0 0 (2) 0
Asset and Liability Management Positions | Other economic hedges | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ 6 $ 1 $ (69) $ (1)
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 1,200,000
Over-the-Counter  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 533,800
Exchange Cleared  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 683,200
Exchange-Traded  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 479
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 5,572 $ 3,579
Securities loaned 264 290
Gross amount of recognized liabilities 5,836 3,869
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 5,461 3,534
Securities loaned 264 290
Gross amount of recognized liabilities 5,725 3,824
Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 111 45
Securities loaned 0 0
Gross amount of recognized liabilities 111 45
30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
U.S. Treasury and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 4,183 2,375
U.S. Treasury and agencies | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 4,171 2,375
U.S. Treasury and agencies | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 12 0
U.S. Treasury and agencies | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
U.S. Treasury and agencies | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 290 338
Residential mortgage-backed securities | Overnight and Continuous | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 290 338
Residential mortgage-backed securities | Less Than 30 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | 30-89 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Greater Than 90 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Corporate debt securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 1,014 821
Securities loaned 264 290
Corporate debt securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 1,000 821
Securities loaned 264 290
Corporate debt securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 14 0
Securities loaned 0 0
Corporate debt securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Corporate debt securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Asset-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 85 45
Asset-backed securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Asset-backed securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 85 45
Asset-backed securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Asset-backed securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 0 $ 0
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative assets    
Gross Recognized Assets $ 6,064 $ 6,504
Gross Amounts Offset on the Balance Sheet (3,379) (3,666)
Net Amounts Presented on the Consolidated Balance Sheet 2,685 2,838
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (113) (141)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (2) (3)
Net Amount 2,570 2,694
Reverse repurchase agreements    
Gross Recognized Assets 4,361 2,513
Net Amounts Presented on the Consolidated Balance Sheet 4,361 2,513
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (450) (568)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (3,903) (1,941)
Net Amount 8 4
Securities borrowed    
Gross Recognized Assets 1,846 1,802
Net Amounts Presented on the Consolidated Balance Sheet 1,846 1,802
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments 0 (14)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (1,762) (1,717)
Net Amount 84 71
Total    
Gross Recognized Assets 12,271 10,819
Gross Amounts Offset on the Consolidated Balance Sheet (3,379) (3,666)
Net Amounts Presented on the Consolidated Balance Sheet 8,892 7,153
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (563) (723)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (5,667) (3,661)
Net Amount 2,662 2,769
Cash collateral netted against derivative assets 1,700 1,600
Derivative assets not subject to netting arrangements $ 26 $ 27
v3.24.2.u1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative liabilities    
Gross Recognized Liabilities $ 8,647 $ 8,217
Gross Amounts Offset on the Consolidated Balance Sheet (3,944) (3,720)
Net Amounts Presented on the Consolidated Balance Sheet 4,703 4,497
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (113) (141)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged 0 0
Net Amount 4,590 4,356
Repurchase agreements    
Gross Recognized Liabilities 5,572 3,579
Net Amounts Presented on the Consolidated Balance Sheet 5,572 3,579
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (450) (568)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (5,110) (3,008)
Net Amount 12 3
Securities loaned    
Securities loaned Gross recognized liabilities 264 290
Net Amounts Presented on the Consolidated Balance Sheet 264 290
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments 0 (14)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (257) (270)
Net Amount 7 6
Total    
Gross Recognized Liabilities 14,483 12,086
Gross Amounts Offset on the Consolidated Balance Sheet (3,944) (3,720)
Net Amounts Presented on the Consolidated Balance Sheet 10,539 8,366
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (563) (723)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (5,367) (3,278)
Net Amount 4,609 4,365
Cash collateral netted against derivative liabilities 2,300 1,700
Derivative liabilities not subject to netting arrangements $ 121 $ 92
v3.24.2.u1
Fair Values of Assets and Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit $ 416   $ 416   $ 489
Other guarantees carrying value 184   $ 184   $ 198
Minimum          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     0.00%    
Maximum          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     297.00%    
Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     1.00%    
Mortgage Loans Held For Sale | Level 2          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Net gains (losses) where the fair value option is elected (3) $ (30) $ (4) $ (33)  
Time Deposits | Level 2 | Interest Expense          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Net gains (losses) where the fair value option is elected $ 3   $ 11    
v3.24.2.u1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Details)
Jun. 30, 2024
Minimum | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.07
Minimum | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.04
Maximum | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.21
Maximum | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.11
Weighted Average | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.09
Weighted Average | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.05
v3.24.2.u1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Details)
Jun. 30, 2024
Minimum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.08
Minimum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0053
Maximum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 1
Maximum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0197
Weighted Average | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.77
Weighted Average | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0105
v3.24.2.u1
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities [1] $ 79,799     $ 69,706    
Mortgage loans held for sale 2,550     2,011    
Mortgage servicing rights 3,326 $ 3,633 $ 3,462 3,377 $ 3,724 $ 3,755
Derivative assets netting (3,379)     (3,666)    
Time deposits 6,089     2,818    
Derivative liabilities netting (3,944)     (3,720)    
Equity investments without readily determinable fair values 136     133    
Equity investments without readily determinable fair values impairment loss cumulative amount 0     5    
Equity investments without readily determinable fair values impairment loss 0 $ 0        
U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 28,050     19,542    
Residential mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 27,957     26,078    
Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,274     7,343    
Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 6,582     6,724    
Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,684     9,989    
Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 245     24    
Fair Value, Measurements, Recurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 79,799     69,706    
Mortgage loans held for sale 2,550     2,011    
Mortgage servicing rights 3,326     3,377    
Derivative assets netting (3,379)     (3,666)    
Derivative assets 2,711     2,865    
Other assets 2,638     2,541    
Total assets 91,024     80,500    
Time deposits 6,089     2,818    
Derivative liabilities netting (3,944)     (3,720)    
Derivative liabilities 4,824     4,589    
Short-term borrowings and other liabilities 2,342     2,303    
Total liabilities 13,255     9,710    
Fair Value, Measurements, Recurring | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 28,050     19,542    
Fair Value, Measurements, Recurring | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 27,957     26,078    
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,274     7,343    
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Fair Value, Measurements, Recurring | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 6,582     6,724    
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,684     9,989    
Fair Value, Measurements, Recurring | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 245     24    
Fair Value, Measurements, Recurring | Level 1            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 23,364     14,787    
Mortgage loans held for sale 0     0    
Mortgage servicing rights 0     0    
Derivative assets before netting 16     0    
Other assets 292     550    
Total assets 23,672     15,337    
Time deposits 0     0    
Derivative liabilities before netting 11     16    
Short-term borrowings and other liabilities 483     517    
Total liabilities 494     533    
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 23,364     14,787    
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 2            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 56,435     54,919    
Mortgage loans held for sale 2,550     2,011    
Mortgage servicing rights 0     0    
Derivative assets before netting 4,773     5,078    
Other assets 2,346     1,991    
Total assets 66,104     63,999    
Time deposits 6,089     2,818    
Derivative liabilities before netting 5,153     4,955    
Short-term borrowings and other liabilities 1,859     1,786    
Total liabilities 13,101     9,559    
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 4,686     4,755    
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 27,957     26,078    
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,274     7,343    
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 6,582     6,724    
Fair Value, Measurements, Recurring | Level 2 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,684     9,989    
Fair Value, Measurements, Recurring | Level 2 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 245     24    
Fair Value, Measurements, Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Mortgage loans held for sale 0     0    
Mortgage servicing rights 3,326     3,377    
Derivative assets before netting 1,301     1,453    
Other assets 0     0    
Total assets 4,627     4,830    
Time deposits 0     0    
Derivative liabilities before netting 3,604     3,338    
Short-term borrowings and other liabilities 0     0    
Total liabilities 3,604     3,338    
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities $ 0     $ 0    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.2.u1
Fair Values of Assets and Liabilities - Changes in Fair Value for Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning of Period Balance $ (2,361) $ (2,265) $ (1,885) $ (3,199)
Net Gains (Losses) Included in Net Income (1,004) (1,927) (2,687) (2,243)
Purchases 270 (18) 648 405
Sales (3) (7) (5) (19)
Principal Payments 0 0 0 0
Issuances 0 0 0 0
Settlements 795 798 1,626 1,637
End of Period Balance (2,303) (3,419) (2,303) (3,419)
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 4 (1,631) (676) (1,242)
Available-for-sale investment securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of Period Balance   1   1
Purchases   0   0
Sales   0   0
Principal Payments   (1)   (1)
Issuances   0   0
Settlements   0   0
End of Period Balance   0   0
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period   0   0
Obligations of state and political subdivisions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of Period Balance   1   1
Purchases   0   0
Sales   0   0
Principal Payments   (1)   (1)
Issuances   0   0
Settlements   0   0
End of Period Balance   0   0
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period   0   0
Mortgage servicing rights        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of Period Balance 3,462 3,724 3,377 3,755
Net Gains (Losses) Included in Net Income (12) (42) 18 (171)
Purchases 1 1 1 2
Sales (189) (149) (189) (148)
Principal Payments 0 0 0 0
Issuances 64 99 119 195
Settlements 0 0 0 0
End of Period Balance 3,326 3,633 3,326 3,633
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period (12) (42) 18 (171)
Mortgage Banking Revenue        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Net Gains (Losses) Included in Net Income 52 46 96 98
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 17 18 17 18
Commercial Products Revenue        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Net Gains (Losses) Included in Net Income (1,000) (2,000) (2,700) (2,300)
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period (19) (1,700) (624) (1,300)
Other Noninterest Income        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Net Gains (Losses) Included in Net Income 6 1 (69) (1)
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period $ 6 $ 1 $ (69) $ (1)
v3.24.2.u1
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 508 $ 354
Other assets 21 27
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 508 354
Other assets $ 21 $ 27
v3.24.2.u1
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 1 $ 0 $ 3 $ 1
Loans        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 96 $ 68 $ 163 $ 210
v3.24.2.u1
Fair Values of Assets and Liabilities - Fair Value Option (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value carrying amount, total loans $ 2,550 $ 2,011
Contractual principal outstanding, total loans 2,528 1,994
Carrying amount over (under) contractual principal outstanding, total loans 22 17
Fair value carrying amount, time deposits 6,089 2,818
Contractual principal outstanding, time deposits 6,104 2,822
Carrying amount over (under) contractual principal outstanding, time deposits (15) (4)
Fair value, nonaccrual loans 1 1
Contractual principal outstanding, nonaccrual loans 1 1
Fair value, loans 90 days or more past due 2 4
Contractual principal outstanding, loans 90 days or more past due $ 2 $ 4
v3.24.2.u1
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financial Assets    
Cash and due from banks $ 65,832 $ 61,192
Investment securities held-to-maturity 69,311 74,088
Financial Liabilities    
Long-term debt 52,720 51,480
Carrying Amount    
Financial Assets    
Cash and due from banks 65,832 61,192
Federal funds sold and securities purchased under resale agreements 4,408 2,543
Investment securities held-to-maturity 81,486 84,045
Loans held for sale 32 190
Loans 368,584 366,456
Other 2,084 2,377
Financial Liabilities    
Time deposits 51,228 49,455
Short-term borrowings 14,215 12,976
Long-term debt 52,720 51,480
Other 4,860 5,432
Fair Value    
Financial Assets    
Cash and due from banks 65,832 61,192
Federal funds sold and securities purchased under resale agreements 4,408 2,543
Investment securities held-to-maturity 69,311 74,088
Loans held for sale 32 190
Loans 359,667 362,849
Other 2,084 2,377
Financial Liabilities    
Time deposits 51,395 49,607
Short-term borrowings 13,983 12,729
Long-term debt 51,171 49,697
Other 4,860 5,432
Fair Value | Level 1    
Financial Assets    
Cash and due from banks 65,832 61,192
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 1,256 1,310
Loans held for sale 0 0
Loans 0 0
Other 0 0
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other 0 0
Fair Value | Level 2    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 4,408 2,543
Investment securities held-to-maturity 68,055 72,778
Loans held for sale 0 0
Loans 0 0
Other 1,556 1,863
Financial Liabilities    
Time deposits 51,395 49,607
Short-term borrowings 13,983 12,729
Long-term debt 51,171 49,697
Other 1,359 1,406
Fair Value | Level 3    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 0 0
Loans held for sale 32 190
Loans 359,667 362,849
Other 528 514
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other $ 3,501 $ 4,026
v3.24.2.u1
Guarantees and Contingent Liabilities - Other Guarantees and Contingent Liabilities (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Other  
Guarantor Obligations [Line Items]  
Collateral Held $ 0
Carrying Amount 21
Maximum Potential Future Payments 2,825
Standby letters of credit  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 20
Maximum Potential Future Payments 10,921
Securities lending indemnifications  
Guarantor Obligations [Line Items]  
Collateral Held 6,769
Carrying Amount 0
Maximum Potential Future Payments 6,586
Asset sales  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 99
Maximum Potential Future Payments 10,644
Merchant processing  
Guarantor Obligations [Line Items]  
Collateral Held 876
Carrying Amount 64
Maximum Potential Future Payments 152,500
Tender option bond program guarantee  
Guarantor Obligations [Line Items]  
Collateral Held 343
Carrying Amount 0
Maximum Potential Future Payments $ 338
v3.24.2.u1
Guarantees and Contingent Liabilities - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Airline Processing Arrangements    
Guarantor Obligations [Line Items]    
Value of airline tickets purchased to deliver at future date through card transactions $ 12,900  
Amount reserved for guaranteed obligations 40  
Airline Processing Arrangements | Escrow Deposits Letters of Credit Indemnities    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 758  
Representation and Warranty    
Guarantor Obligations [Line Items]    
Amount reserved for guaranteed obligations 10 $ 13
Unresolved claims $ 14 $ 18
v3.24.2.u1
Business Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Condensed Income Statement        
Net interest income (taxable-equivalent basis) $ 4,052 $ 4,449 $ 8,067 $ 9,117
Noninterest income 2,815 2,726 5,515 5,233
Total net revenue 6,867 7,175 13,582 14,350
Noninterest expense 4,214 4,569 8,673 9,124
Income (loss) before provision and income taxes 2,653 2,606 4,909 5,226
Provision for credit losses 568 821 1,121 1,248
Income (loss) before income taxes 2,085 1,785 3,788 3,978
Income taxes and taxable-equivalent adjustment 474 416 851 905
Net income 1,611 1,369 2,937 3,073
Net (income) loss attributable to noncontrolling interests (8) (8) (15) (14)
Net income attributable to U.S. Bancorp 1,603 1,361 2,922 3,059
Average Balance Sheet        
Loans 374,685 388,817 372,878 387,789
Other earning assets 234,207 225,022 229,635 222,955
Goodwill 12,477 12,512 12,480 12,468
Other intangible assets 6,031 6,724 6,048 6,885
Assets 665,504 673,012 659,707 669,251
Noninterest-bearing deposits 83,418 113,758 84,102 121,705
Interest-bearing deposits 430,491 383,507 424,383 382,053
Total deposits 513,909 497,265 508,485 503,758
Total U.S. Bancorp shareholders’ equity 56,029 53,822 55,849 53,248
Lease revenue 195 186 382 369
Wealth, Corporate, Commercial and Institutional Banking        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,906 1,894 3,810 3,857
Noninterest income 1,131 1,071 2,244 2,090
Total net revenue 3,037 2,965 6,054 5,947
Noninterest expense 1,374 1,380 2,746 2,738
Income (loss) before provision and income taxes 1,663 1,585 3,308 3,209
Provision for credit losses 100 162 241 135
Income (loss) before income taxes 1,563 1,423 3,067 3,074
Income taxes and taxable-equivalent adjustment 391 356 767 769
Net income 1,172 1,067 2,300 2,305
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 1,172 1,067 2,300 2,305
Average Balance Sheet        
Loans 173,695 178,749 172,381 177,867
Other earning assets 9,590 6,671 9,164 6,349
Goodwill 4,824 4,651 4,825 4,633
Other intangible assets 1,007 962 1,033 998
Assets 203,201 205,169 201,196 203,168
Noninterest-bearing deposits 57,299 73,512 57,939 77,816
Interest-bearing deposits 216,293 195,333 212,068 197,372
Total deposits 273,592 268,845 270,007 275,188
Total U.S. Bancorp shareholders’ equity 21,481 22,359 21,619 21,949
Consumer and Business Banking        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,922 2,295 3,801 4,684
Noninterest income 413 431 836 831
Total net revenue 2,335 2,726 4,637 5,515
Noninterest expense 1,622 1,764 3,224 3,496
Income (loss) before provision and income taxes 713 962 1,413 2,019
Provision for credit losses 30 16 84 23
Income (loss) before income taxes 683 946 1,329 1,996
Income taxes and taxable-equivalent adjustment 171 237 333 500
Net income 512 709 996 1,496
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 512 709 996 1,496
Average Balance Sheet        
Loans 154,857 167,002 154,845 167,214
Other earning assets 2,278 2,512 2,078 2,346
Goodwill 4,326 4,530 4,326 4,512
Other intangible assets 4,734 5,393 4,714 5,492
Assets 168,634 184,804 168,854 185,032
Noninterest-bearing deposits 20,900 34,120 21,137 37,616
Interest-bearing deposits 202,967 180,239 201,131 177,227
Total deposits 223,867 214,359 222,268 214,843
Total U.S. Bancorp shareholders’ equity 14,553 16,386 14,699 16,476
Payment Services        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 673 623 1,375 1,270
Noninterest income 1,094 1,050 2,073 1,987
Total net revenue 1,767 1,673 3,448 3,257
Noninterest expense 983 941 1,981 1,889
Income (loss) before provision and income taxes 784 732 1,467 1,368
Provision for credit losses 388 314 747 534
Income (loss) before income taxes 396 418 720 834
Income taxes and taxable-equivalent adjustment 99 105 180 209
Net income 297 313 540 625
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 297 313 540 625
Average Balance Sheet        
Loans 40,832 37,913 40,318 37,426
Other earning assets 115 74 134 187
Goodwill 3,327 3,331 3,329 3,323
Other intangible assets 281 359 291 372
Assets 46,099 44,126 46,458 43,492
Noninterest-bearing deposits 2,706 3,179 2,749 3,181
Interest-bearing deposits 97 104 97 106
Total deposits 2,803 3,283 2,846 3,287
Total U.S. Bancorp shareholders’ equity 9,941 9,127 9,953 9,048
Rewards and rebate costs and certain partner payments 776 760 1,500 1,500
Revenue generated from certain contracts with customers 2,300 2,200 4,500 4,300
Treasury and Corporate Support        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) (449) (363) (919) (694)
Noninterest income 177 174 362 325
Total net revenue (272) (189) (557) (369)
Noninterest expense 235 484 722 1,001
Income (loss) before provision and income taxes (507) (673) (1,279) (1,370)
Provision for credit losses 50 329 49 556
Income (loss) before income taxes (557) (1,002) (1,328) (1,926)
Income taxes and taxable-equivalent adjustment (187) (282) (429) (573)
Net income (370) (720) (899) (1,353)
Net (income) loss attributable to noncontrolling interests (8) (8) (15) (14)
Net income attributable to U.S. Bancorp (378) (728) (914) (1,367)
Average Balance Sheet        
Loans 5,301 5,153 5,334 5,282
Other earning assets 222,224 215,765 218,259 214,073
Goodwill 0 0 0 0
Other intangible assets 9 10 10 23
Assets 247,570 238,913 243,199 237,559
Noninterest-bearing deposits 2,513 2,947 2,277 3,092
Interest-bearing deposits 11,134 7,831 11,087 7,348
Total deposits 13,647 10,778 13,364 10,440
Total U.S. Bancorp shareholders’ equity $ 10,054 $ 5,950 $ 9,578 $ 5,775