US BANCORP \DE\, 10-Q filed on 11/5/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 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   1,560,031,715
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
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 $1.00)  
Trading Symbol USB PrS  
Security Exchange Name NYSE  
v3.24.3
Consolidated Balance Sheet - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 73,562 $ 61,192
Investment securities    
Held-to-maturity (fair value $71,415 and $74,088, respectively) 80,025 84,045
Available-for-sale ($313 and $338 pledged as collateral, respectively) [1] 81,704 69,706
Loans held for sale (including $2,887 and $2,011 of mortgage loans carried at fair value, respectively) 3,211 2,201
Loans    
Total loans 374,164 373,835
Less allowance for loan losses (7,560) (7,379)
Net loans 366,604 366,456
Premises and equipment 3,585 3,623
Goodwill 12,573 12,489
Other intangible assets 5,488 6,084
Other assets (including $7,490 and $3,548 of trading securities at fair value pledged as collateral, respectively) [1] 59,717 57,695
Total assets 686,469 663,491
Deposits    
Noninterest-bearing 86,838 89,989
Interest-bearing (including $7,655 and $2,818 of time deposits carried at fair value, respectively) 434,293 422,323
Total deposits 521,131 512,312
Short-term borrowings 23,708 15,279
Long-term debt 54,839 51,480
Other liabilities 27,470 28,649
Total liabilities 627,148 607,720
Shareholders’ equity    
Preferred stock 6,808 6,808
Common stock, $.01 par value per share, authorized: 4,000,000,000 shares; issued: 9/30/24 and 12/31/23—2,125,725,742 shares 21 21
Capital surplus 8,729 8,673
Retained earnings 76,057 74,026
Less cost of common stock in treasury: 9/30/24—565,004,098 shares; 12/31/23—567,732,687 shares (24,010) (24,126)
Accumulated other comprehensive income (loss) (8,746) (10,096)
Total U.S. Bancorp shareholders’ equity 58,859 55,306
Noncontrolling interests 462 465
Total equity 59,321 55,771
Total liabilities and equity 686,469 663,491
Commercial | Commercial    
Loans    
Total loans 133,638 131,881
Commercial | Commercial real estate    
Loans    
Total loans 50,619 53,455
Consumer | Residential mortgages    
Loans    
Total loans 118,034 115,530
Consumer | Credit card    
Loans    
Total loans 29,037 28,560
Consumer | Other retail    
Loans    
Total loans $ 42,836 $ 44,409
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Held-to-maturity, fair value $ 71,415 $ 74,088
Available-for-sale securities [1] 81,704 69,706
Loans held-for-sale, mortgage loans carried at fair value 2,887 2,011
Time deposits carried at fair value $ 7,655 $ 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) 565,004,098 567,732,687
Asset Pledged as Collateral with Right    
Available-for-sale securities $ 313 $ 338
Trading securities at fair value $ 7,490 $ 3,548
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income        
Loans $ 5,862 $ 5,700 $ 17,335 $ 16,582
Loans held for sale 45 42 123 111
Investment securities 1,316 1,152 3,785 3,303
Other interest income 863 860 2,592 2,248
Total interest income 8,086 7,754 23,835 22,244
Interest Expense        
Deposits 3,004 2,580 8,916 6,024
Short-term borrowings 284 450 850 1,639
Long-term debt 663 488 1,926 1,296
Total interest expense 3,951 3,518 11,692 8,959
Net interest income 4,135 4,236 12,143 13,285
Provision for credit losses 557 515 1,678 1,763
Net interest income after provision for credit losses 3,578 3,721 10,465 11,522
Noninterest Income        
Card revenue 426 412 1,246 1,194
Corporate payment products revenue 203 198 582 577
Merchant processing services 440 427 1,295 1,250
Trust and investment management fees 667 627 1,957 1,838
Service charges 302 334 939 982
Commercial products revenue 397 354 1,159 1,046
Mortgage banking revenue 155 144 511 403
Investment products fees 84 70 243 206
Securities gains (losses), net (119) 0 (153) (29)
Other 143 198 434 530
Total noninterest income 2,698 2,764 8,213 7,997
Noninterest Expense        
Compensation and employee benefits 2,637 2,615 7,947 7,907
Net occupancy and equipment 317 313 929 950
Professional services 130 127 356 402
Marketing and business development 165 176 459 420
Technology and communications 524 511 1,540 1,536
Other intangibles 142 161 430 480
Merger and integration charges 0 284 155 838
Other 289 343 1,061 1,121
Total noninterest expense 4,204 4,530 12,877 13,654
Income before income taxes 2,072 1,955 5,801 5,865
Applicable income taxes 350 431 1,142 1,268
Net income 1,722 1,524 4,659 4,597
Net (income) loss attributable to noncontrolling interests (8) (1) (23) (15)
Net income attributable to U.S. Bancorp 1,714 1,523 4,636 4,582
Net income applicable to U.S. Bancorp common shareholders 1,601 1,412 4,328 4,285
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,601 $ 1,412 $ 4,328 $ 4,285
Earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Average common shares outstanding (in shares) 1,561 1,548 1,560 1,538
Average diluted common shares outstanding (in shares) 1,561 1,549 1,561 1,538
v3.24.3
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,722 $ 1,524 $ 4,659 $ 4,597
Other Comprehensive Income (Loss)        
Changes in unrealized gains (losses) on investment securities available-for-sale 1,297 (1,881) 1,048 (1,036)
Changes in unrealized gains (losses) on derivative hedges 460 (349) 8 (610)
Foreign currency translation 12 3 16 21
Changes in unrealized gains (losses) on retirement plans 0 (1) 0 0
Reclassification to earnings of realized (gains) losses 328 170 736 475
Income taxes related to other comprehensive income (loss) (535) 521 (458) 302
Total other comprehensive income (loss) 1,562 (1,537) 1,350 (848)
Comprehensive income (loss) 3,284 (13) 6,009 3,749
Comprehensive (income) loss attributable to noncontrolling interests (8) (1) (23) (15)
Comprehensive income (loss) attributable to U.S. Bancorp $ 3,276 $ (14) $ 5,986 $ 3,734
v3.24.3
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 4,597   4,582         4,582       15
Other comprehensive income (loss) (848)   (848)               (848)  
Preferred stock dividends [2] (273)   (273)         (273)        
Common stock dividends (2,233)   (2,233)         (2,233)        
Issuance of common and treasury stock (in shares)         27              
Issuance of common and treasury stock 931   931       (215)     1,146    
Purchase of treasury stock (in shares)         (1)              
Purchase of treasury stock (45)   (45)             (45)    
Distributions to noncontrolling interests (15)                     (15)
Net other changes in noncontrolling interests (1)                     (1)
Stock option and restricted stock grants 187   187       187          
Ending Balance (in shares) at Sep. 30, 2023         1,557              
Ending Balance at Sep. 30, 2023 $ 53,578   53,113   $ 21 6,808 8,684 74,023   (24,168) (12,255) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2022-02 [Member]                      
Beginning Balance (in shares) at Jun. 30, 2023         1,533              
Beginning Balance at Jun. 30, 2023 $ 53,484   53,019   $ 21 6,808 8,742 73,355   (25,189) (10,718) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 1,524   1,523         1,523       1
Other comprehensive income (loss) (1,537)   (1,537)               (1,537)  
Preferred stock dividends [3] (102)   (102)         (102)        
Common stock dividends (753)   (753)         (753)        
Issuance of common and treasury stock (in shares)         24              
Issuance of common and treasury stock 923   923       (99)     1,022    
Purchase of treasury stock (1)   (1)             (1)    
Distributions to noncontrolling interests (1)                     (1)
Stock option and restricted stock grants 41   41       41          
Ending Balance (in shares) at Sep. 30, 2023         1,557              
Ending Balance at Sep. 30, 2023 53,578   53,113   $ 21 6,808 8,684 74,023   (24,168) (12,255) 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) 4,659   4,636         4,636       23
Other comprehensive income (loss) 1,350   1,350               1,350  
Preferred stock dividends [4] (280)   (280)         (280)        
Common stock dividends (2,325)   (2,325)         (2,325)        
Issuance of common and treasury stock (in shares)         4              
Issuance of common and treasury stock 24   24       (143)     167    
Purchase of treasury stock (in shares)         (1)              
Purchase of treasury stock (51)   (51)             (51)    
Distributions to noncontrolling interests (23)                     (23)
Net other changes in noncontrolling interests (3)                     (3)
Stock option and restricted stock grants 199   199       199          
Ending Balance (in shares) at Sep. 30, 2024         1,561              
Ending Balance at Sep. 30, 2024 59,321   58,859   $ 21 6,808 8,729 76,057   (24,010) (8,746) 462
Beginning Balance (in shares) at Jun. 30, 2024         1,560              
Beginning Balance at Jun. 30, 2024 56,885   56,420   $ 21 6,808 8,688 75,231   (24,020) (10,308) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 1,722   1,714         1,714       8
Other comprehensive income (loss) 1,562   1,562               1,562  
Preferred stock dividends [5] (103)   (103)         (103)        
Common stock dividends (785)   (785)         (785)        
Issuance of common and treasury stock (in shares)         1              
Issuance of common and treasury stock 10   10       (1)     11    
Purchase of treasury stock (1)   (1)             (1)    
Distributions to noncontrolling interests (8)                     (8)
Net other changes in noncontrolling interests (3)                     (3)
Stock option and restricted stock grants 42   42       42          
Ending Balance (in shares) at Sep. 30, 2024         1,561              
Ending Balance at Sep. 30, 2024 $ 59,321   $ 58,859   $ 21 $ 6,808 $ 8,729 $ 76,057   $ (24,010) $ (8,746) $ 462
[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 $4,733.948, $1,103.862, $1,325.00, $1,031.25, $703.125, $750.00, $693.75 and $843.75, 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 $1,684.00, $394.167, $662.50, $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 $5,020.442, $1,175.194, $1,325.00, $1,031.25, $703.125, $750.00, $693.75 and $843.75, respectively.
[5] 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 $1,682.317, $393.746, $662.50, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
v3.24.3
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Common stock dividends (in dollars per share) $ 0.50 $ 0.48 $ 1.48 $ 1.44
Series A        
Preferred stock dividends declared (in dollars per share) 1,682.317 1,684 5,020.442 4,733.948
Series B        
Preferred stock dividends declared (in dollars per share) 393.746 394.167 1,175.194 1,103.862
Series J        
Preferred stock dividends declared (in dollars per share) 662.50 662.50 1,325 1,325
Series K        
Preferred stock dividends declared (in dollars per share) 343.75 343.75 1,031.25 1,031.25
Series L        
Preferred stock dividends declared (in dollars per share) 234.375 234.375 703.125 703.125
Series M        
Preferred stock dividends declared (in dollars per share) 250.00 250.00 750.00 750.00
Series N        
Preferred stock dividends declared (in dollars per share) 231.25 231.25 693.75 693.75
Series O        
Preferred stock dividends declared (in dollars per share) $ 281.25 $ 281.25 $ 843.75 $ 843.75
v3.24.3
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income attributable to U.S. Bancorp $ 4,636 $ 4,582
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 1,678 1,763
Depreciation and amortization of premises and equipment 271 288
Amortization of intangibles 430 480
(Gain) loss on sales of loans held for sale (32) 26
(Gain) loss on sales of securities and other assets 138 9
Loans originated for sale, net of repayments (17,898) (21,637)
Proceeds from sales of loans held for sale 16,756 21,164
Other, net 528 1,356
Net cash provided by operating activities 6,507 8,031
Investing Activities    
Proceeds from sales of available-for-sale investment securities 9,867 8,135
Proceeds from maturities of held-to-maturity investment securities 4,651 4,742
Proceeds from maturities of available-for-sale investment securities 4,537 4,828
Purchases of held-to-maturity investment securities (226) (924)
Purchases of available-for-sale investment securities (23,185) (4,857)
Net (increase) decrease in loans outstanding (1,535) 2,946
Proceeds from sales of loans 338 5,622
Purchases of loans (795) (900)
Net increase in securities purchased under agreements to resell (3,914) (1,731)
Net cash paid for acquisitions (103) 0
Other, net (1,294) (736)
Net cash (used in) provided by investing activities (11,659) 17,125
Financing Activities    
Net increase (decrease) in deposits 8,819 (6,245)
Net increase (decrease) in short-term borrowings 8,429 (9,887)
Proceeds from issuance of long-term debt 8,810 7,254
Principal payments or redemption of long-term debt (5,916) (3,906)
Proceeds from issuance of common stock 22 942
Repurchase of common stock (51) (45)
Cash dividends paid on preferred stock (254) (238)
Cash dividends paid on common stock (2,307) (2,219)
Other, net (30) 0
Net cash provided by (used in) financing activities 17,522 (14,344)
Change in cash and due from banks 12,370 10,812
Cash and due from banks at beginning of period 61,192 53,542
Cash and due from banks at end of period $ 73,562 $ 64,354
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 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.
v3.24.3
Accounting Changes
 9 Months Ended
Sep. 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.
v3.24.3
Investment Securities
 9 Months Ended
Sep. 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:
 September 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 $— $(16)$1,280 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency76,788 22 (8,648)68,162 80,997 6 (9,929)71,074 
Commercial agency1,699 31 (2)1,728 1,695 6 (5)1,696 
Other242 3 — 245 8 — — 8 
Total held-to-maturity$80,025 $56 $(8,666)$71,415 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$31,201 $1 $(1,803)$29,399 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency29,247 94 (1,575)27,766 28,185 104 (2,211)26,078 
Commercial
Agency8,681 — (1,076)7,605 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,757 31 — 6,788 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,732 29 (873)9,888 10,867 36 (914)9,989 
Other248 3 — 251 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,873 158 (5,327)81,704 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
525 — (525)— 335 — (335)— 
Total available-for-sale$87,398 $158 $(5,852)$81,704 $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 $21.5 billion at September 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 $313 million at September 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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Taxable$1,241 $1,074 $3,558 $3,067 
Non-taxable75 78 227 236 
Total interest income from investment securities$1,316 $1,152 $3,785 $3,303 
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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Realized gains$115 $— $118 $65 
Realized losses(234)— (271)(94)
Net realized gains (losses)$(119)$— $(153)$(29)
Income tax (benefit) on net realized gains (losses)$(31)$— $(39)$(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 September 30, 2024 and December 31, 2023.
At September 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 September 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$11,842 $(23)$17,500 $(1,780)$29,342 $(1,803)
Mortgage-backed securities
Residential agency712 (2)16,836 (1,573)17,548 (1,575)
Commercial
     Agency— — 7,605 (1,076)7,605 (1,076)
Non-agency— — 7 — 7 — 
Asset-backed securities160 — 1,361 — 1,521 — 
Obligations of state and political subdivisions589 (2)7,772 (871)8,361 (873)
Other— — 4 — 4 — 
Total investment securities$13,303 $(27)$51,085 $(5,300)$64,388 $(5,327)
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 September 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 nine months ended September 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 September 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 $644 0.62.71 %
Maturing after one year through five years646 636 2.63.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,296 $1,280 1.62.85 %
Mortgage-backed securities(a)
Maturing in one year or less$40 $40 0.84.47 %
Maturing after one year through five years2,148 2,179 3.54.55 
Maturing after five years through ten years76,190 67,559 8.42.11 
Maturing after ten years109 112 11.04.49 
Total$78,487 $69,890 8.32.18 %
Other
Maturing in one year or less$17 $17 0.53.24 %
Maturing after one year through five years225 228 2.52.71 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$242 $245 2.42.75 %
Total held-to-maturity(b)
$80,025 $71,415 8.22.20 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.25.14 %
Maturing after one year through five years15,218 14,601 3.52.40 
Maturing after five years through ten years15,215 14,187 6.72.73 
Maturing after ten years757 600 10.81.92 
Total$31,201 $29,399 5.22.55 %
Mortgage-backed securities(a)
Maturing in one year or less$39 $39 0.72.11 %
Maturing after one year through five years13,326 13,123 3.84.29 
Maturing after five years through ten years24,261 21,924 7.12.93 
Maturing after ten years309 292 11.55.64 
Total$37,935 $35,378 6.03.42 %
Asset-backed securities(a)
Maturing in one year or less$— $— — — %
Maturing after one year through five years4,147 4,170 1.74.98 
Maturing after five years through ten years2,610 2,618 5.96.53 
Maturing after ten years— — — — 
Total$6,757 $6,788 3.45.58 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$284 $283 0.55.10 %
Maturing after one year through five years3,111 3,103 2.64.57 
Maturing after five years through ten years1,546 1,491 7.23.49 
Maturing after ten years5,791 5,011 14.92.41 
Total$10,732 $9,888 9.93.25 %
Other
Maturing in one year or less$49 $49 0.94.66 %
Maturing after one year through five years199 202 2.05.01 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$248 $251 1.74.94 %
Total available-for-sale(b)(f)
$86,873 $81,704 6.03.26 %
(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 $525 million.
v3.24.3
Loans and Allowance for Credit Losses
 9 Months Ended
Sep. 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:
September 30, 2024December 31, 2023
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$129,434 34.6 %$127,676 34.2 %
Lease financing4,204 1.1 4,205 1.1 
Total commercial133,638 35.7 131,881 35.3 
Commercial Real Estate
Commercial mortgages39,602 10.6 41,934 11.2 
Construction and development11,017 2.9 11,521 3.1 
Total commercial real estate50,619 13.5 53,455 14.3 
Residential Mortgages
Residential mortgages111,790 29.9 108,605 29.0 
Home equity loans, first liens6,244 1.6 6,925 1.9 
Total residential mortgages118,034 31.5 115,530 30.9 
Credit Card29,037 7.8 28,560 7.6 
Other Retail
Retail leasing4,038 1.1 4,135 1.1 
Home equity and second mortgages13,364 3.6 13,056 3.5 
Revolving credit3,644 1.0 3,668 1.0 
Installment14,482 3.9 13,889 3.7 
Automobile7,308 1.9 9,661 2.6 
Total other retail42,836 11.5 44,409 11.9 
Total loans$374,164 100.0 %$373,835 100.0 %
The Company had loans of $127.4 billion at September 30, 2024, and $123.1 billion at December 31, 2023, pledged at the Federal Home Loan Bank, and loans of $84.4 billion at September 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 $2.6 billion and $2.7 billion at September 30, 2024 and December 31, 2023, respectively. 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. For loans and leases that do not share similar risk characteristics with a pool of loans, the Company establishes individually assessed reserves. Reserves for individual commercial nonperforming loans greater than $5 million in the commercial lending segment are analyzed 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 September 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,180 $1,596 $836 $2,498 $824 $7,934 
Add
Provision for credit losses155 49 (36)349 40 557 
Deduct
Loans charged-off165 80 3 347 74 669 
Less recoveries of loans charged-off(18)(10)(6)(48)(23)(105)
Net loan charge-offs (recoveries)147 70 (3)299 51 564 
Balance at end of period$2,188 $1,575 $803 $2,548 $813 $7,927 
2023
Balance at beginning of period$2,209 $1,473 $899 $2,185 $929 $7,695 
Add
Provision for credit losses(14)266 (49)285 27 515 
Deduct
Loans charged-off110 51 1 259 87 508 
Less recoveries of loans charged-off(18)(2)(4)(39)(25)(88)
Net loan charge-offs (recoveries)92 49 (3)220 62 420 
Balance at end of period$2,103 $1,690 $853 $2,250 $894 $7,790 
Nine Months Ended September 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 losses475 82 (31)1,055 97 1,678 
Deduct
Loans charged-off484 152 10 1,042 228 1,916 
Less recoveries of loans charged-off(78)(25)(17)(132)(74)(326)
Net loan charge-offs (recoveries)406 127 (7)910 154 1,590 
Balance at end of period$2,188 $1,575 $803 $2,548 $813 $7,927 
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 losses169 430 68 851 245 1,763 
Deduct
Loans charged-off283 205 126 716 402 1,732 
Less recoveries of loans charged-off(54)(13)(16)(122)(85)(290)
Net loan charge-offs (recoveries)229 192 110 594 317 1,442 
Balance at end of period$2,103 $1,690 $853 $2,250 $894 $7,790 
(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 September 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 September 30
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(c)
Other RetailTotal Loans
2024
Originated in 2024$10 $39 $— $— $4 $53 
Originated in 202316 15 — — 13 44 
Originated in 202248 23 1 — 11 83 
Originated in 20218 — — — 9 17 
Originated in 20203 1 — — 4 8 
Originated prior to 202010 2 2 — 6 20 
Revolving70 — — 347 27 444 
Total charge-offs$165 $80 $3 $347 $74 $669 
2023
Originated in 2023$22 $20 $— $— $5 $47 
Originated in 202211 — — — 17 28 
Originated in 202117 27 — — 13 57 
Originated in 20204 — — — 6 10 
Originated in 20194 — — — 6 10 
Originated prior to 201910 4 1 — 13 28 
Revolving42 — — 259 27 328 
Total charge-offs$110 $51 $1 $259 $87 $508 
Nine Months Ended September 30
(Dollars in Millions)		Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$13 $80 $— $— $6 $99 
Originated in 202368 21 — — 34 123 
Originated in 2022132 47 2 — 39 220 
Originated in 202123 — — — 30 53 
Originated in 20209 1 — — 17 27 
Originated prior to 202031 3 8 — 25 67 
Revolving208 — — 1,042 77 1,327 
Total charge-offs$484 $152 $10 $1,042 $228 $1,916 
2023
Originated in 2023$29 $20 $— $— $51 $100 
Originated in 202251 88 — — 116 255 
Originated in 202125 44 5 — 70 144 
Originated in 202014 — 8 — 31 53 
Originated in 201911 3 16 — 26 56 
Originated prior to 201938 50 97 — 26 211 
Revolving115 — — 716 54 885 
Revolving converted to term— — — — 28 28 
Total charge-offs$283 $205 $126 $716 $402 $1,732 
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
September 30, 2024
Commercial$132,626 $335 $92 $585 $133,638 
Commercial real estate49,604 81 9 925 50,619 
Residential mortgages(a)
117,530 171 179 154 118,034 
Credit card28,215 426 396 — 29,037 
Other retail42,407 222 62 145 42,836 
Total loans$370,382 $1,235 $738 $1,809 $374,164 
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 September 30, 2024, $607 million of loans 30–89 days past due and $2.0 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 September 30, 2024 and December 31, 2023, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $5 million for both the three months ended September 30, 2024 and 2023, respectively, and $16 million and $12 million for the nine months ended September 30, 2024 and 2023, respectively.
At September 30, 2024, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $21 million, compared with $26 million at December 31, 2023. These amounts excluded $47 million at both September 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 September 30, 2024 and December 31, 2023, was $587 million and $728 million, respectively, of which $363 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:
September 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$39,799 $636 $806 $1,442 $41,241 $— $— $— $— $— 
Originated in 202323,359 276 671 947 24,306 43,023 827 856 1,683 44,706 
Originated in 202223,723 169 697 866 24,589 40,076 274 632 906 40,982 
Originated in 20215,918 129 100 229 6,147 9,219 117 154 271 9,490 
Originated in 20202,962 63 77 140 3,102 3,169 92 71 163 3,332 
Originated prior to 20204,417 13 86 99 4,516 5,303 30 209 239 5,542 
Revolving(b)
28,497 263 977 1,240 29,737 26,213 362 1,254 1,616 27,829 
Total commercial128,675 1,549 3,414 4,963 133,638 127,003 1,702 3,176 4,878 131,881 
Commercial real estate
Originated in 20247,190 260 1,416 1,676 8,866 — — — — — 
Originated in 20235,466 102 1,291 1,393 6,859 8,848 465 2,206 2,671 11,519 
Originated in 20229,964 688 1,339 2,027 11,991 11,831 382 1,141 1,523 13,354 
Originated in 20217,182 183 505 688 7,870 9,235 500 385 885 10,120 
Originated in 20203,081 43 119 162 3,243 3,797 51 87 138 3,935 
Originated prior to 20208,775 124 691 815 9,590 10,759 458 619 1,077 11,836 
Revolving2,144 — 54 54 2,198 2,613 6 70 76 2,689 
Revolving converted to term2 — — — 2 2 — — — 2 
Total commercial real estate43,804 1,400 5,415 6,815 50,619 47,085 1,862 4,508 6,370 53,455 
Residential mortgages(c)
Originated in 20247,590 — 1 1 7,591 — — — — — 
Originated in 20239,115 — 10 10 9,125 9,734 — 5 5 9,739 
Originated in 202228,756 — 30 30 28,786 29,146 — 17 17 29,163 
Originated in 202135,150 — 29 29 35,179 36,365 — 16 16 36,381 
Originated in 202013,978 — 16 16 13,994 14,773 — 9 9 14,782 
Originated prior to 202023,105 — 254 254 23,359 25,202 — 262 262 25,464 
Revolving— — — — — 1 — — — 1 
Total residential mortgages117,694 — 340 340 118,034 115,221 — 309 309 115,530 
Credit card(d)
28,641 — 396 396 29,037 28,185 — 375 375 28,560 
Other retail
Originated in 20246,021 — 3 3 6,024 — — — — — 
Originated in 20234,251 — 8 8 4,259 5,184 — 4 4 5,188 
Originated in 20224,455 — 12 12 4,467 5,607 — 12 12 5,619 
Originated in 20217,415 — 16 16 7,431 10,398 — 15 15 10,413 
Originated in 20203,031 — 5 5 3,036 4,541 — 9 9 4,550 
Originated prior to 20203,059 — 16 16 3,075 4,008 — 20 20 4,028 
Revolving13,663 — 112 112 13,775 13,720 — 104 104 13,824 
Revolving converted to term725 — 44 44 769 735 — 52 52 787 
Total other retail42,620 — 216 216 42,836 44,193 — 216 216 44,409 
Total loans$361,434 $2,949 $9,781 $12,730 $374,164 $361,687 $3,564 $8,584 $12,148 $373,835 
Total outstanding commitments$770,528 $4,499 $11,828 $16,327 $786,855 $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 September 30, 2024, $2.0 billion of GNMA loans 90 days or more past due and $1.4 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 September 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2024
Commercial$26 $— $292 $— $318 .2 %
Commercial real estate— — 401 27 428 .8 
Residential mortgages(b)
— 21 3 7 31 — 
Credit card133 2 — — 135 .5 
Other retail2 — 36 2 40 .1 
Total loans, excluding loans purchased from GNMA mortgage pools161 23 732 36 952 .3 
Loans purchased from GNMA mortgage pools(b)
— 39196101588.5 
Total loans$161 $414 $828 $137 $1,540 .4 %
2023
Commercial$16 $— $98 $— $114 .1 %
Commercial real estate— — 426 9 435 .8 
Residential mortgages(b)
— 58 6 1 65 .1 
Credit card117 — — — 117 .4 
Other retail2 12 39 — 53 .1 
Total loans, excluding loans purchased from GNMA mortgage pools135 70 569 10 784 .2 
Loans purchased from GNMA mortgage pools(b)
— 455 75 127 657 .6 
Total loans$135 $525 $644 $137 $1,441 .4 %
Nine Months Ended September 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2024
Commercial$63 $— $603 $— $666 .5 %
Commercial real estate49 — 761 27 837 1.7 
Residential mortgages(b)
— 46 15 16 77 .1 
Credit card330 2 — — 332 1.1 
Other retail6 2 98 3 109 .3 
Total loans, excluding loans purchased from GNMA mortgage pools448 50 1,477 46 2,021 .5 
Loans purchased from GNMA mortgage pools(b)
1 1,101 257 281 1,640 1.4 
Total loans$449 $1,151 $1,734 $327 $3,661 1.0 %
2023
Commercial$36 $— $213 $— $249 .2 %
Commercial real estate— — 527 9 536 1.0 
Residential mortgages(b)
— 221 21 17 259 .2 
Credit card268 1 — — 269 1.0 
Other retail6 20 113 2 141 .3 
Total loans, excluding loans purchased from GNMA mortgage pools310 242 874 28 1,454 .4 
Loans purchased from GNMA mortgage pools(b)
— 1,020 211 261 1,492 1.3 
Total loans$310 $1,262 $1,085 $289 $2,946 .8 %
(a)Includes $85 million of total loans receiving a payment delay and term extension, $44 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 September 30, 2024, compared with $126 million, $9 million and $2 million for the three months ended September 30, 2023, respectively. Includes $251 million of total loans receiving a payment delay and term extension, $56 million of total loans receiving an interest rate reduction and term extension and $20 million of total loans receiving an interest rate reduction, payment delay and term extension for the nine months ended September 30, 2024, compared with $268 million, $14 million and $7 million for the nine months ended September 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 September 30, 2024 the balance of loans modified in trial period arrangements was $142 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 September 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2024
Commercial(a)
20.5 %9
Commercial real estate4.4 12
Residential mortgages1.1 92
Credit card16.2 —
Other retail6.4 5
Loans purchased from GNMA mortgage pools.4 109
2023
Commercial(a)
21.5 %13
Commercial real estate— 11
Residential mortgages.9 99
Credit card15.4 —
Other retail9.1 2
Loans purchased from GNMA mortgage pools.5 121
Nine Months Ended September 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2024
Commercial(a)
20.2 %9
Commercial real estate3.1 12
Residential mortgages.9 88
Credit card16.3 —
Other retail7.7 5
Loans purchased from GNMA mortgage pools.5 113
2023
Commercial(a)
21.0 %10
Commercial real estate— 10
Residential mortgages1.3 109
Credit card15.1 —
Other retail7.8 4
Loans purchased from GNMA mortgage pools.6 98
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and nine months ended September 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 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 September 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$556 $55 $159 $770 
Commercial real estate752 2 455 1,209 
Residential mortgages(a)
1,487 4 10 1,501 
Credit card298 70 37 405 
Other retail120 17 5 142 
Total loans$3,213 $148 $666 $4,027 
(a)At September 30, 2024, $430 million of loans 30-89 days past due and $265 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 September 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 September 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$223 $11 $14 $248 
Commercial real estate347 1 189 537 
Residential mortgages(a)
1,089 15 14 1,118 
Credit card192 54 22 268 
Other retail106 15 7 128 
Total loans$1,957 $96 $246 $2,299 
(a)At September 30, 2023, $263 million of loans 30-89 days past due and $64 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 September 30, 2024
Commercial$8 $— $13 $— 
Commercial real estate— — 180 — 
Residential mortgages— 2 — 1 
Credit card33 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools42 2 198 1 
Loans purchased from GNMA mortgage pools— 97 50 54 
Total loans$42 $99 $248 $55 
Nine Months Ended September 30, 2024
Commercial$20 $— $13 $— 
Commercial real estate— — 204 — 
Residential mortgages— 12 3 4 
Credit card92 — — — 
Other retail2 1 15 — 
Total loans, excluding loans purchased from GNMA mortgage pools114 13 235 4 
Loans purchased from GNMA mortgage pools— 154 80 94 
Total loans$114 $167 $315 $98 
(a)Includes $49 million of total loans receiving a payment delay and term extension, $5 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 three months ended September 30, 2024. Includes $91 million of total loans receiving a payment delay and term extension, $6 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 nine months ended September 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 September 30, 2023:
(Dollars in Millions)Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
Three Months Ended September 30, 2023
Commercial$2 $— $— $— 
Residential mortgages— 4 1 — 
Credit card10 — — — 
Other retail— — 4 — 
Total loans, excluding loans purchased from GNMA mortgage pools12 4 5 — 
Loans purchased from GNMA mortgage pools— 20 9 6 
Total loans$12 $24 $14 $6 
Nine Months Ended September 30, 2023
Commercial$3 $— $— $— 
Residential mortgages— 5 1 1 
Credit card15 — — — 
Other retail— — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools18 5 6 1 
Loans purchased from GNMA mortgage pools— 23 10 7 
Total loans$18 $28 $16 $8 
(a) Represents loans receiving a payment delay and term extension for the three months ended September 30, 2023. Includes $7 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 nine months ended September 30, 2023.
As of September 30, 2024 the Company had $437 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified.
v3.24.3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 9 Months Ended
Sep. 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 $141 million and $148 million for the three months ended September 30, 2024 and 2023, respectively, and $424 million and $435 million for the nine months ended September 30, 2024 and 2023, respectively. The Company also recognized $133 million and $238 million of investment tax credits for the three months ended September 30, 2024 and 2023, respectively, and $311 million and $474 million for the nine months ended September 30, 2024 and 2023, respectively. The Company recognized $135 million and $134 million of expenses related to all of these investments for the three months ended September 30, 2024 and 2023, respectively, which were primarily included in tax expense. The Company recognized $418 million and $399 million of expenses related to all of the these investments for the nine months ended September 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)September 30, 2024December 31, 2023
Investment carrying amount$7,903 $6,659 
Unfunded capital and other commitments4,575 3,619 
Maximum exposure to loss8,992 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 $257 million at September 30, 2024 and $219 million at December 31, 2023. The maximum exposure to loss related to these VIEs was $382 million at September 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 $3.7 billion as available-for-sale investment securities at September 30, 2024, compared with $5.3 billion at December 31, 2023. These senior notes were issued by third-party securitization vehicles that held $4.2 billion at
September 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 $79 million at September 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 September 30, 2024, approximately $5.8 billion of the Company’s assets and $3.8 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 September 30, 2024, $228 million of available-for-sale investment securities and $150 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.
v3.24.3
Mortgage Servicing Rights
 9 Months Ended
Sep. 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 $215.3 billion of residential mortgage loans for others at September 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 losses of $10 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and net gains of $11 million and net losses of $45 million for the nine months ended September 30, 2024 and 2023, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $170 million and $176 million for the three months ended September 30, 2024 and 2023, respectively, and $526 million and $553 million for the nine months ended September 30, 2024 and 2023, respectively.
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Balance at beginning of period$3,326 $3,633 $3,377 $3,755 
Rights purchased— 1 1 3 
Rights capitalized72 106 191 301 
Rights sold
1 (292)(188)(440)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
(121)219 27 265 
Due to revised assumptions or models(b)
3 16 44 — 
Other changes in fair value(c)
(94)(101)(265)(302)
Balance at end of period$3,187 $3,582 $3,187 $3,582 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 September 30, 2024December 31, 2023
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(364)$(172)$(83)$77 $148 $271 $(370)$(173)$(84)$77 $147 $268 
Derivative instrument hedges38118087(78)(151)(287)38117886(79)(152)(289)
Net sensitivity$17 $8 $4 $(1)$(3)$(16)$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:
 September 30, 2024December 31, 2023
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$51,526 $25,506 $137,961 $214,993 $48,286 $25,996 $151,056 $225,338 
Fair value$791 $490 $1,906 $3,187 $769 $507 $2,101 $3,377 
Value (bps)(b)
154 192 138 148 159 195 139 150 
Weighted-average servicing fees (bps)36 45 25 30 36 44 26 30 
Multiple (value/servicing fees)4.32 4.30 5.44 4.92 4.45 4.41 5.41 5.00 
Weighted-average note rate4.84 %4.34 %3.81 %4.12 %4.56 %4.23 %3.81 %4.02 %
Weighted-average age (in years)4.55.94.94.94.35.54.34.4
Weighted-average expected prepayment (constant prepayment rate)11.0 %11.3 %8.9 %9.7 %10.5 %11.1 %9.1 %9.6 %
Weighted-average expected life (in years)7.06.47.06.97.26.57.07.0
Weighted-average option adjusted spread(c)
5.9 %6.2 %4.8 %5.3 %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.
v3.24.3
Preferred Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Preferred Stock
NOTE 7Preferred Stock
At September 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:
 September 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 September 30, 2024 and December 31, 2023, was $1.00 per share.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 8Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended September 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total
2024      
Balance at beginning of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
Changes in unrealized gains (losses)1,297 — 460 — — 1,757 
Foreign currency translation adjustment(a)
— — — — 12 12 
Reclassification to earnings of realized (gains) losses119 132 77 — — 328 
Applicable income taxes(361)(33)(138)— (3)(535)
Balance at end of period$(4,255)$(3,255)$(83)$(1,138)$(15)$(8,746)
2023      
Balance at beginning of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
Changes in unrealized gains (losses)(1,881)— (349)(1)— (2,231)
Foreign currency translation adjustment(a)
— — — — 3 3 
Reclassification to earnings of realized (gains) losses— 144 28 (2)— 170 
Applicable income taxes474 (37)82 2 — 521 
Balance at end of period$(7,123)$(3,630)$(533)$(942)$(27)$(12,255)
Nine Months Ended September 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency TranslationTotal
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
Changes in unrealized gains (losses)1,048 — 8 — — 1,056 
Foreign currency translation adjustment(a)
— — — — 16 16 
Reclassification to earnings of realized (gains) losses153 377 206 — — 736 
Applicable income taxes(305)(95)(55)— (3)(458)
Balance at end of period$(4,255)$(3,255)$(83)$(1,138)$(15)$(8,746)
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)(1,036)— (610)— — (1,646)
Foreign currency translation adjustment(a)
— — — — 21 21 
Reclassification to earnings of realized (gains) losses29 406 46 (6)— 475 
Applicable income taxes262 (103)145 3 (5)302 
Balance at end of period$(7,123)$(3,630)$(533)$(942)$(27)$(12,255)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
September 30		Nine Months Ended
September 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2024202320242023
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$(119)$— $(153)$(29)Securities gains (losses), net
31 — 39 7 Applicable income taxes
(88)— (114)(22)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(132)(144)(377)(406)Interest income
33 37 95 103 Applicable income taxes
(99)(107)(282)(303)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(77)(28)(206)(46)Net interest income
20 8 53 12 Applicable income taxes
(57)(20)(153)(34)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization— 2 — 6 Other noninterest expense
— (1)— (2)Applicable income taxes
— 1 — 4 Net-of-tax
Total impact to net income$(244)$(126)$(549)$(355) 
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 9Earnings Per Share
The components of earnings per share were:
 Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars and Shares in Millions, Except Per Share Data)2024202320242023
Net income attributable to U.S. Bancorp$1,714 $1,523 $4,636 $4,582 
Preferred dividends(103)(102)(280)(273)
Earnings allocated to participating stock awards(10)(9)(28)(24)
Net income applicable to U.S. Bancorp common shareholders$1,601 $1,412 $4,328 $4,285 
Average common shares outstanding1,561 1,548 1,560 1,538 
Net effect of the exercise and assumed purchase of stock awards— 1 1 — 
Average diluted common shares outstanding1,561 1,549 1,561 1,538 
Earnings per common share$1.03 $.91 $2.77 $2.79 
Diluted earnings per common share$1.03 $.91 $2.77 $2.79 
Options outstanding at September 30, 2024 to purchase 1 million common shares for the three and nine months ended September 30, 2024, and outstanding at September 30, 2023 to purchase 3 million common shares for the three and nine months ended September 30, 2023 were not included in the computation of diluted earnings per share because they were antidilutive.
v3.24.3
Employee Benefits
 9 Months Ended
Sep. 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 September 30Nine Months Ended September 30
(Dollars in Millions)2024202320242023
Service cost$55 $56 $164 $168 
Interest cost94 93 282 278 
Expected return on plan assets(146)(137)(438)(410)
Prior service cost (credit) amortization(1)— (3)(1)
Actuarial loss (gain) amortization2 1 7 3 
Net periodic benefit cost(a)
$4 $13 $12 $38 
(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.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 11Income Taxes
The components of income tax expense were:
 Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Federal
Current$144 $416 $645 $1,076 
Deferred79 (51)261 (50)
Federal income tax223 365 906 1,026 
State
Current105 62 214 277 
Deferred22 4 22 (35)
State income tax127 66 236 242 
Total income tax provision$350 $431 $1,142 $1,268 
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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Tax at statutory rate$435 $411 $1,218 $1,232 
State income tax, at statutory rates, net of federal tax benefit106 85 289 270 
Tax effect of
Tax credits and benefits, net of related expenses(140)(96)(284)(236)
Exam resolutions(1)— (98)— 
Tax-exempt income(38)(40)(105)(115)
Other items(12)71 122 117 
Applicable income taxes$350 $431 $1,142 $1,268 
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 September 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 $5.6 billion at September 30, 2024 and $6.4 billion at December 31, 2023.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 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 September 30, 2024, the Company had $83 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 $86 million (net-of-tax). All cash flow hedges were highly effective for the three months ended September 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 $1.4 billion at September 30, 2024 and $1.3 billion at 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, funding 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:
 September 30, 2024December 31, 2023
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$12,450 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps31,831 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,500 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts885 — 6 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy6,046 12 13 5,006 29 5 
Sell5,887 5 14 4,501 7 34 
Options
Purchased6,560 163 — 6,085 237 — 
Written2,494 21 40 3,696 14 75 
Receive fixed/pay floating swaps11,532 162 1 7,029 9 3 
Pay fixed/receive floating swaps2,792 — — 3,801 — — 
Foreign exchange forward contracts713 1 2 734 2 5 
Equity contracts282 5 — 227 2 — 
Credit contracts3,558 — 27 2,620 1 — 
Other(a)
1,841 9 105 2,136 11 93 
Total$111,371 $378 $208 $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 $1.0 billion and $102 million at September 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 $732 million at September 30, 2024, and $28 million at December 31, 2023.
The following table summarizes the customer-related derivative positions of the Company:
 September 30, 2024December 31, 2023
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$406,992 $1,664 $2,968 $363,375 $791 $4,395 
Pay fixed/receive floating swaps372,912 1,287 526 330,539 1,817 280 
Other(a)
75,406 17 51 82,209 17 51 
Options
Purchased94,273 490 15 102,423 1,026 18 
Written88,602 28 579 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps116,108 2,006 1,771 121,119 2,252 1,942 
Options
Purchased608 15 — 1,532 28 — 
Written608 — 15 1,532 — 28 
Commodity contracts
Swaps6,608 236 234 2,498 116 110 
Options
Purchased3,454 218 1 1,936 151 — 
Written3,453 1 216 1,936 — 151 
Futures
Sell152 25 16 — — — 
Equity contracts17 — — — — — 
Credit contracts13,258 1 4 13,053 1 6 
Total$1,182,451 $5,988 $6,396 $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 September 30Nine Months Ended September 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$342 $(259)$(57)$(20)$6 $(453)$(153)$(34)
Net investment hedges        
Foreign exchange forward contracts(19)15 — — 59 6 — — 
Non-derivative debt instruments(56)24 — — (15)7 — — 
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 September 30Nine Months Ended September 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$8,086 $7,754 $3,951 $3,518 $23,835 $22,244 $11,692 $8,959 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(1,108)428 302 (359)(663)584 314 (230)
Hedged items1,113 (431)(303)359 666 (589)(315)232 
Cash flow hedges        
Interest rate contract derivatives(70)(21)7 7 (185)(21)21 25 
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 $21 million into earnings during the three and nine months ended September 30, 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $7 million and $25 million during the three and nine months ended September 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)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$32,325 $23,924 $677 $(93)
Long-term debt12,713 12,034 258 (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 $(73) million and $(208) million, respectively, at September 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 $4.8 billion and $11.3 billion, respectively, at September 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 September 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.6 billion, of which $11.6 billion was designated as hedged. At September 30, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $525 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
September 30		Nine Months Ended
September 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 $18 $(12)$56 
Purchased and written optionsMortgage banking revenue64 74 112 89 
SwapsMortgage banking revenue/Interest expense107 (241)30 (221)
Foreign exchange forward contractsOther noninterest income(6)8 2 (5)
Equity contractsCompensation expense(2)(1)(4)(4)
Credit contractsCommercial products revenue(5)3 (7)3 
OtherOther noninterest income(1)1 (70)— 
Customer-Related Positions     
Interest rate contracts     
SwapsCommercial products revenue(55)103 165 198 
Purchased and written optionsCommercial products revenue109 7 41 7 
FuturesCommercial products revenue— — — (1)
Foreign exchange rate contracts     
Forwards, spots and swapsCommercial products revenue70 19 126 118 
Commodity contracts     
SwapsCommercial products revenue(2)3 (1)5 
Purchased and written optionsCommercial products revenue1 — 5 — 
FuturesCommercial products revenue4 — 10 — 
Credit contractsCommercial products revenue(3)— (3)(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 September 30, 2024, was $1.6 billion. At September 30, 2024, the Company had $1.4 billion of cash posted as collateral against this net liability position.
v3.24.3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
 9 Months Ended
Sep. 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 $1.3 trillion total notional amount of derivative positions at September 30, 2024, $571.3 billion related to bilateral over-the-counter trades, $719.6 billion related to those centrally cleared through clearinghouses and $2.9 billion 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
September 30, 2024
Repurchase agreements
U.S. Treasury and agencies$5,865 $— $— $— $5,865 
Residential agency mortgage-backed securities312 — — — 312 
Corporate debt securities1,089 51 — — 1,140 
Asset-backed securities181 73 — — 254 
Total repurchase agreements7,447 124 — — 7,571 
Securities loaned     
Corporate debt securities165 — — — 165 
Total securities loaned165 — — — 165 
Gross amount of recognized liabilities$7,612 $124 $— $— $7,736 
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)
September 30, 2024
Derivative assets(d)
$6,335 $(2,878)$3,457 $(107)$(10)$3,340 
Reverse repurchase agreements6,437 — 6,437 (555)(5,874)8 
Securities borrowed1,927 — 1,927 — (1,851)76 
Total$14,699 $(2,878)$11,821 $(662)$(7,735)$3,424 
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 $1.4 billion and $1.6 billion of cash collateral related payables that were netted against derivative assets at September 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 $31 million and $27 million at September 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)
September 30, 2024
Derivative liabilities(d)
$6,498 $(2,847)$3,651 $(107)$— $3,544 
Repurchase agreements7,571 — 7,571 (555)(7,012)4 
Securities loaned165 — 165 — (161)4 
Total$14,234 $(2,847)$11,387 $(662)$(7,173)$3,552 
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 $1.4 billion and $1.7 billion of cash collateral related receivables that were netted against derivative liabilities at September 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 $106 million and $92 million at September 30, 2024 and December 31, 2023, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.3
Fair Values of Assets and Liabilities
 9 Months Ended
Sep. 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 structured long-term notes, 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 and structured long-term notes, 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 nine months ended September 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 gains of $26 million and net losses of $28 million for the three months ended September 30, 2024 and 2023, respectively, and net gains of $22 million and net losses of $61 million for the nine months ended September 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 losses of $13 million and net gains of $1 million for the three months ended September 30, 2024 and 2023, respectively, and net losses of $2 million and net gains of $1 million for the nine months ended September 30, 2024 and 2023, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Long-term Debt The Company elects the fair value option to account for certain structured notes that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these structured notes at fair value reduces certain timing differences and better matches changes in fair value of these notes with changes in the value of the derivative instruments used to economically
hedge them. The structured notes measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. The discount rate used in the discounted cash flow model incorporates the impact of the Company’s credit spread, which is based on observable spreads in the secondary bond market. Changes in fair value attributable to instrument specific credit risk are recorded as debit valuation adjustments in other comprehensive income (loss) with all other changes in fair value recorded in interest expense. During the three and nine months ended September 30, 2024, there were no significant changes in fair value of structured notes 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 September 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment7 %23 %10 %
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 September 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate11 %100 %75 %
Inherent MSR value (basis points per loan)52 199 107 
(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 September 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, 435 percent and 2 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
September 30, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$24,689 $4,710 $— $— $29,399 
Mortgage-backed securities     
Residential agency— 27,766 — — 27,766 
Commercial     
Agency— 7,605 — — 7,605 
Non-agency— 7 — — 7 
Asset-backed securities— 6,788 — — 6,788 
Obligations of state and political subdivisions— 9,888 — — 9,888 
Other— 251 — — 251 
Total available-for-sale24,689 57,015 — — 81,704 
Mortgage loans held for sale— 2,887 — — 2,887 
Mortgage servicing rights— — 3,187 — 3,187 
Derivative assets30 4,773 1,563 (2,878)3,488 
Other assets440 2,185 — — 2,625 
Total$25,159 $66,860 $4,750 $(2,878)$93,891 
Time deposits$— $7,655 $— $— $7,655 
Long-term debt— 45 — — 45 
Derivative liabilities16 4,213 2,375 (2,847)3,757 
Short-term borrowings and other liabilities(a)
514 1,892 — — 2,406 
Total$530 $13,805 $2,375 $(2,847)$13,863 
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 $133 million at both September 30, 2024 and December 31, 2023, and reflect no impairment or observable price change adjustment at September 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 nine months of 2023. The Company did not record any adjustments for observable price changes during the first nine 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 September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,326 $(212)
(a)
$— $1 $— $72 
(c)
$— $3,187 $(212)
(a)
Net derivative assets and liabilities(2,303)651 
(b)
264 (9)— — 585 (812)1,438 
(d)
2023
Mortgage servicing rights$3,633 $134 
(a)
$1 $(292)$— $106 
(c)
$— $3,582 $134 
(a)
Net derivative assets and liabilities(3,419)(1,315)
(e)
25 (9)— — 962 (3,756)(693)
(f)
Nine Months Ended September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,377 $(194)
(a)
$1 $(188)$— $191 
(c)
$— $3,187 $(194)
(a)
Net derivative assets and liabilities(1,885)(2,036)
(g)
912 (14)— — 2,211 (812)666 
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (37)
(a)
3 (440)— 301 
(c)
— 3,582 (37)
(a)
Net derivative assets and liabilities(3,199)(3,558)
(i)
430 (28)— — 2,599 (3,756)(1,925)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $89 million, $563 million and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $20 million, $1.4 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $35 million, $(1.4) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $11 million, $(705) million and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $185 million, $(2.2) billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $20 million, $716 million and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $133 million and $(3.7) billion included in mortgage banking revenue and commercial products revenue, respectively.
(j)Approximately $11 million and $(1.9) billion included in mortgage banking revenue and commercial products revenue, 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:
September 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $625 $625 $— $— $354 $354 
Other assets(b)
— — 16 16 — — 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 September 30Nine Months Ended September 30
(Dollars in Millions)2024202320242023
Loans(a)
$116 $71 $279 $281 
Other assets(b)
1 1 4 2 
(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:
September 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)
$2,887 $2,848 $39 $2,011 $1,994 $17 
Time deposits7,655 7,657 (2)2,818 2,822 (4)
Long-term debt45 45 — — — — 
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at September 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 $3 million carried at fair value with contractual principal outstanding of $3 million at September 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 September 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:
September 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$73,562 $73,562 $— $— $73,562 $61,192 $61,192 $— $— $61,192 
Federal funds sold and securities purchased under resale agreements6,426 — 6,426 — 6,426 2,543 — 2,543 — 2,543 
Investment securities held-to-maturity80,025 1,280 70,135 — 71,415 84,045 1,310 72,778 — 74,088 
Loans held for sale(a)
324 — — 324 324 190 — — 190 190 
Loans366,604 — — 363,988 363,988 366,456 — — 362,849 362,849 
Other(b)
2,436 — 1,910 526 2,436 2,377 — 1,863 514 2,377 
Financial Liabilities
Time deposits(c)
51,686 — 51,918 — 51,918 49,455 — 49,607 — 49,607 
Short-term borrowings(d)
21,302 — 21,174 — 21,174 12,976 — 12,729 — 12,729 
Long-term debt(e)
54,794 — 54,468 — 54,468 51,480 — 49,697 — 49,697 
Other(f)
4,800 — 1,327 3,473 4,800 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)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected.
(f)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 $399 million and $489 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of other guarantees was $179 million and $198 million at September 30, 2024 and December 31, 2023, respectively.
v3.24.3
Guarantees and Contingent Liabilities
 9 Months Ended
Sep. 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 September 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 September 30, 2024:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $22 $10,590 
Third party borrowing arrangements— — 1 
Securities lending indemnifications7,442 — 7,243 
Asset sales— 97 11,185 
 (a)
Merchant processing760 61 152,013 
Tender option bond program guarantee222 — 228 
Other— 21 2,690 
(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 September 30, 2024, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $12.0 billion. The Company held collateral of $635 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 September 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 September 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 September 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 ongoing discussions with 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.
v3.24.3
Business Segments
 9 Months Ended
Sep. 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 September 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)$1,896 $2,023 $1,937 $2,048 $727 $663 
Noninterest income1,145 1,030 401 434 1,073  (a) 1,039  (a)
Total net revenue3,041 3,053 2,338 2,482 1,800 1,702 
Noninterest expense1,364 1,340 1,685 1,721 1,026 1,006 
Income (loss) before provision and income taxes1,677 1,713 653 761 774 696 
Provision for credit losses94 136 18 7 404 399 
Income (loss) before income taxes1,583 1,577 635 754 370 297 
Income taxes and taxable-equivalent adjustment396 394 159 189 93 74 
Net income (loss)1,187 1,183 476 565 277 223 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$1,187 $1,183 $476 $565 $277 $223 
Average Balance Sheet
Loans$171,833 $175,700 $155,304 $157,458 $41,653 $38,954 
Other earning assets10,740 6,458 2,738 2,688 8 5 
Goodwill4,825 4,638 4,326 4,515 3,370 3,333 
Other intangible assets955 921 4,405 5,154 266 340 
Assets200,199 203,910 168,937 174,883 47,199 44,774 
Noninterest-bearing deposits54,263 66,055 20,781 25,561 2,653 2,796 
Interest-bearing deposits215,604 210,041 200,897 192,725 95 101 
Total deposits269,867 276,096 221,678 218,286 2,748 2,897 
Total U.S. Bancorp shareholders’ equity21,277 22,839 14,247 15,770 9,959 9,442 
 Treasury and Corporate Support Consolidated Company
(Dollars in Millions)2024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$(394)$(466)$4,166 $4,268 
Noninterest income79 261 2,698 (b)2,764 (b)
Total net revenue(315)(205)6,864 (c)7,032 (c)
Noninterest expense129 463 4,204 4,530 
Income (loss) before provision and income taxes(444)(668)2,660 2,502 
Provision for credit losses41 (27)557 515 
Income (loss) before income taxes(485)(641)2,103 1,987 
Income taxes and taxable-equivalent adjustment(267)(194)381 463 
Net income (loss)(218)(447)1,722 1,524 
Net (income) loss attributable to noncontrolling interests(8)(1)(8)(1)
Net income (loss) attributable to U.S. Bancorp$(226)$(448)$1,714 $1,523 
Average Balance Sheet
Loans$5,280 $4,765 $374,070 $376,877 
Other earning assets219,624 219,217 233,110 228,368 
Goodwill— — 12,521 12,486 
Other intangible assets9 10 5,635 6,425 
Assets248,305 240,432 664,640 663,999 
Noninterest-bearing deposits3,242 3,112 80,939 97,524 
Interest-bearing deposits11,222 11,900 427,818 414,767 
Total deposits14,464 15,012 508,757 512,291 
Total U.S. Bancorp shareholders’ equity12,800 5,766 58,283 53,817 
(a)Presented net of related rewards and rebate costs and certain partner payments of $796 million and $762 million for the three months ended September 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 September 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 $185 million of revenue for the three months ended September 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
Business segment results for the nine months ended September 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)$5,711 $5,884 $5,737 $6,730 $2,102 $1,933 
Noninterest income3,387 3,120 1,239 1,265 3,146  (a) 3,026  (a)
Total net revenue9,098 9,004 6,976 7,995 5,248 4,959 
Noninterest expense4,135 4,073 4,977 5,246 3,040 2,871 
Income (loss) before provision and income taxes4,963 4,931 1,999 2,749 2,208 2,088 
Provision for credit losses335 271 102 30 1,151 933 
Income (loss) before income taxes4,628 4,660 1,897 2,719 1,057 1,155 
Income taxes and taxable-equivalent adjustment1,158 1,165 475 680 265 288 
Net income (loss)3,470 3,495 1,422 2,039 792 867 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$3,470 $3,495 $1,422 $2,039 $792 $867 
  
Average Balance Sheet      
Loans$172,249 $177,161 $155,073 $164,050 $40,766 $37,942 
Other earning assets9,693 6,386 2,300 2,462 92 126 
Goodwill4,825 4,634 4,326 4,514 3,343 3,326 
Other intangible assets1,007 972 4,611 5,378 282 361 
Assets200,912 203,442 168,954 181,735 46,707 43,926 
Noninterest-bearing deposits56,650 73,789 21,068 33,599 2,716 3,052 
Interest-bearing deposits213,572 201,805 200,719 182,267 96 104 
Total deposits270,222 275,594 221,787 215,866 2,812 3,156 
Total U.S. Bancorp shareholders’ equity21,506 22,249 14,552 16,246 9,955 9,181 
 
 Treasury and Corporate Support Consolidated Company  
(Dollars in Millions)202420232024 2023 
Condensed Income Statement     
Net interest income (taxable-equivalent basis)$(1,317)$(1,162)$12,233  $13,385 
Noninterest income441 586 8,213 (b)7,997 (b)
Total net revenue(876)(576)20,446 (c)21,382 (c)
Noninterest expense725 1,464 12,877 13,654 
Income (loss) before provision and income taxes(1,601)(2,040)7,569  7,728 
Provision for credit losses90 529 1,678  1,763 
Income (loss) before income taxes(1,691)(2,569)5,891  5,965 
Income taxes and taxable-equivalent adjustment(666)(765)1,232  1,368 
Net income (loss)(1,025)(1,804)4,659  4,597 
Net (income) loss attributable to noncontrolling interests(23)(15)(23) (15)
Net income (loss) attributable to U.S. Bancorp$(1,048)$(1,819)$4,636  $4,582 
Average Balance Sheet     
Loans$5,190 $4,959 $373,278  $384,112 
Other earning assets218,717 215,805 230,802  224,779 
Goodwill— — 12,494  12,474 
Other intangible assets9 19 5,909  6,730 
Assets244,790 238,378 661,363  667,481 
Noninterest-bearing deposits2,606 3,116 83,040  113,556 
Interest-bearing deposits11,149 8,901 425,536  393,077 
Total deposits13,755 12,017 508,576  506,633 
Total U.S. Bancorp shareholders’ equity10,653 5,764 56,666  53,440 
(a)Presented net of related rewards and rebate costs and certain partner payments of $2.3 billion and $2.2 billion for the nine months ended September 30, 2024 and 2023, respectively.
(b)Includes revenue generated from certain contracts with customers of $6.8 billion and $6.6 billion for the nine months ended September 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 $577 million and $554 million of revenue for the nine months ended September 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
NOTE 17Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to September 30, 2024 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to U.S. Bancorp $ 1,714 $ 1,523 $ 4,636 $ 4,582
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 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. For loans and leases that do not share similar risk characteristics with a pool of loans, the Company establishes individually assessed reserves. Reserves for individual commercial nonperforming loans greater than $5 million in the commercial lending segment are analyzed 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 $1.3 trillion total notional amount of derivative positions at September 30, 2024, $571.3 billion related to bilateral over-the-counter trades, $719.6 billion related to those centrally cleared through clearinghouses and $2.9 billion 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 structured long-term notes, 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 and structured long-term notes, 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 nine months ended September 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 gains of $26 million and net losses of $28 million for the three months ended September 30, 2024 and 2023, respectively, and net gains of $22 million and net losses of $61 million for the nine months ended September 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 losses of $13 million and net gains of $1 million for the three months ended September 30, 2024 and 2023, respectively, and net losses of $2 million and net gains of $1 million for the nine months ended September 30, 2024 and 2023, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Long-term Debt The Company elects the fair value option to account for certain structured notes that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these structured notes at fair value reduces certain timing differences and better matches changes in fair value of these notes with changes in the value of the derivative instruments used to economically
hedge them. The structured notes measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. The discount rate used in the discounted cash flow model incorporates the impact of the Company’s credit spread, which is based on observable spreads in the secondary bond market. Changes in fair value attributable to instrument specific credit risk are recorded as debit valuation adjustments in other comprehensive income (loss) with all other changes in fair value recorded in interest expense. During the three and nine months ended September 30, 2024, there were no significant changes in fair value of structured notes 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.
v3.24.3
Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 September 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 $— $(16)$1,280 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency76,788 22 (8,648)68,162 80,997 6 (9,929)71,074 
Commercial agency1,699 31 (2)1,728 1,695 6 (5)1,696 
Other242 3 — 245 8 — — 8 
Total held-to-maturity$80,025 $56 $(8,666)$71,415 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$31,201 $1 $(1,803)$29,399 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency29,247 94 (1,575)27,766 28,185 104 (2,211)26,078 
Commercial
Agency8,681 — (1,076)7,605 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,757 31 — 6,788 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,732 29 (873)9,888 10,867 36 (914)9,989 
Other248 3 — 251 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,873 158 (5,327)81,704 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
525 — (525)— 335 — (335)— 
Total available-for-sale$87,398 $158 $(5,852)$81,704 $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:
 September 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 $— $(16)$1,280 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency76,788 22 (8,648)68,162 80,997 6 (9,929)71,074 
Commercial agency1,699 31 (2)1,728 1,695 6 (5)1,696 
Other242 3 — 245 8 — — 8 
Total held-to-maturity$80,025 $56 $(8,666)$71,415 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$31,201 $1 $(1,803)$29,399 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency29,247 94 (1,575)27,766 28,185 104 (2,211)26,078 
Commercial
Agency8,681 — (1,076)7,605 8,703 — (1,360)7,343 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities6,757 31 — 6,788 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,732 29 (873)9,888 10,867 36 (914)9,989 
Other248 3 — 251 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments86,873 158 (5,327)81,704 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
525 — (525)— 335 — (335)— 
Total available-for-sale$87,398 $158 $(5,852)$81,704 $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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Taxable$1,241 $1,074 $3,558 $3,067 
Non-taxable75 78 227 236 
Total interest income from investment securities$1,316 $1,152 $3,785 $3,303 
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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Realized gains$115 $— $118 $65 
Realized losses(234)— (271)(94)
Net realized gains (losses)$(119)$— $(153)$(29)
Income tax (benefit) on net realized gains (losses)$(31)$— $(39)$(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 September 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$11,842 $(23)$17,500 $(1,780)$29,342 $(1,803)
Mortgage-backed securities
Residential agency712 (2)16,836 (1,573)17,548 (1,575)
Commercial
     Agency— — 7,605 (1,076)7,605 (1,076)
Non-agency— — 7 — 7 — 
Asset-backed securities160 — 1,361 — 1,521 — 
Obligations of state and political subdivisions589 (2)7,772 (871)8,361 (873)
Other— — 4 — 4 — 
Total investment securities$13,303 $(27)$51,085 $(5,300)$64,388 $(5,327)
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 September 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 $644 0.62.71 %
Maturing after one year through five years646 636 2.63.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,296 $1,280 1.62.85 %
Mortgage-backed securities(a)
Maturing in one year or less$40 $40 0.84.47 %
Maturing after one year through five years2,148 2,179 3.54.55 
Maturing after five years through ten years76,190 67,559 8.42.11 
Maturing after ten years109 112 11.04.49 
Total$78,487 $69,890 8.32.18 %
Other
Maturing in one year or less$17 $17 0.53.24 %
Maturing after one year through five years225 228 2.52.71 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$242 $245 2.42.75 %
Total held-to-maturity(b)
$80,025 $71,415 8.22.20 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.25.14 %
Maturing after one year through five years15,218 14,601 3.52.40 
Maturing after five years through ten years15,215 14,187 6.72.73 
Maturing after ten years757 600 10.81.92 
Total$31,201 $29,399 5.22.55 %
Mortgage-backed securities(a)
Maturing in one year or less$39 $39 0.72.11 %
Maturing after one year through five years13,326 13,123 3.84.29 
Maturing after five years through ten years24,261 21,924 7.12.93 
Maturing after ten years309 292 11.55.64 
Total$37,935 $35,378 6.03.42 %
Asset-backed securities(a)
Maturing in one year or less$— $— — — %
Maturing after one year through five years4,147 4,170 1.74.98 
Maturing after five years through ten years2,610 2,618 5.96.53 
Maturing after ten years— — — — 
Total$6,757 $6,788 3.45.58 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$284 $283 0.55.10 %
Maturing after one year through five years3,111 3,103 2.64.57 
Maturing after five years through ten years1,546 1,491 7.23.49 
Maturing after ten years5,791 5,011 14.92.41 
Total$10,732 $9,888 9.93.25 %
Other
Maturing in one year or less$49 $49 0.94.66 %
Maturing after one year through five years199 202 2.05.01 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$248 $251 1.74.94 %
Total available-for-sale(b)(f)
$86,873 $81,704 6.03.26 %
(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 $525 million.
v3.24.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
September 30, 2024December 31, 2023
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$129,434 34.6 %$127,676 34.2 %
Lease financing4,204 1.1 4,205 1.1 
Total commercial133,638 35.7 131,881 35.3 
Commercial Real Estate
Commercial mortgages39,602 10.6 41,934 11.2 
Construction and development11,017 2.9 11,521 3.1 
Total commercial real estate50,619 13.5 53,455 14.3 
Residential Mortgages
Residential mortgages111,790 29.9 108,605 29.0 
Home equity loans, first liens6,244 1.6 6,925 1.9 
Total residential mortgages118,034 31.5 115,530 30.9 
Credit Card29,037 7.8 28,560 7.6 
Other Retail
Retail leasing4,038 1.1 4,135 1.1 
Home equity and second mortgages13,364 3.6 13,056 3.5 
Revolving credit3,644 1.0 3,668 1.0 
Installment14,482 3.9 13,889 3.7 
Automobile7,308 1.9 9,661 2.6 
Total other retail42,836 11.5 44,409 11.9 
Total loans$374,164 100.0 %$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 September 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2024
Balance at beginning of period$2,180 $1,596 $836 $2,498 $824 $7,934 
Add
Provision for credit losses155 49 (36)349 40 557 
Deduct
Loans charged-off165 80 3 347 74 669 
Less recoveries of loans charged-off(18)(10)(6)(48)(23)(105)
Net loan charge-offs (recoveries)147 70 (3)299 51 564 
Balance at end of period$2,188 $1,575 $803 $2,548 $813 $7,927 
2023
Balance at beginning of period$2,209 $1,473 $899 $2,185 $929 $7,695 
Add
Provision for credit losses(14)266 (49)285 27 515 
Deduct
Loans charged-off110 51 1 259 87 508 
Less recoveries of loans charged-off(18)(2)(4)(39)(25)(88)
Net loan charge-offs (recoveries)92 49 (3)220 62 420 
Balance at end of period$2,103 $1,690 $853 $2,250 $894 $7,790 
Nine Months Ended September 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 losses475 82 (31)1,055 97 1,678 
Deduct
Loans charged-off484 152 10 1,042 228 1,916 
Less recoveries of loans charged-off(78)(25)(17)(132)(74)(326)
Net loan charge-offs (recoveries)406 127 (7)910 154 1,590 
Balance at end of period$2,188 $1,575 $803 $2,548 $813 $7,927 
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 losses169 430 68 851 245 1,763 
Deduct
Loans charged-off283 205 126 716 402 1,732 
Less recoveries of loans charged-off(54)(13)(16)(122)(85)(290)
Net loan charge-offs (recoveries)229 192 110 594 317 1,442 
Balance at end of period$2,103 $1,690 $853 $2,250 $894 $7,790 
(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 September 30
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(c)
Other RetailTotal Loans
2024
Originated in 2024$10 $39 $— $— $4 $53 
Originated in 202316 15 — — 13 44 
Originated in 202248 23 1 — 11 83 
Originated in 20218 — — — 9 17 
Originated in 20203 1 — — 4 8 
Originated prior to 202010 2 2 — 6 20 
Revolving70 — — 347 27 444 
Total charge-offs$165 $80 $3 $347 $74 $669 
2023
Originated in 2023$22 $20 $— $— $5 $47 
Originated in 202211 — — — 17 28 
Originated in 202117 27 — — 13 57 
Originated in 20204 — — — 6 10 
Originated in 20194 — — — 6 10 
Originated prior to 201910 4 1 — 13 28 
Revolving42 — — 259 27 328 
Total charge-offs$110 $51 $1 $259 $87 $508 
Nine Months Ended September 30
(Dollars in Millions)		Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$13 $80 $— $— $6 $99 
Originated in 202368 21 — — 34 123 
Originated in 2022132 47 2 — 39 220 
Originated in 202123 — — — 30 53 
Originated in 20209 1 — — 17 27 
Originated prior to 202031 3 8 — 25 67 
Revolving208 — — 1,042 77 1,327 
Total charge-offs$484 $152 $10 $1,042 $228 $1,916 
2023
Originated in 2023$29 $20 $— $— $51 $100 
Originated in 202251 88 — — 116 255 
Originated in 202125 44 5 — 70 144 
Originated in 202014 — 8 — 31 53 
Originated in 201911 3 16 — 26 56 
Originated prior to 201938 50 97 — 26 211 
Revolving115 — — 716 54 885 
Revolving converted to term— — — — 28 28 
Total charge-offs$283 $205 $126 $716 $402 $1,732 
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:
September 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$39,799 $636 $806 $1,442 $41,241 $— $— $— $— $— 
Originated in 202323,359 276 671 947 24,306 43,023 827 856 1,683 44,706 
Originated in 202223,723 169 697 866 24,589 40,076 274 632 906 40,982 
Originated in 20215,918 129 100 229 6,147 9,219 117 154 271 9,490 
Originated in 20202,962 63 77 140 3,102 3,169 92 71 163 3,332 
Originated prior to 20204,417 13 86 99 4,516 5,303 30 209 239 5,542 
Revolving(b)
28,497 263 977 1,240 29,737 26,213 362 1,254 1,616 27,829 
Total commercial128,675 1,549 3,414 4,963 133,638 127,003 1,702 3,176 4,878 131,881 
Commercial real estate
Originated in 20247,190 260 1,416 1,676 8,866 — — — — — 
Originated in 20235,466 102 1,291 1,393 6,859 8,848 465 2,206 2,671 11,519 
Originated in 20229,964 688 1,339 2,027 11,991 11,831 382 1,141 1,523 13,354 
Originated in 20217,182 183 505 688 7,870 9,235 500 385 885 10,120 
Originated in 20203,081 43 119 162 3,243 3,797 51 87 138 3,935 
Originated prior to 20208,775 124 691 815 9,590 10,759 458 619 1,077 11,836 
Revolving2,144 — 54 54 2,198 2,613 6 70 76 2,689 
Revolving converted to term2 — — — 2 2 — — — 2 
Total commercial real estate43,804 1,400 5,415 6,815 50,619 47,085 1,862 4,508 6,370 53,455 
Residential mortgages(c)
Originated in 20247,590 — 1 1 7,591 — — — — — 
Originated in 20239,115 — 10 10 9,125 9,734 — 5 5 9,739 
Originated in 202228,756 — 30 30 28,786 29,146 — 17 17 29,163 
Originated in 202135,150 — 29 29 35,179 36,365 — 16 16 36,381 
Originated in 202013,978 — 16 16 13,994 14,773 — 9 9 14,782 
Originated prior to 202023,105 — 254 254 23,359 25,202 — 262 262 25,464 
Revolving— — — — — 1 — — — 1 
Total residential mortgages117,694 — 340 340 118,034 115,221 — 309 309 115,530 
Credit card(d)
28,641 — 396 396 29,037 28,185 — 375 375 28,560 
Other retail
Originated in 20246,021 — 3 3 6,024 — — — — — 
Originated in 20234,251 — 8 8 4,259 5,184 — 4 4 5,188 
Originated in 20224,455 — 12 12 4,467 5,607 — 12 12 5,619 
Originated in 20217,415 — 16 16 7,431 10,398 — 15 15 10,413 
Originated in 20203,031 — 5 5 3,036 4,541 — 9 9 4,550 
Originated prior to 20203,059 — 16 16 3,075 4,008 — 20 20 4,028 
Revolving13,663 — 112 112 13,775 13,720 — 104 104 13,824 
Revolving converted to term725 — 44 44 769 735 — 52 52 787 
Total other retail42,620 — 216 216 42,836 44,193 — 216 216 44,409 
Total loans$361,434 $2,949 $9,781 $12,730 $374,164 $361,687 $3,564 $8,584 $12,148 $373,835 
Total outstanding commitments$770,528 $4,499 $11,828 $16,327 $786,855 $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 September 30, 2024, $2.0 billion of GNMA loans 90 days or more past due and $1.4 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
September 30, 2024
Commercial$132,626 $335 $92 $585 $133,638 
Commercial real estate49,604 81 9 925 50,619 
Residential mortgages(a)
117,530 171 179 154 118,034 
Credit card28,215 426 396 — 29,037 
Other retail42,407 222 62 145 42,836 
Total loans$370,382 $1,235 $738 $1,809 $374,164 
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 September 30, 2024, $607 million of loans 30–89 days past due and $2.0 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 September 30, 2024 and December 31, 2023, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $5 million for both the three months ended September 30, 2024 and 2023, respectively, and $16 million and $12 million for the nine months ended September 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 September 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2024
Commercial$26 $— $292 $— $318 .2 %
Commercial real estate— — 401 27 428 .8 
Residential mortgages(b)
— 21 3 7 31 — 
Credit card133 2 — — 135 .5 
Other retail2 — 36 2 40 .1 
Total loans, excluding loans purchased from GNMA mortgage pools161 23 732 36 952 .3 
Loans purchased from GNMA mortgage pools(b)
— 39196101588.5 
Total loans$161 $414 $828 $137 $1,540 .4 %
2023
Commercial$16 $— $98 $— $114 .1 %
Commercial real estate— — 426 9 435 .8 
Residential mortgages(b)
— 58 6 1 65 .1 
Credit card117 — — — 117 .4 
Other retail2 12 39 — 53 .1 
Total loans, excluding loans purchased from GNMA mortgage pools135 70 569 10 784 .2 
Loans purchased from GNMA mortgage pools(b)
— 455 75 127 657 .6 
Total loans$135 $525 $644 $137 $1,441 .4 %
Nine Months Ended September 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2024
Commercial$63 $— $603 $— $666 .5 %
Commercial real estate49 — 761 27 837 1.7 
Residential mortgages(b)
— 46 15 16 77 .1 
Credit card330 2 — — 332 1.1 
Other retail6 2 98 3 109 .3 
Total loans, excluding loans purchased from GNMA mortgage pools448 50 1,477 46 2,021 .5 
Loans purchased from GNMA mortgage pools(b)
1 1,101 257 281 1,640 1.4 
Total loans$449 $1,151 $1,734 $327 $3,661 1.0 %
2023
Commercial$36 $— $213 $— $249 .2 %
Commercial real estate— — 527 9 536 1.0 
Residential mortgages(b)
— 221 21 17 259 .2 
Credit card268 1 — — 269 1.0 
Other retail6 20 113 2 141 .3 
Total loans, excluding loans purchased from GNMA mortgage pools310 242 874 28 1,454 .4 
Loans purchased from GNMA mortgage pools(b)
— 1,020 211 261 1,492 1.3 
Total loans$310 $1,262 $1,085 $289 $2,946 .8 %
(a)Includes $85 million of total loans receiving a payment delay and term extension, $44 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 September 30, 2024, compared with $126 million, $9 million and $2 million for the three months ended September 30, 2023, respectively. Includes $251 million of total loans receiving a payment delay and term extension, $56 million of total loans receiving an interest rate reduction and term extension and $20 million of total loans receiving an interest rate reduction, payment delay and term extension for the nine months ended September 30, 2024, compared with $268 million, $14 million and $7 million for the nine months ended September 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 September 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2024
Commercial(a)
20.5 %9
Commercial real estate4.4 12
Residential mortgages1.1 92
Credit card16.2 —
Other retail6.4 5
Loans purchased from GNMA mortgage pools.4 109
2023
Commercial(a)
21.5 %13
Commercial real estate— 11
Residential mortgages.9 99
Credit card15.4 —
Other retail9.1 2
Loans purchased from GNMA mortgage pools.5 121
Nine Months Ended September 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2024
Commercial(a)
20.2 %9
Commercial real estate3.1 12
Residential mortgages.9 88
Credit card16.3 —
Other retail7.7 5
Loans purchased from GNMA mortgage pools.5 113
2023
Commercial(a)
21.0 %10
Commercial real estate— 10
Residential mortgages1.3 109
Credit card15.1 —
Other retail7.8 4
Loans purchased from GNMA mortgage pools.6 98
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and nine months ended September 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 was primarily driven by commercial cards.
Loans Modified by Delinquency Status
The following table provides a summary of loan balances at September 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$556 $55 $159 $770 
Commercial real estate752 2 455 1,209 
Residential mortgages(a)
1,487 4 10 1,501 
Credit card298 70 37 405 
Other retail120 17 5 142 
Total loans$3,213 $148 $666 $4,027 
(a)At September 30, 2024, $430 million of loans 30-89 days past due and $265 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 September 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 September 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$223 $11 $14 $248 
Commercial real estate347 1 189 537 
Residential mortgages(a)
1,089 15 14 1,118 
Credit card192 54 22 268 
Other retail106 15 7 128 
Total loans$1,957 $96 $246 $2,299 
(a)At September 30, 2023, $263 million of loans 30-89 days past due and $64 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 September 30, 2024
Commercial$8 $— $13 $— 
Commercial real estate— — 180 — 
Residential mortgages— 2 — 1 
Credit card33 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools42 2 198 1 
Loans purchased from GNMA mortgage pools— 97 50 54 
Total loans$42 $99 $248 $55 
Nine Months Ended September 30, 2024
Commercial$20 $— $13 $— 
Commercial real estate— — 204 — 
Residential mortgages— 12 3 4 
Credit card92 — — — 
Other retail2 1 15 — 
Total loans, excluding loans purchased from GNMA mortgage pools114 13 235 4 
Loans purchased from GNMA mortgage pools— 154 80 94 
Total loans$114 $167 $315 $98 
(a)Includes $49 million of total loans receiving a payment delay and term extension, $5 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 three months ended September 30, 2024. Includes $91 million of total loans receiving a payment delay and term extension, $6 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 nine months ended September 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 September 30, 2023:
(Dollars in Millions)Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
Three Months Ended September 30, 2023
Commercial$2 $— $— $— 
Residential mortgages— 4 1 — 
Credit card10 — — — 
Other retail— — 4 — 
Total loans, excluding loans purchased from GNMA mortgage pools12 4 5 — 
Loans purchased from GNMA mortgage pools— 20 9 6 
Total loans$12 $24 $14 $6 
Nine Months Ended September 30, 2023
Commercial$3 $— $— $— 
Residential mortgages— 5 1 1 
Credit card15 — — — 
Other retail— — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools18 5 6 1 
Loans purchased from GNMA mortgage pools— 23 10 7 
Total loans$18 $28 $16 $8 
(a) Represents loans receiving a payment delay and term extension for the three months ended September 30, 2023. Includes $7 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 nine months ended September 30, 2023.
v3.24.3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables)
 9 Months Ended
Sep. 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)September 30, 2024December 31, 2023
Investment carrying amount$7,903 $6,659 
Unfunded capital and other commitments4,575 3,619 
Maximum exposure to loss8,992 9,002 
v3.24.3
Mortgage Servicing Rights (Tables)
 9 Months Ended
Sep. 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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Balance at beginning of period$3,326 $3,633 $3,377 $3,755 
Rights purchased— 1 1 3 
Rights capitalized72 106 191 301 
Rights sold
1 (292)(188)(440)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
(121)219 27 265 
Due to revised assumptions or models(b)
3 16 44 — 
Other changes in fair value(c)
(94)(101)(265)(302)
Balance at end of period$3,187 $3,582 $3,187 $3,582 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 September 30, 2024December 31, 2023
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(364)$(172)$(83)$77 $148 $271 $(370)$(173)$(84)$77 $147 $268 
Derivative instrument hedges38118087(78)(151)(287)38117886(79)(152)(289)
Net sensitivity$17 $8 $4 $(1)$(3)$(16)$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:
 September 30, 2024December 31, 2023
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$51,526 $25,506 $137,961 $214,993 $48,286 $25,996 $151,056 $225,338 
Fair value$791 $490 $1,906 $3,187 $769 $507 $2,101 $3,377 
Value (bps)(b)
154 192 138 148 159 195 139 150 
Weighted-average servicing fees (bps)36 45 25 30 36 44 26 30 
Multiple (value/servicing fees)4.32 4.30 5.44 4.92 4.45 4.41 5.41 5.00 
Weighted-average note rate4.84 %4.34 %3.81 %4.12 %4.56 %4.23 %3.81 %4.02 %
Weighted-average age (in years)4.55.94.94.94.35.54.34.4
Weighted-average expected prepayment (constant prepayment rate)11.0 %11.3 %8.9 %9.7 %10.5 %11.1 %9.1 %9.6 %
Weighted-average expected life (in years)7.06.47.06.97.26.57.07.0
Weighted-average option adjusted spread(c)
5.9 %6.2 %4.8 %5.3 %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.
v3.24.3
Preferred Stock (Tables)
 9 Months Ended
Sep. 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:
 September 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 September 30, 2024 and December 31, 2023, was $1.00 per share.
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended September 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Foreign Currency Translation Total
2024      
Balance at beginning of period$(5,310)$(3,354)$(482)$(1,138)$(24)$(10,308)
Changes in unrealized gains (losses)1,297 — 460 — — 1,757 
Foreign currency translation adjustment(a)
— — — — 12 12 
Reclassification to earnings of realized (gains) losses119 132 77 — — 328 
Applicable income taxes(361)(33)(138)— (3)(535)
Balance at end of period$(4,255)$(3,255)$(83)$(1,138)$(15)$(8,746)
2023      
Balance at beginning of period$(5,716)$(3,737)$(294)$(941)$(30)$(10,718)
Changes in unrealized gains (losses)(1,881)— (349)(1)— (2,231)
Foreign currency translation adjustment(a)
— — — — 3 3 
Reclassification to earnings of realized (gains) losses— 144 28 (2)— 170 
Applicable income taxes474 (37)82 2 — 521 
Balance at end of period$(7,123)$(3,630)$(533)$(942)$(27)$(12,255)
Nine Months Ended September 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency TranslationTotal
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
Changes in unrealized gains (losses)1,048 — 8 — — 1,056 
Foreign currency translation adjustment(a)
— — — — 16 16 
Reclassification to earnings of realized (gains) losses153 377 206 — — 736 
Applicable income taxes(305)(95)(55)— (3)(458)
Balance at end of period$(4,255)$(3,255)$(83)$(1,138)$(15)$(8,746)
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)(1,036)— (610)— — (1,646)
Foreign currency translation adjustment(a)
— — — — 21 21 
Reclassification to earnings of realized (gains) losses29 406 46 (6)— 475 
Applicable income taxes262 (103)145 3 (5)302 
Balance at end of period$(7,123)$(3,630)$(533)$(942)$(27)$(12,255)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
September 30		Nine Months Ended
September 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2024202320242023
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$(119)$— $(153)$(29)Securities gains (losses), net
31 — 39 7 Applicable income taxes
(88)— (114)(22)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(132)(144)(377)(406)Interest income
33 37 95 103 Applicable income taxes
(99)(107)(282)(303)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(77)(28)(206)(46)Net interest income
20 8 53 12 Applicable income taxes
(57)(20)(153)(34)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization— 2 — 6 Other noninterest expense
— (1)— (2)Applicable income taxes
— 1 — 4 Net-of-tax
Total impact to net income$(244)$(126)$(549)$(355) 
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Components of Earnings Per Share
The components of earnings per share were:
 Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars and Shares in Millions, Except Per Share Data)2024202320242023
Net income attributable to U.S. Bancorp$1,714 $1,523 $4,636 $4,582 
Preferred dividends(103)(102)(280)(273)
Earnings allocated to participating stock awards(10)(9)(28)(24)
Net income applicable to U.S. Bancorp common shareholders$1,601 $1,412 $4,328 $4,285 
Average common shares outstanding1,561 1,548 1,560 1,538 
Net effect of the exercise and assumed purchase of stock awards— 1 1 — 
Average diluted common shares outstanding1,561 1,549 1,561 1,538 
Earnings per common share$1.03 $.91 $2.77 $2.79 
Diluted earnings per common share$1.03 $.91 $2.77 $2.79 
v3.24.3
Employee Benefits (Tables)
 9 Months Ended
Sep. 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 September 30Nine Months Ended September 30
(Dollars in Millions)2024202320242023
Service cost$55 $56 $164 $168 
Interest cost94 93 282 278 
Expected return on plan assets(146)(137)(438)(410)
Prior service cost (credit) amortization(1)— (3)(1)
Actuarial loss (gain) amortization2 1 7 3 
Net periodic benefit cost(a)
$4 $13 $12 $38 
(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.
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Federal
Current$144 $416 $645 $1,076 
Deferred79 (51)261 (50)
Federal income tax223 365 906 1,026 
State
Current105 62 214 277 
Deferred22 4 22 (35)
State income tax127 66 236 242 
Total income tax provision$350 $431 $1,142 $1,268 
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
September 30		Nine Months Ended
September 30
(Dollars in Millions)2024202320242023
Tax at statutory rate$435 $411 $1,218 $1,232 
State income tax, at statutory rates, net of federal tax benefit106 85 289 270 
Tax effect of
Tax credits and benefits, net of related expenses(140)(96)(284)(236)
Exam resolutions(1)— (98)— 
Tax-exempt income(38)(40)(105)(115)
Other items(12)71 122 117 
Applicable income taxes$350 $431 $1,142 $1,268 
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 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:
 September 30, 2024December 31, 2023
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$12,450 $— $— $12,100 $— $16 
Pay fixed/receive floating swaps31,831 — — 24,139 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,500 — — 18,400 — — 
Net investment hedges
Foreign exchange forward contracts885 — 6 854 — 10 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy6,046 12 13 5,006 29 5 
Sell5,887 5 14 4,501 7 34 
Options
Purchased6,560 163 — 6,085 237 — 
Written2,494 21 40 3,696 14 75 
Receive fixed/pay floating swaps11,532 162 1 7,029 9 3 
Pay fixed/receive floating swaps2,792 — — 3,801 — — 
Foreign exchange forward contracts713 1 2 734 2 5 
Equity contracts282 5 — 227 2 — 
Credit contracts3,558 — 27 2,620 1 — 
Other(a)
1,841 9 105 2,136 11 93 
Total$111,371 $378 $208 $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 $1.0 billion and $102 million at September 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 $732 million at September 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:
 September 30, 2024December 31, 2023
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$406,992 $1,664 $2,968 $363,375 $791 $4,395 
Pay fixed/receive floating swaps372,912 1,287 526 330,539 1,817 280 
Other(a)
75,406 17 51 82,209 17 51 
Options
Purchased94,273 490 15 102,423 1,026 18 
Written88,602 28 579 97,690 20 1,087 
Foreign exchange rate contracts
Forwards, spots and swaps116,108 2,006 1,771 121,119 2,252 1,942 
Options
Purchased608 15 — 1,532 28 — 
Written608 — 15 1,532 — 28 
Commodity contracts
Swaps6,608 236 234 2,498 116 110 
Options
Purchased3,454 218 1 1,936 151 — 
Written3,453 1 216 1,936 — 151 
Futures
Sell152 25 16 — — — 
Equity contracts17 — — — — — 
Credit contracts13,258 1 4 13,053 1 6 
Total$1,182,451 $5,988 $6,396 $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 September 30Nine Months Ended September 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$342 $(259)$(57)$(20)$6 $(453)$(153)$(34)
Net investment hedges        
Foreign exchange forward contracts(19)15 — — 59 6 — — 
Non-derivative debt instruments(56)24 — — (15)7 — — 
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 September 30Nine Months Ended September 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$342 $(259)$(57)$(20)$6 $(453)$(153)$(34)
Net investment hedges        
Foreign exchange forward contracts(19)15 — — 59 6 — — 
Non-derivative debt instruments(56)24 — — (15)7 — — 
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 September 30Nine Months Ended September 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$8,086 $7,754 $3,951 $3,518 $23,835 $22,244 $11,692 $8,959 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(1,108)428 302 (359)(663)584 314 (230)
Hedged items1,113 (431)(303)359 666 (589)(315)232 
Cash flow hedges        
Interest rate contract derivatives(70)(21)7 7 (185)(21)21 25 
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 $21 million into earnings during the three and nine months ended September 30, 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges, compared with $7 million and $25 million during the three and nine months ended September 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)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$32,325 $23,924 $677 $(93)
Long-term debt12,713 12,034 258 (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 $(73) million and $(208) million, respectively, at September 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 $4.8 billion and $11.3 billion, respectively, at September 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 September 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.6 billion, of which $11.6 billion was designated as hedged. At September 30, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $525 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
September 30		Nine Months Ended
September 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 $18 $(12)$56 
Purchased and written optionsMortgage banking revenue64 74 112 89 
SwapsMortgage banking revenue/Interest expense107 (241)30 (221)
Foreign exchange forward contractsOther noninterest income(6)8 2 (5)
Equity contractsCompensation expense(2)(1)(4)(4)
Credit contractsCommercial products revenue(5)3 (7)3 
OtherOther noninterest income(1)1 (70)— 
Customer-Related Positions     
Interest rate contracts     
SwapsCommercial products revenue(55)103 165 198 
Purchased and written optionsCommercial products revenue109 7 41 7 
FuturesCommercial products revenue— — — (1)
Foreign exchange rate contracts     
Forwards, spots and swapsCommercial products revenue70 19 126 118 
Commodity contracts     
SwapsCommercial products revenue(2)3 (1)5 
Purchased and written optionsCommercial products revenue1 — 5 — 
FuturesCommercial products revenue4 — 10 — 
Credit contractsCommercial products revenue(3)— (3)(1)
v3.24.3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 9 Months Ended
Sep. 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
September 30, 2024
Repurchase agreements
U.S. Treasury and agencies$5,865 $— $— $— $5,865 
Residential agency mortgage-backed securities312 — — — 312 
Corporate debt securities1,089 51 — — 1,140 
Asset-backed securities181 73 — — 254 
Total repurchase agreements7,447 124 — — 7,571 
Securities loaned     
Corporate debt securities165 — — — 165 
Total securities loaned165 — — — 165 
Gross amount of recognized liabilities$7,612 $124 $— $— $7,736 
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)
September 30, 2024
Derivative assets(d)
$6,335 $(2,878)$3,457 $(107)$(10)$3,340 
Reverse repurchase agreements6,437 — 6,437 (555)(5,874)8 
Securities borrowed1,927 — 1,927 — (1,851)76 
Total$14,699 $(2,878)$11,821 $(662)$(7,735)$3,424 
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 $1.4 billion and $1.6 billion of cash collateral related payables that were netted against derivative assets at September 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 $31 million and $27 million at September 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)
September 30, 2024
Derivative liabilities(d)
$6,498 $(2,847)$3,651 $(107)$— $3,544 
Repurchase agreements7,571 — 7,571 (555)(7,012)4 
Securities loaned165 — 165 — (161)4 
Total$14,234 $(2,847)$11,387 $(662)$(7,173)$3,552 
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 $1.4 billion and $1.7 billion of cash collateral related receivables that were netted against derivative liabilities at September 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 $106 million and $92 million at September 30, 2024 and December 31, 2023, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.3
Fair Values of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Valuation Assumption Ranges for MSRs
The following table shows the significant valuation assumption ranges for MSRs at September 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment7 %23 %10 %
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 September 30, 2024:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate11 %100 %75 %
Inherent MSR value (basis points per loan)52 199 107 
(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
September 30, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$24,689 $4,710 $— $— $29,399 
Mortgage-backed securities     
Residential agency— 27,766 — — 27,766 
Commercial     
Agency— 7,605 — — 7,605 
Non-agency— 7 — — 7 
Asset-backed securities— 6,788 — — 6,788 
Obligations of state and political subdivisions— 9,888 — — 9,888 
Other— 251 — — 251 
Total available-for-sale24,689 57,015 — — 81,704 
Mortgage loans held for sale— 2,887 — — 2,887 
Mortgage servicing rights— — 3,187 — 3,187 
Derivative assets30 4,773 1,563 (2,878)3,488 
Other assets440 2,185 — — 2,625 
Total$25,159 $66,860 $4,750 $(2,878)$93,891 
Time deposits$— $7,655 $— $— $7,655 
Long-term debt— 45 — — 45 
Derivative liabilities16 4,213 2,375 (2,847)3,757 
Short-term borrowings and other liabilities(a)
514 1,892 — — 2,406 
Total$530 $13,805 $2,375 $(2,847)$13,863 
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 $133 million at both September 30, 2024 and December 31, 2023, and reflect no impairment or observable price change adjustment at September 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 nine months of 2023. The Company did not record any adjustments for observable price changes during the first nine 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 September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,326 $(212)
(a)
$— $1 $— $72 
(c)
$— $3,187 $(212)
(a)
Net derivative assets and liabilities(2,303)651 
(b)
264 (9)— — 585 (812)1,438 
(d)
2023
Mortgage servicing rights$3,633 $134 
(a)
$1 $(292)$— $106 
(c)
$— $3,582 $134 
(a)
Net derivative assets and liabilities(3,419)(1,315)
(e)
25 (9)— — 962 (3,756)(693)
(f)
Nine Months Ended September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,377 $(194)
(a)
$1 $(188)$— $191 
(c)
$— $3,187 $(194)
(a)
Net derivative assets and liabilities(1,885)(2,036)
(g)
912 (14)— — 2,211 (812)666 
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (37)
(a)
3 (440)— 301 
(c)
— 3,582 (37)
(a)
Net derivative assets and liabilities(3,199)(3,558)
(i)
430 (28)— — 2,599 (3,756)(1,925)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $89 million, $563 million and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $20 million, $1.4 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $35 million, $(1.4) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $11 million, $(705) million and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $185 million, $(2.2) billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $20 million, $716 million and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $133 million and $(3.7) billion included in mortgage banking revenue and commercial products revenue, respectively.
(j)Approximately $11 million and $(1.9) billion included in mortgage banking revenue and commercial products revenue, 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 September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,326 $(212)
(a)
$— $1 $— $72 
(c)
$— $3,187 $(212)
(a)
Net derivative assets and liabilities(2,303)651 
(b)
264 (9)— — 585 (812)1,438 
(d)
2023
Mortgage servicing rights$3,633 $134 
(a)
$1 $(292)$— $106 
(c)
$— $3,582 $134 
(a)
Net derivative assets and liabilities(3,419)(1,315)
(e)
25 (9)— — 962 (3,756)(693)
(f)
Nine Months Ended September 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesPrincipal PaymentsIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2024
Mortgage servicing rights$3,377 $(194)
(a)
$1 $(188)$— $191 
(c)
$— $3,187 $(194)
(a)
Net derivative assets and liabilities(1,885)(2,036)
(g)
912 (14)— — 2,211 (812)666 
(h)
2023
Available-for-sale securities
Obligations of state and political subdivisions$1 $—  $— $— $(1)$— $— $— $— 
Total available-for-sale1 —  — — (1)— — — — 
Mortgage servicing rights3,755 (37)
(a)
3 (440)— 301 
(c)
— 3,582 (37)
(a)
Net derivative assets and liabilities(3,199)(3,558)
(i)
430 (28)— — 2,599 (3,756)(1,925)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $89 million, $563 million and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $20 million, $1.4 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(e)Approximately $35 million, $(1.4) billion and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(f)Approximately $11 million, $(705) million and $1 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(g)Approximately $185 million, $(2.2) billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(h)Approximately $20 million, $716 million and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively.
(i)Approximately $133 million and $(3.7) billion included in mortgage banking revenue and commercial products revenue, respectively.
(j)Approximately $11 million and $(1.9) billion included in mortgage banking revenue and commercial products revenue, 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:
September 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $625 $625 $— $— $354 $354 
Other assets(b)
— — 16 16 — — 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 September 30Nine Months Ended September 30
(Dollars in Millions)2024202320242023
Loans(a)
$116 $71 $279 $281 
Other assets(b)
1 1 4 2 
(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:
September 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)
$2,887 $2,848 $39 $2,011 $1,994 $17 
Time deposits7,655 7,657 (2)2,818 2,822 (4)
Long-term debt45 45 — — — — 
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at September 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 $3 million carried at fair value with contractual principal outstanding of $3 million at September 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:
September 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$73,562 $73,562 $— $— $73,562 $61,192 $61,192 $— $— $61,192 
Federal funds sold and securities purchased under resale agreements6,426 — 6,426 — 6,426 2,543 — 2,543 — 2,543 
Investment securities held-to-maturity80,025 1,280 70,135 — 71,415 84,045 1,310 72,778 — 74,088 
Loans held for sale(a)
324 — — 324 324 190 — — 190 190 
Loans366,604 — — 363,988 363,988 366,456 — — 362,849 362,849 
Other(b)
2,436 — 1,910 526 2,436 2,377 — 1,863 514 2,377 
Financial Liabilities
Time deposits(c)
51,686 — 51,918 — 51,918 49,455 — 49,607 — 49,607 
Short-term borrowings(d)
21,302 — 21,174 — 21,174 12,976 — 12,729 — 12,729 
Long-term debt(e)
54,794 — 54,468 — 54,468 51,480 — 49,697 — 49,697 
Other(f)
4,800 — 1,327 3,473 4,800 5,432 — 1,406 4,026 5,432 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected.
(f)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
v3.24.3
Guarantees and Contingent Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2024:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $22 $10,590 
Third party borrowing arrangements— — 1 
Securities lending indemnifications7,442 — 7,243 
Asset sales— 97 11,185 
 (a)
Merchant processing760 61 152,013 
Tender option bond program guarantee222 — 228 
Other— 21 2,690 
(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.
v3.24.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment Results
Business segment results for the three months ended September 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)$1,896 $2,023 $1,937 $2,048 $727 $663 
Noninterest income1,145 1,030 401 434 1,073  (a) 1,039  (a)
Total net revenue3,041 3,053 2,338 2,482 1,800 1,702 
Noninterest expense1,364 1,340 1,685 1,721 1,026 1,006 
Income (loss) before provision and income taxes1,677 1,713 653 761 774 696 
Provision for credit losses94 136 18 7 404 399 
Income (loss) before income taxes1,583 1,577 635 754 370 297 
Income taxes and taxable-equivalent adjustment396 394 159 189 93 74 
Net income (loss)1,187 1,183 476 565 277 223 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$1,187 $1,183 $476 $565 $277 $223 
Average Balance Sheet
Loans$171,833 $175,700 $155,304 $157,458 $41,653 $38,954 
Other earning assets10,740 6,458 2,738 2,688 8 5 
Goodwill4,825 4,638 4,326 4,515 3,370 3,333 
Other intangible assets955 921 4,405 5,154 266 340 
Assets200,199 203,910 168,937 174,883 47,199 44,774 
Noninterest-bearing deposits54,263 66,055 20,781 25,561 2,653 2,796 
Interest-bearing deposits215,604 210,041 200,897 192,725 95 101 
Total deposits269,867 276,096 221,678 218,286 2,748 2,897 
Total U.S. Bancorp shareholders’ equity21,277 22,839 14,247 15,770 9,959 9,442 
 Treasury and Corporate Support Consolidated Company
(Dollars in Millions)2024202320242023
Condensed Income Statement
Net interest income (taxable-equivalent basis)$(394)$(466)$4,166 $4,268 
Noninterest income79 261 2,698 (b)2,764 (b)
Total net revenue(315)(205)6,864 (c)7,032 (c)
Noninterest expense129 463 4,204 4,530 
Income (loss) before provision and income taxes(444)(668)2,660 2,502 
Provision for credit losses41 (27)557 515 
Income (loss) before income taxes(485)(641)2,103 1,987 
Income taxes and taxable-equivalent adjustment(267)(194)381 463 
Net income (loss)(218)(447)1,722 1,524 
Net (income) loss attributable to noncontrolling interests(8)(1)(8)(1)
Net income (loss) attributable to U.S. Bancorp$(226)$(448)$1,714 $1,523 
Average Balance Sheet
Loans$5,280 $4,765 $374,070 $376,877 
Other earning assets219,624 219,217 233,110 228,368 
Goodwill— — 12,521 12,486 
Other intangible assets9 10 5,635 6,425 
Assets248,305 240,432 664,640 663,999 
Noninterest-bearing deposits3,242 3,112 80,939 97,524 
Interest-bearing deposits11,222 11,900 427,818 414,767 
Total deposits14,464 15,012 508,757 512,291 
Total U.S. Bancorp shareholders’ equity12,800 5,766 58,283 53,817 
(a)Presented net of related rewards and rebate costs and certain partner payments of $796 million and $762 million for the three months ended September 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 September 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 $185 million of revenue for the three months ended September 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
Business segment results for the nine months ended September 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)$5,711 $5,884 $5,737 $6,730 $2,102 $1,933 
Noninterest income3,387 3,120 1,239 1,265 3,146  (a) 3,026  (a)
Total net revenue9,098 9,004 6,976 7,995 5,248 4,959 
Noninterest expense4,135 4,073 4,977 5,246 3,040 2,871 
Income (loss) before provision and income taxes4,963 4,931 1,999 2,749 2,208 2,088 
Provision for credit losses335 271 102 30 1,151 933 
Income (loss) before income taxes4,628 4,660 1,897 2,719 1,057 1,155 
Income taxes and taxable-equivalent adjustment1,158 1,165 475 680 265 288 
Net income (loss)3,470 3,495 1,422 2,039 792 867 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$3,470 $3,495 $1,422 $2,039 $792 $867 
  
Average Balance Sheet      
Loans$172,249 $177,161 $155,073 $164,050 $40,766 $37,942 
Other earning assets9,693 6,386 2,300 2,462 92 126 
Goodwill4,825 4,634 4,326 4,514 3,343 3,326 
Other intangible assets1,007 972 4,611 5,378 282 361 
Assets200,912 203,442 168,954 181,735 46,707 43,926 
Noninterest-bearing deposits56,650 73,789 21,068 33,599 2,716 3,052 
Interest-bearing deposits213,572 201,805 200,719 182,267 96 104 
Total deposits270,222 275,594 221,787 215,866 2,812 3,156 
Total U.S. Bancorp shareholders’ equity21,506 22,249 14,552 16,246 9,955 9,181 
 
 Treasury and Corporate Support Consolidated Company  
(Dollars in Millions)202420232024 2023 
Condensed Income Statement     
Net interest income (taxable-equivalent basis)$(1,317)$(1,162)$12,233  $13,385 
Noninterest income441 586 8,213 (b)7,997 (b)
Total net revenue(876)(576)20,446 (c)21,382 (c)
Noninterest expense725 1,464 12,877 13,654 
Income (loss) before provision and income taxes(1,601)(2,040)7,569  7,728 
Provision for credit losses90 529 1,678  1,763 
Income (loss) before income taxes(1,691)(2,569)5,891  5,965 
Income taxes and taxable-equivalent adjustment(666)(765)1,232  1,368 
Net income (loss)(1,025)(1,804)4,659  4,597 
Net (income) loss attributable to noncontrolling interests(23)(15)(23) (15)
Net income (loss) attributable to U.S. Bancorp$(1,048)$(1,819)$4,636  $4,582 
Average Balance Sheet     
Loans$5,190 $4,959 $373,278  $384,112 
Other earning assets218,717 215,805 230,802  224,779 
Goodwill— — 12,494  12,474 
Other intangible assets9 19 5,909  6,730 
Assets244,790 238,378 661,363  667,481 
Noninterest-bearing deposits2,606 3,116 83,040  113,556 
Interest-bearing deposits11,149 8,901 425,536  393,077 
Total deposits13,755 12,017 508,576  506,633 
Total U.S. Bancorp shareholders’ equity10,653 5,764 56,666  53,440 
(a)Presented net of related rewards and rebate costs and certain partner payments of $2.3 billion and $2.2 billion for the nine months ended September 30, 2024 and 2023, respectively.
(b)Includes revenue generated from certain contracts with customers of $6.8 billion and $6.6 billion for the nine months ended September 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 $577 million and $554 million of revenue for the nine months ended September 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.
v3.24.3
Investment Securities - Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost $ 80,025 $ 84,045
Unrealized Gains 56 12
Unrealized Losses (8,666) (9,969)
Fair Value 71,415 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 (16) (35)
Fair Value 1,280 1,310
Residential mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 76,788 80,997
Unrealized Gains 22 6
Unrealized Losses (8,648) (9,929)
Fair Value 68,162 71,074
Commercial mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,699 1,695
Unrealized Gains 31 6
Unrealized Losses (2) (5)
Fair Value 1,728 1,696
Other    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 242 8
Unrealized Gains 3 0
Unrealized Losses 0 0
Fair Value $ 245 $ 8
v3.24.3
Investment Securities - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 87,398 $ 76,602
Unrealized Gains 158 173
Unrealized Losses (5,852) (7,069)
Fair Value [1] 81,704 69,706
Portfolio level basis adjustments, Amortized Cost 525 335
Portfolio level basis adjustments, Unrealized Losses (525) (335)
U.S. Treasury and agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 31,201 21,768
Unrealized Gains 1 8
Unrealized Losses (1,803) (2,234)
Fair Value 29,399 19,542
Residential mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 29,247 28,185
Unrealized Gains 94 104
Unrealized Losses (1,575) (2,211)
Fair Value 27,766 26,078
Commercial mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 8,681 8,703
Unrealized Gains 0 0
Unrealized Losses (1,076) (1,360)
Fair Value 7,605 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 6,757 6,713
Unrealized Gains 31 25
Unrealized Losses 0 (14)
Fair Value 6,788 6,724
Obligations of state and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 10,732 10,867
Unrealized Gains 29 36
Unrealized Losses (873) (914)
Fair Value 9,888 9,989
Other    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 248 24
Unrealized Gains 3 0
Unrealized Losses 0 0
Fair Value 251 24
Excluding portfolio level basis adjustments    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 86,873 76,267
Unrealized Gains 158 173
Unrealized Losses (5,327) (6,734)
Fair Value $ 81,704 $ 69,706
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities [1] $ 81,704 $ 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 21,500 20,500
Asset Pledged as Collateral with Right    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities $ 313 $ 338
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Investment Securities - Interest Income from Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Taxable $ 1,241 $ 1,074 $ 3,558 $ 3,067
Non-taxable 75 78 227 236
Total interest income from investment securities $ 1,316 $ 1,152 $ 3,785 $ 3,303
v3.24.3
Investment Securities - Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Realized gains $ 115 $ 0 $ 118 $ 65
Realized losses (234) 0 (271) (94)
Net realized gains (losses) (119) 0 (153) (29)
Income tax (benefit) on net realized gains (losses) $ (31) $ 0 $ (39) $ (7)
v3.24.3
Investment Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value $ 13,303
Less Than 12 Months, Unrealized Losses (27)
12 Months or Greater, Fair Value 51,085
12 Months or Greater, Unrealized Losses (5,300)
Total, Fair Value 64,388
Total, Unrealized Losses (5,327)
U.S. Treasury and agencies  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 11,842
Less Than 12 Months, Unrealized Losses (23)
12 Months or Greater, Fair Value 17,500
12 Months or Greater, Unrealized Losses (1,780)
Total, Fair Value 29,342
Total, Unrealized Losses (1,803)
Residential mortgage-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 712
Less Than 12 Months, Unrealized Losses (2)
12 Months or Greater, Fair Value 16,836
12 Months or Greater, Unrealized Losses (1,573)
Total, Fair Value 17,548
Total, Unrealized Losses (1,575)
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 7,605
12 Months or Greater, Unrealized Losses (1,076)
Total, Fair Value 7,605
Total, Unrealized Losses (1,076)
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 160
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 1,361
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 1,521
Total, Unrealized Losses 0
Obligations of state and political subdivisions  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 589
Less Than 12 Months, Unrealized Losses (2)
12 Months or Greater, Fair Value 7,772
12 Months or Greater, Unrealized Losses (871)
Total, Fair Value 8,361
Total, Unrealized Losses (873)
Other  
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 4
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 4
Total, Unrealized Losses $ 0
v3.24.3
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Amortized Cost          
Amortized Cost $ 80,025   $ 80,025   $ 84,045
Fair Value          
Fair Value $ 71,415   $ 71,415   $ 74,088
Weighted- Average Maturity in Years          
Total     8 years 2 months 12 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 $ 86,873   $ 86,873    
Fair Value          
Fair Value [1] $ 81,704   $ 81,704   $ 69,706
Weighted- Average Maturity in Years          
Total     6 years   6 years 3 months 18 days
Weighted-Average Yield          
Total 3.26%   3.26%   3.12%
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Portfolio basis adjustments excluded from amortized cost $ 525   $ 525    
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 644   644    
Maturing after one year through five years 636   636    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 1,280   $ 1,280   1,310
Weighted- Average Maturity in Years          
Maturing in one year or less     7 months 6 days    
Maturing after one year through five years     2 years 7 months 6 days    
Total     1 year 7 months 6 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     2 months 12 days    
Amortized Cost          
Maturing in one year or less $ 11   $ 11    
Maturing after one year through five years 15,218   15,218    
Maturing after five years through ten years 15,215   15,215    
Maturing after ten years 757   757    
Amortized Cost 31,201   31,201    
Fair Value          
Maturing in one year or less 11   11    
Maturing after one year through five years 14,601   14,601    
Maturing after five years through ten years 14,187   14,187    
Maturing after ten years 600   600    
Fair Value $ 29,399   $ 29,399   19,542
Weighted- Average Maturity in Years          
Maturing in one year or less     2 months 12 days    
Maturing after one year through five years     3 years 6 months    
Maturing after five years through ten years     6 years 8 months 12 days    
Maturing after ten years     10 years 9 months 18 days    
Total     5 years 2 months 12 days    
Weighted-Average Yield          
Maturing in one year or less 5.14%   5.14%    
Maturing after one year through five years 2.40%   2.40%    
Maturing after five years through ten years 2.73%   2.73%    
Maturing after ten years 1.92%   1.92%    
Total 2.55%   2.55%    
Mortgage-backed securities          
Amortized Cost          
Maturing in one year or less $ 40   $ 40    
Maturing after one year through five years 2,148   2,148    
Maturing after five years through ten years 76,190   76,190    
Maturing after ten years 109   109    
Amortized Cost 78,487   78,487    
Fair Value          
Maturing in one year or less 40   40    
Maturing after one year through five years 2,179   2,179    
Maturing after five years through ten years 67,559   67,559    
Maturing after ten years 112   112    
Fair Value $ 69,890   $ 69,890    
Weighted- Average Maturity in Years          
Maturing in one year or less     9 months 18 days    
Maturing after one year through five years     3 years 6 months    
Maturing after five years through ten years     8 years 4 months 24 days    
Maturing after ten years     11 years    
Total     8 years 3 months 18 days    
Weighted-Average Yield          
Maturing in one year or less 4.47%   4.47%    
Maturing after one year through five years 4.55%   4.55%    
Maturing after five years through ten years 2.11%   2.11%    
Maturing after ten years 4.49%   4.49%    
Total 2.18%   2.18%    
Maturing in one year or less     8 months 12 days    
Amortized Cost          
Maturing in one year or less $ 39   $ 39    
Maturing after one year through five years 13,326   13,326    
Maturing after five years through ten years 24,261   24,261    
Maturing after ten years 309   309    
Amortized Cost 37,935   37,935    
Fair Value          
Maturing in one year or less 39   39    
Maturing after one year through five years 13,123   13,123    
Maturing after five years through ten years 21,924   21,924    
Maturing after ten years 292   292    
Fair Value $ 35,378   $ 35,378    
Weighted- Average Maturity in Years          
Maturing in one year or less     8 months 12 days    
Maturing after one year through five years     3 years 9 months 18 days    
Maturing after five years through ten years     7 years 1 month 6 days    
Maturing after ten years     11 years 6 months    
Total     6 years    
Weighted-Average Yield          
Maturing in one year or less 2.11%   2.11%    
Maturing after one year through five years 4.29%   4.29%    
Maturing after five years through ten years 2.93%   2.93%    
Maturing after ten years 5.64%   5.64%    
Total 3.42%   3.42%    
Asset-backed securities          
Amortized Cost          
Maturing in one year or less $ 0   $ 0    
Maturing after one year through five years 4,147   4,147    
Maturing after five years through ten years 2,610   2,610    
Maturing after ten years 0   0    
Amortized Cost 6,757   6,757    
Fair Value          
Maturing in one year or less 0   0    
Maturing after one year through five years 4,170   4,170    
Maturing after five years through ten years 2,618   2,618    
Maturing after ten years 0   0    
Fair Value $ 6,788   $ 6,788   6,724
Weighted- Average Maturity in Years          
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     3 years 4 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 0.00%   0.00%    
Maturing after one year through five years 4.98%   4.98%    
Maturing after five years through ten years 6.53%   6.53%    
Maturing after ten years 0.00%   0.00%    
Total 5.58%   5.58%    
Obligations of state and political subdivisions          
Weighted-Average Yield          
Maturing in one year or less     6 months    
Amortized Cost          
Maturing in one year or less $ 284   $ 284    
Maturing after one year through five years 3,111   3,111    
Maturing after five years through ten years 1,546   1,546    
Maturing after ten years 5,791   5,791    
Amortized Cost 10,732   10,732    
Fair Value          
Maturing in one year or less 283   283    
Maturing after one year through five years 3,103   3,103    
Maturing after five years through ten years 1,491   1,491    
Maturing after ten years 5,011   5,011    
Fair Value $ 9,888   $ 9,888   9,989
Weighted- Average Maturity in Years          
Maturing in one year or less     6 months    
Maturing after one year through five years     2 years 7 months 6 days    
Maturing after five years through ten years     7 years 2 months 12 days    
Maturing after ten years     14 years 10 months 24 days    
Total     9 years 10 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 5.10%   5.10%    
Maturing after one year through five years 4.57%   4.57%    
Maturing after five years through ten years 3.49%   3.49%    
Maturing after ten years 2.41%   2.41%    
Total 3.25%   3.25%    
Other          
Amortized Cost          
Maturing in one year or less $ 17   $ 17    
Maturing after one year through five years 225   225    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 242   242   8
Fair Value          
Maturing in one year or less 17   17    
Maturing after one year through five years 228   228    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 245   $ 245   8
Weighted- Average Maturity in Years          
Maturing in one year or less     6 months    
Maturing after one year through five years     2 years 6 months    
Total     2 years 4 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 3.24%   3.24%    
Maturing after one year through five years 2.71%   2.71%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 2.75%   2.75%    
Maturing in one year or less     10 months 24 days    
Amortized Cost          
Maturing in one year or less $ 49   $ 49    
Maturing after one year through five years 199   199    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 248   248    
Fair Value          
Maturing in one year or less 49   49    
Maturing after one year through five years 202   202    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 251   $ 251   $ 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     1 year 8 months 12 days    
Weighted-Average Yield          
Maturing in one year or less 4.66%   4.66%    
Maturing after one year through five years 5.01%   5.01%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 4.94%   4.94%    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 374,164 $ 373,835
Percent of Total 100.00% 100.00%
Commercial | Total commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 133,638 $ 131,881
Percent of Total 35.70% 35.30%
Commercial | Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 129,434 $ 127,676
Percent of Total 34.60% 34.20%
Commercial | Lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,204 $ 4,205
Percent of Total 1.10% 1.10%
Commercial | Total commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 50,619 $ 53,455
Percent of Total 13.50% 14.30%
Commercial | Commercial mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 39,602 $ 41,934
Percent of Total 10.60% 11.20%
Commercial | Construction and development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 11,017 $ 11,521
Percent of Total 2.90% 3.10%
Consumer | Total residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 118,034 $ 115,530
Percent of Total 31.50% 30.90%
Consumer | Residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 111,790 $ 108,605
Percent of Total 29.90% 29.00%
Consumer | Home equity loans, first liens    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 6,244 $ 6,925
Percent of Total 1.60% 1.90%
Consumer | Credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 29,037 $ 28,560
Percent of Total 7.80% 7.60%
Consumer | Total other retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 42,836 $ 44,409
Percent of Total 11.50% 11.90%
Consumer | Retail leasing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,038 $ 4,135
Percent of Total 1.10% 1.10%
Consumer | Home equity and second mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 13,364 $ 13,056
Percent of Total 3.60% 3.50%
Consumer | Revolving credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 3,644 $ 3,668
Percent of Total 1.00% 1.00%
Consumer | Installment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 14,482 $ 13,889
Percent of Total 3.90% 3.70%
Consumer | Automobile    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 7,308 $ 9,661
Percent of Total 1.90% 2.60%
v3.24.3
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans pledged at the Federal Home Loan Bank $ 366,604   $ 366,604   $ 366,456
Loans pledged at the Federal Reserve Bank 84,400   84,400   82,800
Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans $ 2,600   $ 2,600   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 $ 21   $ 21   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 47   47   47
Residential mortgage loans secured by residential real estate in process of foreclosure 587   587   728
Modified loans 1,540 $ 1,441 3,661 $ 2,946  
Commitments to lend $ 437   437    
Trial Modifications          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Modified loans     $ 142    
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 $ 363   $ 363   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 $ 135 $ 117 $ 332 $ 269  
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 $ 127,400   $ 127,400   $ 123,100
v3.24.3
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 7,934 $ 7,695 $ 7,839 $ 7,404
Allowance for acquired credit losses       127
Provision for credit losses 557 515 1,678 1,763
Loans charged-off 669 508 1,916 1,732
Less recoveries of loans charged-off (105) (88) (326) (290)
Net loan charge-offs (recoveries) 564 420 1,590 1,442
Balance at end of period 7,927 7,790 7,927 7,790
Add        
Allowance for acquired credit losses       127
Provision for credit losses 557 515 1,678 1,763
Deduct        
Loans charged-off 669 508 1,916 1,732
Less recoveries of loans charged-off (105) (88) (326) (290)
Net loan charge-offs (recoveries) 564 420 1,590 1,442
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 2,180 2,209 2,119 2,163
Allowance for acquired credit losses       0
Provision for credit losses 155 (14) 475 169
Loans charged-off 165 110 484 283
Less recoveries of loans charged-off (18) (18) (78) (54)
Net loan charge-offs (recoveries) 147 92 406 229
Balance at end of period 2,188 2,103 2,188 2,103
Add        
Allowance for acquired credit losses       0
Provision for credit losses 155 (14) 475 169
Deduct        
Loans charged-off 165 110 484 283
Less recoveries of loans charged-off (18) (18) (78) (54)
Net loan charge-offs (recoveries) 147 92 406 229
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 1,596 1,473 1,620 1,325
Allowance for acquired credit losses       127
Provision for credit losses 49 266 82 430
Loans charged-off 80 51 152 205
Less recoveries of loans charged-off (10) (2) (25) (13)
Net loan charge-offs (recoveries) 70 49 127 192
Balance at end of period 1,575 1,690 1,575 1,690
Add        
Allowance for acquired credit losses       127
Provision for credit losses 49 266 82 430
Deduct        
Loans charged-off 80 51 152 205
Less recoveries of loans charged-off (10) (2) (25) (13)
Net loan charge-offs (recoveries) 70 49 127 192
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 836 899 827 926
Allowance for acquired credit losses       0
Provision for credit losses (36) (49) (31) 68
Loans charged-off 3 1 10 126
Less recoveries of loans charged-off (6) (4) (17) (16)
Net loan charge-offs (recoveries) (3) (3) (7) 110
Balance at end of period 803 853 803 853
Add        
Allowance for acquired credit losses       0
Provision for credit losses (36) (49) (31) 68
Deduct        
Loans charged-off 3 1 10 126
Less recoveries of loans charged-off (6) (4) (17) (16)
Net loan charge-offs (recoveries) (3) (3) (7) 110
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 2,498 2,185 2,403 2,020
Allowance for acquired credit losses       0
Provision for credit losses 349 285 1,055 851
Loans charged-off 347 259 1,042 716
Less recoveries of loans charged-off (48) (39) (132) (122)
Net loan charge-offs (recoveries) 299 220 910 594
Balance at end of period 2,548 2,250 2,548 2,250
Add        
Allowance for acquired credit losses       0
Provision for credit losses 349 285 1,055 851
Deduct        
Loans charged-off 347 259 1,042 716
Less recoveries of loans charged-off (48) (39) (132) (122)
Net loan charge-offs (recoveries) 299 220 910 594
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 824 929 870 970
Allowance for acquired credit losses       0
Provision for credit losses 40 27 97 245
Loans charged-off 74 87 228 402
Less recoveries of loans charged-off (23) (25) (74) (85)
Net loan charge-offs (recoveries) 51 62 154 317
Balance at end of period 813 894 813 894
Add        
Allowance for acquired credit losses       0
Provision for credit losses 40 27 97 245
Deduct        
Loans charged-off 74 87 228 402
Less recoveries of loans charged-off (23) (25) (74) (85)
Net loan charge-offs (recoveries) $ 51 $ 62 $ 154 317
Consumer | Other retail | Change in accounting principle        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period       $ (4)
v3.24.3
Loans and Allowance for Credit Losses - Loans Charged-off (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]            
Originated in 2024/2023 $ 53 $ 47     $ 99 $ 100
Originated in 2023/2022 44 28     123 255
Originated in 2022/2021 83 57     220 144
Originated in 2021/2020 17 10     53 53
Originated in 2020/2019 8 10     27 56
Originated prior to 2020/2019 20 28     67 211
Revolving 444 328     1,327 885
Revolving converted to term           28
Total charge-offs 669 508     1,916 1,732
Commercial | Commercial            
Financing Receivable, Credit Quality Indicator [Line Items]            
Originated in 2024/2023 10 22     13 29
Originated in 2023/2022 16 11     68 51
Originated in 2022/2021 48 17     132 25
Originated in 2021/2020 8 4     23 14
Originated in 2020/2019 3 4     9 11
Originated prior to 2020/2019 10 10     31 38
Revolving 70 42     208 115
Revolving converted to term           0
Total charge-offs 165 110     484 283
Commercial | Commercial real estate            
Financing Receivable, Credit Quality Indicator [Line Items]            
Originated in 2024/2023 39 20     80 20
Originated in 2023/2022 15 0     21 88
Originated in 2022/2021 23 27     47 44
Originated in 2021/2020 0 0     0 0
Originated in 2020/2019 1 0     1 3
Originated prior to 2020/2019 2 4     3 50
Revolving 0 0     0 0
Revolving converted to term           0
Total charge-offs 80 51     152 205
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 0     2 5
Originated in 2021/2020 0 0     0 8
Originated in 2020/2019 0 0     0 16
Originated prior to 2020/2019 2 1     8 97
Revolving 0 0     0 0
Revolving converted to term           0
Total charge-offs 3 1     10 126
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 347 259     1,042 716
Revolving converted to term           0
Total charge-offs 347 259     1,042 716
Consumer | Other retail            
Financing Receivable, Credit Quality Indicator [Line Items]            
Originated in 2024/2023 4 5     6 51
Originated in 2023/2022 13 17     34 116
Originated in 2022/2021 11 13     39 70
Originated in 2021/2020 9 6     30 31
Originated in 2020/2019 4 6     17 26
Originated prior to 2020/2019 6 13     25 26
Revolving 27 27     77 54
Revolving converted to term           28
Total charge-offs $ 74 $ 87     $ 228 $ 402
Financing receivables charge off relating to balance sheet repositioning and capital management actions     $ 192      
v3.24.3
Loans and Allowance for Credit Losses - Loans by Portfolio Class, Including Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans $ 374,164 $ 374,164   $ 373,835
Loans purchased from GNMA mortgage pools        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Interest income on nonperforming loans 5 16 $ 12  
Nonperforming        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 1,809 1,809   1,449
Current        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 370,382 370,382   370,316
30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 1,235 1,235   1,372
90 Days or More Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 738 738   698
Commercial | Commercial        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 133,638 133,638   131,881
Commercial | Commercial | Nonperforming        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 585 585   376
Commercial | Commercial | Current        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 132,626 132,626   130,925
Commercial | Commercial | 30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 335 335   464
Commercial | Commercial | 90 Days or More Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 92 92   116
Commercial | Commercial real estate        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 50,619 50,619   53,455
Commercial | Commercial real estate | Nonperforming        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 925 925   777
Commercial | Commercial real estate | Current        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 49,604 49,604   52,619
Commercial | Commercial real estate | 30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 81 81   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 118,034 118,034   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 607 607   595
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current 2,000 2,000   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 117,530 117,530   115,067
Consumer | Residential mortgages | 30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 171 171   169
Consumer | Residential mortgages | 90 Days or More Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 179 179   136
Consumer | Credit card        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 29,037 29,037   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 28,215 28,215   27,779
Consumer | Credit card | 30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 426 426   406
Consumer | Credit card | 90 Days or More Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 396 396   375
Consumer | Other retail        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 42,836 42,836   44,409
Consumer | Other retail | Nonperforming        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 145 145   138
Consumer | Other retail | Current        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 42,407 42,407   43,926
Consumer | Other retail | 30-89 Days Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans 222 222   278
Consumer | Other retail | 90 Days or More Past Due        
Financing Receivable, Recorded Investment, Past Due [Line Items]        
Total loans $ 62 $ 62   $ 67
v3.24.3
Loans and Allowance for Credit Losses - Loans by Portfolio Class and Internal Credit Quality Rating (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Loans by origination year          
Total loans $ 374,164   $ 374,164   $ 373,835
Total outstanding commitments 786,855   786,855   778,392
Modified loans 1,540 $ 1,441 3,661 $ 2,946  
Pass          
Loans by origination year          
Total loans 361,434   361,434   361,687
Total outstanding commitments 770,528   770,528   762,869
Total Criticized          
Loans by origination year          
Total loans 12,730   12,730   12,148
Total outstanding commitments 16,327   16,327   15,523
Special Mention          
Loans by origination year          
Total loans 2,949   2,949   3,564
Total outstanding commitments 4,499   4,499   5,053
Classified          
Loans by origination year          
Total loans 9,781   9,781   8,584
Total outstanding commitments 11,828   11,828   10,470
Loans purchased from GNMA mortgage pools          
Loans by origination year          
Modified loans 588 657 1,640 1,492  
Commercial | Commercial          
Loans by origination year          
Originated in 2024/2023 41,241   41,241   44,706
Originated in 2023/2022 24,306   24,306   40,982
Originated in 2022/2021 24,589   24,589   9,490
Originated in 2021/2020 6,147   6,147   3,332
Originated in 2020 3,102   3,102    
Originated prior to 2020 4,516   4,516    
Originated prior to 2020         5,542
Revolving 29,737   29,737   27,829
Total loans 133,638   133,638   131,881
Modified loans 318 114 666 249  
Commercial | Commercial | Pass          
Loans by origination year          
Originated in 2024/2023 39,799   39,799   43,023
Originated in 2023/2022 23,359   23,359   40,076
Originated in 2022/2021 23,723   23,723   9,219
Originated in 2021/2020 5,918   5,918   3,169
Originated in 2020 2,962   2,962    
Originated prior to 2020 4,417   4,417    
Originated prior to 2020         5,303
Revolving 28,497   28,497   26,213
Total loans 128,675   128,675   127,003
Commercial | Commercial | Total Criticized          
Loans by origination year          
Originated in 2024/2023 1,442   1,442   1,683
Originated in 2023/2022 947   947   906
Originated in 2022/2021 866   866   271
Originated in 2021/2020 229   229   163
Originated in 2020 140   140    
Originated prior to 2020 99   99    
Originated prior to 2020         239
Revolving 1,240   1,240   1,616
Total loans 4,963   4,963   4,878
Commercial | Commercial | Special Mention          
Loans by origination year          
Originated in 2024/2023 636   636   827
Originated in 2023/2022 276   276   274
Originated in 2022/2021 169   169   117
Originated in 2021/2020 129   129   92
Originated in 2020 63   63    
Originated prior to 2020 13   13    
Originated prior to 2020         30
Revolving 263   263   362
Total loans 1,549   1,549   1,702
Commercial | Commercial | Classified          
Loans by origination year          
Originated in 2024/2023 806   806   856
Originated in 2023/2022 671   671   632
Originated in 2022/2021 697   697   154
Originated in 2021/2020 100   100   71
Originated in 2020 77   77    
Originated prior to 2020 86   86    
Originated prior to 2020         209
Revolving 977   977   1,254
Total loans 3,414   3,414   3,176
Commercial | Commercial real estate          
Loans by origination year          
Originated in 2024/2023 8,866   8,866   11,519
Originated in 2023/2022 6,859   6,859   13,354
Originated in 2022/2021 11,991   11,991   10,120
Originated in 2021/2020 7,870   7,870   3,935
Originated in 2020 3,243   3,243    
Originated prior to 2020 9,590   9,590    
Originated prior to 2020         11,836
Revolving 2,198   2,198   2,689
Revolving converted to term 2   2   2
Total loans 50,619   50,619   53,455
Modified loans 428 435 837 536  
Commercial | Commercial real estate | Pass          
Loans by origination year          
Originated in 2024/2023 7,190   7,190   8,848
Originated in 2023/2022 5,466   5,466   11,831
Originated in 2022/2021 9,964   9,964   9,235
Originated in 2021/2020 7,182   7,182   3,797
Originated in 2020 3,081   3,081    
Originated prior to 2020 8,775   8,775    
Originated prior to 2020         10,759
Revolving 2,144   2,144   2,613
Revolving converted to term 2   2   2
Total loans 43,804   43,804   47,085
Commercial | Commercial real estate | Total Criticized          
Loans by origination year          
Originated in 2024/2023 1,676   1,676   2,671
Originated in 2023/2022 1,393   1,393   1,523
Originated in 2022/2021 2,027   2,027   885
Originated in 2021/2020 688   688   138
Originated in 2020 162   162    
Originated prior to 2020 815   815    
Originated prior to 2020         1,077
Revolving 54   54   76
Revolving converted to term 0   0   0
Total loans 6,815   6,815   6,370
Commercial | Commercial real estate | Special Mention          
Loans by origination year          
Originated in 2024/2023 260   260   465
Originated in 2023/2022 102   102   382
Originated in 2022/2021 688   688   500
Originated in 2021/2020 183   183   51
Originated in 2020 43   43    
Originated prior to 2020 124   124    
Originated prior to 2020         458
Revolving 0   0   6
Revolving converted to term 0   0   0
Total loans 1,400   1,400   1,862
Commercial | Commercial real estate | Classified          
Loans by origination year          
Originated in 2024/2023 1,416   1,416   2,206
Originated in 2023/2022 1,291   1,291   1,141
Originated in 2022/2021 1,339   1,339   385
Originated in 2021/2020 505   505   87
Originated in 2020 119   119    
Originated prior to 2020 691   691    
Originated prior to 2020         619
Revolving 54   54   70
Revolving converted to term 0   0   0
Total loans 5,415   5,415   4,508
Consumer | Residential mortgages          
Loans by origination year          
Originated in 2024/2023 7,591   7,591   9,739
Originated in 2023/2022 9,125   9,125   29,163
Originated in 2022/2021 28,786   28,786   36,381
Originated in 2021/2020 35,179   35,179   14,782
Originated in 2020 13,994   13,994    
Originated prior to 2020 23,359   23,359    
Originated prior to 2020         25,464
Revolving 0   0   1
Total loans 118,034   118,034   115,530
Modified loans 31 65 77 259  
Consumer | Residential mortgages | Pass          
Loans by origination year          
Originated in 2024/2023 7,590   7,590   9,734
Originated in 2023/2022 9,115   9,115   29,146
Originated in 2022/2021 28,756   28,756   36,365
Originated in 2021/2020 35,150   35,150   14,773
Originated in 2020 13,978   13,978    
Originated prior to 2020 23,105   23,105    
Originated prior to 2020         25,202
Revolving 0   0   1
Total loans 117,694   117,694   115,221
Consumer | Residential mortgages | Total Criticized          
Loans by origination year          
Originated in 2024/2023 1   1   5
Originated in 2023/2022 10   10   17
Originated in 2022/2021 30   30   16
Originated in 2021/2020 29   29   9
Originated in 2020 16   16    
Originated prior to 2020 254   254    
Originated prior to 2020         262
Revolving 0   0   0
Total loans 340   340   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 10   10   17
Originated in 2022/2021 30   30   16
Originated in 2021/2020 29   29   9
Originated in 2020 16   16    
Originated prior to 2020 254   254    
Originated prior to 2020         262
Revolving 0   0   0
Total loans 340   340   309
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools | Pass          
Loans by origination year          
Loans 90 days or more past due 2,000   2,000   2,000
Modified loans     1,400   1,200
Consumer | Credit card          
Loans by origination year          
Total loans 29,037   29,037   28,560
Modified loans 135 117 332 269  
Consumer | Credit card | Pass          
Loans by origination year          
Total loans 28,641   28,641   28,185
Consumer | Credit card | Total Criticized          
Loans by origination year          
Total loans 396   396   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 396   396   375
Consumer | Other retail          
Loans by origination year          
Originated in 2024/2023 6,024   6,024   5,188
Originated in 2023/2022 4,259   4,259   5,619
Originated in 2022/2021 4,467   4,467   10,413
Originated in 2021/2020 7,431   7,431   4,550
Originated in 2020 3,036   3,036    
Originated prior to 2020 3,075   3,075    
Originated prior to 2020         4,028
Revolving 13,775   13,775   13,824
Revolving converted to term 769   769   787
Total loans 42,836   42,836   44,409
Modified loans 40 $ 53 109 $ 141  
Consumer | Other retail | Pass          
Loans by origination year          
Originated in 2024/2023 6,021   6,021   5,184
Originated in 2023/2022 4,251   4,251   5,607
Originated in 2022/2021 4,455   4,455   10,398
Originated in 2021/2020 7,415   7,415   4,541
Originated in 2020 3,031   3,031    
Originated prior to 2020 3,059   3,059    
Originated prior to 2020         4,008
Revolving 13,663   13,663   13,720
Revolving converted to term 725   725   735
Total loans 42,620   42,620   44,193
Consumer | Other retail | Total Criticized          
Loans by origination year          
Originated in 2024/2023 3   3   4
Originated in 2023/2022 8   8   12
Originated in 2022/2021 12   12   15
Originated in 2021/2020 16   16   9
Originated in 2020 5   5    
Originated prior to 2020 16   16    
Originated prior to 2020         20
Revolving 112   112   104
Revolving converted to term 44   44   52
Total loans 216   216   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 0   0    
Originated prior to 2020         0
Revolving 0   0   0
Revolving converted to term 0   0   0
Total loans 0   0   0
Consumer | Other retail | Classified          
Loans by origination year          
Originated in 2024/2023 3   3   4
Originated in 2023/2022 8   8   12
Originated in 2022/2021 12   12   15
Originated in 2021/2020 16   16   9
Originated in 2020 5   5    
Originated prior to 2020 16   16    
Originated prior to 2020         20
Revolving 112   112   104
Revolving converted to term 44   44   52
Total loans $ 216   $ 216   $ 216
v3.24.3
Loans and Allowance for Credit Losses - Loans Modified by Modification Type (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Modified [Line Items]        
Modifications $ 1,540 $ 1,441 $ 3,661 $ 2,946
Percent of Class Total 0.40% 0.40% 1.00% 0.80%
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 161 $ 135 $ 449 $ 310
Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 414 525 1,151 1,262
Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 828 644 1,734 1,085
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 137 137 327 289
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 85 126 251 268
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 44 9 56 14
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 8 2 20 7
Total loans, excluding loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 952 $ 784 $ 2,021 $ 1,454
Percent of Class Total 0.30% 0.20% 0.50% 0.40%
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 161 $ 135 $ 448 $ 310
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 23 70 50 242
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 732 569 1,477 874
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 36 10 46 28
Loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 588 $ 657 $ 1,640 $ 1,492
Percent of Class Total 0.50% 0.60% 1.40% 1.30%
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 391 455 1,101 1,020
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 96 75 257 211
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 101 127 281 261
Commercial | Commercial        
Financing Receivable, Modified [Line Items]        
Modifications $ 318 $ 114 $ 666 $ 249
Percent of Class Total 0.20% 0.10% 0.50% 0.20%
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 26 $ 16 $ 63 $ 36
Commercial | Commercial | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 292 98 603 213
Commercial | Commercial | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial real estate        
Financing Receivable, Modified [Line Items]        
Modifications $ 428 $ 435 $ 837 $ 536
Percent of Class Total 0.80% 0.80% 1.70% 1.00%
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 0 $ 49 $ 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 401 426 761 527
Commercial | Commercial real estate | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 27 9 27 9
Consumer | Residential mortgages        
Financing Receivable, Modified [Line Items]        
Modifications $ 31 $ 65 $ 77 $ 259
Percent of Class Total 0.00% 0.10% 0.10% 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 21 58 46 221
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 3 6 15 21
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 7 1 16 17
Consumer | Credit card        
Financing Receivable, Modified [Line Items]        
Modifications $ 135 $ 117 $ 332 $ 269
Percent of Class Total 0.50% 0.40% 1.10% 1.00%
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 133 $ 117 $ 330 $ 268
Consumer | Credit card | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 2 0 2 1
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 $ 40 $ 53 $ 109 $ 141
Percent of Class Total 0.10% 0.10% 0.30% 0.30%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 2 $ 2 $ 6 $ 6
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 12 2 20
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 36 39 98 113
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications $ 2 $ 0 $ 3 $ 2
v3.24.3
Loans and Allowance for Credit Losses - Effects of Loan Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 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 0.40% 0.50% 0.50% 0.60%
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 109 months 121 months 113 months 98 months
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 20.50% 21.50% 20.20% 21.00%
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 9 months 13 months 9 months 10 months
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 4.40% 0.00% 3.10% 0.00%
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 12 months 11 months 12 months 10 months
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 1.10% 0.90% 0.90% 1.30%
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 92 months 99 months 88 months 109 months
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 16.20% 15.40% 16.30% 15.10%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 6.40% 9.10% 7.70% 7.80%
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 5 months 2 months 5 months 4 months
v3.24.3
Loans and Allowance for Credit Losses - Loan Modifications by Delinquency Status (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 4,027 $ 2,299
Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 3,213 1,957
30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 148 96
90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 666 246
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 770 248
Commercial | Commercial | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 556 223
Commercial | Commercial | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 55 11
Commercial | Commercial | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 159 14
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,209 537
Commercial | Commercial real estate | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 752 347
Commercial | Commercial real estate | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 2 1
Commercial | Commercial real estate | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 455 189
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,501 1,118
Consumer | Residential mortgages | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,487 1,089
Consumer | Residential mortgages | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 4 15
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 430 263
Consumer | Residential mortgages | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 10 14
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 265 64
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 405 268
Consumer | Credit card | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 298 192
Consumer | Credit card | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 70 54
Consumer | Credit card | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 37 22
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 142 128
Consumer | Other retail | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 120 106
Consumer | Other retail | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 17 15
Consumer | Other retail | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 5 $ 7
v3.24.3
Loans and Allowance for Credit Losses - Loan Modifications that Defaulted (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 42 $ 12 $ 114 $ 18
Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 99 24 167 28
Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 248 14 315 16
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 55 6 98 8
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 49 7 91 7
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 5   6  
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 1 1 1
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 42 12 114 18
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 2 4 13 5
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 198 5 235 6
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 0 4 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 97 20 154 23
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 50 9 80 10
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 54 6 94 7
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 8 2 20 3
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 13 0 13 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 180   204  
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 2 4 12 5
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 1 3 1
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 0 4 1
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 33 10 92 15
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 2 0
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 1 0
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 5 4 15 5
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 0 $ 0 $ 0 $ 0
v3.24.3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Tax credits related to tax-advantaged investments $ 141 $ 148 $ 424 $ 435  
Investment tax credits 133 238 311 474  
Expense related to tax-advantaged investments 135 $ 134 418 $ 399  
Investments in VIEs 686,469   686,469   $ 663,491
Available-for-sale securities [1] 81,704   81,704   69,706
Liabilities related to VIEs 627,148   627,148   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 79   79   86
Variable Interest Entity, Not Primary Beneficiary, Private Investment Funds and Partnerships          
Variable Interest Entity [Line Items]          
Investments in VIEs 257   257   219
Maximum exposure to loss 382   382   319
Variable Interest Entity, Not Primary Beneficiary, Securitization Vehicles | Senior Notes          
Variable Interest Entity [Line Items]          
Available-for-sale securities 3,700   3,700   5,300
Collateral held related to senior notes 4,200   4,200   6,100
Variable Interest Entity, Primary Beneficiary, Community Development and Tax-Advantaged Investments          
Variable Interest Entity [Line Items]          
Investments in VIEs 5,800   5,800   6,100
Liabilities related to VIEs 3,800   3,800   4,400
Variable Interest Entity, Primary Beneficiary, Tender Option Bond Program          
Variable Interest Entity [Line Items]          
Investments in VIEs 228   228   607
Liabilities related to VIEs $ 150   $ 150   $ 381
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Investments in Community Development and Tax-advantaged VIEs (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Investment carrying amount $ 686,469 $ 663,491
Unfunded capital and other commitments 627,148 607,720
Variable Interest Entity, Not Primary Beneficiary, Community Development and Tax-Advantaged Investments    
Variable Interest Entity [Line Items]    
Investment carrying amount 7,903 6,659
Unfunded capital and other commitments 4,575 3,619
Maximum exposure to loss $ 8,992 $ 9,002
v3.24.3
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Transfers and Servicing [Abstract]          
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset $ 215,300   $ 215,300   $ 233,400
Gain (loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs (10) $ (3) 11 $ (45)  
Loan servicing and ancillary fees $ 170 $ 176 $ 526 $ 553  
v3.24.3
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]        
Balance at beginning of period $ 3,326 $ 3,633 $ 3,377 $ 3,755
Rights purchased 0 1 1 3
Rights capitalized 72 106 191 301
Rights sold 1 (292) (188) (440)
Changes in fair value of MSRs        
Due to fluctuations in market interest rates (121) 219 27 265
Due to revised assumptions or models 3 16 44 0
Other changes in fair value (94) (101) (265) (302)
Balance at end of period $ 3,187 $ 3,582 $ 3,187 $ 3,582
v3.24.3
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 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 $ 381 $ 381
Fair value 50 basis points change 180 178
Fair value 25 basis points change 87 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 17 11
Fair value 50 basis points change 8 5
Fair value 25 basis points change 4 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 (364) (370)
Fair value 50 basis points change (172) (173)
Fair value 25 basis points change (83) (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 (287) (289)
Fair value 50 basis points change (151) (152)
Fair value 25 basis points change (78) (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 (16) (21)
Fair value 50 basis points change (3) (5)
Fair value 25 basis points change (1) (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 271 268
Fair value 50 basis points change 148 147
Fair value 25 basis points change $ 77 $ 77
v3.24.3
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]            
Fair value $ 3,187 $ 3,377 $ 3,326 $ 3,582 $ 3,633 $ 3,755
MSR portfolio            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio 214,993 225,338        
Fair value $ 3,187 $ 3,377        
Value (bps) 1.48% 1.50%        
Weighted-average servicing fees (bps) 0.30% 0.30%        
Multiple (value/servicing fees) 4.92 5.00        
Weighted-average note rate 4.12% 4.02%        
Weighted-average age (in years) 4 years 10 months 24 days 4 years 4 months 24 days        
Weighted-average expected prepayment (constant prepayment rate) 9.70% 9.60%        
Weighted-average expected life (in years) 6 years 10 months 24 days 7 years        
Weighted-average option adjusted spread 5.30% 4.90%        
MSR portfolio | HFA            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 51,526 $ 48,286        
Fair value $ 791 $ 769        
Value (bps) 1.54% 1.59%        
Weighted-average servicing fees (bps) 0.36% 0.36%        
Multiple (value/servicing fees) 4.32 4.45        
Weighted-average note rate 4.84% 4.56%        
Weighted-average age (in years) 4 years 6 months 4 years 3 months 18 days        
Weighted-average expected prepayment (constant prepayment rate) 11.00% 10.50%        
Weighted-average expected life (in years) 7 years 7 years 2 months 12 days        
Weighted-average option adjusted spread 5.90% 5.40%        
MSR portfolio | Government            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 25,506 $ 25,996        
Fair value $ 490 $ 507        
Value (bps) 1.92% 1.95%        
Weighted-average servicing fees (bps) 0.45% 0.44%        
Multiple (value/servicing fees) 4.30 4.41        
Weighted-average note rate 4.34% 4.23%        
Weighted-average age (in years) 5 years 10 months 24 days 5 years 6 months        
Weighted-average expected prepayment (constant prepayment rate) 11.30% 11.10%        
Weighted-average expected life (in years) 6 years 4 months 24 days 6 years 6 months        
Weighted-average option adjusted spread 6.20% 5.90%        
MSR portfolio | Conventional            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 137,961 $ 151,056        
Fair value $ 1,906 $ 2,101        
Value (bps) 1.38% 1.39%        
Weighted-average servicing fees (bps) 0.25% 0.26%        
Multiple (value/servicing fees) 5.44 5.41        
Weighted-average note rate 3.81% 3.81%        
Weighted-average age (in years) 4 years 10 months 24 days 4 years 3 months 18 days        
Weighted-average expected prepayment (constant prepayment rate) 8.90% 9.10%        
Weighted-average expected life (in years) 7 years 7 years        
Weighted-average option adjusted spread 4.80% 4.60%        
v3.24.3
Preferred Stock - Additional Information (Details) - shares
shares in Millions
Sep. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Preferred stock shares authorized (in shares) 50 50
v3.24.3
Preferred Stock - Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Sep. 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
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 56,885 $ 53,484 $ 55,771 $ 51,232
Changes in unrealized gains (losses) 1,297 (1,881) 1,048 (1,036)
Changes in unrealized gains (losses) 460 (349) 8 (610)
Changes in unrealized gains (losses) 0 (1) 0 0
Changes in unrealized gains (losses) 1,757 (2,231) 1,056 (1,646)
Foreign currency translation adjustment 12 3 16 21
Reclassification to earnings of realized (gains) losses 328 170 736 475
Applicable income taxes (535) 521 (458) 302
Ending Balance 59,321 53,578 59,321 53,578
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (10,308) (10,718) (10,096) (11,407)
Ending Balance (8,746) (12,255) (8,746) (12,255)
Unrealized Gains (Losses) on Investment Securities Available-for- Sale        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (5,310) (5,716) (5,151) (6,378)
Changes in unrealized gains (losses) 1,297 (1,881) 1,048 (1,036)
Reclassification to earnings of realized (gains) losses 119   153 29
Applicable income taxes (361) 474 (305) 262
Ending Balance (4,255) (7,123) (4,255) (7,123)
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 (3,354) (3,737) (3,537) (3,933)
Reclassification to earnings of realized (gains) losses 132 144 377 406
Applicable income taxes (33) (37) (95) (103)
Ending Balance (3,255) (3,630) (3,255) (3,630)
Unrealized Gains (Losses) on Derivative Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (482) (294) (242) (114)
Changes in unrealized gains (losses) 460 (349) 8 (610)
Reclassification to earnings of realized (gains) losses 77 28 206 46
Applicable income taxes (138) 82 (55) 145
Ending Balance (83) (533) (83) (533)
Unrealized Gains (Losses) on Retirement Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (1,138) (941) (1,138) (939)
Changes in unrealized gains (losses)   1    
Reclassification to earnings of realized (gains) losses   (2)   (6)
Applicable income taxes   2   3
Ending Balance (1,138) (942) (1,138) (942)
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (24) (30) (28) (43)
Foreign currency translation adjustment 12 3 16 21
Applicable income taxes (3)   (3) (5)
Ending Balance $ (15) $ (27) $ (15) $ (27)
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Securities gains (losses), net $ (119) $ 0 $ (153) $ (29)
Interest income 8,086 7,754 23,835 22,244
Net interest income 4,135 4,236 12,143 13,285
Other noninterest expense (289) (343) (1,061) (1,121)
Applicable income taxes (350) (431) (1,142) (1,268)
Net income 1,722 1,524 4,659 4,597
Reclassification Out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (244) (126) (549) (355)
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 (119) 0 (153) (29)
Applicable income taxes 31 0 39 7
Net income (88) 0 (114) (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 (132) (144) (377) (406)
Applicable income taxes 33 37 95 103
Net income (99) (107) (282) (303)
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 (77) (28) (206) (46)
Applicable income taxes 20 8 53 12
Net income (57) (20) (153) (34)
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 6
Applicable income taxes 0 (1) 0 (2)
Net income $ 0 $ 1 $ 0 $ 4
v3.24.3
Earnings Per Share - Components of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income attributable to U.S. Bancorp $ 1,714 $ 1,523 $ 4,636 $ 4,582
Preferred dividends (103) [1] (102) [2] (280) [3] (273) [4]
Earnings allocated to participating stock awards (10) (9) (28) (24)
Net income applicable to U.S. Bancorp common shareholders 1,601 1,412 4,328 4,285
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,601 $ 1,412 $ 4,328 $ 4,285
Average common shares outstanding (in shares) 1,561 1,548 1,560 1,538
Average diluted common shares outstanding (in shares) 1,561 1,549 1,561 1,538
Earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Net effect of the exercise and assumed purchase of stock awards (in shares) 0 1 1 0
[1] 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 $1,682.317, $393.746, $662.50, $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 J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,684.00, $394.167, $662.50, $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 $5,020.442, $1,175.194, $1,325.00, $1,031.25, $703.125, $750.00, $693.75 and $843.75, 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 $4,733.948, $1,103.862, $1,325.00, $1,031.25, $703.125, $750.00, $693.75 and $843.75, respectively.
v3.24.3
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2023
Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Options outstanding of common shares 1 3 3
v3.24.3
Employee Benefits (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 55 $ 56 $ 164 $ 168
Interest cost 94 93 282 278
Expected return on plan assets (146) (137) (438) (410)
Prior service cost (credit) amortization (1) 0 (3) (1)
Actuarial loss (gain) amortization 2 1 7 3
Net periodic benefit cost $ 4 $ 13 $ 12 $ 38
v3.24.3
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Federal        
Current $ 144 $ 416 $ 645 $ 1,076
Deferred 79 (51) 261 (50)
Federal income tax 223 365 906 1,026
State        
Current 105 62 214 277
Deferred 22 4 22 (35)
State income tax 127 66 236 242
Total income tax provision $ 350 $ 431 $ 1,142 $ 1,268
v3.24.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Net deferred tax asset $ 5.6   $ 5.6   $ 6.4
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Tax at statutory rate $ 435 $ 411 $ 1,218 $ 1,232
State income tax, at statutory rates, net of federal tax benefit 106 85 289 270
Tax credits and benefits, net of related expenses (140) (96) (284) (236)
Exam resolutions (1) 0 (98) 0
Tax-exempt income (38) (40) (105) (115)
Other items (12) 71 122 117
Total income tax provision $ 350 $ 431 $ 1,142 $ 1,268
v3.24.3
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 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) $ 83 $ 242
Estimated loss to be reclassified from other comprehensive income (loss) into earnings 86  
Fair value of derivatives under collateral agreements in a net liability position 1,600  
Collateral posted by company netted against net liability position 1,400  
Net investment hedges    
Derivative [Line Items]    
Non-derivative debt instruments $ 1,400 $ 1,300
v3.24.3
Derivative Instruments - Asset and Liability Management Derivative Positions (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Value $ 1,300,000  
Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 17 $ 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 111,371 91,328
Fair Value, Assets 378 312
Fair Value, Liabilities 208 241
Asset and Liability Management Positions | Swaps | Visa Class B Shares    
Derivative [Line Items]    
Fair Value, Liabilities 102 91
Derivative liability notional value 1,000 2,000
Asset and Liability Management Positions | Underwriting Purchase and Sale Commitments    
Derivative [Line Items]    
Notional Value 732 28
Asset and Liability Management Positions | Other    
Derivative [Line Items]    
Notional Value 1,841 2,136
Fair Value, Assets 9 11
Fair Value, Liabilities 105 93
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 11,532 7,029
Fair Value, Assets 162 9
Fair Value, Liabilities 1 3
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 2,792 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 6,046 5,006
Fair Value, Assets 12 29
Fair Value, Liabilities 13 5
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Sell/ Written    
Derivative [Line Items]    
Notional Value 5,887 4,501
Fair Value, Assets 5 7
Fair Value, Liabilities 14 34
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 6,560 6,085
Fair Value, Assets 163 237
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,494 3,696
Fair Value, Assets 21 14
Fair Value, Liabilities 40 75
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 713 734
Fair Value, Assets 1 2
Fair Value, Liabilities 2 5
Asset and Liability Management Positions | Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 282 227
Fair Value, Assets 5 2
Fair Value, Liabilities 0 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 27 0
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 12,450 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 31,831 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 24,500 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 885 854
Fair Value, Assets 0 0
Fair Value, Liabilities $ 6 $ 10
v3.24.3
Derivative Instruments - Customer-Related Derivative Positions (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Value $ 1,300,000  
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 111,371 $ 91,328
Fair Value, Assets 378 312
Fair Value, Liabilities 208 241
Customer-Related Positions    
Derivative [Line Items]    
Notional Value 1,182,451 1,119,842
Fair Value, Assets 5,988 6,219
Fair Value, Liabilities 6,396 8,068
Customer-Related Positions | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 406,992 363,375
Fair Value, Assets 1,664 791
Fair Value, Liabilities 2,968 4,395
Customer-Related Positions | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 372,912 330,539
Fair Value, Assets 1,287 1,817
Fair Value, Liabilities 526 280
Customer-Related Positions | Interest rate contracts | Other    
Derivative [Line Items]    
Notional Value 75,406 82,209
Fair Value, Assets 17 17
Fair Value, Liabilities 51 51
Customer-Related Positions | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 94,273 102,423
Fair Value, Assets 490 1,026
Fair Value, Liabilities 15 18
Customer-Related Positions | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 88,602 97,690
Fair Value, Assets 28 20
Fair Value, Liabilities 579 1,087
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps    
Derivative [Line Items]    
Notional Value 116,108 121,119
Fair Value, Assets 2,006 2,252
Fair Value, Liabilities 1,771 1,942
Customer-Related Positions | Foreign exchange options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 608 1,532
Fair Value, Assets 15 28
Fair Value, Liabilities 0 0
Customer-Related Positions | Foreign exchange options | Sell/ Written    
Derivative [Line Items]    
Notional Value 608 1,532
Fair Value, Assets 0 0
Fair Value, Liabilities 15 28
Customer-Related Positions | Commodity contracts | Swaps    
Derivative [Line Items]    
Notional Value 6,608 2,498
Fair Value, Assets 236 116
Fair Value, Liabilities 234 110
Customer-Related Positions | Commodity contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 152 0
Fair Value, Assets 25 0
Fair Value, Liabilities 16 0
Customer-Related Positions | Commodity options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 3,454 1,936
Fair Value, Assets 218 151
Fair Value, Liabilities 1 0
Customer-Related Positions | Commodity options | Sell/ Written    
Derivative [Line Items]    
Notional Value 3,453 1,936
Fair Value, Assets 1 0
Fair Value, Liabilities 216 151
Customer-Related Positions | Credit contracts    
Derivative [Line Items]    
Notional Value 13,258 13,053
Fair Value, Assets 1 1
Fair Value, Liabilities 4 6
Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 11,532 7,029
Fair Value, Assets 162 9
Fair Value, Liabilities 1 3
Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,792 3,801
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Other economic hedges | Interest rate contracts | Options | Buy/ Purchased | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 6,560 6,085
Fair Value, Assets 163 237
Fair Value, Liabilities 0 0
Other economic hedges | Interest rate contracts | Options | Sell/ Written | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,494 3,696
Fair Value, Assets 21 14
Fair Value, Liabilities 40 75
Other economic hedges | Credit contracts | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 3,558 2,620
Fair Value, Assets 0 1
Fair Value, Liabilities 27 0
Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 17 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Other economic hedges | Equity contracts | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 282 227
Fair Value, Assets 5 2
Fair Value, Liabilities $ 0 $ 0
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flow hedges | Interest rate contracts        
Cash flow hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ 342 $ (259) $ 6 $ (453)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (57) (20) (153) (34)
Net investment hedges | Foreign exchange forward contracts        
Net investment hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (19) 15 59 6
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) (56) 24 (15) 7
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest Income $ 8,086 $ 7,754 $ 23,835 $ 22,244
Interest Expense 3,951 3,518 11,692 8,959
Losses recognized in earnings related discontinuance of cash flow hedges 7 7 21 25
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 1,113 (431) 666 (589)
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 303 (359) 315 (232)
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 (1,108) 428 (663) 584
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 (302) 359 (314) 230
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 (70) (21) (185) (21)
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) $ (7) $ (21) $ (25)
v3.24.3
Derivative Instruments - Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Increase (decrease) in cumulative amount of basis adjustments $ 525 $ 335
Available-for-sale investment securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged assets 32,325 23,924
Cumulative hedging adjustment for hedged assets 677 (93)
Cumulative hedging adjustment asset related to discontinued hedging relationships (73) (18)
Carrying amount of assets related to discontinued hedging relationships 4,800 830
Amortized cost of the closed portfolios 17,600 15,600
Amortized cost of the closed portfolios designated as hedged 11,600 9,600
Increase (decrease) in cumulative amount of basis adjustments 525 335
Long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged liabilities 12,713 12,034
Cumulative hedging adjustment for hedged liabilities 258 (32)
Cumulative hedging adjustment liability related to discontinued hedging relationships (208) (116)
Carrying amount of liabilities related to discontinued hedging relationships $ 11,300 $ 7,200
v3.24.3
Derivative Instruments - Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Customer-Related Positions | Interest rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ 109 $ 7 $ 41 $ 7
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 (55) 103 165 198
Customer-Related Positions | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (3) 0 (3) (1)
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 70 19 126 118
Customer-Related Positions | Commodity contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 1 0 5 0
Customer-Related Positions | Commodity contracts | Futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 4 0 10 0
Customer-Related Positions | Commodity contracts | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (2) 3 (1) 5
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 18 (12) 56
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 64 74 112 89
Asset and Liability Management Positions | Other economic hedges | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 107 (241) 30 (221)
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (6) 8 2 (5)
Asset and Liability Management Positions | Other economic hedges | Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (2) (1) (4) (4)
Asset and Liability Management Positions | Other economic hedges | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (5) 3 (7) 3
Asset and Liability Management Positions | Other economic hedges | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ (1) $ 1 $ (70) $ 0
v3.24.3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 1,300,000
Over-the-Counter  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 571,300
Exchange Cleared  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 719,600
Exchange-Traded  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 2,900
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 7,571 $ 3,579
Securities loaned 165 290
Gross amount of recognized liabilities 7,736 3,869
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 7,447 3,534
Securities loaned 165 290
Gross amount of recognized liabilities 7,612 3,824
Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 124 45
Securities loaned 0 0
Gross amount of recognized liabilities 124 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 5,865 2,375
U.S. Treasury and agencies | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 5,865 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 0 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 312 338
Residential mortgage-backed securities | Overnight and Continuous | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 312 338
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 1,140 821
Securities loaned 165 290
Corporate debt securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 1,089 821
Securities loaned 165 290
Corporate debt securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 51 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 254 45
Asset-backed securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 181 0
Asset-backed securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 73 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
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Derivative assets    
Gross Recognized Assets $ 6,335 $ 6,504
Gross Amounts Offset on the Balance Sheet (2,878) (3,666)
Net Amounts Presented on the Consolidated Balance Sheet 3,457 2,838
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (107) (141)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (10) (3)
Net Amount 3,340 2,694
Reverse repurchase agreements    
Gross Recognized Assets 6,437 2,513
Net Amounts Presented on the Consolidated Balance Sheet 6,437 2,513
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (555) (568)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (5,874) (1,941)
Net Amount 8 4
Securities borrowed    
Gross Recognized Assets 1,927 1,802
Net Amounts Presented on the Consolidated Balance Sheet 1,927 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 (1,851) (1,717)
Net Amount 76 71
Total    
Gross Recognized Assets 14,699 10,819
Gross Amounts Offset on the Consolidated Balance Sheet (2,878) (3,666)
Net Amounts Presented on the Consolidated Balance Sheet 11,821 7,153
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (662) (723)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (7,735) (3,661)
Net Amount 3,424 2,769
Cash collateral netted against derivative assets 1,400 1,600
Derivative assets not subject to netting arrangements $ 31 $ 27
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Derivative liabilities    
Gross Recognized Liabilities $ 6,498 $ 8,217
Gross Amounts Offset on the Consolidated Balance Sheet (2,847) (3,720)
Net Amounts Presented on the Consolidated Balance Sheet 3,651 4,497
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (107) (141)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged 0 0
Net Amount 3,544 4,356
Repurchase agreements    
Gross Recognized Liabilities 7,571 3,579
Net Amounts Presented on the Consolidated Balance Sheet 7,571 3,579
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (555) (568)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (7,012) (3,008)
Net Amount 4 3
Securities loaned    
Securities loaned Gross recognized liabilities 165 290
Net Amounts Presented on the Consolidated Balance Sheet 165 290
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments 0 (14)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (161) (270)
Net Amount 4 6
Total    
Gross Recognized Liabilities 14,234 12,086
Gross Amounts Offset on the Consolidated Balance Sheet (2,847) (3,720)
Net Amounts Presented on the Consolidated Balance Sheet 11,387 8,366
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (662) (723)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (7,173) (3,278)
Net Amount 3,552 4,365
Cash collateral netted against derivative liabilities 1,400 1,700
Derivative liabilities not subject to netting arrangements $ 106 $ 92
v3.24.3
Fair Values of Assets and Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 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 $ 399   $ 399   $ 489
Other guarantees carrying value 179   $ 179   $ 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     435.00%    
Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     2.00%    
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 26 $ (28) $ 22 $ (61)  
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 $ (13) $ 1 $ (2) $ 1  
v3.24.3
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Details)
Sep. 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 0.23
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 0.10
Weighted Average | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.05
v3.24.3
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Details)
Sep. 30, 2024
Minimum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.11
Minimum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0052
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 0.0199
Weighted Average | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.75
Weighted Average | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0107
v3.24.3
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities [1] $ 81,704     $ 69,706    
Mortgage loans held for sale 2,887     2,011    
Mortgage servicing rights 3,187 $ 3,582 $ 3,326 3,377 $ 3,633 $ 3,755
Derivative assets netting (2,878)     (3,666)    
Time deposits 7,655     2,818    
Long-term debt 45     0    
Derivative liabilities netting (2,847)     (3,720)    
Equity investments without readily determinable fair values 133     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 29,399     19,542    
Residential mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 27,766     26,078    
Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,605     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 6,788     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 9,888     9,989    
Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 251     24    
Fair Value, Measurements, Recurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 81,704     69,706    
Mortgage loans held for sale 2,887     2,011    
Mortgage servicing rights 3,187     3,377    
Derivative assets netting (2,878)     (3,666)    
Derivative assets 3,488     2,865    
Other assets 2,625     2,541    
Total assets 93,891     80,500    
Time deposits 7,655     2,818    
Long-term debt 45          
Derivative liabilities netting (2,847)     (3,720)    
Derivative liabilities 3,757     4,589    
Short-term borrowings and other liabilities 2,406     2,303    
Total liabilities 13,863     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 29,399     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 27,766     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 7,605     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 6,788     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 9,888     9,989    
Fair Value, Measurements, Recurring | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 251     24    
Fair Value, Measurements, Recurring | Level 1            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 24,689     14,787    
Mortgage loans held for sale 0     0    
Mortgage servicing rights 0     0    
Derivative assets before netting 30     0    
Other assets 440     550    
Total assets 25,159     15,337    
Time deposits 0     0    
Long-term debt 0          
Derivative liabilities before netting 16     16    
Short-term borrowings and other liabilities 514     517    
Total liabilities 530     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 24,689     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 57,015     54,919    
Mortgage loans held for sale 2,887     2,011    
Mortgage servicing rights 0     0    
Derivative assets before netting 4,773     5,078    
Other assets 2,185     1,991    
Total assets 66,860     63,999    
Time deposits 7,655     2,818    
Long-term debt 45          
Derivative liabilities before netting 4,213     4,955    
Short-term borrowings and other liabilities 1,892     1,786    
Total liabilities 13,805     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 4,710     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 27,766     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 7,605     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 6,788     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 9,888     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 251     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 3,187     3,377    
Derivative assets before netting 1,563     1,453    
Other assets 0     0    
Total assets 4,750     4,830    
Time deposits 0     0    
Long-term debt 0          
Derivative liabilities before netting 2,375     3,338    
Short-term borrowings and other liabilities 0     0    
Total liabilities 2,375     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.
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Beginning of Period Balance $ (2,303) $ (3,419) $ (1,885) $ (3,199)  
Net Gains (Losses) Included in Net Income 651 (1,315) (2,036) (3,558)  
Purchases 264 25 912 430  
Sales (9) (9) (14) (28)  
Principal Payments 0 0 0 0  
Issuances 0 0 0 0  
Settlements 585 962 2,211 2,599  
End of Period Balance (812) (3,756) (812) (3,756)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 1,438 (693) 666 (1,925)  
Available-for-sale securities [1] 81,704   81,704   $ 69,706
Available-for-sale investment securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning of Period Balance       1  
Purchases       0  
Sales       0  
Principal Payments       (1)  
Issuances       0  
Settlements       0  
End of Period Balance   0   0  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period       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  
Purchases       0  
Sales       0  
Principal Payments       (1)  
Issuances       0  
Settlements       0  
End of Period Balance   0   0  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period       0  
Mortgage servicing rights          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning of Period Balance 3,326 3,633 3,377 3,755  
Net Gains (Losses) Included in Net Income (212) 134 (194) (37)  
Purchases 0 1 1 3  
Sales 1 (292) (188) (440)  
Principal Payments 0 0 0 0  
Issuances 72 106 191 301  
Settlements 0 0 0 0  
End of Period Balance 3,187 3,582 3,187 3,582  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period (212) 134 (194) (37)  
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 89 35 185 133  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 20 11 20 11  
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 563 (1,400) (2,200) (3,700)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 1,400 (705) 716 $ (1,900)  
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 (1) 1 (70)    
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period $ (1) $ 1 $ (70)    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.3
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 625 $ 354
Other assets 16 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 625 354
Other assets $ 16 $ 27
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 1 $ 1 $ 4 $ 2
Loans        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 116 $ 71 $ 279 $ 281
v3.24.3
Fair Values of Assets and Liabilities - Fair Value Option (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value carrying amount, total loans $ 2,887 $ 2,011
Contractual principal outstanding, total loans 2,848 1,994
Carrying amount over (under) contractual principal outstanding, total loans 39 17
Fair value carrying amount, time deposits 7,655 2,818
Contractual principal outstanding, time deposits 7,657 2,822
Carrying amount over (under) contractual principal outstanding, time deposits (2) (4)
Long-term debt 45 0
Contractual principal outstanding, long-term debt 45 0
Carrying amount over (under) contractual principal outstanding, long-term debt 0 0
Fair value, nonaccrual loans 1 1
Contractual principal outstanding, nonaccrual loans 1 1
Fair value, loans 90 days or more past due 3 4
Contractual principal outstanding, loans 90 days or more past due $ 3 $ 4
v3.24.3
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financial Assets    
Cash and due from banks $ 73,562 $ 61,192
Investment securities held-to-maturity 71,415 74,088
Financial Liabilities    
Long-term debt 54,839 51,480
Carrying Amount    
Financial Assets    
Cash and due from banks 73,562 61,192
Federal funds sold and securities purchased under resale agreements 6,426 2,543
Investment securities held-to-maturity 80,025 84,045
Loans held for sale 324 190
Loans 366,604 366,456
Other 2,436 2,377
Financial Liabilities    
Time deposits 51,686 49,455
Short-term borrowings 21,302 12,976
Long-term debt 54,794 51,480
Other 4,800 5,432
Fair Value    
Financial Assets    
Cash and due from banks 73,562 61,192
Federal funds sold and securities purchased under resale agreements 6,426 2,543
Investment securities held-to-maturity 71,415 74,088
Loans held for sale 324 190
Loans 363,988 362,849
Other 2,436 2,377
Financial Liabilities    
Time deposits 51,918 49,607
Short-term borrowings 21,174 12,729
Long-term debt 54,468 49,697
Other 4,800 5,432
Fair Value | Level 1    
Financial Assets    
Cash and due from banks 73,562 61,192
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 1,280 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 6,426 2,543
Investment securities held-to-maturity 70,135 72,778
Loans held for sale 0 0
Loans 0 0
Other 1,910 1,863
Financial Liabilities    
Time deposits 51,918 49,607
Short-term borrowings 21,174 12,729
Long-term debt 54,468 49,697
Other 1,327 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 324 190
Loans 363,988 362,849
Other 526 514
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other $ 3,473 $ 4,026
v3.24.3
Guarantees and Contingent Liabilities - Other Guarantees and Contingent Liabilities (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Other  
Guarantor Obligations [Line Items]  
Collateral Held $ 0
Carrying Amount 21
Maximum Potential Future Payments 2,690
Standby letters of credit  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 22
Maximum Potential Future Payments 10,590
Third party borrowing arrangements  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 0
Maximum Potential Future Payments 1
Securities lending indemnifications  
Guarantor Obligations [Line Items]  
Collateral Held 7,442
Carrying Amount 0
Maximum Potential Future Payments 7,243
Asset sales  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 97
Maximum Potential Future Payments 11,185
Merchant processing  
Guarantor Obligations [Line Items]  
Collateral Held 760
Carrying Amount 61
Maximum Potential Future Payments 152,013
Tender option bond program guarantee  
Guarantor Obligations [Line Items]  
Collateral Held 222
Carrying Amount 0
Maximum Potential Future Payments $ 228
v3.24.3
Guarantees and Contingent Liabilities - Additional Information (Details) - USD ($)
$ in Millions
Sep. 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 $ 12,000  
Amount reserved for guaranteed obligations 40  
Airline Processing Arrangements | Escrow Deposits Letters of Credit Indemnities    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 635  
Representation and Warranty    
Guarantor Obligations [Line Items]    
Amount reserved for guaranteed obligations 10 $ 13
Unresolved claims $ 14 $ 18
v3.24.3
Business Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Income Statement        
Net interest income (taxable-equivalent basis) $ 4,166 $ 4,268 $ 12,233 $ 13,385
Noninterest income 2,698 2,764 8,213 7,997
Total net revenue 6,864 7,032 20,446 21,382
Noninterest expense 4,204 4,530 12,877 13,654
Income (loss) before provision and income taxes 2,660 2,502 7,569 7,728
Provision for credit losses 557 515 1,678 1,763
Income (loss) before income taxes 2,103 1,987 5,891 5,965
Income taxes and taxable-equivalent adjustment 381 463 1,232 1,368
Net income 1,722 1,524 4,659 4,597
Net (income) loss attributable to noncontrolling interests (8) (1) (23) (15)
Net income attributable to U.S. Bancorp 1,714 1,523 4,636 4,582
Average Balance Sheet        
Loans 374,070 376,877 373,278 384,112
Other earning assets 233,110 228,368 230,802 224,779
Goodwill 12,521 12,486 12,494 12,474
Other intangible assets 5,635 6,425 5,909 6,730
Assets 664,640 663,999 661,363 667,481
Noninterest-bearing deposits 80,939 97,524 83,040 113,556
Interest-bearing deposits 427,818 414,767 425,536 393,077
Total deposits 508,757 512,291 508,576 506,633
Total U.S. Bancorp shareholders’ equity 58,283 53,817 56,666 53,440
Lease revenue 195 185 577 554
Wealth, Corporate, Commercial and Institutional Banking        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,896 2,023 5,711 5,884
Noninterest income 1,145 1,030 3,387 3,120
Total net revenue 3,041 3,053 9,098 9,004
Noninterest expense 1,364 1,340 4,135 4,073
Income (loss) before provision and income taxes 1,677 1,713 4,963 4,931
Provision for credit losses 94 136 335 271
Income (loss) before income taxes 1,583 1,577 4,628 4,660
Income taxes and taxable-equivalent adjustment 396 394 1,158 1,165
Net income 1,187 1,183 3,470 3,495
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 1,187 1,183 3,470 3,495
Average Balance Sheet        
Loans 171,833 175,700 172,249 177,161
Other earning assets 10,740 6,458 9,693 6,386
Goodwill 4,825 4,638 4,825 4,634
Other intangible assets 955 921 1,007 972
Assets 200,199 203,910 200,912 203,442
Noninterest-bearing deposits 54,263 66,055 56,650 73,789
Interest-bearing deposits 215,604 210,041 213,572 201,805
Total deposits 269,867 276,096 270,222 275,594
Total U.S. Bancorp shareholders’ equity 21,277 22,839 21,506 22,249
Consumer and Business Banking        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,937 2,048 5,737 6,730
Noninterest income 401 434 1,239 1,265
Total net revenue 2,338 2,482 6,976 7,995
Noninterest expense 1,685 1,721 4,977 5,246
Income (loss) before provision and income taxes 653 761 1,999 2,749
Provision for credit losses 18 7 102 30
Income (loss) before income taxes 635 754 1,897 2,719
Income taxes and taxable-equivalent adjustment 159 189 475 680
Net income 476 565 1,422 2,039
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 476 565 1,422 2,039
Average Balance Sheet        
Loans 155,304 157,458 155,073 164,050
Other earning assets 2,738 2,688 2,300 2,462
Goodwill 4,326 4,515 4,326 4,514
Other intangible assets 4,405 5,154 4,611 5,378
Assets 168,937 174,883 168,954 181,735
Noninterest-bearing deposits 20,781 25,561 21,068 33,599
Interest-bearing deposits 200,897 192,725 200,719 182,267
Total deposits 221,678 218,286 221,787 215,866
Total U.S. Bancorp shareholders’ equity 14,247 15,770 14,552 16,246
Payment Services        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 727 663 2,102 1,933
Noninterest income 1,073 1,039 3,146 3,026
Total net revenue 1,800 1,702 5,248 4,959
Noninterest expense 1,026 1,006 3,040 2,871
Income (loss) before provision and income taxes 774 696 2,208 2,088
Provision for credit losses 404 399 1,151 933
Income (loss) before income taxes 370 297 1,057 1,155
Income taxes and taxable-equivalent adjustment 93 74 265 288
Net income 277 223 792 867
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 277 223 792 867
Average Balance Sheet        
Loans 41,653 38,954 40,766 37,942
Other earning assets 8 5 92 126
Goodwill 3,370 3,333 3,343 3,326
Other intangible assets 266 340 282 361
Assets 47,199 44,774 46,707 43,926
Noninterest-bearing deposits 2,653 2,796 2,716 3,052
Interest-bearing deposits 95 101 96 104
Total deposits 2,748 2,897 2,812 3,156
Total U.S. Bancorp shareholders’ equity 9,959 9,442 9,955 9,181
Rewards and rebate costs and certain partner payments 796 762 2,200 2,200
Revenue generated from certain contracts with customers 2,300 2,200 6,800 6,600
Treasury and Corporate Support        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) (394) (466) (1,317) (1,162)
Noninterest income 79 261 441 586
Total net revenue (315) (205) (876) (576)
Noninterest expense 129 463 725 1,464
Income (loss) before provision and income taxes (444) (668) (1,601) (2,040)
Provision for credit losses 41 (27) 90 529
Income (loss) before income taxes (485) (641) (1,691) (2,569)
Income taxes and taxable-equivalent adjustment (267) (194) (666) (765)
Net income (218) (447) (1,025) (1,804)
Net (income) loss attributable to noncontrolling interests (8) (1) (23) (15)
Net income attributable to U.S. Bancorp (226) (448) (1,048) (1,819)
Average Balance Sheet        
Loans 5,280 4,765 5,190 4,959
Other earning assets 219,624 219,217 218,717 215,805
Goodwill 0 0 0 0
Other intangible assets 9 10 9 19
Assets 248,305 240,432 244,790 238,378
Noninterest-bearing deposits 3,242 3,112 2,606 3,116
Interest-bearing deposits 11,222 11,900 11,149 8,901
Total deposits 14,464 15,012 13,755 12,017
Total U.S. Bancorp shareholders’ equity $ 12,800 $ 5,766 $ 10,653 $ 5,764