STATE STREET CORP, 10-Q filed on 10/27/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Oct. 25, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-07511  
Entity Registrant Name STATE STREET CORPORATION  
Entity Incorporation, State or Country Code MA  
Entity Tax Identification Number 04-2456637  
Entity Address, Address Line One One Congress Street  
Entity Address, City or Town Boston,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02114  
City Area Code (617)  
Local Phone Number 786-3000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   308,583,511
Entity Central Index Key 0000093751  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $1 par value per share  
Trading Symbol STT  
Security Exchange Name NYSE  
Series D Preferred Stock, Depository Share    
Entity Information [Line Items]    
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share  
Trading Symbol STT.PRD  
Security Exchange Name NYSE  
Series G Preferred Stock, Depository Share    
Entity Information [Line Items]    
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share  
Trading Symbol STT.PRG  
Security Exchange Name NYSE  
v3.23.3
Consolidated Statement of Income - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Fee revenue:        
Servicing fees $ 1,234,000,000 $ 1,219,000,000 $ 3,710,000,000 $ 3,884,000,000
Management fees 479,000,000 472,000,000 1,397,000,000 1,482,000,000
Foreign exchange trading services 313,000,000 319,000,000 958,000,000 1,009,000,000
Securities finance 103,000,000 110,000,000 329,000,000 313,000,000
Software and processing fees 188,000,000 184,000,000 574,000,000 573,000,000
Other fee revenue 44,000,000 (5,000,000) 147,000,000 (19,000,000)
Total fee revenue 2,361,000,000 2,299,000,000 7,115,000,000 7,242,000,000
Net interest income:        
Interest income 2,328,000,000 1,101,000,000 6,587,000,000 2,326,000,000
Interest expense 1,704,000,000 441,000,000 4,506,000,000 573,000,000
Net interest income 624,000,000 660,000,000 2,081,000,000 1,753,000,000
Other income:        
Gains (losses) from sales of available-for-sale securities, net (294,000,000) 0 (294,000,000) (2,000,000)
Total other income (loss) (294,000,000) 0 (294,000,000) (2,000,000)
Total revenue 2,691,000,000 2,959,000,000 8,902,000,000 8,993,000,000
Provision for credit losses 0 0 26,000,000 10,000,000
Expenses:        
Compensation and employee benefits 1,082,000,000 1,042,000,000 3,497,000,000 3,320,000,000
Information systems and communications 411,000,000 399,000,000 1,230,000,000 1,214,000,000
Transaction processing services 241,000,000 227,000,000 715,000,000 731,000,000
Occupancy 101,000,000 97,000,000 298,000,000 288,000,000
Acquisition and restructuring costs 0 13,000,000 0 34,000,000
Amortization of other intangible assets 60,000,000 58,000,000 180,000,000 179,000,000
Other 285,000,000 274,000,000 841,000,000 779,000,000
Total expenses 2,180,000,000 2,110,000,000 6,761,000,000 6,545,000,000
Income before income tax expense 511,000,000 849,000,000 2,115,000,000 2,438,000,000
Income tax expense 89,000,000 159,000,000 381,000,000 397,000,000
Net income 422,000,000 690,000,000 1,734,000,000 2,041,000,000
Net income available to common shareholders, basic 398,000,000 669,000,000 1,649,000,000 1,964,000,000
Net income available to common shareholders, diluted $ 398,000,000 $ 669,000,000 $ 1,649,000,000 $ 1,964,000,000
Earnings per common share:        
Basic (in USD per share) $ 1.27 $ 1.82 $ 5.03 $ 5.35
Diluted (in USD per share) $ 1.25 $ 1.80 $ 4.97 $ 5.28
Average common shares outstanding (in thousands):        
Basic (in shares) 313,147 367,789 327,776 367,240
Diluted (in shares) 317,329 372,418 332,011 372,194
Cash dividends declared (in USD per share) $ 0.69 $ 0.63 $ 1.95 $ 1.77
v3.23.3
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 422 $ 690 $ 1,734 $ 2,041
Other comprehensive income (loss), net of related taxes:        
Foreign currency translation, net of related taxes of $62 and $101, respectively (127) (302) 31 (846)
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes of $106 and ($62), respectively 277 (164) 427 (1,957)
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $23 and ($44), respectively 63 (116) 196 (350)
Net unrealized gains on retirement plans, net of related taxes of $0 and $1, respectively 0 1 12 18
Other comprehensive income (loss) 213 (581) 666 (3,135)
Total comprehensive income (loss) $ 635 $ 109 $ 2,400 $ (1,094)
v3.23.3
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Foreign currency translation, taxes $ 62 $ 101 $ 53 $ 164
Change in net unrealized gains (losses) on available-for-sale securities, taxes 106 (62) 160 (727)
Change in net unrealized gains (losses) on cash flow hedges, taxes 23 (44) 71 (133)
Change in unrealized gains (losses) on retirement plans, taxes $ 0 $ 1 $ 5 $ 8
v3.23.3
Consolidated Statement of Condition - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Cash and due from banks $ 4,009 $ 3,970
Interest-bearing deposits with banks 76,756 101,593
Securities purchased under resale agreements 1,816 5,215
Trading account assets 725 650
Investment securities available-for-sale (less allowance for credit losses of $0 and $2) 41,546 40,579
Investment securities held-to-maturity (less allowance for credit losses of $1 and $0) (fair value of $54,121 and $57,913) 61,956 64,700
Loans (less allowance for credit losses on loans of $119 and $97) 35,317 32,053
Premises and equipment (net of accumulated depreciation of $6,148 and $5,745) 2,334 2,315
Accrued interest and fees receivable 3,874 3,434
Goodwill 7,487 7,495
Other intangible assets 1,363 1,544
Other assets 47,232 37,902
Total assets 284,415 301,450
Deposits:    
Non-interest-bearing 35,824 46,755
Interest-bearing - U.S. 118,561 111,384
Interest-bearing - non-U.S. 58,616 77,325
Total deposits 213,001 235,464
Securities sold under repurchase agreements 3,097 1,177
Short-term borrowings 8 2,097
Accrued expenses and other liabilities 26,124 22,525
Long-term debt 18,564 14,996
Total liabilities 260,794 276,259
Commitments, guarantees and contingencies (Notes 9 and 10)
Shareholders’ equity:    
Common stock, $1 par, 750,000,000 shares authorized: 504 504
Surplus 10,735 10,730
Retained earnings 27,993 27,028
Accumulated other comprehensive income (loss) (3,045) (3,711)
Treasury stock, at cost (195,296,131 and 154,855,475 shares) (14,542) (11,336)
Total shareholders’ equity 23,621 25,191
Total liabilities and shareholders' equity 284,415 301,450
Series D Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par, 3,500,000 shares authorized: 742 742
Series F Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par, 3,500,000 shares authorized: 247 247
Series G Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par, 3,500,000 shares authorized: 493 493
Series H Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par, 3,500,000 shares authorized: $ 494 $ 494
v3.23.3
Consolidated Statement of Condition (Parenthetical) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Allowance for credit losses on available-for-sale securities $ 0 $ 2,000,000
Allowance for credit losses on HTM investment securities 1,000,000 0
Investment securities held-to-maturity 54,121,000,000 57,913,000,000
Allowance for credit losses on loans 119,000,000 97,000,000
Accumulated depreciation $ 6,148,000,000 $ 5,745,000,000
Shareholders’ equity:    
Preferred stock, no par value (in dollars per share) $ 0 $ 0
Preferred stock authorized (in shares) 3,500,000 3,500,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 503,879,642 503,879,642
Common stock, shares outstanding (in shares) 308,583,511 349,024,167
Treasury stock (in shares) 195,296,131 154,855,475
Series D Preferred Stock    
Shareholders’ equity:    
Preferred stock, shares issued (in shares) 7,500 7,500
Preferred stock, shares outstanding (in shares) 7,500 7,500
Series F Preferred Stock    
Shareholders’ equity:    
Preferred stock, shares issued (in shares) 2,500 2,500
Preferred stock, shares outstanding (in shares) 2,500 2,500
Series G Preferred Stock    
Shareholders’ equity:    
Preferred stock, shares issued (in shares) 5,000 5,000
Preferred stock, shares outstanding (in shares) 5,000 5,000
Series H Preferred Stock    
Shareholders’ equity:    
Preferred stock, shares issued (in shares) 5,000 5,000
Preferred stock, shares outstanding (in shares) 5,000 5,000
v3.23.3
Consolidated Statement of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Surplus
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance at Dec. 31, 2021 $ 27,363 $ 1,976 $ 504 $ 10,787 $ 25,238 $ (1,133) $ (10,009)
Beginning balance (shares) at Dec. 31, 2021     503,880,000        
Treasury stock, beginning balance (in shares) at Dec. 31, 2021             137,897,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 604       604    
Other comprehensive income (loss) (1,565)         (1,565)  
Cash dividends declared:              
Common stock dividends (209)       (209)    
Preferred stock cash dividends (20)       (20)    
Common stock awards exercised 66     (11)     $ 77
Common stock awards exercised (in shares)             (1,132,000)
Other (15)     (14) (1)    
Ending balance at Mar. 31, 2022 $ 26,224 1,976 $ 504 10,762 25,612 (2,698) $ (9,932)
Ending balance (shares) at Mar. 31, 2022     503,880,000        
Treasury stock, ending balance (in shares) at Mar. 31, 2022             136,765,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.57            
Beginning balance at Dec. 31, 2021 $ 27,363 1,976 $ 504 10,787 25,238 (1,133) $ (10,009)
Beginning balance (shares) at Dec. 31, 2021     503,880,000        
Treasury stock, beginning balance (in shares) at Dec. 31, 2021             137,897,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,041            
Other comprehensive income (loss) (3,135)            
Cash dividends declared:              
Common stock dividends (651)            
Preferred stock cash dividends (76)            
Ending balance at Sep. 30, 2022 $ 25,648 1,976 $ 504 10,760 26,552 (4,268) $ (9,876)
Ending balance (shares) at Sep. 30, 2022     503,880,000       135,912,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 1.77            
Beginning balance at Mar. 31, 2022 $ 26,224 1,976 $ 504 10,762 25,612 (2,698) $ (9,932)
Beginning balance (shares) at Mar. 31, 2022     503,880,000        
Treasury stock, beginning balance (in shares) at Mar. 31, 2022             136,765,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 747       747    
Other comprehensive income (loss) (989)         (989)  
Preferred stock redeemed 0            
Cash dividends declared:              
Common stock dividends (210)       (210)    
Preferred stock cash dividends (35)       (35)    
Common stock acquired 0            
Common stock awards exercised 29     (5)     $ 34
Common stock awards exercised (in shares)             (505,000)
Other 1       1    
Ending balance at Jun. 30, 2022 $ 25,767 1,976 $ 504 10,757 26,115 (3,687) $ (9,898)
Ending balance (shares) at Jun. 30, 2022     503,880,000        
Treasury stock, ending balance (in shares) at Jun. 30, 2022             136,260,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.57            
Net income $ 690       690    
Other comprehensive income (loss) (581)         (581)  
Common stock dividends (232)       (232)    
Preferred stock cash dividends (21)       (21)    
Common stock awards exercised 25     3     $ 22
Common stock awards exercised (in shares)             (348,000)
Ending balance at Sep. 30, 2022 $ 25,648 1,976 $ 504 10,760 26,552 (4,268) $ (9,876)
Ending balance (shares) at Sep. 30, 2022     503,880,000       135,912,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.63            
Beginning balance at Dec. 31, 2022 $ 25,191 1,976 $ 504 10,730 27,028 (3,711) $ (11,336)
Beginning balance (shares) at Dec. 31, 2022     503,880,000        
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 154,855,475           154,855,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 549       549    
Other comprehensive income (loss) 439         439  
Cash dividends declared:              
Common stock dividends (212)       (212)    
Preferred stock cash dividends (23)       (23)    
Common stock acquired (1,262)           $ (1,262)
Common stock acquired (shares)             13,647,000
Common stock awards exercised 69     (6)     $ 75
Common stock awards exercised (in shares)             (1,085,000)
Other (1)           $ (1)
Other (shares)             1,000
Ending balance at Mar. 31, 2023 $ 24,750 1,976 $ 504 10,724 27,342 (3,272) $ (12,524)
Ending balance (shares) at Mar. 31, 2023     503,880,000        
Treasury stock, ending balance (in shares) at Mar. 31, 2023             167,418,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.63            
Beginning balance at Dec. 31, 2022 $ 25,191 1,976 $ 504 10,730 27,028 (3,711) $ (11,336)
Beginning balance (shares) at Dec. 31, 2022     503,880,000        
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 154,855,475           154,855,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 1,734            
Other comprehensive income (loss) 666            
Cash dividends declared:              
Common stock dividends (628)            
Preferred stock cash dividends (84)            
Ending balance at Sep. 30, 2023 $ 23,621 1,976 $ 504 10,735 27,993 (3,045) $ (14,542)
Ending balance (shares) at Sep. 30, 2023     503,880,000       195,296,000
Treasury stock, ending balance (in shares) at Sep. 30, 2023 195,296,131            
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 1.95            
Beginning balance at Mar. 31, 2023 $ 24,750 1,976 $ 504 10,724 27,342 (3,272) $ (12,524)
Beginning balance (shares) at Mar. 31, 2023     503,880,000        
Treasury stock, beginning balance (in shares) at Mar. 31, 2023             167,418,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 763       763    
Other comprehensive income (loss) 14         14  
Cash dividends declared:              
Common stock dividends (203)       (203)    
Preferred stock cash dividends (37)       (37)    
Common stock acquired (1,060)           $ (1,060)
Common stock acquired (shares)             14,773,000
Common stock awards exercised 34     5     $ 29
Common stock awards exercised (in shares)             (415,000)
Other (57)       (57)  
Other (shares)             2,000
Ending balance at Jun. 30, 2023 $ 24,204 1,976 $ 504 10,729 27,808 (3,258) $ (13,555)
Ending balance (shares) at Jun. 30, 2023     503,880,000        
Treasury stock, ending balance (in shares) at Jun. 30, 2023             181,778,000
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.63            
Net income $ 422       422    
Other comprehensive income (loss) 213         213  
Common stock dividends (213)       (213)  
Preferred stock cash dividends (24)       (24)    
Common stock acquired (1,010)           $ (1,010)
Common stock acquired (shares)             13,843,000
Common stock awards exercised 29     6     $ 23
Common stock awards exercised (in shares)             (327,000)
Other        
Other (shares)             2,000
Ending balance at Sep. 30, 2023 $ 23,621 $ 1,976 $ 504 $ 10,735 $ 27,993 $ (3,045) $ (14,542)
Ending balance (shares) at Sep. 30, 2023     503,880,000       195,296,000
Treasury stock, ending balance (in shares) at Sep. 30, 2023 195,296,131            
Cash dividends declared:              
Cash dividends declared (in USD per share) $ 0.69            
v3.23.3
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]                
Cash dividends declared (in USD per share) $ 0.69 $ 0.63 $ 0.63 $ 0.63 $ 0.57 $ 0.57 $ 1.95 $ 1.77
v3.23.3
Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Operating Activities:              
Net income $ 422,000,000 $ 549,000,000 $ 690,000,000 $ 604,000,000 $ 1,734,000,000 $ 2,041,000,000  
Adjustments to reconcile net income to net cash provided by operating activities:              
Deferred income tax         8,000,000 (6,000,000)  
Amortization of other intangible assets 60,000,000   58,000,000   180,000,000 179,000,000 $ 238,000,000
Other non-cash adjustments for depreciation, amortization and accretion, net         511,000,000 558,000,000  
Losses related to investment securities, net         294,000,000 2,000,000  
Provision for credit losses 0   0   26,000,000 10,000,000  
Change in trading account assets, net         (75,000,000) 73,000,000  
Change in accrued interest and fees receivable, net         (440,000,000) (248,000,000)  
Change in collateral deposits, net         (2,187,000,000) 4,761,000,000  
Change in unrealized (gains) losses on foreign exchange derivatives, net         (2,748,000,000) (5,155,000,000)  
Change in other assets, net         (338,000,000) 1,644,000,000  
Change in accrued expenses and other liabilities, net         (504,000,000) 700,000,000  
Other, net         47,000,000 359,000,000  
Net cash provided by operating activities         (3,492,000,000) 4,918,000,000  
Investing Activities:              
Net decrease in interest-bearing deposits with banks         24,837,000,000 7,160,000,000  
Net decrease in securities purchased under resale agreements         3,399,000,000 1,704,000,000  
Proceeds from sales of available-for-sale securities 3,870,000,000       4,567,000,000 4,545,000,000  
Proceeds from maturities of available-for-sale securities         11,870,000,000 14,952,000,000  
Purchases of available-for-sale securities         (17,243,000,000) (15,777,000,000)  
Proceeds from maturities of held-to-maturity securities         4,414,000,000 8,098,000,000  
Purchases of held-to-maturity securities         (1,579,000,000) (7,755,000,000)  
Sale of loans         465,000,000 1,739,000,000  
Net (increase) in loans         (3,807,000,000) (6,134,000,000)  
Purchases of equity investments and other long-term assets         0 (193,000,000)  
Purchases of premises and equipment, net         (487,000,000) (530,000,000)  
Other, net         130,000,000 102,000,000  
Net cash provided by (used in) investing activities         26,566,000,000 7,911,000,000  
Financing Activities:              
Net increase (decrease) in time deposits         3,273,000,000 (709,000,000)  
Net decrease in all other deposits         (25,729,000,000) (16,086,000,000)  
Net increase in securities sold under repurchase agreements         1,920,000,000 2,675,000,000  
Net decrease in short-term borrowings         (2,089,000,000) (20,000,000)  
Proceeds from issuance of long-term debt, net of issuance costs         4,729,000,000 2,735,000,000  
Payments for long-term debt and obligations under finance leases         (1,037,000,000) (1,507,000,000)  
Repurchases of common stock         (3,300,000,000) 0  
Repurchases of common stock for employee tax withholding         (83,000,000) (96,000,000)  
Payments for cash dividends         (719,000,000) (704,000,000)  
Net cash (used in) provided by financing activities         (23,035,000,000) (13,712,000,000)  
Net decrease in cash and due from banks         39,000,000 (883,000,000)  
Cash and due from banks at beginning of period   $ 3,970,000,000   $ 3,631,000,000 3,970,000,000 3,631,000,000 3,631,000,000
Cash and due from banks at end of period $ 4,009,000,000   $ 2,748,000,000   4,009,000,000 2,748,000,000 $ 3,970,000,000
Supplemental disclosure:              
Interest paid         4,320,000,000 463,000,000  
Income taxes paid, net         $ 258,000,000 $ 364,000,000  
v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, the Parent Company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis, including our principal banking subsidiary, State Street Bank.
The accompanying consolidated financial statements should be read in conjunction with the financial and risk factor information included in our 2022 Form 10-K, which we previously filed with the SEC.
The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC.
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ.
Our consolidated statement of condition as of December 31, 2022 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements.
Cash and Cash Equivalents
Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of September 30, 2023 and December 31, 2022, we held such accounts in Russia, inclusive of $1.4 billion and $767 million, respectively, with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.9 billion and $1.3 billion, respectively. Cash and due from banks is evaluated as part of our allowance for credit losses.
Recent Accounting Developments
In March 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which expands the use of the proportional amortization method to other types of tax credit investments, regardless of the tax credit program from which the income tax credits are received. We adopted the new standard in the second quarter of 2023, effective January 1, 2023, for renewable energy production tax credit investments under the modified retrospective approach. The proportional amortization method better reflects the economics of the investments by amortizing the cost of the investments in proportion to the tax benefits received, and simplifies the presentation of the amortization by recognizing it through Income tax expense. The impact of adoption resulted in a decrease in accrued expenses and other liabilities, a decrease in other assets and was not material to retained earnings.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of September 30, 2023; none are expected to have a material impact to our financial statements.
v3.23.3
Fair Value
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Measurements
We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.
We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation
hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 133 to 139 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:
Fair Value Measurements on a Recurring Basis
As of September 30, 2023
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$35 $— $— $35 
Non-U.S. government securities— 133 — 133 
Other— 557 — 557 
Total trading account assets35 690 — 725 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,627 — — 7,627 
Mortgage-backed securities— 9,986 — 9,986 
Total U.S. Treasury and federal agencies7,627 9,986 — 17,613 
Non-U.S. debt securities:
Mortgage-backed securities— 1,541 — 1,541 
Asset-backed securities— 1,890 — 1,890 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,666 — 14,666 
Other— 2,022 — 2,022 
Total non-U.S. debt securities— 20,119 — 20,119 
Asset-backed securities:
Student loans— 118 — 118 
Collateralized loan obligations— 2,640 — 2,640 
Non-agency CMBS and RMBS(2)
— 264 — 264 
Other— 90 — 90 
Total asset-backed securities— 3,112 — 3,112 
State and political subdivisions— 377 — 377 
Other U.S. debt securities— 325 — 325 
Total available-for-sale investment securities7,627 33,919 — 41,546 
Other assets:
Derivative instruments:
Foreign exchange contracts— 20,604 4 $(12,805)7,803 
Interest rate contracts— 1 — — 1 
Total derivative instruments— 20,605 4 (12,805)7,804 
Other7 687 — — 694 
Total assets carried at fair value$7,669 $55,901 $4 $(12,805)$50,769 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$2 $20,103 $1 $(15,021)$5,085 
Interest rate contracts1 — — — 1 
Other derivative contracts— 196 — — 196 
Total derivative instruments3 20,299 1 (15,021)5,282 
Total liabilities carried at fair value$3 $20,299 $1 $(15,021)$5,282 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.80 billion and $4.02 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Measurements on a Recurring Basis
As of December 31, 2022
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$40 $— $— $40 
Non-U.S. government securities— 142 — 142 
Other— 468 — 468 
Total trading account assets40 610 — 650 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,981 — — 7,981 
Mortgage-backed securities— 8,509 — 8,509 
Total U.S. Treasury and federal agencies7,981 8,509 — 16,490 
Non-U.S. debt securities:
Mortgage-backed securities— 1,623 — 1,623 
Asset-backed securities— 1,669 — 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,089 — 14,089 
Other— 2,091 — 2,091 
Total non-U.S. debt securities— 19,472 — 19,472 
Asset-backed securities:
Student loans— 115 — 115 
Collateralized loan obligations— 2,355 — 2,355 
Non-agency CMBS and RMBS(2)
— 231 — 231 
Other— 88 — 88 
Total asset-backed securities— 2,789 — 2,789 
State and political subdivisions— 823 — 823 
Other U.S. debt securities— 1,005 — 1,005 
Total available-for-sale investment securities7,981 32,598 — 40,579 
Other assets:
Derivative instruments:
Foreign exchange contracts9 26,173 4 $(18,522)7,664 
Interest rate contracts— — — — — 
Total derivative instruments9 26,173 4 (18,522)7,664 
Other6 600 — — 606 
Total assets carried at fair value$8,036 $59,981 $4 $(18,522)$49,499 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts2 25,745 2 (17,951)7,798 
Interest rate contracts1 — — — 1 
Other derivative contracts— 216 — — 216 
Total derivative instruments3 25,961 2 (17,951)8,015 
Total liabilities carried at fair value$3 $25,961 $2 $(17,951)$8,015 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $3.30 billion and $2.73 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
The following tables present activity related to our level 3 financial assets during the three and nine months ended September 30, 2023 and 2022, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During both the three and nine months ended September 30, 2023 and 2022, there were no transfers into and out of level 3.
Fair Value Measurements Using Significant Unobservable Inputs
 Three Months Ended September 30, 2023
 Fair Value as of June 30, 2023
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlements
Transfers into
Level 3
Transfers
out of Level 3
Fair Value 
as of September 30, 2023(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2023
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$7 $— $— $3 $— $(6)$— $— $4 $— 
Total derivative instruments7 — — 3 — (6)— — 4 — 
Total assets carried at fair value$7 $— $— $3 $— $(6)$— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Nine Months Ended September 30, 2023
 Fair Value as of December 31, 2022
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlements
Transfers into
Level 3
Transfers
out of Level 3
Fair Value 
as of September 30, 2023(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2023
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$4 $(1)$— $4 $— $(3)$— $— $4 $— 
Total derivative instruments4 (1)— 4 — (3)— — 4 — 
Total assets carried at fair value$4 $(1)$— $4 $— $(3)$— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Three Months Ended September 30, 2022
 Fair Value as of June 30, 2022
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of September 30, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2022
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$15 $7 $— $5 $— $(12)$— $— $15 $8 
Total derivative instruments15 7 — 5 — (12)— — 15 8 
Total assets carried at fair value$15 $7 $— $5 $— $(12)$— $— $15 $8 
(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Nine Months Ended September 30, 2022
 Fair Value
as of
December 31,
2021
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of September 30, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2022
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$— $6 $— $9 $— $— $— $— $15 $6 
Total derivative instruments— 6 — 9 — — — — 15 6 
Total assets carried at fair value$— $6 $— $9 $— $— $— $— $15 $6 
(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.
Quantitative Information about Level 3 Fair Value Measurements
Fair ValueRangeWeighted-Average
(Dollars in millions)As of September 30, 2023As of December 31, 2022Valuation Technique
Significant Unobservable Input(1)
As of September 30, 2023As of September 30, 2023As of December 31, 2022
Significant unobservable inputs readily available to State Street: 
Assets:
Derivative Instruments, foreign exchange contracts$4 $4 Option modelVolatility5.7 %-13.5%8.6 %11.4 %
Total$4 $4 
Liabilities:
Derivative instruments, foreign exchange contracts$1 $2 Option modelVolatility6.5 %-14.7%8.3 %9.8 %
Total$1 $2 
(1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument.
Fair Value Estimates
Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information.
The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:
 Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
September 30, 2023
Financial Assets:    
Cash and due from banks$4,009 4,009 $4,009 $— $— 
Interest-bearing deposits with banks76,756 76,756 — 76,756 — 
Securities purchased under resale agreements1,816 1,816 — 1,816 — 
Investment securities held-to-maturity61,956 54,121 11,457 42,664 — 
Net loans(1)
35,317 35,103 — 33,055 2,048 
Other(2)
6,869 6,869 — 6,869 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$35,824 $35,824 $— $35,824 $— 
   Interest-bearing - U.S.118,561 118,561 — 118,561 — 
   Interest-bearing - non-U.S.58,616 58,616 — 58,616 — 
Securities sold under repurchase agreements3,097 3,097 — 3,097 — 
Other short-term borrowings8 8 — 8 — 
Long-term debt18,564 17,661 — 17,523 138 
Other(2)
6,869 6,869 — 6,869 — 
(1) Includes $7 million of loans classified as held-for-sale that were measured at fair value in level 2 as of September 30, 2023.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2022
Financial Assets:
Cash and due from banks$3,970 $3,970 $3,970 $— $— 
Interest-bearing deposits with banks101,593 101,593 — 101,593 — 
Securities purchased under resale agreements5,215 5,215 — 5,215 — 
Investment securities held-to-maturity64,700 57,913 11,336 46,577 — 
Net loans(1)
32,053 31,794 — 29,679 2,115 
Other(2)
3,626 3,626 — 3,626 — 
Financial Liabilities:
Deposits:
  Non-interest-bearing$46,755 $46,755 $— $46,755 $— 
  Interest-bearing - U.S.111,384 111,384 — 111,384 — 
  Interest-bearing - non-U.S.77,325 77,325 — 77,325 — 
Securities sold under repurchase agreements1,177 1,177 — 1,177 — 
Other short-term borrowings2,097 2,097 — 2,097 — 
Long-term debt14,996 14,273 — 14,102 171 
Other(2)
3,626 3,626 — 3,626 — 
(1) Includes $5 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2022.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.23.3
Investment Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent. For additional information on our accounting for investment securities, refer to page 140 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in other fee revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment securities are computed using the specific identification method and are recorded in gains (losses) related to investment securities, net, in our consolidated statement of income. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts, with any allowance for credit losses recorded through the consolidated statement of income.
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 September 30, 2023December 31, 2022
 
Amortized
Cost
Gross
Unrealized
Fair
Value
Amortized
Cost
Gross
Unrealized
Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$7,812 $12 $197 $7,627 $8,232 $10 $261 $7,981 
Mortgage-backed securities(1)
10,266 — 280 9,986 8,767 2 260 8,509 
Total U.S. Treasury and federal agencies18,078 12 477 17,613 16,999 12 521 16,490 
Non-U.S. debt securities:
Mortgage-backed securities1,551 1 11 1,541 1,642 — 19 1,623 
Asset-backed securities(2)
1,903 1 14 1,890 1,696 — 27 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency14,910 2 246 14,666 14,512 1 424 14,089 
Other(3)
2,085 1 64 2,022 2,255 — 164 2,091 
Total non-U.S. debt securities20,449 5 335 20,119 20,105 1 634 19,472 
Asset-backed securities:
Student loans(4)
118 — — 118 116 — 1 115 
Collateralized loan obligations(5)
2,649 2 11 2,640 2,394 — 39 2,355 
Non-agency CMBS and RMBS(6)
268 — 4 264 237 — 6 231 
Other90 — — 90 90 — 2 88 
Total asset-backed securities3,125 2 15 3,112 2,837 — 48 2,789 
State and political subdivisions387 — 10 377 839 1 17 823 
Other U.S. debt securities(7)
338 — 13 325 1,078 — 73 1,005 
Total available-for-sale securities(8)(9)
$42,377 $19 $850 $41,546 $41,858 $14 $1,293 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,758 $— $289 $11,469 $11,693 $— $341 $11,352 
Mortgage-backed securities(10)
40,297 — 7,232 33,065 42,307 3 6,030 36,280 
Total U.S. Treasury and federal agencies52,055 — 7,521 44,534 54,000 3 6,371 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,452 — 262 6,190 6,603 — 304 6,299 
Total non-U.S. debt securities6,452 — 262 6,190 6,603 — 304 6,299 
Asset-backed securities:
Student loans(4)
3,442 3 73 3,372 3,955 1 134 3,822 
Non-agency CMBS and RMBS(11)
7 18 — 25 142 18 — 160 
Total asset-backed securities3,449 21 73 3,397 4,097 19 134 3,982 
Total held-to-maturity securities(8)(12)
$61,956 $21 $7,856 $54,121 $64,700 $22 $6,809 $57,913 
(1) As of September 30, 2023 and December 31, 2022, the total fair value included $5.63 billion and $6.78 billion, respectively, of agency CMBS and $4.36 billion and $1.73 billion, respectively, of agency MBS.
(2) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. collateralized loan obligations of $0.97 billion and $0.86 billion, respectively.
(3) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. corporate bonds of $1.67 billion and $1.14 billion, respectively.
(4) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency CMBS as of both September 30, 2023 and December 31, 2022.
(7) As of September 30, 2023 and December 31, 2022, the fair value of U.S. corporate bonds was $0.33 billion and $1.01 billion, respectively.
(8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended September 30, 2023.
(9) As of September 30, 2023, we had no allowance for credit losses on AFS investment securities. As of December 31, 2022, we had an allowance for credit losses on AFS investment securities of $2 million.
(10) As of September 30, 2023 and December 31, 2022, the total amortized cost included $5.24 billion and $4.99 billion of agency CMBS, respectively.
(11) As of September 30, 2023, the total amortized cost included $7 million of non-agency RMBS. As of December 31, 2022, the total amortized cost included $133 million of non-agency CMBS and $9 million of non-agency RMBS.
(12) As of September 30, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. As of December 31, 2022, we had no allowance for credit losses on HTM investment securities.
Aggregate investment securities with carrying values of approximately $79.74 billion and $70.52 billion as of September 30, 2023 and December 31, 2022, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law.
In the three and nine months ended September 30, 2023, proceeds from sales of AFS securities were approximately $3.87 billion and $4.57 billion, respectively, primarily driven by sales of non-U.S. sovereign and agency, corporate and municipal bonds as part of an investment portfolio repositioning in the third quarter of 2023. We recognized a pre-tax loss of approximately $294 million from these sales, in both the three and nine months ended September 30, 2023.
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
September 30, 2023
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,310 $27 $5,276 $170 $6,586 $197 
Mortgage-backed securities3,202 85 6,717 195 9,919 280 
Total U.S. Treasury and federal agencies4,512 112 11,993 365 16,505 477 
Non-U.S. debt securities:
Mortgage-backed securities214 1 823 10 1,037 11 
Asset-backed securities225 — 1,124 14 1,349 14 
Non-U.S. sovereign, supranational and non-U.S. agency6,715 72 7,077 174 13,792 246 
Other855 10 902 54 1,757 64 
Total non-U.S. debt securities8,009 83 9,926 252 17,935 335 
Asset-backed securities:
Student loans68 — — — 68 — 
Collateralized loan obligations328 — 1,860 11 2,188 11 
Non-agency CMBS and RMBS39 1 180 3 219 4 
Total asset-backed securities435 1 2,040 14 2,475 15 
State and political subdivisions244 7 133 3 377 10 
Other U.S. debt securities3 — 323 13 326 13 
Total$13,203 $203 $24,415 $647 $37,618 $850 

December 31, 2022
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $369 $18,093 $924 $37,522 $1,293 
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of September 30, 2023. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
September 30, 2023
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$291 $291 $6,920 $6,730 $601 $606 $— $— $7,812 $7,627 
Mortgage-backed securities41 41 1,309 1,291 4,398 4,307 4,518 4,347 10,266 9,986 
Total U.S. Treasury and federal agencies332 332 8,229 8,021 4,999 4,913 4,518 4,347 18,078 17,613 
Non-U.S. debt securities:
Mortgage-backed securities142 142 243 242 — — 1,166 1,157 1,551 1,541 
Asset-backed securities319 315 419 415 554 551 611 609 1,903 1,890 
Non-U.S. sovereign, supranational and non-U.S. agency5,627 5,591 6,483 6,304 2,800 2,771 — — 14,910 14,666 
Other341 335 1,570 1,515 174 172 — — 2,085 2,022 
Total non-U.S. debt securities6,429 6,383 8,715 8,476 3,528 3,494 1,777 1,766 20,449 20,119 
Asset-backed securities:
Student loans33 33 — — — — 85 85 118 118 
Collateralized loan obligations122 122 345 343 1,489 1,482 693 693 2,649 2,640 
Non-agency CMBS and RMBS— — 20 19 — — 248 245 268 264 
Other— — 90 90 — — — — 90 90 
Total asset-backed securities155 155 455 452 1,489 1,482 1,026 1,023 3,125 3,112 
State and political subdivisions125 122 100 98 162 157 — — 387 377 
Other U.S. debt securities258 252 80 73 — — — — 338 325 
Total$7,299 $7,244 $17,579 $17,120 $10,178 $10,046 $7,321 $7,136 $42,377 $41,546 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$6,284 $6,230 $5,439 $5,206 $24 $22 $11 $11 $11,758 $11,469 
Mortgage-backed securities132 115 594 547 4,523 3,653 35,048 28,750 40,297 33,065 
Total U.S. Treasury and federal agencies6,416 6,345 6,033 5,753 4,547 3,675 35,059 28,761 52,055 44,534 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Total non-U.S. debt securities2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Asset-backed securities:
Student loans237 231 232 231 622 612 2,351 2,298 3,442 3,372 
Non-agency CMBS and RMBS1 8 — — — — 6 17 7 25 
Total asset-backed securities238 239 232 231 622 612 2,357 2,315 3,449 3,397 
Total$8,915 $8,815 $9,955 $9,488 $5,670 $4,742 $37,416 $31,076 $61,956 $54,121 
Interest income related to debt securities is recognized in our consolidated statement of income using the effective interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any non-refundable fees or costs, as well as purchase premiums or discounts, adjusted as prepayments occur, resulting in amortization or accretion, accordingly.
Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities
We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. We review individual AFS securities periodically to assess if additional impairment is required. For additional information about the Current Expected Credit Loss methodology and the review of investment securities for expected credit losses or impairment, refer to pages 144 to 145 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
We monitor the credit quality of the HTM and AFS investment securities using a variety of methods, including both external and internal credit ratings. As of September 30, 2023, over 99% of our HTM and AFS investment portfolio is publicly rated investment grade.
As of September 30, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. As of December 31, 2022, we had no allowance for credit losses on HTM investment securities. In the third quarter of 2023, we recorded $1 million provision for credit losses and no charge-offs on HTM securities.
As of September 30, 2023, we had no allowance for credit losses on AFS investment securities. As of December 31, 2022, we had an allowance for credit losses on AFS investment securities of $2 million. In the third quarter of 2023, we recorded no provision for credit losses and no charge-offs on AFS securities.
We have elected to not record an allowance on accrued interest for HTM and AFS securities. Accrued interest on these securities is reversed against interest income when payment on a security is delinquent for greater than 90 days from the date of payment.
After a review of the investment portfolio, taking into consideration then-current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying MBS and ABS and other relevant factors, management considered the resulting gross pre-tax unrealized losses of $8.71 billion related to 2,031 securities as of September 30, 2023 to be primarily related to changes in interest rates, and not the result of any material changes in the credit characteristics of the securities.
v3.23.3
Loans and Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses
We segregate our loans into two segments: commercial and financial loans and commercial real estate loans. We further classify commercial and financial loans as fund finance loans, leveraged loans, collateralized loan obligations in loan form, overdrafts and other. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. For additional information on our loans, including our internal risk-rating system used to assess our risk of credit loss for each loan, refer to pages 145 to 150 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following table presents our recorded investment in loans, by segment, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Domestic(1):
Commercial and financial:
Fund Finance(2)
$12,732 $12,154 
Leveraged loans2,336 2,431 
Overdrafts1,017 1,707 
Collateralized loan obligations in loan form100 100 
Other(3)
2,207 1,871 
Commercial real estate3,117 2,985 
Total domestic$21,509 $21,248 
Foreign(1):
Commercial and financial:
Fund Finance(2)
$4,809 $3,949 
Leveraged loans1,096 1,118 
Overdrafts2,576 1,094 
Collateralized loan obligations in loan form5,446 4,741 
Total foreign13,927 10,902 
Total loans(4)
35,436 32,150 
Allowance for credit losses(119)(97)
Loans, net of allowance$35,317 $32,053 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $9.33 billion private equity capital call finance loans, $5.97 billion loans to real money funds and $1.19 billion loans to business development companies as of September 30, 2023, compared to $7.57 billion private equity capital call finance loans, $6.61 billion loans to real money funds and $1.11 billion loans to business development companies as of December 31, 2022.
(3) Includes $1.93 billion securities finance loans, $276 million loans to municipalities and $6 million other loans as of September 30, 2023 and $1.51 billion securities finance loans, $321 million loans to municipalities and $42 million other loans as of December 31, 2022.
(4) As of September 30, 2023, excluding overdrafts, floating rate loans totaled $28.85 billion and fixed rate loans totaled $2.99 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in our 2022 Form 10-K for additional details.
The commercial and financial segment is composed of primarily fund finance loans, purchased leveraged loans, purchased collateralized loan obligations in loan form, overdrafts and other loans. Fund finance loans are composed of revolving credit lines providing liquidity and leverage to mutual fund and private equity fund clients. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk.
Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of September 30, 2023 and December 31, 2022, the loans pledged as collateral totaled $11.56 billion and $10.17 billion, respectively.
As of September 30, 2023, we had three loans totaling $76 million on non-accrual status and as of December 31, 2022, we had no loans on non-accrual status.
We sold $74 million of loans in the third quarter of 2023, of which $7 million remained unsettled and was held-for-sale as of September 30, 2023. We recorded a charge-off against the allowance for these loans of $2 million in the third quarter of 2023.
Allowance for Credit Losses
We recognize an allowance for credit losses in accordance with ASC 326 for financial assets held at amortized cost and off-balance sheet commitments. The allowance for credit losses is reviewed on a regular basis, and any provision for credit losses is recorded to reflect the amount necessary to maintain the allowance for expected credit losses at a level which represents what management does not expect to recover due to expected credit losses. For additional discussion on the allowance for credit losses for investment securities, please refer to Note 3 to the consolidated financial statements in this Form 10-Q.
When the allowance is recorded, a provision for credit loss expense is recognized in net income. The allowance for credit losses for financial assets (excluding investment securities, as discussed in Note 3) represents the portion of the amortized cost basis, including accrued interest for financial assets held at amortized cost, which management does not expect to recover due to expected credit losses and is presented on the statement of condition as an offset to the amortized cost basis. The accrued interest balance is presented separately on the statement of condition within accrued interest and fees receivable. The allowance for off-balance sheet commitments is presented within other liabilities. Loans are charged off to the allowance for credit losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan, including a sale of a
loan below its carrying value, or a portion of a loan is determined to be uncollectible.
The allowance for credit losses may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability-of-default methods, and other quantitative or qualitative methods as determined by us. The method used to estimate expected credit losses may vary depending on the type of financial asset, our ability to predict the timing of cash flows, and the information available to us.
The allowance for credit losses as reported in our consolidated statement of condition is adjusted by provision for credit losses, which is reported in earnings, and reduced by the charge-off of principal amounts, net of recoveries.
We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. Each reporting period, we assess whether the assets in the pool continue to display similar risk characteristics.
For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured separately using one or more of the methods noted above. As of September 30, 2023, we had 8 loans for $68 million in the commercial and financial segment and 1 loan for $47 million in the commercial real estate segment that no longer met the similar risk characteristics of their collective pool. As of September 30, 2023, $33 million of our allowance for credit losses related to these loans.
When the asset is collateral dependent, which means when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are measured as the difference between the amortized cost basis of the asset and the fair value of the collateral, adjusted for the estimated costs to sell.
Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, factors and forecasts then prevailing may result in significant changes in the allowance for credit losses in those future periods.
We estimate credit losses over the contractual life of the financial asset, while factoring in prepayment activity, where supported by data, over a three year reasonable and supportable forecast period. We utilize a baseline, upside and downside scenario which are applied based on a probability weighting, in order to better reflect management’s expectation of expected credit losses given existing market conditions and the changes in the economic
environment. The multiple scenarios are based on a three-year horizon (or less depending on contractual maturity) and then revert linearly over a two-year period to a ten-year historical average thereafter. The contractual term excludes expected extensions, renewals and modifications, but includes prepayment assumptions where applicable.
As part of our allowance methodology, we establish qualitative reserves to address any risks inherent in our portfolio that are not addressed through our quantitative reserve assessment. These factors may relate to, among other things, legislation changes or new regulation, credit concentration, loan markets, scenario weighting and overall model limitations. The qualitative adjustments are applied to our portfolio of financial instruments under the existing governance structure and are inherently judgmental.
For additional information on the allowance for credit losses, refer to pages 145 to 150 in Note 4 to the consolidated financial statements included under item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Credit Quality
Credit quality for financial assets held at amortized cost is continuously monitored by management and is reflected within the allowance for credit losses.
We use an internal risk-rating system to assess our risk of credit loss for each loan. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned.
When computing allowance levels, credit loss assumptions are estimated using models that categorize asset pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall asset portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.
Credit quality is assessed and monitored by evaluating various attributes in order to enable timely detection of any concerns with the customer’s credit rating. The results of those evaluations are utilized in
underwriting new loans and transactions with counterparties and in our process for estimation of expected credit losses.
In assessing the risk rating assigned to each individual loan, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and source of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. Management considers the ratings to be current as of September 30, 2023.
Our internal risk rating methodology assigns risk ratings to counterparties ranging from Investment Grade, Speculative, Special Mention, Substandard, Doubtful and Loss.
•Investment Grade: Counterparties with strong credit quality and low expected credit risk and probability of default. Approximately 86% of our loans were rated as investment grade as of September 30, 2023 with external credit ratings, or equivalent, of "BBB-" or better.
•Speculative: Counterparties that have the ability to repay but face significant uncertainties, such as adverse business or financial circumstances that could affect credit risk or economic downturns. Loans to counterparties rated as speculative account for approximately 12% of our loans as of September 30, 2023, and are concentrated in leveraged loans. Approximately 92% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of September 30, 2023.
•Special Mention: Counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects.
•Substandard: Counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss.
•Doubtful: Counterparties with well-defined weakness which make collection or liquidation in full highly questionable and improbable.
•Loss: Counterparties which are uncollectible or have little value.
The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated:
September 30, 2023Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$28,160 $2,435 $30,595 
Speculative3,816 536 4,352 
Special mention268 99 367 
Substandard39 — 39 
Doubtful29 47 76 
Total(1)(2)
$32,312 $3,117 $35,429 
December 31, 2022Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$24,667 $2,509 $27,176 
Speculative4,103 388 4,491 
Special mention291 88 379 
Substandard99 — 99 
Total(1)(2)
$29,160 $2,985 $32,145 
(1) Loans include $3.59 billion and $2.80 billion of overdrafts as of September 30, 2023 and December 31, 2022, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of September 30, 2023, $3.21 billion overdrafts were investment grade and $0.38 billion overdrafts were speculative.
(2) Total does not include $7 million and $5 million of loans classified as held-for-sale as of September 30, 2023 and December 31, 2022, respectively.
For additional information about credit quality, refer to pages 146 to 150 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of September 30, 2023. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.
(In millions)20232022202120202019PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,095 $100 $204 $61 $272 $6 $13,930 $15,668 
Speculative458 264 749 113 334 185 347 2,450 
Special mention— — 155 — 57 — — 212 
Substandard20 — — 5 — — — 25 
Doubtful5 — 24 — — — — 29 
Total commercial and financing$1,578 $364 $1,132 $179 $663 $191 $14,277 $18,384 
Commercial real estate:
Risk Rating:
Investment grade$215 $500 $498 $100 $375 $747 $— $2,435 
Speculative— 20 31 50 144 291 — 536 
Special mention— — — — 22 77 — 99 
Doubtful— — — — — 47 — 47 
Total commercial real estate$215 $520 $529 $150 $541 $1,162 $— $3,117 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$3,031 $1,982 $2,793 $— $— $— $4,686 $12,492 
Speculative483 131 502 75 104 71 — 1,366 
Special mention— — 28 28 — — — 56 
Substandard— — — — — 14 — $14 
Total commercial and financing$3,514 $2,113 $3,323 $103 $104 $85 $4,686 $13,928 
Total loans(2)
$5,307 $2,997 $4,984 $432 $1,308 $1,438 $18,963 $35,429 
(1) Any reserve associated with accrued interest is not material. As of September 30, 2023, accrued interest receivable of $325 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $7 million of loans classified as held-for-sale as of September 30, 2023.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2022:
(In millions)20222021202020192018PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,577 $185 $72 $300 $— $9 $12,843 $14,986 
Speculative523 859 168 461 236 151 545 2,943 
Special mention— 120 — 105 19 — — 244 
Substandard— — 5 42 31 7 — 85 
Total commercial and financing$2,100 $1,164 $245 $908 $286 $167 $13,388 $18,258 
Commercial real estate:
Risk Rating:
Investment grade$519 $612 $100 $330 $511 $436 $— $2,508 
Speculative— — 49 163 111 65 — 388 
Special mention— — — 49 40 — — 89 
Total commercial real estate$519 $612 $149 $542 $662 $501 $— $2,985 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,986 $2,799 $— $— $— $— $3,897 $9,682 
Speculative234 529 100 181 107 — 9 1,160 
Special mention— — 18 5 23 — — 46 
Substandard— — — — 14 — — 14 
Total commercial and financing$3,220 $3,328 $118 $186 $144 $— $3,906 $10,902 
Total loans(2)
$5,839 $5,104 $512 $1,636 $1,092 $668 $17,294 $32,145 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2022, accrued interest receivable of $200 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $5 million of loans classified as held-for-sale as of December 31, 2022.
The following tables present the activity in the allowance for credit losses by portfolio and class for the periods indicated:
Three Months Ended September 30, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$80 $3 $37 $— $— $15 $1 $136 
Charge-offs(2)— — — — — — (2)
Provision(6)— 7 — 1 (1)(1)— 
Ending balance$72 $3 $44 $— $1 $14 $— $134 
(1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Nine Months Ended September 30, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$73 $5 $19 $2 $— $23 $(1)$121 
Charge-offs(13)— — — — — — (13)
Provision12 (2)25 (2)1 (9)1 26 
Ending balance$72 $3 $44 $— $1 $14 $— $134 
(1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Three Months Ended September 30, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$69 $10 $16 $2 $17 $— $114 
Charge-offs— — — — — — — 
Provision6 (5)2 (1)(2)— — 
Ending balance$75 $5 $18 $1 $15 $— $114 
(1) Includes $4 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Nine Months Ended September 30, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$61 $12 $14 $2 $19 $— $108 
Charge-offs(4)— — — — — (4)
Provision18 (7)4 (1)(4)— 10 
Ending balance$75 $5 $18 $1 $15 $— $114 
(1) Includes $4 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Loans are reviewed on a regular basis, and any provisions for credit losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb expected credit losses in the loan portfolio. We recorded no provision for credit losses in the third quarter of 2023, as an increase in reserves for commercial real estate loans was offset by a reduction in reserves related to leveraged loans. There was no provision for credit losses recorded in the third quarter of 2022.
Allowance estimates remain subject to continued model and economic uncertainty and management may use qualitative adjustments in the allowance estimates. If future data and forecasts deviate relative to the forecasts utilized to determine our allowance for credit losses as of September 30, 2023, or if credit risk migration is higher or lower than forecasted for reasons independent of the economic forecast, our allowance for credit losses will also change.
v3.23.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table presents changes in the carrying amount of goodwill during the periods indicated:
(In millions)Investment
  Servicing		Investment
Management		Total
Goodwill:
Ending balance December 31, 2021$7,354 $267 $7,621 
Acquisitions3 — 3 
Foreign currency translation(125)(4)(129)
Ending balance December 31, 2022$7,232 $263 $7,495 
Foreign currency translation(8)— (8)
Ending balance September 30, 2023$7,224 $263 $7,487 
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)Investment ServicingInvestment
Management		Total
Other intangible assets:
Ending balance December 31, 2021$1,746 $70 $1,816 
Amortization(217)(21)(238)
Foreign currency translation(34)— (34)
Ending balance December 31, 20221,495 49 1,544 
Amortization(164)(16)(180)
Foreign currency translation(1)— (1)
Ending balance September 30, 2023$1,330 $33 $1,363 
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
September 30, 2023Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships$2,722 $(1,743)$979 
Technology401 (206)195 
Core deposits681 (501)180 
Other83 (74)9 
Total$3,887 $(2,524)$1,363 
December 31, 2022Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships$2,728 $(1,626)$1,102 
Technology402 (178)224 
Core deposits683 (477)206 
Other84 (72)12 
Total$3,897 $(2,353)$1,544 
v3.23.3
Other Assets
 9 Months Ended
Sep. 30, 2023
Other Assets [Abstract]  
Other Assets Other Assets
The following table presents the components of other assets as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Securities borrowed(1)
$24,065 $16,489 
Derivative instruments, net7,804 7,664 
Bank-owned life insurance3,730 3,649 
Collateral, net3,104 1,833 
Investments in joint ventures and other unconsolidated entities(2)
2,840 3,245 
Deferred tax assets, net of valuation allowance(3)
1,020 1,127 
Right-of-use assets823 500 
Receivable for securities settlement670 383 
Prepaid expenses610 558 
Accounts receivable472 404 
Income taxes receivable238 235 
Deposits with clearing organizations58 62 
Other(4)
1,798 1,753 
Total$47,232 $37,902 
(1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.
(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $181 million and $179 million as of September 30, 2023 and December 31, 2022, respectively. For both the three and nine months ended September 30, 2023, $5 million of impairments were recognized in other fee revenue related to such equity securities.
(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.
(4) Includes advances of $968 million and $1,201 million as of September 30, 2023 and December 31, 2022, respectivel
v3.23.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
We use derivative financial instruments to support our clients' needs and to manage our interest rate, currency and other market risks. These financial instruments consist of FX contracts such as forwards, futures and options contracts; interest rate contracts such as interest rate swaps (cross currency and single currency) and futures; and other derivative contracts. Derivative instruments used for risk management purposes that are highly effective in offsetting the risk being hedged are generally designated as hedging instruments in hedge accounting relationships, while others are economic hedges and not designated in hedge accounting relationships. For additional information on our use and accounting policies on derivative financial instruments, including derivatives not designated as hedging instruments, refer to pages 154 and 155 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Derivatives Designated as Hedging Instruments
For additional information on our derivatives designated as hedging instruments, including our risk management objectives and hedging documentation methodologies, refer to pages 154 and 155 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Fair Value Hedges
Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities, including long-term debt and AFS securities. We use interest rate contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates.
Changes in the fair value of the derivative and changes in fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item.
Cash Flow Hedges
Derivatives designated as cash flow hedges are utilized to offset the variability of cash flows of recognized assets, liabilities or forecasted transactions. We have entered into FX contracts to hedge the change in cash flows attributable to FX movements in foreign currency denominated investment securities. Additionally, we have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans and Interest Rate on Reserve Balances (IORB) indexed floating-rate cash deposits held across the Federal Reserve Bank system. The interest rate swaps synthetically convert the interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the EURIBOR and IORB.
Changes in fair value of the derivatives designated as cash flow hedges are initially recorded in AOCI and then reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged item. If the hedge relationship is terminated, the change in fair value on the derivative recorded in AOCI is reclassified into earnings consistent with the timing of the hedged item. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge terms, any related derivative values recorded in AOCI are immediately recognized in earnings. The net loss associated with cash flow hedges expected to be reclassified from AOCI within 12 months of September 30, 2023, is approximately $210 million. The maximum length of time over which forecasted cash flows are hedged is 5 years.
Net Investment Hedges
Derivatives categorized as net investment hedges are entered into to protect the net investment in our foreign operations against adverse changes in exchange rates. We use FX forward contracts to convert the foreign currency risk to U.S. dollars to mitigate our exposure to fluctuations in FX rates. The changes in fair value of the FX forward contracts are recorded, net of taxes, in the foreign currency translation component of other comprehensive income (OCI).
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$15,704 $8,683 
Foreign exchange contracts:
Forward, swap and spot2,379,456 2,267,221 
Options purchased683 607 
Options written278 445 
Futures148 1,550 
Other:
Futures130 — 
Stable value contracts(1)
29,490 31,391 
Deferred value awards(2)
320 300 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements20,453 22,566 
Foreign exchange contracts:
Forward and swap9,279 8,213 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to page 158 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Notional amounts are provided here as an indication of the volume of our derivative activity and serve as a reference to calculate the fair values of the derivative.
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts$20,090 $26,081 $20,103 $25,407 
Other derivative contracts— — 196 216 
Total$20,090 $26,081 $20,299 $25,623 
Derivatives designated as hedging instruments:
Foreign exchange contracts$518 $105 $3 $342 
Interest rate contracts1 — 1 1 
Total$519 $105 $4 $343 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$198 $207 $621 $676 
Foreign exchange contractsInterest expense(24)(16)(40)— 
Interest rate contractsForeign exchange trading services revenue(3)— (2)— 
Other derivative contractsOther fee revenue6 — 5 — 
Other derivative contractsCompensation and employee benefits(21)(11)(99)(75)
Total$156 $180 $485 $601 
The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
September 30, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$13,960 $(594)$176 
Available-for-sale securities(2)(3)
9,957 (767)4 
December 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,513 $(644)$362 
Available-for-sale securities(2)(3)
9,801 (675)8 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the financial assets designated under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At September 30, 2023 and December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $699 million and $207 million, respectively, of which $400 million and $64 million, respectively, was designated under the portfolio layer hedging relationship. At September 30, 2023 and December 31, 2022, the cumulative adjustment associated with these hedging relationships was ($16) million and ($4) million, respectively.
(3) Carrying amount represents amortized cost.
As of September 30, 2023 and December 31, 2022, the total notional amount of the interest rate swaps of fair value hedges was $19.59 billion and $20.32 billion, respectively.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended September 30,Three Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on Derivative in Consolidated Statement of IncomeAmount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income		Hedged Item in Fair Value Hedging RelationshipLocation of Gain (Loss) on Hedged Item in Consolidated Statement of IncomeAmount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$57 $349 
Available-for-sale securities(1)
Net interest income
$(57)$(349)
Interest rate contractsNet interest income(76)(261)Long-term debtNet interest income76 261 
Total$(19)$88 $19 $(88)
Nine Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on Derivative in Consolidated Statement of IncomeAmount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income		Hedged Item in Fair Value Hedging RelationshipLocation of Gain (Loss) on Hedged Item in Consolidated Statement of IncomeAmount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$99 707 
Available-for-sale securities(2)
Net interest income$(100)$(709)
Interest rate contractsNet interest income(52)(600)Long-term debtNet interest income52 600 
Total$47 $107 $(48)$(109)
(1) In the three months ended September 30, 2023, approximately $36 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $256 million of net unrealized gains in the same period of 2022.
(2) In the nine months ended September 30, 2023, approximately $70 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $526 million of net unrealized gains in the same period of 2022.
Three Months Ended September 30,Three Months Ended September 30,
20232022Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income20232022
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(1)$(222)Net interest income$(53)$(22)
Foreign exchange contracts33 39 Net interest income— — 
Total derivatives designated as cash flow hedges$32 $(183)$(53)$(22)
Derivatives designated as net investment hedges:
Foreign exchange contracts$225 $395 $— $— 
Total derivatives designated as net investment hedges225 395 — — 
Total$257 $212 $(53)$(22)
Nine Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts$(4)$(604)Net interest income$(156)$3 
Foreign exchange contracts115 215 Net interest income1 6 
Total derivatives designated as cash flow hedges$111 $(389)$(155)$9 
Derivatives designated as net investment hedges:
Foreign exchange contracts$176 $723 $— $— 
Total derivatives designated as net investment hedges176 723 — — 
Total$287 $334 $(155)$9 
(1) As of September 30, 2023, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
Derivatives Netting and Credit Contingencies
Netting
Derivatives receivable and payable as well as cash collateral from the same counterparty are netted in the consolidated statement of condition for those counterparties with whom we have legally binding master netting agreements in place. In addition to cash collateral received and transferred presented on a net basis, we also receive and transfer collateral in the form of securities, which mitigate credit risk but are not eligible for netting. Additional information on netting is provided in Note 8.
Credit Contingencies
Certain of our derivatives are subject to master netting agreements with our derivative counterparties containing credit risk-related contingent features, which requires us to maintain an investment grade credit rating with the various credit rating agencies. If our rating falls below investment grade, we would be in violation of the provisions, and counterparties to the derivatives could request immediate payment or demand full overnight collateralization on derivatives instruments in liability positions. The aggregate fair value of all derivatives with credit contingent features and in a net liability position as of September 30, 2023 totaled approximately $5.08 billion, against which we provided $4.07 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of September 30, 2023, the maximum additional collateral we would be required to post to our counterparties is approximately $1.01 billion.
v3.23.3
Offsetting Arrangements
 9 Months Ended
Sep. 30, 2023
Offsetting [Abstract]  
Offsetting Arrangements Offsetting Arrangements
For additional information on our offsetting arrangements, refer to page 158 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
As of September 30, 2023 and December 31, 2022, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $10.38 billion and $8.14 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $6.18 billion and $3.63 billion, respectively.
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:September 30, 2023
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$20,608 $(11,006)$9,602 $— $9,602 
Interest rate contracts(6)
1 — 1 — 1 
Cash collateral and securities nettingNA(1,799)(1,799)(820)(2,619)
Total derivatives
20,609 (12,805)7,804 (820)6,984 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
213,229 (187,348)25,881 (24,436)1,445 
Total derivatives and other financial instruments$233,838 $(200,153)$33,685 $(25,256)$8,429 
Assets:December 31, 2022
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$26,186 $(15,224)$10,962 $— $10,962 
Interest rate contracts(6)
— — — — — 
Cash collateral and securities nettingNA(3,298)(3,298)(1,717)(5,015)
Total derivatives
26,186 (18,522)7,664 (1,717)5,947 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
125,797 (104,093)21,704 (20,960)744 
Total derivatives and other financial instruments$151,983 $(122,615)$29,368 $(22,677)$6,691 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $25.88 billion as of September 30, 2023 were $1.82 billion of resale agreements and $24.06 billion of collateral provided related to securities borrowing. Included in the $21.70 billion as of December 31, 2022 were $5.21 billion of resale agreements and $16.49 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:September 30, 2023
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$20,106 $(11,006)$9,100 $— $9,100 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts196 — 196 — 196 
Cash collateral and securities nettingNA(4,015)(4,015)(1,081)(5,096)
Total derivatives20,303 (15,021)5,282 (1,081)4,201 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
203,469 (187,348)16,121 (15,790)331 
Total derivatives and other financial instruments$223,772 $(202,369)$21,403 $(16,871)$4,532 
Liabilities:December 31, 2022
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$25,749 $(15,224)$10,525 $— $10,525 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts216 — 216 — 216 
Cash collateral and securities nettingNA(2,727)(2,727)(908)(3,635)
Total derivatives25,966 (17,951)8,015 (908)7,107 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
111,653 (104,093)7,560 (6,433)1,127 
Total derivatives and other financial instruments$137,619 $(122,044)$15,575 $(7,341)$8,234 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $16.12 billion as of September 30, 2023 were $3.10 billion of repurchase agreements and $13.02 billion of collateral received related to securities lending transactions. Included in the $7.56 billion as of December 31, 2022 were $1.18 billion of repurchase agreements and $6.38 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels.
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements, as of the periods indicated:
As of September 30, 2023As of December 31, 2022
(In millions)Overnight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$186,824 $— $178 $— $187,002 $100,899 $— $200 $— $101,099 
Non-U.S. sovereign debt— — — — — 702 — — — 702 
Total186,824 — 178 — 187,002 101,601 — 200 — 101,801 
Securities lending transactions:
US Treasury and agency securities8 — — — 8 44 — — — 44 
Corporate debt securities144 — 12 — 156 67 — — — 67 
Equity securities7,503 15 20 1,896 9,434 4,509 — — 1,606 6,115 
Other(1)
6,869 — — — 6,869 3,626 — — — 3,626 
Total14,524 15 32 1,896 16,467 8,246 — — 1,606 9,852 
Gross amount of recognized liabilities for repurchase agreements and securities lending$201,348 $15 $210 $1,896 $203,469 $109,847 $— $200 $1,606 $111,653 
(1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.23.3
Commitments and Guarantees
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Guarantees Commitments and Guarantees
For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to page 161 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Commitments:
Unfunded credit facilities$34,149 $31,208 
Guarantees(1):
Indemnified securities financing$269,180 $348,924 
Standby letters of credit1,527 2,125 
(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.
Approximately 76% of our unfunded commitments to extend credit expire within one year as of September 30, 2023, compared to approximately 77% as of December 31, 2022.
Indemnified Securities Financing
For additional information on our indemnified securities financing, refer to page 161 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Fair value of indemnified securities financing$269,180 $348,924 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing281,856 366,895 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements58,722 54,114 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements63,263 57,903 
In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of September 30, 2023 and December 31, 2022, we had approximately $24.06 billion and $16.49 billion, respectively, of collateral provided and approximately $13.02 billion and $6.38 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.
FICC Guarantee
As a sponsoring member in the FICC member program, we provide a guarantee to FICC in the event a customer fails to perform its obligations under a transaction. In order to minimize the risk associated with this guarantee, sponsored members acting as buyers generally grant a security interest in the subject securities received under and held on their behalf by State Street.
Additionally, as a member of FICC, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation to FICC is depleted. It is difficult to estimate our maximum possible exposure under the membership agreement, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both September 30, 2023 and December 31, 2022, we did not record any liabilities under these arrangements.
For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q.
v3.23.3
Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Legal and Regulatory Matters
In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary awards or payments, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement
or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome or development in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on our consolidated financial condition, or on our reputation.
We evaluate our needs for accruals of loss contingencies related to legal and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of loss. We also consider a loss probable and establish an accrual when we make, or intend to make, an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates").
As of September 30, 2023, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $17 million, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation.
As of September 30, 2023, for those matters for which we have accrued probable loss contingencies (including the Invoicing Matter described below) and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts)
ranges up to approximately $70 million. Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate.
In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss.
The following discussion provides information with respect to significant legal, governmental and regulatory matters.
Invoicing Matter
In 2015, we determined that we had incorrectly invoiced clients for certain expenses. We have reimbursed most of our affected customers for those expenses, and we have implemented enhancements to our billing processes. In connection with our enhancements to our billing processes, we continue to review historical billing practices and may from time to time identify additional remediation. In 2017, we identified an additional area of incorrect expense billing associated with mailing services in our retirement services business. We currently expect the cumulative total of our payments to customers for these invoicing errors, including the error in the retirement services business, to be at least $350 million, all of which has been paid or is accrued. However, we may identify additional remediation costs.
In March 2017, a purported class action was commenced against us alleging that our invoicing practices violated duties owed to retirement plan customers under the Employee Retirement Income Security Act. We have agreed, subject to court approval, to resolve this matter and pay a cost that is within our established accruals for loss contingencies. In addition, we have received a purported class action demand letter alleging that our invoicing practices were unfair and deceptive under Massachusetts law. A class of customers, or particular customers, may assert that we have not paid to them all amounts incorrectly invoiced, and may seek double or treble damages under Massachusetts law.
We resolved potential criminal claims that arose from these matters by entering into a deferred prosecution agreement with the office of the United States Attorney for the District of Massachusetts and paying a $115 million penalty in May 2021. In June 2019, we reached an agreement with the SEC to settle its claims that we violated the recordkeeping provisions of Section 34(b) of the Investment Company Act of 1940 and caused violations of Section 31(a) of the Investment Company Act and Rules 31a-1(a) and 31a-1(b) thereunder in connection with our overcharges of customers which are registered investment companies. In reaching this settlement, we neither admitted nor denied the claims contained in the SEC’s order, and agreed to pay a civil monetary penalty of $40 million. Also in June 2019, we reached an agreement with the Massachusetts Attorney General’s office to resolve its claims related to this matter. In reaching this settlement, we neither admitted nor denied the claims in the order, and agreed to pay a civil monetary penalty of $5.5 million. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of $48.8 million in disgorgement and interest is satisfied by our direct reimbursements of our customers. We paid fines to resolve claims of the Securities Divisions of the Secretaries of the State of Massachusetts and New Hampshire. The costs associated with the settlements discussed above were within our related and previously established accruals for loss contingencies.
We have not resolved certain claims that may be made by the U.S. Department of Labor. We do not know whether any such claims will be brought, and there can be no assurance that any settlement of any such claims will be reached on financial terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of any such matters is not currently known.
Gomes, et al. v. State Street Corp.
Eight participants in our Salary Savings Program filed a purported class action complaint in May 2021 on behalf of participants and beneficiaries who participated in the Program and invested in our proprietary investment fund options between May 2015 and the present. The complaint names the Plan Sponsor as well as the committees overseeing the Plan and their respective members as defendants, and alleges breach of fiduciary duty and violations of other duties owed to retirement plan participants under the Employee Retirement Income and Security Act. We and the other named defendants deny the alleged claims and are proceeding with a defense of the matter.
Edmar Financial Company, LLC et al v. Currenex, Inc. et al
In August 2021, two former Currenex clients filed a putative civil class action lawsuit in the Southern District of New York alleging antitrust violations, fraud and a civil Racketeer Influenced and Corrupt Organization Act violation against Currenex, State Street and others.
German Tax Matter
In connection with a routine audit including the period 2013-2015, German tax authorities have questioned whether State Street should have withheld and be secondarily liable for certain taxes on dividends paid on securities of German issuers held as collateral over dividend record dates in client lending transactions with counterparties outside of Germany.
Income Taxes
In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits totaled approximately $204 million and $285 million as of September 30, 2023 and December 31, 2022, respectively.
We are presently under audit by a number of tax authorities. The earliest tax year open to examination in jurisdictions where we have material operations is 2013. Management believes that we have sufficiently
accrued liabilities as of September 30, 2023 for potential tax exposures.
v3.23.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities Variable Interest Entities
For additional information on our accounting policy and our use of variable interest entities (VIEs), refer to pages 164 to 165 in Note 14 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, "Variable Interest Entities", in our 2022 Form 10-K.
Interests in Investment Funds
As of both September 30, 2023 and December 31, 2022, we had no consolidated funds. As of both September 30, 2023 and December 31, 2022, we managed certain funds, considered VIEs, in which we held a variable interest, but for which we were not deemed to be the primary beneficiary. Our potential maximum loss exposure related to these unconsolidated funds totaled $16 million and $15 million as of September 30, 2023 and December 31, 2022, respectively, and represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition. The amount of loss we may recognize during any period is limited to the carrying amount of our investments in the unconsolidated funds.
We also held investments in low-income housing, production and investment tax credit entities, considered VIEs for which we were not deemed to be the primary beneficiary. As of September 30, 2023 and December 31, 2022, our potential maximum loss exposure related to these unconsolidated entities totaled $1.30 billion and $1.60 billion, respectively, most of which represented the carrying value of our investments which are recorded in other assets in our consolidated statement of condition.
State Street accounts for our low-income housing tax credit investments (LIHTC) under the proportional amortization method. Effective January 1, 2023, State Street has also elected to account for our investments in production tax credit investments under the proportional amortization method of accounting. Under the proportional amortization method, the initial cost of the investment is amortized based on a percentage of the actual income tax credits and other income tax benefits allocated in the current period versus the total estimated income tax credits and other income tax benefits expected to be received over the life of the investment. The net benefit, representing the difference between amortization of the investment balance, recognition of the income tax credits and recognition of other income tax benefits from the investment is recognized as a component of income tax expense.
As of September 30, 2023, we had investments in LIHTC and production tax credit investments of $841 million and $301 million, respectively, which are included in other assets in our consolidated statement of condition. Deferred contributions related to LIHTC investments were $198 million at September 30, 2023. These deferred contributions are payable in accordance with the respective agreements and are expected to be paid through 2038. Contingent contributions related to the renewable energy production tax credit investments were $48 million at September 30, 2023. These contributions are contingent on production and expected to be paid through 2029.
The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated:
(In millions)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Income (loss) recorded on investments within other fee revenue$8 $23 
Income recorded in total revenue8 23 
Tax credits and benefits recognized in income tax expense68 202 
Proportional amortization recognized in income tax expense(52)(156)
Net benefits included in income tax expense16 46 
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income$24 $69 
v3.23.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of September 30, 2023:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedAmount outstanding (in millions)
Ownership Interest Per Depositary Share
Liquidation Preference Per ShareLiquidation Preference Per Depositary Share
Per Annum Dividend Rate
Dividend Payment Frequency
Carrying Value as of September 30, 2023
(In millions)
Redemption Date(2)
Series DFebruary 201430,000,000 $750 1/4,000th$100,000 $25 
5.9% to but excluding March 15, 2024, then 9.008%(3)
Quarterly$742 March 15, 2024
Series F(4)
May 2015250,000 250 1/100th100,000 1,000 
Floating rate equal to the three-month CME term SOFR plus 3.859%, or 9.268% effective September 15, 2023
Quarterly247 September 15, 2020
Series GApril 201620,000,000 500 1/4,000th100,000 25 
5.35%(5)
Quarterly493 March 15, 2026
Series HSeptember 2018500,000 500 1/100th100,000 1,000 
5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month CME term SOFR plus 2.801%(6)
Semi-annually494 December 15, 2023
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.
(5) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
(6) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from USD LIBOR to CME Term SOFR, plus 0.26161%.
The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Three Months Ended September 30,
20232022
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$1,475 $0.37 $11 $1,475 $0.37 $11 
Series F2,338 23.38 6 1,387 13.87 3 
Series G1,338 0.33 7 1,338 0.33 7 
Total$24 $21 
Nine Months Ended September 30,
20232022
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D
$4,425 $1.11 $33 $4,425 $1.11 $33 
Series F
6,592 65.92 17 3,467 34.67 9 
Series G
4,013 1.00 20 4,014 0.99 20 
Series H
2,813 28.13 14 2,813 28.13 14 
Total
$84 $76 
Common Stock
In January 2023, our Board approved a share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023. We repurchased $1.00 billion of our common stock in the third quarter of 2023 under our 2023 share repurchase authorization.
The table below presents the activity under our common share repurchase program for the period indicated:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2023 Program13.8 $72.23 $1,000 42.3 $78.08 $3,300 
    The tables below present the dividends declared on common stock for the periods indicated:
Three Months Ended September 30,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.69 $213 $0.63 $232 
Nine Months Ended September 30,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$1.95 $628 $1.77 $651 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications83 49 — (145)176 163 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income113 378 12 — — 503 
Other comprehensive income (loss)196 427 12 (145)176 666 
Balance as of September 30, 2023$(163)$(1,390)$(131)$(1,896)$535 $(3,045)
Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(344)(2,041)(1)(1,569)723 (3,232)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(6)84 19 — — 97 
Other comprehensive income (loss)(350)(1,957)18 (1,569)723 (3,135)
Balance as of September 30, 2022$(352)$(2,007)$(112)$(2,588)$791 $(4,268)
(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($578) million and ($749) million as of September 30, 2023 and December 31, 2022, respectively.
The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended September 30,
20232022
(In millions)
Amounts Reclassified into Earnings
Affected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $81, and $0, respectively
$213 $— Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $22 and $22, respectively
59 60 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $6, respectively
39 16 Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $0 and $1, respectively
— 2 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$311 $78 
Nine Months Ended September 30,
20232022
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $81 and $1, respectively
$213 $1 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $61 and $31, respectively
165 83 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $42 and $(3), respectively
113 (6)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $5 and $8, respectively
12 19 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$503 $97 
v3.23.3
Regulatory Capital
 9 Months Ended
Sep. 30, 2023
Banking and Thrift, Other Disclosure [Abstract]  
Regulatory Capital Regulatory Capital
For additional information on our regulatory capital, including the regulatory capital requirements administered by federal banking agencies, which we are subject to, refer to pages 167 to 168 in Note 16 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
As of September 30, 2023, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject to. As of September 30, 2023, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since September 30, 2023 that have changed the capital categorization of State Street Bank.
The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated.
State Street Corporation
State Street Bank
(Dollars in millions)Basel III Advanced Approaches September 30, 2023Basel III Standardized Approach September 30, 2023Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches September 30, 2023Basel III Standardized Approach September 30, 2023Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022
 Common shareholders' equity:
Common stock and related surplus$11,239 $11,239 $11,234 $11,234 $13,033 $13,033 $13,033 $13,033 
Retained earnings27,993 27,993 27,028 27,028 15,407 15,407 16,975 16,975 
Accumulated other comprehensive income (loss)(3,045)(3,045)(3,711)(3,711)(2,756)(2,756)(3,428)(3,428)
Treasury stock, at cost(14,542)(14,542)(11,336)(11,336)— — — — 
Total21,645 21,645 23,215 23,215 25,684 25,684 26,580 26,580 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,352)(8,352)(8,545)(8,545)(8,096)(8,096)(8,288)(8,288)
Other adjustments(1)
(289)(289)(123)(123)(206)(206)(19)(19)
 Common equity tier 1 capital13,004 13,004 14,547 14,547 17,382 17,382 18,273 18,273 
Preferred stock1,976 1,976 1,976 1,976 — — — — 
 Tier 1 capital14,980 14,980 16,523 16,523 17,382 17,382 18,273 18,273 
Qualifying subordinated long-term debt1,374 1,374 1,376 1,376 538 538 542 542 
Allowance for credit losses3 134 — 120 3 134 — 120 
 Total capital$16,357 $16,488 $17,899 $18,019 $17,923 $18,054 $18,815 $18,935 
 Risk-weighted assets:
Credit risk(2)
$62,206 $116,045 $61,108 $105,739 $56,273 $114,662 $54,675 $104,184 
Operational risk(3)
42,677  NA42,763 NA42,299  NA42,325 NA
Market risk1,963 1,963 1,488 1,488 1,963 1,963 1,488 1,488 
Total risk-weighted assets$106,846 $118,008 $105,359 $107,227 $100,535 $116,625 $98,488 $105,672 
Adjusted quarterly average assets$259,086 $259,086 $275,678 $275,678 $256,408 $256,408 $273,220 $273,220 
Capital Ratios:
2023 Minimum Requirements(4)
2022 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %12.2 %11.0 %13.8 %13.6 %17.3 %14.9 %18.6 %17.3 %
Tier 1 capital9.5 9.5 14.0 12.7 15.7 15.4 17.3 14.9 18.6 17.3 
Total capital11.5 11.5 15.3 14.0 17.0 16.8 17.8 15.5 19.1 17.9 
Tier 1 leverage(5)
4.0 4.0 5.8 5.8 6.0 6.0 6.8 6.8 6.7 6.7 
(1) Other adjustments within CET1 capital primarily include AOCI hedges that are not recognized at fair value on the balance sheet, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions.
(2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches.
(3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs.
(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%.
(5)State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB.
NA Not applicable
v3.23.3
Net Interest Income
 9 Months Ended
Sep. 30, 2023
Banking and Thrift, Interest [Abstract]  
Net Interest Income Net Interest Income
The following table presents the components of interest income and interest expense, and related NII, for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Interest income:
Interest-bearing deposits with banks$693 $202 $2,031 $281 
Investment securities:
Investment securities available-for-sale464 176 1,218 452 
Investment securities held-to-maturity314 271 954 672 
Total investment securities778 447 2,172 1,124 
Securities purchased under resale agreements65 57 223 105 
Loans492 256 1,330 627 
Other interest-earning assets300 139 831 189 
Total interest income2,328 1,101 6,587 2,326 
Interest expense:
Interest-bearing deposits1,332 300 3,479 260 
Securities sold under repurchase agreements6 2 28 5 
Short-term borrowings2 — 34 1 
Long-term debt241 97 635 234 
Other interest-bearing liabilities123 42 330 73 
Total interest expense1,704 441 4,506 573 
Net interest income$624 $660 $2,081 $1,753 
v3.23.3
Expenses
 9 Months Ended
Sep. 30, 2023
Other Expenses [Abstract]  
Expenses Expenses
The following table presents the components of other expenses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Professional services$99 $92 $315 $273 
Sales advertising and public relations38 28 91 69 
Regulatory fees and assessments18 19 62 63 
Securities processing10 21 35 41 
Bank operations9 11 33 24 
Donations13 7 26 20 
Other98 96 279 289 
Total other expenses$285 $274 $841 $779 
Acquisition and Restructuring Costs
We had no acquisition and restructuring costs in both the three and nine months ended September 30, 2023, compared to $13 million and $34 million in the same periods of 2022, respectively, related to the BBH Investor Services acquisition transaction that we are no longer pursuing.
Repositioning Charges
The following table presents aggregate activity for repositioning charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Total
Accrual Balance at December 31, 2021$68 $6 $74 
Payments and Other Adjustments(17)(1)(18)
Accrual Balance at March 31, 202251 5 56 
Payments and Other Adjustments(11)— (11)
Accrual Balance at June 30, 202240 5 45 
Payments and Other Adjustments(5)— (5)
Accrual Balance at September 30, 2022$35 $5 $40 
Accrual Balance at December 31, 2022$83 $5 $88 
Payments and other adjustments(14)(1)(15)
Accrual Balance at March 31, 202369 4 73 
Payments and Other Adjustments(16)(1)(17)
Accrual Balance at June 30, 202353 3 56 
Payments and Other Adjustments(12)(2)(14)
Accrual Balance at September 30, 2023$41 $1 $42 
v3.23.3
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
For additional information on our EPS calculation methodologies, refer to page 175 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share amounts)2023202220232022
Net income$422 $690 $1,734 $2,041 
Less:
Preferred stock dividends (24)(21)(84)(76)
Dividends and undistributed earnings allocated to participating securities(1)
— — (1)(1)
Net income available to common shareholders$398 $669 $1,649 $1,964 
Average common shares outstanding (In thousands):
Basic average common shares313,147 367,789 327,776 367,240 
Effect of dilutive securities: equity-based awards4,182 4,629 4,235 4,954 
Diluted average common shares317,329 372,418 332,011 372,194 
Anti-dilutive securities(2)
1,683 1,592 1,368 904 
Earnings per common share:
Basic$1.27 $1.82 $5.03 $5.35 
Diluted(3)
1.25 1.80 4.97 5.28 
(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 169 to 171 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.
v3.23.3
Line of Business Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Line of Business Information Line of Business Information
Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. The results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. For information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, refer to pages 175 to 177 in Note 24 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
The following tables summarize our line of business results for the periods indicated. The "Other" columns represent amounts that are not allocated to our two lines of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
Three Months Ended September 30,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)20232022202320222023202220232022
Servicing fees$1,234 $1,219 $— $— $— $— $1,234 $1,219 
Management fees— — 479 472 — — 479 472 
Foreign exchange trading services278 293 35 26 — — 313 319 
Securities finance98 105 5 5 — — 103 110 
Software and processing fees188 184 — — — — 188 184 
Other fee revenue41 12 3 (17)— — 44 (5)
Total fee revenue1,839 1,813 522 486 — — 2,361 2,299 
Net interest income620 663 4 (3)— — 624 660 
Total other income— — — — (294)— (294)— 
Total revenue2,459 2,476 526 483 (294)— 2,691 2,959 
Provision for credit losses— — — — — — — — 
Total expenses1,798 1,760 379 335 3 15 2,180 2,110 
Income before income tax expense$661 $716 $147 $148 $(297)$(15)$511 $849 
Pre-tax margin27 %29 %28 %31 %19 %29 %
Nine Months Ended September 30,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)20232022202320222023202220232022
Servicing fees$3,710 $3,884 $— $— $— $— $3,710 $3,884 
Management fees— — 1,397 1,482 — — 1,397 1,482 
Foreign exchange trading services875 948 83 61 — — 958 1,009 
Securities finance310 300 19 13 — — 329 313 
Software and processing fees (1)
574 573 — — — — 574 573 
Other fee revenue124 46 23 (65)— 147 (19)
Total fee revenue5,593 5,751 1,522 1,491 — — 7,115 7,242 
Net interest income2,069 1,760 12 (7)— — 2,081 1,753 
Total other income— (2)— — (294)— (294)(2)
Total revenue7,662 7,509 1,534 1,484 (294)— 8,902 8,993 
Provision for credit losses26 10 — — — — 26 10 
Total expenses5,626 5,452 1,126 1,051 9 42 6,761 6,545 
Income before income tax expense$2,010 $2,047 $408 $433 $(303)$(42)2,115 $2,438 
Pre-tax margin26 %27 %27 %29 %24 %27 %
v3.23.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 177 to 180 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Revenue by category
In the following tables, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Three Months Ended September 30, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$1,234 $— $1,234 $— $— $— $— $— $— $1,234 
Management fees— — — 479 — 479 — — — 479 
Foreign exchange trading services 84 194 278 35 — 35 — — — 313 
Securities finance53 45 98 — 5 5 — — — 103 
Software and processing fees 142 46 188 — — — — — — 188 
Other fee revenue— 41 41 — 3 3 — — — 44 
Total fee revenue1,513 326 1,839 514 8 522 — — — 2,361 
Net interest income— 620 620 — 4 4 — — — 624 
Total other income— — — — — — — (294)(294)(294)
Total revenue$1,513 $946 $2,459 $514 $12 $526 $— $(294)$(294)$2,691 
Nine Months Ended September 30, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$3,710 $— $3,710 $— $— $— $— $— $— $3,710 
Management fees— — — 1,397 — 1,397 — — — 1,397 
Foreign exchange trading services 260 615 875 83 — 83 — — — 958 
Securities finance177 133 310 — 19 19 — — — 329 
Software and processing fees 436 138 574 — — — — — — 574 
Other fee revenue— 124 124 — 23 23 — — — 147 
Total fee revenue4,583 1,010 5,593 1,480 42 1,522 — — — 7,115 
Net interest income— 2,069 2,069 — 12 12 — — — 2,081 
Total other income— — — — — — — (294)(294)(294)
Total revenue$4,583 $3,079 $7,662 $1,480 $54 $1,534 $— $(294)$(294)$8,902 
Three Months Ended September 30, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$1,219 $— $1,219 $— $— $— $— $— $— $1,219 
Management fees— — — 472 — 472 — — — 472 
Foreign exchange trading services88 205 293 26 — 26 — — — 319 
Securities finance60 45 105 — 5 5 — — — 110 
Software and processing fees138 46 184 — — — — — — 184 
Other fee revenue— 12 12 — (17)(17)— — — (5)
Total fee revenue1,505 308 1,813 498 (12)486 — — — 2,299 
Net interest income— 663 663 — (3)(3)— — — 660 
Total other income— — — — — — — — — — 
Total revenue$1,505 $971 $2,476 $498 $(15)$483 $— $— $— $2,959 
Nine Months Ended September 30, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$3,884 $— $3,884 $— $— $— $— $— $— $3,884 
Management fees— — — 1,482 — 1,482 — — — 1,482 
Foreign exchange trading services279 669 948 61 — 61 — — — 1,009 
Securities finance175 125 300 — 13 13 — — — 313 
Software and processing fees427 146 573 — — — — — — 573 
Other fee revenue— 46 46 — (65)(65)— — — (19)
Total fee revenue4,765 986 5,751 1,543 (52)1,491 — — — 7,242 
Net interest income— 1,760 1,760 — (7)(7)— — — 1,753 
Total other income— (2)(2)— — — — — — (2)
Total revenue$4,765 $2,744 $7,509 $1,543 $(59)$1,484 $— $— $— $8,993 
Contract balances and contract costs
As of September 30, 2023 and December 31, 2022, net receivables of $2.87 billion and $2.63 billion, respectively, are included in accrued interest and fees receivable, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly or quarterly; therefore, we do not have significant contract assets.
We had $135 million and $138 million of deferred revenue as of September 30, 2023 and December 31, 2022, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the three months ended September 30, 2023, we recognized revenue of $64 million relating to deferred revenue of $150 million as of June 30, 2023. In the nine months ended September 30, 2023, we recognized revenue of $103 million relating to deferred revenue of $138 million as of December 31, 2022.
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of September 30, 2023, total remaining non-cancelable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $1.5 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.
v3.23.3
Non-U.S. Activities
 9 Months Ended
Sep. 30, 2023
Segments, Geographical Areas [Abstract]  
Non-U.S. Activities Non-U.S. Activities
We define our non-U.S. activities as those revenue-producing business activities that arise from clients which are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible.
Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.
The following table presents our U.S. and non-U.S. financial results for the periods indicated:
Three Months Ended September 30,
20232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$1,081 $1,610 $2,691 $1,232 $1,727 $2,959 
Income before income tax expense 130 381 511 333 516 849 
Nine Months Ended September 30,
20232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$3,777 $5,125 $8,902 $3,912 $5,081 $8,993 
Income before income tax expense 819 1,296 2,115 1,089 1,349 2,438 
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
Management fees generated outside the U.S. were approximately 25% and 26% of total management fees in the three and nine months ended September 30, 2023, respectively, compared to approximately 25% and 26% in the three and nine months ended September 30, 2022, respectively.
Servicing fees generated outside the U.S. were approximately 47% and 46% of total servicing fees in the three and nine months ended September 30, 2023, respectively, compared to approximately 45% and 46% in the three and nine months ended September 30, 2022, respectively.
Non-U.S. assets were $80.75 billion and $91.23 billion as of September 30, 2023 and 2022, respectively.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure                
Net income $ 422 $ 763 $ 549 $ 690 $ 747 $ 604 $ 1,734 $ 2,041
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Kathryn M. Horgan [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, the Parent Company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis, including our principal banking subsidiary, State Street Bank.
Consolidation The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ.
Our consolidated statement of condition as of December 31, 2022 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements.
Cash and Cash Equivalents
Cash and Cash Equivalents
Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of September 30, 2023 and December 31, 2022, we held such accounts in Russia, inclusive of $1.4 billion and $767 million, respectively, with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.9 billion and $1.3 billion, respectively. Cash and due from banks is evaluated as part of our allowance for credit losses.
Recent Accounting Developments
Recent Accounting Developments
In March 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which expands the use of the proportional amortization method to other types of tax credit investments, regardless of the tax credit program from which the income tax credits are received. We adopted the new standard in the second quarter of 2023, effective January 1, 2023, for renewable energy production tax credit investments under the modified retrospective approach. The proportional amortization method better reflects the economics of the investments by amortizing the cost of the investments in proportion to the tax benefits received, and simplifies the presentation of the amortization by recognizing it through Income tax expense. The impact of adoption resulted in a decrease in accrued expenses and other liabilities, a decrease in other assets and was not material to retained earnings.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of September 30, 2023; none are expected to have a material impact to our financial statements.
Fair Value Measurements
Fair Value Measurements
We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.
We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation
hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 133 to 139 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
v3.23.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:
Fair Value Measurements on a Recurring Basis
As of September 30, 2023
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$35 $— $— $35 
Non-U.S. government securities— 133 — 133 
Other— 557 — 557 
Total trading account assets35 690 — 725 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,627 — — 7,627 
Mortgage-backed securities— 9,986 — 9,986 
Total U.S. Treasury and federal agencies7,627 9,986 — 17,613 
Non-U.S. debt securities:
Mortgage-backed securities— 1,541 — 1,541 
Asset-backed securities— 1,890 — 1,890 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,666 — 14,666 
Other— 2,022 — 2,022 
Total non-U.S. debt securities— 20,119 — 20,119 
Asset-backed securities:
Student loans— 118 — 118 
Collateralized loan obligations— 2,640 — 2,640 
Non-agency CMBS and RMBS(2)
— 264 — 264 
Other— 90 — 90 
Total asset-backed securities— 3,112 — 3,112 
State and political subdivisions— 377 — 377 
Other U.S. debt securities— 325 — 325 
Total available-for-sale investment securities7,627 33,919 — 41,546 
Other assets:
Derivative instruments:
Foreign exchange contracts— 20,604 4 $(12,805)7,803 
Interest rate contracts— 1 — — 1 
Total derivative instruments— 20,605 4 (12,805)7,804 
Other7 687 — — 694 
Total assets carried at fair value$7,669 $55,901 $4 $(12,805)$50,769 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$2 $20,103 $1 $(15,021)$5,085 
Interest rate contracts1 — — — 1 
Other derivative contracts— 196 — — 196 
Total derivative instruments3 20,299 1 (15,021)5,282 
Total liabilities carried at fair value$3 $20,299 $1 $(15,021)$5,282 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.80 billion and $4.02 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Measurements on a Recurring Basis
As of December 31, 2022
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$40 $— $— $40 
Non-U.S. government securities— 142 — 142 
Other— 468 — 468 
Total trading account assets40 610 — 650 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,981 — — 7,981 
Mortgage-backed securities— 8,509 — 8,509 
Total U.S. Treasury and federal agencies7,981 8,509 — 16,490 
Non-U.S. debt securities:
Mortgage-backed securities— 1,623 — 1,623 
Asset-backed securities— 1,669 — 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,089 — 14,089 
Other— 2,091 — 2,091 
Total non-U.S. debt securities— 19,472 — 19,472 
Asset-backed securities:
Student loans— 115 — 115 
Collateralized loan obligations— 2,355 — 2,355 
Non-agency CMBS and RMBS(2)
— 231 — 231 
Other— 88 — 88 
Total asset-backed securities— 2,789 — 2,789 
State and political subdivisions— 823 — 823 
Other U.S. debt securities— 1,005 — 1,005 
Total available-for-sale investment securities7,981 32,598 — 40,579 
Other assets:
Derivative instruments:
Foreign exchange contracts9 26,173 4 $(18,522)7,664 
Interest rate contracts— — — — — 
Total derivative instruments9 26,173 4 (18,522)7,664 
Other6 600 — — 606 
Total assets carried at fair value$8,036 $59,981 $4 $(18,522)$49,499 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts2 25,745 2 (17,951)7,798 
Interest rate contracts1 — — — 1 
Other derivative contracts— 216 — — 216 
Total derivative instruments3 25,961 2 (17,951)8,015 
Total liabilities carried at fair value$3 $25,961 $2 $(17,951)$8,015 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $3.30 billion and $2.73 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present activity related to our level 3 financial assets during the three and nine months ended September 30, 2023 and 2022, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During both the three and nine months ended September 30, 2023 and 2022, there were no transfers into and out of level 3.
Fair Value Measurements Using Significant Unobservable Inputs
 Three Months Ended September 30, 2023
 Fair Value as of June 30, 2023
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlements
Transfers into
Level 3
Transfers
out of Level 3
Fair Value 
as of September 30, 2023(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2023
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$7 $— $— $3 $— $(6)$— $— $4 $— 
Total derivative instruments7 — — 3 — (6)— — 4 — 
Total assets carried at fair value$7 $— $— $3 $— $(6)$— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Nine Months Ended September 30, 2023
 Fair Value as of December 31, 2022
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlements
Transfers into
Level 3
Transfers
out of Level 3
Fair Value 
as of September 30, 2023(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2023
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$4 $(1)$— $4 $— $(3)$— $— $4 $— 
Total derivative instruments4 (1)— 4 — (3)— — 4 — 
Total assets carried at fair value$4 $(1)$— $4 $— $(3)$— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Three Months Ended September 30, 2022
 Fair Value as of June 30, 2022
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of September 30, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2022
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$15 $7 $— $5 $— $(12)$— $— $15 $8 
Total derivative instruments15 7 — 5 — (12)— — 15 8 
Total assets carried at fair value$15 $7 $— $5 $— $(12)$— $— $15 $8 
(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Measurements Using Significant Unobservable Inputs
 Nine Months Ended September 30, 2022
 Fair Value
as of
December 31,
2021
Total Realized and
Unrealized Gains (Losses)(1)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of September 30, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2022
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income(1)
Assets:
Other assets:
Derivative instruments:
Foreign exchange contracts$— $6 $— $9 $— $— $— $— $15 $6 
Total derivative instruments— 6 — 9 — — — — 15 6 
Total assets carried at fair value$— $6 $— $9 $— $— $— $— $15 $6 
(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Inputs, Quantitative Information
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.
Quantitative Information about Level 3 Fair Value Measurements
Fair ValueRangeWeighted-Average
(Dollars in millions)As of September 30, 2023As of December 31, 2022Valuation Technique
Significant Unobservable Input(1)
As of September 30, 2023As of September 30, 2023As of December 31, 2022
Significant unobservable inputs readily available to State Street: 
Assets:
Derivative Instruments, foreign exchange contracts$4 $4 Option modelVolatility5.7 %-13.5%8.6 %11.4 %
Total$4 $4 
Liabilities:
Derivative instruments, foreign exchange contracts$1 $2 Option modelVolatility6.5 %-14.7%8.3 %9.8 %
Total$1 $2 
(1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument.
Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy
The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:
 Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
September 30, 2023
Financial Assets:    
Cash and due from banks$4,009 4,009 $4,009 $— $— 
Interest-bearing deposits with banks76,756 76,756 — 76,756 — 
Securities purchased under resale agreements1,816 1,816 — 1,816 — 
Investment securities held-to-maturity61,956 54,121 11,457 42,664 — 
Net loans(1)
35,317 35,103 — 33,055 2,048 
Other(2)
6,869 6,869 — 6,869 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$35,824 $35,824 $— $35,824 $— 
   Interest-bearing - U.S.118,561 118,561 — 118,561 — 
   Interest-bearing - non-U.S.58,616 58,616 — 58,616 — 
Securities sold under repurchase agreements3,097 3,097 — 3,097 — 
Other short-term borrowings8 8 — 8 — 
Long-term debt18,564 17,661 — 17,523 138 
Other(2)
6,869 6,869 — 6,869 — 
(1) Includes $7 million of loans classified as held-for-sale that were measured at fair value in level 2 as of September 30, 2023.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2022
Financial Assets:
Cash and due from banks$3,970 $3,970 $3,970 $— $— 
Interest-bearing deposits with banks101,593 101,593 — 101,593 — 
Securities purchased under resale agreements5,215 5,215 — 5,215 — 
Investment securities held-to-maturity64,700 57,913 11,336 46,577 — 
Net loans(1)
32,053 31,794 — 29,679 2,115 
Other(2)
3,626 3,626 — 3,626 — 
Financial Liabilities:
Deposits:
  Non-interest-bearing$46,755 $46,755 $— $46,755 $— 
  Interest-bearing - U.S.111,384 111,384 — 111,384 — 
  Interest-bearing - non-U.S.77,325 77,325 — 77,325 — 
Securities sold under repurchase agreements1,177 1,177 — 1,177 — 
Other short-term borrowings2,097 2,097 — 2,097 — 
Long-term debt14,996 14,273 — 14,102 171 
Other(2)
3,626 3,626 — 3,626 — 
(1) Includes $5 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2022.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.23.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 September 30, 2023December 31, 2022
 
Amortized
Cost
Gross
Unrealized
Fair
Value
Amortized
Cost
Gross
Unrealized
Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$7,812 $12 $197 $7,627 $8,232 $10 $261 $7,981 
Mortgage-backed securities(1)
10,266 — 280 9,986 8,767 2 260 8,509 
Total U.S. Treasury and federal agencies18,078 12 477 17,613 16,999 12 521 16,490 
Non-U.S. debt securities:
Mortgage-backed securities1,551 1 11 1,541 1,642 — 19 1,623 
Asset-backed securities(2)
1,903 1 14 1,890 1,696 — 27 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency14,910 2 246 14,666 14,512 1 424 14,089 
Other(3)
2,085 1 64 2,022 2,255 — 164 2,091 
Total non-U.S. debt securities20,449 5 335 20,119 20,105 1 634 19,472 
Asset-backed securities:
Student loans(4)
118 — — 118 116 — 1 115 
Collateralized loan obligations(5)
2,649 2 11 2,640 2,394 — 39 2,355 
Non-agency CMBS and RMBS(6)
268 — 4 264 237 — 6 231 
Other90 — — 90 90 — 2 88 
Total asset-backed securities3,125 2 15 3,112 2,837 — 48 2,789 
State and political subdivisions387 — 10 377 839 1 17 823 
Other U.S. debt securities(7)
338 — 13 325 1,078 — 73 1,005 
Total available-for-sale securities(8)(9)
$42,377 $19 $850 $41,546 $41,858 $14 $1,293 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,758 $— $289 $11,469 $11,693 $— $341 $11,352 
Mortgage-backed securities(10)
40,297 — 7,232 33,065 42,307 3 6,030 36,280 
Total U.S. Treasury and federal agencies52,055 — 7,521 44,534 54,000 3 6,371 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,452 — 262 6,190 6,603 — 304 6,299 
Total non-U.S. debt securities6,452 — 262 6,190 6,603 — 304 6,299 
Asset-backed securities:
Student loans(4)
3,442 3 73 3,372 3,955 1 134 3,822 
Non-agency CMBS and RMBS(11)
7 18 — 25 142 18 — 160 
Total asset-backed securities3,449 21 73 3,397 4,097 19 134 3,982 
Total held-to-maturity securities(8)(12)
$61,956 $21 $7,856 $54,121 $64,700 $22 $6,809 $57,913 
(1) As of September 30, 2023 and December 31, 2022, the total fair value included $5.63 billion and $6.78 billion, respectively, of agency CMBS and $4.36 billion and $1.73 billion, respectively, of agency MBS.
(2) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. collateralized loan obligations of $0.97 billion and $0.86 billion, respectively.
(3) As of September 30, 2023 and December 31, 2022, the fair value includes non-U.S. corporate bonds of $1.67 billion and $1.14 billion, respectively.
(4) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency CMBS as of both September 30, 2023 and December 31, 2022.
(7) As of September 30, 2023 and December 31, 2022, the fair value of U.S. corporate bonds was $0.33 billion and $1.01 billion, respectively.
(8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended September 30, 2023.
(9) As of September 30, 2023, we had no allowance for credit losses on AFS investment securities. As of December 31, 2022, we had an allowance for credit losses on AFS investment securities of $2 million.
(10) As of September 30, 2023 and December 31, 2022, the total amortized cost included $5.24 billion and $4.99 billion of agency CMBS, respectively.
(11) As of September 30, 2023, the total amortized cost included $7 million of non-agency RMBS. As of December 31, 2022, the total amortized cost included $133 million of non-agency CMBS and $9 million of non-agency RMBS.
(12) As of September 30, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. As of December 31, 2022, we had no allowance for credit losses on HTM investment securities.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
September 30, 2023
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,310 $27 $5,276 $170 $6,586 $197 
Mortgage-backed securities3,202 85 6,717 195 9,919 280 
Total U.S. Treasury and federal agencies4,512 112 11,993 365 16,505 477 
Non-U.S. debt securities:
Mortgage-backed securities214 1 823 10 1,037 11 
Asset-backed securities225 — 1,124 14 1,349 14 
Non-U.S. sovereign, supranational and non-U.S. agency6,715 72 7,077 174 13,792 246 
Other855 10 902 54 1,757 64 
Total non-U.S. debt securities8,009 83 9,926 252 17,935 335 
Asset-backed securities:
Student loans68 — — — 68 — 
Collateralized loan obligations328 — 1,860 11 2,188 11 
Non-agency CMBS and RMBS39 1 180 3 219 4 
Total asset-backed securities435 1 2,040 14 2,475 15 
State and political subdivisions244 7 133 3 377 10 
Other U.S. debt securities3 — 323 13 326 13 
Total$13,203 $203 $24,415 $647 $37,618 $850 

December 31, 2022
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $369 $18,093 $924 $37,522 $1,293 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of September 30, 2023. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
September 30, 2023
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$291 $291 $6,920 $6,730 $601 $606 $— $— $7,812 $7,627 
Mortgage-backed securities41 41 1,309 1,291 4,398 4,307 4,518 4,347 10,266 9,986 
Total U.S. Treasury and federal agencies332 332 8,229 8,021 4,999 4,913 4,518 4,347 18,078 17,613 
Non-U.S. debt securities:
Mortgage-backed securities142 142 243 242 — — 1,166 1,157 1,551 1,541 
Asset-backed securities319 315 419 415 554 551 611 609 1,903 1,890 
Non-U.S. sovereign, supranational and non-U.S. agency5,627 5,591 6,483 6,304 2,800 2,771 — — 14,910 14,666 
Other341 335 1,570 1,515 174 172 — — 2,085 2,022 
Total non-U.S. debt securities6,429 6,383 8,715 8,476 3,528 3,494 1,777 1,766 20,449 20,119 
Asset-backed securities:
Student loans33 33 — — — — 85 85 118 118 
Collateralized loan obligations122 122 345 343 1,489 1,482 693 693 2,649 2,640 
Non-agency CMBS and RMBS— — 20 19 — — 248 245 268 264 
Other— — 90 90 — — — — 90 90 
Total asset-backed securities155 155 455 452 1,489 1,482 1,026 1,023 3,125 3,112 
State and political subdivisions125 122 100 98 162 157 — — 387 377 
Other U.S. debt securities258 252 80 73 — — — — 338 325 
Total$7,299 $7,244 $17,579 $17,120 $10,178 $10,046 $7,321 $7,136 $42,377 $41,546 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$6,284 $6,230 $5,439 $5,206 $24 $22 $11 $11 $11,758 $11,469 
Mortgage-backed securities132 115 594 547 4,523 3,653 35,048 28,750 40,297 33,065 
Total U.S. Treasury and federal agencies6,416 6,345 6,033 5,753 4,547 3,675 35,059 28,761 52,055 44,534 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Total non-U.S. debt securities2,261 2,231 3,690 3,504 501 455 — — 6,452 6,190 
Asset-backed securities:
Student loans237 231 232 231 622 612 2,351 2,298 3,442 3,372 
Non-agency CMBS and RMBS1 8 — — — — 6 17 7 25 
Total asset-backed securities238 239 232 231 622 612 2,357 2,315 3,449 3,397 
Total$8,915 $8,815 $9,955 $9,488 $5,670 $4,742 $37,416 $31,076 $61,956 $54,121 
v3.23.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Net Loans
The following table presents our recorded investment in loans, by segment, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Domestic(1):
Commercial and financial:
Fund Finance(2)
$12,732 $12,154 
Leveraged loans2,336 2,431 
Overdrafts1,017 1,707 
Collateralized loan obligations in loan form100 100 
Other(3)
2,207 1,871 
Commercial real estate3,117 2,985 
Total domestic$21,509 $21,248 
Foreign(1):
Commercial and financial:
Fund Finance(2)
$4,809 $3,949 
Leveraged loans1,096 1,118 
Overdrafts2,576 1,094 
Collateralized loan obligations in loan form5,446 4,741 
Total foreign13,927 10,902 
Total loans(4)
35,436 32,150 
Allowance for credit losses(119)(97)
Loans, net of allowance$35,317 $32,053 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $9.33 billion private equity capital call finance loans, $5.97 billion loans to real money funds and $1.19 billion loans to business development companies as of September 30, 2023, compared to $7.57 billion private equity capital call finance loans, $6.61 billion loans to real money funds and $1.11 billion loans to business development companies as of December 31, 2022.
(3) Includes $1.93 billion securities finance loans, $276 million loans to municipalities and $6 million other loans as of September 30, 2023 and $1.51 billion securities finance loans, $321 million loans to municipalities and $42 million other loans as of December 31, 2022.
(4) As of September 30, 2023, excluding overdrafts, floating rate loans totaled $28.85 billion and fixed rate loans totaled $2.99 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in our 2022 Form 10-K for additional details.
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator
The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated:
September 30, 2023Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$28,160 $2,435 $30,595 
Speculative3,816 536 4,352 
Special mention268 99 367 
Substandard39 — 39 
Doubtful29 47 76 
Total(1)(2)
$32,312 $3,117 $35,429 
December 31, 2022Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$24,667 $2,509 $27,176 
Speculative4,103 388 4,491 
Special mention291 88 379 
Substandard99 — 99 
Total(1)(2)
$29,160 $2,985 $32,145 
(1) Loans include $3.59 billion and $2.80 billion of overdrafts as of September 30, 2023 and December 31, 2022, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of September 30, 2023, $3.21 billion overdrafts were investment grade and $0.38 billion overdrafts were speculative.
(2) Total does not include $7 million and $5 million of loans classified as held-for-sale as of September 30, 2023 and December 31, 2022, respectively.
The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of September 30, 2023. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.
(In millions)20232022202120202019PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,095 $100 $204 $61 $272 $6 $13,930 $15,668 
Speculative458 264 749 113 334 185 347 2,450 
Special mention— — 155 — 57 — — 212 
Substandard20 — — 5 — — — 25 
Doubtful5 — 24 — — — — 29 
Total commercial and financing$1,578 $364 $1,132 $179 $663 $191 $14,277 $18,384 
Commercial real estate:
Risk Rating:
Investment grade$215 $500 $498 $100 $375 $747 $— $2,435 
Speculative— 20 31 50 144 291 — 536 
Special mention— — — — 22 77 — 99 
Doubtful— — — — — 47 — 47 
Total commercial real estate$215 $520 $529 $150 $541 $1,162 $— $3,117 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$3,031 $1,982 $2,793 $— $— $— $4,686 $12,492 
Speculative483 131 502 75 104 71 — 1,366 
Special mention— — 28 28 — — — 56 
Substandard— — — — — 14 — $14 
Total commercial and financing$3,514 $2,113 $3,323 $103 $104 $85 $4,686 $13,928 
Total loans(2)
$5,307 $2,997 $4,984 $432 $1,308 $1,438 $18,963 $35,429 
(1) Any reserve associated with accrued interest is not material. As of September 30, 2023, accrued interest receivable of $325 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $7 million of loans classified as held-for-sale as of September 30, 2023.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2022:
(In millions)20222021202020192018PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,577 $185 $72 $300 $— $9 $12,843 $14,986 
Speculative523 859 168 461 236 151 545 2,943 
Special mention— 120 — 105 19 — — 244 
Substandard— — 5 42 31 7 — 85 
Total commercial and financing$2,100 $1,164 $245 $908 $286 $167 $13,388 $18,258 
Commercial real estate:
Risk Rating:
Investment grade$519 $612 $100 $330 $511 $436 $— $2,508 
Speculative— — 49 163 111 65 — 388 
Special mention— — — 49 40 — — 89 
Total commercial real estate$519 $612 $149 $542 $662 $501 $— $2,985 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,986 $2,799 $— $— $— $— $3,897 $9,682 
Speculative234 529 100 181 107 — 9 1,160 
Special mention— — 18 5 23 — — 46 
Substandard— — — — 14 — — 14 
Total commercial and financing$3,220 $3,328 $118 $186 $144 $— $3,906 $10,902 
Total loans(2)
$5,839 $5,104 $512 $1,636 $1,092 $668 $17,294 $32,145 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2022, accrued interest receivable of $200 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $5 million of loans classified as held-for-sale as of December 31, 2022.
Schedule of Activity in the Allowance for Loan Losses
The following tables present the activity in the allowance for credit losses by portfolio and class for the periods indicated:
Three Months Ended September 30, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$80 $3 $37 $— $— $15 $1 $136 
Charge-offs(2)— — — — — — (2)
Provision(6)— 7 — 1 (1)(1)— 
Ending balance$72 $3 $44 $— $1 $14 $— $134 
(1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Nine Months Ended September 30, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$73 $5 $19 $2 $— $23 $(1)$121 
Charge-offs(13)— — — — — — (13)
Provision12 (2)25 (2)1 (9)1 26 
Ending balance$72 $3 $44 $— $1 $14 $— $134 
(1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Three Months Ended September 30, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$69 $10 $16 $2 $17 $— $114 
Charge-offs— — — — — — — 
Provision6 (5)2 (1)(2)— — 
Ending balance$75 $5 $18 $1 $15 $— $114 
(1) Includes $4 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
Nine Months Ended September 30, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$61 $12 $14 $2 $19 $— $108 
Charge-offs(4)— — — — — (4)
Provision18 (7)4 (1)(4)— 10 
Ending balance$75 $5 $18 $1 $15 $— $114 
(1) Includes $4 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
v3.23.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the Carrying Amount of Goodwill
The following table presents changes in the carrying amount of goodwill during the periods indicated:
(In millions)Investment
  Servicing		Investment
Management		Total
Goodwill:
Ending balance December 31, 2021$7,354 $267 $7,621 
Acquisitions3 — 3 
Foreign currency translation(125)(4)(129)
Ending balance December 31, 2022$7,232 $263 $7,495 
Foreign currency translation(8)— (8)
Ending balance September 30, 2023$7,224 $263 $7,487 
Schedule of Finite-Lived Intangible Assets
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)Investment ServicingInvestment
Management		Total
Other intangible assets:
Ending balance December 31, 2021$1,746 $70 $1,816 
Amortization(217)(21)(238)
Foreign currency translation(34)— (34)
Ending balance December 31, 20221,495 49 1,544 
Amortization(164)(16)(180)
Foreign currency translation(1)— (1)
Ending balance September 30, 2023$1,330 $33 $1,363 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
September 30, 2023Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships$2,722 $(1,743)$979 
Technology401 (206)195 
Core deposits681 (501)180 
Other83 (74)9 
Total$3,887 $(2,524)$1,363 
December 31, 2022Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships$2,728 $(1,626)$1,102 
Technology402 (178)224 
Core deposits683 (477)206 
Other84 (72)12 
Total$3,897 $(2,353)$1,544 
v3.23.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2023
Other Assets [Abstract]  
Components of Other Assets
The following table presents the components of other assets as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Securities borrowed(1)
$24,065 $16,489 
Derivative instruments, net7,804 7,664 
Bank-owned life insurance3,730 3,649 
Collateral, net3,104 1,833 
Investments in joint ventures and other unconsolidated entities(2)
2,840 3,245 
Deferred tax assets, net of valuation allowance(3)
1,020 1,127 
Right-of-use assets823 500 
Receivable for securities settlement670 383 
Prepaid expenses610 558 
Accounts receivable472 404 
Income taxes receivable238 235 
Deposits with clearing organizations58 62 
Other(4)
1,798 1,753 
Total$47,232 $37,902 
(1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.
(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $181 million and $179 million as of September 30, 2023 and December 31, 2022, respectively. For both the three and nine months ended September 30, 2023, $5 million of impairments were recognized in other fee revenue related to such equity securities.
(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.
(4) Includes advances of $968 million and $1,201 million as of September 30, 2023 and December 31, 2022, respectivel
v3.23.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$15,704 $8,683 
Foreign exchange contracts:
Forward, swap and spot2,379,456 2,267,221 
Options purchased683 607 
Options written278 445 
Futures148 1,550 
Other:
Futures130 — 
Stable value contracts(1)
29,490 31,391 
Deferred value awards(2)
320 300 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements20,453 22,566 
Foreign exchange contracts:
Forward and swap9,279 8,213 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to page 158 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts$20,090 $26,081 $20,103 $25,407 
Other derivative contracts— — 196 216 
Total$20,090 $26,081 $20,299 $25,623 
Derivatives designated as hedging instruments:
Foreign exchange contracts$518 $105 $3 $342 
Interest rate contracts1 — 1 1 
Total$519 $105 $4 $343 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts$20,090 $26,081 $20,103 $25,407 
Other derivative contracts— — 196 216 
Total$20,090 $26,081 $20,299 $25,623 
Derivatives designated as hedging instruments:
Foreign exchange contracts$518 $105 $3 $342 
Interest rate contracts1 — 1 1 
Total$519 $105 $4 $343 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Impact of Derivative Financial Instruments On Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$198 $207 $621 $676 
Foreign exchange contractsInterest expense(24)(16)(40)— 
Interest rate contractsForeign exchange trading services revenue(3)— (2)— 
Other derivative contractsOther fee revenue6 — 5 — 
Other derivative contractsCompensation and employee benefits(21)(11)(99)(75)
Total$156 $180 $485 $601 
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended September 30,Three Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on Derivative in Consolidated Statement of IncomeAmount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income		Hedged Item in Fair Value Hedging RelationshipLocation of Gain (Loss) on Hedged Item in Consolidated Statement of IncomeAmount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$57 $349 
Available-for-sale securities(1)
Net interest income
$(57)$(349)
Interest rate contractsNet interest income(76)(261)Long-term debtNet interest income76 261 
Total$(19)$88 $19 $(88)
Nine Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Location of Gain (Loss) on Derivative in Consolidated Statement of IncomeAmount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income		Hedged Item in Fair Value Hedging RelationshipLocation of Gain (Loss) on Hedged Item in Consolidated Statement of IncomeAmount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$99 707 
Available-for-sale securities(2)
Net interest income$(100)$(709)
Interest rate contractsNet interest income(52)(600)Long-term debtNet interest income52 600 
Total$47 $107 $(48)$(109)
(1) In the three months ended September 30, 2023, approximately $36 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $256 million of net unrealized gains in the same period of 2022.
(2) In the nine months ended September 30, 2023, approximately $70 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $526 million of net unrealized gains in the same period of 2022.
Three Months Ended September 30,Three Months Ended September 30,
20232022Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income20232022
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(1)$(222)Net interest income$(53)$(22)
Foreign exchange contracts33 39 Net interest income— — 
Total derivatives designated as cash flow hedges$32 $(183)$(53)$(22)
Derivatives designated as net investment hedges:
Foreign exchange contracts$225 $395 $— $— 
Total derivatives designated as net investment hedges225 395 — — 
Total$257 $212 $(53)$(22)
Nine Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeLocation of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts$(4)$(604)Net interest income$(156)$3 
Foreign exchange contracts115 215 Net interest income1 6 
Total derivatives designated as cash flow hedges$111 $(389)$(155)$9 
Derivatives designated as net investment hedges:
Foreign exchange contracts$176 $723 $— $— 
Total derivatives designated as net investment hedges176 723 — — 
Total$287 $334 $(155)$9 
(1) As of September 30, 2023, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
Schedule of Derivatives
The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
September 30, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$13,960 $(594)$176 
Available-for-sale securities(2)(3)
9,957 (767)4 
December 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,513 $(644)$362 
Available-for-sale securities(2)(3)
9,801 (675)8 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the financial assets designated under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At September 30, 2023 and December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $699 million and $207 million, respectively, of which $400 million and $64 million, respectively, was designated under the portfolio layer hedging relationship. At September 30, 2023 and December 31, 2022, the cumulative adjustment associated with these hedging relationships was ($16) million and ($4) million, respectively.
(3) Carrying amount represents amortized cost.
v3.23.3
Offsetting Arrangements (Tables)
 9 Months Ended
Sep. 30, 2023
Offsetting [Abstract]  
Offsetting Assets
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:September 30, 2023
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$20,608 $(11,006)$9,602 $— $9,602 
Interest rate contracts(6)
1 — 1 — 1 
Cash collateral and securities nettingNA(1,799)(1,799)(820)(2,619)
Total derivatives
20,609 (12,805)7,804 (820)6,984 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
213,229 (187,348)25,881 (24,436)1,445 
Total derivatives and other financial instruments$233,838 $(200,153)$33,685 $(25,256)$8,429 
Assets:December 31, 2022
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$26,186 $(15,224)$10,962 $— $10,962 
Interest rate contracts(6)
— — — — — 
Cash collateral and securities nettingNA(3,298)(3,298)(1,717)(5,015)
Total derivatives
26,186 (18,522)7,664 (1,717)5,947 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
125,797 (104,093)21,704 (20,960)744 
Total derivatives and other financial instruments$151,983 $(122,615)$29,368 $(22,677)$6,691 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $25.88 billion as of September 30, 2023 were $1.82 billion of resale agreements and $24.06 billion of collateral provided related to securities borrowing. Included in the $21.70 billion as of December 31, 2022 were $5.21 billion of resale agreements and $16.49 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Offsetting Liabilities
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:September 30, 2023
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$20,106 $(11,006)$9,100 $— $9,100 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts196 — 196 — 196 
Cash collateral and securities nettingNA(4,015)(4,015)(1,081)(5,096)
Total derivatives20,303 (15,021)5,282 (1,081)4,201 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
203,469 (187,348)16,121 (15,790)331 
Total derivatives and other financial instruments$223,772 $(202,369)$21,403 $(16,871)$4,532 
Liabilities:December 31, 2022
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$25,749 $(15,224)$10,525 $— $10,525 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts216 — 216 — 216 
Cash collateral and securities nettingNA(2,727)(2,727)(908)(3,635)
Total derivatives25,966 (17,951)8,015 (908)7,107 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
111,653 (104,093)7,560 (6,433)1,127 
Total derivatives and other financial instruments$137,619 $(122,044)$15,575 $(7,341)$8,234 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $16.12 billion as of September 30, 2023 were $3.10 billion of repurchase agreements and $13.02 billion of collateral received related to securities lending transactions. Included in the $7.56 billion as of December 31, 2022 were $1.18 billion of repurchase agreements and $6.38 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements, as of the periods indicated:
As of September 30, 2023As of December 31, 2022
(In millions)Overnight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$186,824 $— $178 $— $187,002 $100,899 $— $200 $— $101,099 
Non-U.S. sovereign debt— — — — — 702 — — — 702 
Total186,824 — 178 — 187,002 101,601 — 200 — 101,801 
Securities lending transactions:
US Treasury and agency securities8 — — — 8 44 — — — 44 
Corporate debt securities144 — 12 — 156 67 — — — 67 
Equity securities7,503 15 20 1,896 9,434 4,509 — — 1,606 6,115 
Other(1)
6,869 — — — 6,869 3,626 — — — 3,626 
Total14,524 15 32 1,896 16,467 8,246 — — 1,606 9,852 
Gross amount of recognized liabilities for repurchase agreements and securities lending$201,348 $15 $210 $1,896 $203,469 $109,847 $— $200 $1,606 $111,653 
(1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.23.3
Commitments and Guarantees (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantor Obligations
The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Commitments:
Unfunded credit facilities$34,149 $31,208 
Guarantees(1):
Indemnified securities financing$269,180 $348,924 
Standby letters of credit1,527 2,125 
(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.
Schedule of Repurchase Agreements
The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Fair value of indemnified securities financing$269,180 $348,924 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing281,856 366,895 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements58,722 54,114 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements63,263 57,903 
v3.23.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities
The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated:
(In millions)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Income (loss) recorded on investments within other fee revenue$8 $23 
Income recorded in total revenue8 23 
Tax credits and benefits recognized in income tax expense68 202 
Proportional amortization recognized in income tax expense(52)(156)
Net benefits included in income tax expense16 46 
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income$24 $69 
v3.23.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of Preferred Shares
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of September 30, 2023:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedAmount outstanding (in millions)
Ownership Interest Per Depositary Share
Liquidation Preference Per ShareLiquidation Preference Per Depositary Share
Per Annum Dividend Rate
Dividend Payment Frequency
Carrying Value as of September 30, 2023
(In millions)
Redemption Date(2)
Series DFebruary 201430,000,000 $750 1/4,000th$100,000 $25 
5.9% to but excluding March 15, 2024, then 9.008%(3)
Quarterly$742 March 15, 2024
Series F(4)
May 2015250,000 250 1/100th100,000 1,000 
Floating rate equal to the three-month CME term SOFR plus 3.859%, or 9.268% effective September 15, 2023
Quarterly247 September 15, 2020
Series GApril 201620,000,000 500 1/4,000th100,000 25 
5.35%(5)
Quarterly493 March 15, 2026
Series HSeptember 2018500,000 500 1/100th100,000 1,000 
5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month CME term SOFR plus 2.801%(6)
Semi-annually494 December 15, 2023
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.
(5) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
(6) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from USD LIBOR to CME Term SOFR, plus 0.26161%.
Dividends Declared
The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Three Months Ended September 30,
20232022
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$1,475 $0.37 $11 $1,475 $0.37 $11 
Series F2,338 23.38 6 1,387 13.87 3 
Series G1,338 0.33 7 1,338 0.33 7 
Total$24 $21 
Nine Months Ended September 30,
20232022
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D
$4,425 $1.11 $33 $4,425 $1.11 $33 
Series F
6,592 65.92 17 3,467 34.67 9 
Series G
4,013 1.00 20 4,014 0.99 20 
Series H
2,813 28.13 14 2,813 28.13 14 
Total
$84 $76 
The tables below present the dividends declared on common stock for the periods indicated:
Three Months Ended September 30,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.69 $213 $0.63 $232 
Nine Months Ended September 30,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$1.95 $628 $1.77 $651 
Stock Repurchase Program The table below presents the activity under our common share repurchase program for the period indicated:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2023 Program13.8 $72.23 $1,000 42.3 $78.08 $3,300 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications83 49 — (145)176 163 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income113 378 12 — — 503 
Other comprehensive income (loss)196 427 12 (145)176 666 
Balance as of September 30, 2023$(163)$(1,390)$(131)$(1,896)$535 $(3,045)
Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(344)(2,041)(1)(1,569)723 (3,232)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(6)84 19 — — 97 
Other comprehensive income (loss)(350)(1,957)18 (1,569)723 (3,135)
Balance as of September 30, 2022$(352)$(2,007)$(112)$(2,588)$791 $(4,268)
(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($578) million and ($749) million as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Reclassifications Out of AOCI
The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended September 30,
20232022
(In millions)
Amounts Reclassified into Earnings
Affected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $81, and $0, respectively
$213 $— Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $22 and $22, respectively
59 60 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $6, respectively
39 16 Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $0 and $1, respectively
— 2 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$311 $78 
Nine Months Ended September 30,
20232022
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $81 and $1, respectively
$213 $1 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $61 and $31, respectively
165 83 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $42 and $(3), respectively
113 (6)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $5 and $8, respectively
12 19 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$503 $97 
v3.23.3
Regulatory Capital (Tables)
 9 Months Ended
Sep. 30, 2023
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Regulatory Capital
The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated.
State Street Corporation
State Street Bank
(Dollars in millions)Basel III Advanced Approaches September 30, 2023Basel III Standardized Approach September 30, 2023Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches September 30, 2023Basel III Standardized Approach September 30, 2023Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022
 Common shareholders' equity:
Common stock and related surplus$11,239 $11,239 $11,234 $11,234 $13,033 $13,033 $13,033 $13,033 
Retained earnings27,993 27,993 27,028 27,028 15,407 15,407 16,975 16,975 
Accumulated other comprehensive income (loss)(3,045)(3,045)(3,711)(3,711)(2,756)(2,756)(3,428)(3,428)
Treasury stock, at cost(14,542)(14,542)(11,336)(11,336)— — — — 
Total21,645 21,645 23,215 23,215 25,684 25,684 26,580 26,580 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,352)(8,352)(8,545)(8,545)(8,096)(8,096)(8,288)(8,288)
Other adjustments(1)
(289)(289)(123)(123)(206)(206)(19)(19)
 Common equity tier 1 capital13,004 13,004 14,547 14,547 17,382 17,382 18,273 18,273 
Preferred stock1,976 1,976 1,976 1,976 — — — — 
 Tier 1 capital14,980 14,980 16,523 16,523 17,382 17,382 18,273 18,273 
Qualifying subordinated long-term debt1,374 1,374 1,376 1,376 538 538 542 542 
Allowance for credit losses3 134 — 120 3 134 — 120 
 Total capital$16,357 $16,488 $17,899 $18,019 $17,923 $18,054 $18,815 $18,935 
 Risk-weighted assets:
Credit risk(2)
$62,206 $116,045 $61,108 $105,739 $56,273 $114,662 $54,675 $104,184 
Operational risk(3)
42,677  NA42,763 NA42,299  NA42,325 NA
Market risk1,963 1,963 1,488 1,488 1,963 1,963 1,488 1,488 
Total risk-weighted assets$106,846 $118,008 $105,359 $107,227 $100,535 $116,625 $98,488 $105,672 
Adjusted quarterly average assets$259,086 $259,086 $275,678 $275,678 $256,408 $256,408 $273,220 $273,220 
Capital Ratios:
2023 Minimum Requirements(4)
2022 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %12.2 %11.0 %13.8 %13.6 %17.3 %14.9 %18.6 %17.3 %
Tier 1 capital9.5 9.5 14.0 12.7 15.7 15.4 17.3 14.9 18.6 17.3 
Total capital11.5 11.5 15.3 14.0 17.0 16.8 17.8 15.5 19.1 17.9 
Tier 1 leverage(5)
4.0 4.0 5.8 5.8 6.0 6.0 6.8 6.8 6.7 6.7 
(1) Other adjustments within CET1 capital primarily include AOCI hedges that are not recognized at fair value on the balance sheet, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions.
(2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches.
(3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs.
(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%.
(5)State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB.
NA Not applicable
v3.23.3
Net Interest Income (Tables)
 9 Months Ended
Sep. 30, 2023
Banking and Thrift, Interest [Abstract]  
Components of Interest Revenue and Interest Expense
The following table presents the components of interest income and interest expense, and related NII, for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Interest income:
Interest-bearing deposits with banks$693 $202 $2,031 $281 
Investment securities:
Investment securities available-for-sale464 176 1,218 452 
Investment securities held-to-maturity314 271 954 672 
Total investment securities778 447 2,172 1,124 
Securities purchased under resale agreements65 57 223 105 
Loans492 256 1,330 627 
Other interest-earning assets300 139 831 189 
Total interest income2,328 1,101 6,587 2,326 
Interest expense:
Interest-bearing deposits1,332 300 3,479 260 
Securities sold under repurchase agreements6 2 28 5 
Short-term borrowings2 — 34 1 
Long-term debt241 97 635 234 
Other interest-bearing liabilities123 42 330 73 
Total interest expense1,704 441 4,506 573 
Net interest income$624 $660 $2,081 $1,753 
v3.23.3
Expenses (Tables)
 9 Months Ended
Sep. 30, 2023
Other Expenses [Abstract]  
Schedule of Expenses
The following table presents the components of other expenses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Professional services$99 $92 $315 $273 
Sales advertising and public relations38 28 91 69 
Regulatory fees and assessments18 19 62 63 
Securities processing10 21 35 41 
Bank operations9 11 33 24 
Donations13 7 26 20 
Other98 96 279 289 
Total other expenses$285 $274 $841 $779 
Restructuring and Related Costs
The following table presents aggregate activity for repositioning charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Total
Accrual Balance at December 31, 2021$68 $6 $74 
Payments and Other Adjustments(17)(1)(18)
Accrual Balance at March 31, 202251 5 56 
Payments and Other Adjustments(11)— (11)
Accrual Balance at June 30, 202240 5 45 
Payments and Other Adjustments(5)— (5)
Accrual Balance at September 30, 2022$35 $5 $40 
Accrual Balance at December 31, 2022$83 $5 $88 
Payments and other adjustments(14)(1)(15)
Accrual Balance at March 31, 202369 4 73 
Payments and Other Adjustments(16)(1)(17)
Accrual Balance at June 30, 202353 3 56 
Payments and Other Adjustments(12)(2)(14)
Accrual Balance at September 30, 2023$41 $1 $42 
v3.23.3
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share amounts)2023202220232022
Net income$422 $690 $1,734 $2,041 
Less:
Preferred stock dividends (24)(21)(84)(76)
Dividends and undistributed earnings allocated to participating securities(1)
— — (1)(1)
Net income available to common shareholders$398 $669 $1,649 $1,964 
Average common shares outstanding (In thousands):
Basic average common shares313,147 367,789 327,776 367,240 
Effect of dilutive securities: equity-based awards4,182 4,629 4,235 4,954 
Diluted average common shares317,329 372,418 332,011 372,194 
Anti-dilutive securities(2)
1,683 1,592 1,368 904 
Earnings per common share:
Basic$1.27 $1.82 $5.03 $5.35 
Diluted(3)
1.25 1.80 4.97 5.28 
(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 169 to 171 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2022 Form 10-K.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.
v3.23.3
Line of Business Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Summary of Line of Business Results
The following tables summarize our line of business results for the periods indicated. The "Other" columns represent amounts that are not allocated to our two lines of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
Three Months Ended September 30,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)20232022202320222023202220232022
Servicing fees$1,234 $1,219 $— $— $— $— $1,234 $1,219 
Management fees— — 479 472 — — 479 472 
Foreign exchange trading services278 293 35 26 — — 313 319 
Securities finance98 105 5 5 — — 103 110 
Software and processing fees188 184 — — — — 188 184 
Other fee revenue41 12 3 (17)— — 44 (5)
Total fee revenue1,839 1,813 522 486 — — 2,361 2,299 
Net interest income620 663 4 (3)— — 624 660 
Total other income— — — — (294)— (294)— 
Total revenue2,459 2,476 526 483 (294)— 2,691 2,959 
Provision for credit losses— — — — — — — — 
Total expenses1,798 1,760 379 335 3 15 2,180 2,110 
Income before income tax expense$661 $716 $147 $148 $(297)$(15)$511 $849 
Pre-tax margin27 %29 %28 %31 %19 %29 %
Nine Months Ended September 30,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)20232022202320222023202220232022
Servicing fees$3,710 $3,884 $— $— $— $— $3,710 $3,884 
Management fees— — 1,397 1,482 — — 1,397 1,482 
Foreign exchange trading services875 948 83 61 — — 958 1,009 
Securities finance310 300 19 13 — — 329 313 
Software and processing fees (1)
574 573 — — — — 574 573 
Other fee revenue124 46 23 (65)— 147 (19)
Total fee revenue5,593 5,751 1,522 1,491 — — 7,115 7,242 
Net interest income2,069 1,760 12 (7)— — 2,081 1,753 
Total other income— (2)— — (294)— (294)(2)
Total revenue7,662 7,509 1,534 1,484 (294)— 8,902 8,993 
Provision for credit losses26 10 — — — — 26 10 
Total expenses5,626 5,452 1,126 1,051 9 42 6,761 6,545 
Income before income tax expense$2,010 $2,047 $408 $433 $(303)$(42)2,115 $2,438 
Pre-tax margin26 %27 %27 %29 %24 %27 %
v3.23.3
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue In the following tables, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Three Months Ended September 30, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$1,234 $— $1,234 $— $— $— $— $— $— $1,234 
Management fees— — — 479 — 479 — — — 479 
Foreign exchange trading services 84 194 278 35 — 35 — — — 313 
Securities finance53 45 98 — 5 5 — — — 103 
Software and processing fees 142 46 188 — — — — — — 188 
Other fee revenue— 41 41 — 3 3 — — — 44 
Total fee revenue1,513 326 1,839 514 8 522 — — — 2,361 
Net interest income— 620 620 — 4 4 — — — 624 
Total other income— — — — — — — (294)(294)(294)
Total revenue$1,513 $946 $2,459 $514 $12 $526 $— $(294)$(294)$2,691 
Nine Months Ended September 30, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$3,710 $— $3,710 $— $— $— $— $— $— $3,710 
Management fees— — — 1,397 — 1,397 — — — 1,397 
Foreign exchange trading services 260 615 875 83 — 83 — — — 958 
Securities finance177 133 310 — 19 19 — — — 329 
Software and processing fees 436 138 574 — — — — — — 574 
Other fee revenue— 124 124 — 23 23 — — — 147 
Total fee revenue4,583 1,010 5,593 1,480 42 1,522 — — — 7,115 
Net interest income— 2,069 2,069 — 12 12 — — — 2,081 
Total other income— — — — — — — (294)(294)(294)
Total revenue$4,583 $3,079 $7,662 $1,480 $54 $1,534 $— $(294)$(294)$8,902 
Three Months Ended September 30, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$1,219 $— $1,219 $— $— $— $— $— $— $1,219 
Management fees— — — 472 — 472 — — — 472 
Foreign exchange trading services88 205 293 26 — 26 — — — 319 
Securities finance60 45 105 — 5 5 — — — 110 
Software and processing fees138 46 184 — — — — — — 184 
Other fee revenue— 12 12 — (17)(17)— — — (5)
Total fee revenue1,505 308 1,813 498 (12)486 — — — 2,299 
Net interest income— 663 663 — (3)(3)— — — 660 
Total other income— — — — — — — — — — 
Total revenue$1,505 $971 $2,476 $498 $(15)$483 $— $— $— $2,959 
Nine Months Ended September 30, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$3,884 $— $3,884 $— $— $— $— $— $— $3,884 
Management fees— — — 1,482 — 1,482 — — — 1,482 
Foreign exchange trading services279 669 948 61 — 61 — — — 1,009 
Securities finance175 125 300 — 13 13 — — — 313 
Software and processing fees427 146 573 — — — — — — 573 
Other fee revenue— 46 46 — (65)(65)— — — (19)
Total fee revenue4,765 986 5,751 1,543 (52)1,491 — — — 7,242 
Net interest income— 1,760 1,760 — (7)(7)— — — 1,753 
Total other income— (2)(2)— — — — — — (2)
Total revenue$4,765 $2,744 $7,509 $1,543 $(59)$1,484 $— $— $— $8,993 
v3.23.3
Non-U.S. Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Segments, Geographical Areas [Abstract]  
Schedule of Results from Non-U.S. Operations
The following table presents our U.S. and non-U.S. financial results for the periods indicated:
Three Months Ended September 30,
20232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$1,081 $1,610 $2,691 $1,232 $1,727 $2,959 
Income before income tax expense 130 381 511 333 516 849 
Nine Months Ended September 30,
20232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$3,777 $5,125 $8,902 $3,912 $5,081 $8,993 
Income before income tax expense 819 1,296 2,115 1,089 1,349 2,438 
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
v3.23.3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]    
Cash and due from banks $ 4,009 $ 3,970
Russia    
Cash and Cash Equivalents [Line Items]    
Cash and due from banks 1,400 767
Western Europe    
Cash and Cash Equivalents [Line Items]    
Cash and due from banks $ 1,900 $ 1,300
v3.23.3
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets $ 725 $ 650
Available-for-sale investment securities: 41,546 40,579
Bank-owned life insurance 7,804 7,664
Derivative asset, collateral, cash offset 1,799 3,298
Derivative liability, collateral, cash offset 4,015 2,727
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 725 650
Available-for-sale investment securities: 41,546 40,579
Derivative asset, Impact of Netting (12,805) (18,522)
Bank-owned life insurance 7,804 7,664
Other 694 606
Other assets - impact of netting 0 0
Total 50,769 49,499
Derivative liability, Impact of Netting (15,021) (17,951)
Derivative liabilities 5,282 8,015
Total liabilities carried at fair value 5,282 8,015
Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset, Impact of Netting (12,805) (18,522)
Bank-owned life insurance 7,803 7,664
Derivative liability, Impact of Netting (15,021) (17,951)
Derivative liabilities 5,085 7,798
Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset, Impact of Netting   0
Bank-owned life insurance 1 0
Derivative liability, Impact of Netting 0 0
Derivative liabilities 1 1
Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset, Impact of Netting 0  
Derivative liability, Impact of Netting 0 0
Derivative liabilities 196 216
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 35 40
Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 133 142
Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 557 468
Available-for-sale investment securities: 325 1,005
Recurring | Direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,627 7,981
Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 9,986 8,509
Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 17,613 16,490
Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,541 1,623
Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,890 1,669
Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 14,666 14,089
Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,022 2,091
Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 20,119 19,472
Recurring | Student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 118 115
Recurring | Collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,640 2,355
Recurring | Non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 264 231
Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 90 88
Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 3,112 2,789
Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 377 823
Quoted Market Prices in Active Markets (Level 1) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 35 40
Available-for-sale investment securities: 7,627 7,981
Derivative asset 0 9
Other 7 6
Total 7,669 8,036
Derivative liability 3 3
Total liabilities carried at fair value 3 3
Quoted Market Prices in Active Markets (Level 1) | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 9
Derivative liability 2 2
Quoted Market Prices in Active Markets (Level 1) | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset   0
Derivative liability 1 1
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0  
Derivative liability 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 35 40
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,627 7,981
Quoted Market Prices in Active Markets (Level 1) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,627 7,981
Quoted Market Prices in Active Markets (Level 1) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 690 610
Available-for-sale investment securities: 33,919 32,598
Derivative asset 20,605 26,173
Other 687 600
Total 55,901 59,981
Derivative liability 20,299 25,961
Total liabilities carried at fair value 20,299 25,961
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 20,604 26,173
Derivative liability 20,103 25,745
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset   0
Derivative liability 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1  
Derivative liability 196 216
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 133 142
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 557 468
Available-for-sale investment securities: 325 1,005
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 9,986 8,509
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 9,986 8,509
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,541 1,623
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,890 1,669
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 14,666 14,089
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,022 2,091
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 20,119 19,472
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 118 115
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,640 2,355
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 264 231
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 90 88
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 3,112 2,789
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 377 823
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Derivative asset 4 4
Other 0 0
Total 4 4
Derivative liability 1 2
Total liabilities carried at fair value 1 2
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 4 4
Derivative liability 1 2
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset   0
Derivative liability 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0  
Derivative liability 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: $ 0 $ 0
v3.23.3
Fair Value - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Fair Value Disclosures [Abstract]        
Transfers into Level 3 $ 0 $ 0 $ 0 $ 0
Transfers out of Level 3 $ 0 $ 0 $ 0 $ 0
v3.23.3
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, beginning of period $ 7,000,000 $ 15,000,000 $ 4,000,000 $ 0
Recorded in revenue 0 7,000,000 (1,000,000) 6,000,000
Recorded in other comprehensive income 0 0 0 0
Purchases 3,000,000 5,000,000 4,000,000 9,000,000
Sales 0 0 0 0
Settlements (6,000,000) (12,000,000) (3,000,000) 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value, end of period 4,000,000 15,000,000 4,000,000 15,000,000
Change in unrealized gains (losses) related to financial instruments, assets, held at period end 0 8,000,000 0 6,000,000
Foreign exchange contracts        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, beginning of period 7,000,000 15,000,000 4,000,000 0
Recorded in revenue 0 7,000,000 (1,000,000) 6,000,000
Recorded in other comprehensive income 0 0 0 0
Purchases 3,000,000 5,000,000 4,000,000 9,000,000
Sales 0 0 0 0
Settlements (6,000,000) (12,000,000) (3,000,000) 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value, end of period 4,000,000 15,000,000 4,000,000 15,000,000
Change in unrealized gains (losses) related to financial instruments, assets, held at period end 0 8,000,000 0 6,000,000
Total derivative instruments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, beginning of period 7,000,000 15,000,000 4,000,000 0
Recorded in revenue 0 7,000,000 (1,000,000) 6,000,000
Recorded in other comprehensive income 0 0 0 0
Purchases 3,000,000 5,000,000 4,000,000 9,000,000
Sales 0 0 0 0
Settlements (6,000,000) (12,000,000) (3,000,000) 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair value, end of period 4,000,000 15,000,000 4,000,000 15,000,000
Change in unrealized gains (losses) related to financial instruments, assets, held at period end $ 0 $ 8,000,000 $ 0 $ 6,000,000
v3.23.3
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - Pricing Methods with Significant Unobservable Market Inputs (Level 3)
$ in Millions
Sep. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Volatility | Option model | Derivative instruments, liabilities | Minimum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.065  
Volatility | Option model | Derivative instruments, liabilities | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.147  
Volatility | Option model | Derivative instruments, liabilities | Weighted-Average    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.083 0.098
Volatility | Option model | Total derivative instruments | Minimum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.057  
Volatility | Option model | Total derivative instruments | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.135  
Volatility | Option model | Total derivative instruments | Weighted-Average    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.086 0.114
Significant unobservable inputs readily available to State Street:    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Total $ 4 $ 4
Total liabilities carried at fair value 1 2
Significant unobservable inputs readily available to State Street: | Derivative instruments, liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative instruments, foreign exchange contracts 1 2
Significant unobservable inputs readily available to State Street: | Total derivative instruments    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative Instruments, foreign exchange contracts $ 4 $ 4
v3.23.3
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financial Assets:    
Cash and due from banks $ 4,009 $ 3,970
Interest-bearing deposits with banks 76,756 101,593
Securities purchased under resale agreements 1,816 5,215
Investment securities held-to-maturity 54,121 57,913
Financial Liabilities:    
Non-interest-bearing 35,824 46,755
Interest-bearing - U.S. 118,561 111,384
Interest-bearing - non-U.S. 58,616 77,325
Securities sold under repurchase agreements 3,097 1,177
Short-term borrowings 8 2,097
Pricing Methods with Significant Observable Market Inputs (Level 2)    
Financial Liabilities:    
Net loans (excluding leases)   5
Reported Amount     
Financial Assets:    
Cash and due from banks 4,009 3,970
Interest-bearing deposits with banks 76,756 101,593
Securities purchased under resale agreements 1,816 5,215
Investment securities held-to-maturity 61,956 64,700
Net loans 35,317 32,053
Other 6,869 3,626
Financial Liabilities:    
Non-interest-bearing 35,824 46,755
Interest-bearing - U.S. 118,561 111,384
Interest-bearing - non-U.S. 58,616 77,325
Securities sold under repurchase agreements 3,097 1,177
Short-term borrowings 8 2,097
Long-term debt 18,564 14,996
Other 6,869 3,626
Estimated Fair Value    
Financial Assets:    
Cash and due from banks 4,009 3,970
Interest-bearing deposits with banks 76,756 101,593
Securities purchased under resale agreements 1,816 5,215
Investment securities held-to-maturity 54,121 57,913
Net loans 35,103 31,794
Other 6,869 3,626
Financial Liabilities:    
Non-interest-bearing 35,824 46,755
Interest-bearing - U.S. 118,561 111,384
Interest-bearing - non-U.S. 58,616 77,325
Securities sold under repurchase agreements 3,097 1,177
Short-term borrowings 8 2,097
Long-term debt 17,661 14,273
Other 6,869 3,626
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1)    
Financial Assets:    
Cash and due from banks 4,009 3,970
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements 0 0
Investment securities held-to-maturity 11,457 11,336
Net loans 0 0
Other 0 0
Financial Liabilities:    
Non-interest-bearing 0 0
Interest-bearing - U.S. 0 0
Interest-bearing - non-U.S. 0 0
Securities sold under repurchase agreements 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other 0 0
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2)    
Financial Assets:    
Cash and due from banks 0 0
Interest-bearing deposits with banks 76,756 101,593
Securities purchased under resale agreements 1,816 5,215
Investment securities held-to-maturity 42,664 46,577
Net loans 33,055 29,679
Other 6,869 3,626
Financial Liabilities:    
Non-interest-bearing 35,824 46,755
Interest-bearing - U.S. 118,561 111,384
Interest-bearing - non-U.S. 58,616 77,325
Securities sold under repurchase agreements 3,097 1,177
Short-term borrowings 8 2,097
Long-term debt 17,523 14,102
Other 6,869 3,626
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3)    
Financial Assets:    
Cash and due from banks 0 0
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements 0 0
Investment securities held-to-maturity 0 0
Net loans 2,048 2,115
Other 0 0
Financial Liabilities:    
Non-interest-bearing 0 0
Interest-bearing - U.S. 0 0
Interest-bearing - non-U.S. 0 0
Securities sold under repurchase agreements 0 0
Short-term borrowings 0 0
Long-term debt 138 171
Other $ 0 $ 0
v3.23.3
Investment Securities - Schedule of Marketable Securities (Details) - USD ($)
 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost $ 42,377,000,000   $ 41,858,000,000      
Available for sale, gross unrealized gains 19,000,000   14,000,000      
Available for sale, gross unrealized losses 850,000,000   1,293,000,000      
Available-for-sale, fair value 41,546,000,000   40,579,000,000      
Held to maturity, amortized cost 61,956,000,000   64,700,000,000      
Investment securities held-to-maturity 54,121,000,000   57,913,000,000      
Allowance for credit losses on available-for-sale securities 0 $ 0 2,000,000 $ 1,000,000 $ 2,000,000 $ 2,000,000
Direct obligations            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 7,812,000,000   8,232,000,000      
Available for sale, gross unrealized gains 12,000,000   10,000,000      
Available for sale, gross unrealized losses 197,000,000   261,000,000      
Available-for-sale, fair value 7,627,000,000   7,981,000,000      
Held to maturity, amortized cost 11,758,000,000   11,693,000,000      
Held to maturity, gross unrealized gains 0   0      
Held to maturity, gross unrealized losses 289,000,000   341,000,000      
Investment securities held-to-maturity 11,469,000,000   11,352,000,000      
Mortgage-backed securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 10,266,000,000   8,767,000,000      
Available for sale, gross unrealized gains 0   2,000,000      
Available for sale, gross unrealized losses 280,000,000   260,000,000      
Available-for-sale, fair value 9,986,000,000   8,509,000,000      
Held to maturity, amortized cost 40,297,000,000   42,307,000,000      
Held to maturity, gross unrealized gains 0   3,000,000      
Held to maturity, gross unrealized losses 7,232,000,000   6,030,000,000      
Investment securities held-to-maturity 33,065,000,000   36,280,000,000      
Total U.S. Treasury and federal agencies            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 18,078,000,000   16,999,000,000      
Available for sale, gross unrealized gains 12,000,000   12,000,000      
Available for sale, gross unrealized losses 477,000,000   521,000,000      
Available-for-sale, fair value 17,613,000,000   16,490,000,000      
Held to maturity, amortized cost 52,055,000,000   54,000,000,000      
Held to maturity, gross unrealized gains 0   3,000,000      
Held to maturity, gross unrealized losses 7,521,000,000   6,371,000,000      
Investment securities held-to-maturity 44,534,000,000   47,632,000,000      
Mortgage-backed securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 1,551,000,000   1,642,000,000      
Available for sale, gross unrealized gains 1,000,000   0      
Available for sale, gross unrealized losses 11,000,000   19,000,000      
Available-for-sale, fair value 1,541,000,000   1,623,000,000      
Asset-backed securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 1,903,000,000   1,696,000,000      
Available for sale, gross unrealized gains 1,000,000   0      
Available for sale, gross unrealized losses 14,000,000   27,000,000      
Available-for-sale, fair value 1,890,000,000   1,669,000,000      
Non-U.S. sovereign, supranational and non-U.S. agency            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 14,910,000,000   14,512,000,000      
Available for sale, gross unrealized gains 2,000,000   1,000,000      
Available for sale, gross unrealized losses 246,000,000   424,000,000      
Available-for-sale, fair value 14,666,000,000   14,089,000,000      
Held to maturity, amortized cost 6,452,000,000   6,603,000,000      
Held to maturity, gross unrealized gains 0   0      
Held to maturity, gross unrealized losses 262,000,000   304,000,000      
Investment securities held-to-maturity 6,190,000,000   6,299,000,000      
Other            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 2,085,000,000   2,255,000,000      
Available for sale, gross unrealized gains 1,000,000   0      
Available for sale, gross unrealized losses 64,000,000   164,000,000      
Available-for-sale, fair value 2,022,000,000   2,091,000,000      
Total non-U.S. debt securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 20,449,000,000   20,105,000,000      
Available for sale, gross unrealized gains 5,000,000   1,000,000      
Available for sale, gross unrealized losses 335,000,000   634,000,000      
Available-for-sale, fair value 20,119,000,000   19,472,000,000      
Held to maturity, amortized cost 6,452,000,000   6,603,000,000      
Held to maturity, gross unrealized gains 0   0      
Held to maturity, gross unrealized losses 262,000,000   304,000,000      
Investment securities held-to-maturity 6,190,000,000   6,299,000,000      
Student loans            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 118,000,000   116,000,000      
Available for sale, gross unrealized gains 0   0      
Available for sale, gross unrealized losses 0   1,000,000      
Available-for-sale, fair value 118,000,000   115,000,000      
Held to maturity, amortized cost 3,442,000,000   3,955,000,000      
Held to maturity, gross unrealized gains 3,000,000   1,000,000      
Held to maturity, gross unrealized losses 73,000,000   134,000,000      
Investment securities held-to-maturity 3,372,000,000   3,822,000,000      
Collateralized loan obligations            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 2,649,000,000   2,394,000,000      
Available for sale, gross unrealized gains 2,000,000   0      
Available for sale, gross unrealized losses 11,000,000   39,000,000      
Available-for-sale, fair value 2,640,000,000   2,355,000,000      
Non-agency CMBS and RMBS            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 268,000,000   237,000,000      
Available for sale, gross unrealized gains 0   0      
Available for sale, gross unrealized losses 4,000,000   6,000,000      
Available-for-sale, fair value 264,000,000   231,000,000      
Held to maturity, amortized cost 7,000,000   142,000,000      
Held to maturity, gross unrealized gains 18,000,000   18,000,000      
Held to maturity, gross unrealized losses 0   0      
Investment securities held-to-maturity 25,000,000   160,000,000      
Other            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 90,000,000   90,000,000      
Available for sale, gross unrealized gains 0   0      
Available for sale, gross unrealized losses 0   2,000,000      
Available-for-sale, fair value 90,000,000   88,000,000      
Total asset-backed securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 3,125,000,000   2,837,000,000      
Available for sale, gross unrealized gains 2,000,000   0      
Available for sale, gross unrealized losses 15,000,000   48,000,000      
Available-for-sale, fair value 3,112,000,000   2,789,000,000      
Held to maturity, amortized cost 3,449,000,000   4,097,000,000      
Held to maturity, gross unrealized gains 21,000,000   19,000,000      
Held to maturity, gross unrealized losses 73,000,000   134,000,000      
Investment securities held-to-maturity 3,397,000,000   3,982,000,000      
State and political subdivisions            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 387,000,000   839,000,000      
Available for sale, gross unrealized gains 0   1,000,000      
Available for sale, gross unrealized losses 10,000,000   17,000,000      
Available-for-sale, fair value 377,000,000   823,000,000      
Other U.S. debt securities            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 338,000,000   1,078,000,000      
Available for sale, gross unrealized gains 0   0      
Available for sale, gross unrealized losses 13,000,000   73,000,000      
Available-for-sale, fair value 325,000,000   1,005,000,000      
Including MMLF            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Held to maturity, amortized cost 61,956,000,000   64,700,000,000      
Held to maturity, gross unrealized gains 21,000,000   22,000,000      
Held to maturity, gross unrealized losses 7,856,000,000   6,809,000,000      
Investment securities held-to-maturity 54,121,000,000   57,913,000,000      
Non-US collateralized loan obligations            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 970,000,000   860,000,000      
Non-U.S. debt securities, corporate bonds            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 1,670,000,000   1,140,000,000      
US debt securities, corporate bonds            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost 330,000,000   1,010,000,000.00      
Non-agency CMBS            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Held to maturity, amortized cost $ 7,000,000   133,000,000      
Non-agency RMBS            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Held to maturity, amortized cost     9,000,000      
Federal family education loan program            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Federal government credit support guarantee, percentage minimum 97.00%          
Agency CMBS            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost $ 5,630,000,000   6,780,000,000      
Held to maturity, amortized cost 5,240,000,000   4,990,000,000      
Agency MBS            
Available-For-Sale and Held-To-Maturity-Securities [Line Items]            
Available for sale, amortized cost $ 4,360,000,000   $ 1,730,000,000      
v3.23.3
Investment Securities - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
security
Sep. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]                
Percentage of investment portfolio considered investment grade 99.00%   99.00%          
Allowance for credit losses on HTM investment securities $ 1,000,000   $ 1,000,000   $ 0 $ 0    
Allowance for credit losses on available-for-sale securities 0 $ 1,000,000 0 $ 1,000,000 $ 0 2,000,000 $ 2,000,000 $ 2,000,000
Provision 0 (1,000,000) (2,000,000) (1,000,000)        
Charge-offs 0 0 0 0        
Marketable securities, unrealized gain (loss)     $ (8,710,000,000)          
Number of securities in loss position | security     2,031          
Proceeds from sales of available-for-sale securities 3,870,000,000   $ 4,567,000,000 4,545,000,000        
Gains (losses) from sales of available-for-sale securities, net 294,000,000 $ 0 294,000,000 $ 2,000,000        
Asset pledged as collateral                
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]                
Debt securities $ 79,740,000,000   $ 79,740,000,000     $ 70,520,000,000    
v3.23.3
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months $ 13,203 $ 19,429
Available for sale, gross unrealized losses less than 12 months 203 369
Available for sale, fair value 12 months or longer 24,415 18,093
Available for sale, gross unrealized losses 12 months or longer 647 924
Available for sale, fair value total 37,618 37,522
Available for sale, gross unrealized losses total 850 1,293
Direct obligations    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 1,310 1,337
Available for sale, gross unrealized losses less than 12 months 27 15
Available for sale, fair value 12 months or longer 5,276 5,745
Available for sale, gross unrealized losses 12 months or longer 170 246
Available for sale, fair value total 6,586 7,082
Available for sale, gross unrealized losses total 197 261
Mortgage-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 3,202 5,524
Available for sale, gross unrealized losses less than 12 months 85 130
Available for sale, fair value 12 months or longer 6,717 2,815
Available for sale, gross unrealized losses 12 months or longer 195 130
Available for sale, fair value total 9,919 8,339
Available for sale, gross unrealized losses total 280 260
Total U.S. Treasury and federal agencies    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 4,512 6,861
Available for sale, gross unrealized losses less than 12 months 112 145
Available for sale, fair value 12 months or longer 11,993 8,560
Available for sale, gross unrealized losses 12 months or longer 365 376
Available for sale, fair value total 16,505 15,421
Available for sale, gross unrealized losses total 477 521
Mortgage-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 214 1,278
Available for sale, gross unrealized losses less than 12 months 1 15
Available for sale, fair value 12 months or longer 823 272
Available for sale, gross unrealized losses 12 months or longer 10 4
Available for sale, fair value total 1,037 1,550
Available for sale, gross unrealized losses total 11 19
Asset-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 225 859
Available for sale, gross unrealized losses less than 12 months 0 11
Available for sale, fair value 12 months or longer 1,124 765
Available for sale, gross unrealized losses 12 months or longer 14 16
Available for sale, fair value total 1,349 1,624
Available for sale, gross unrealized losses total 14 27
Non-U.S. sovereign, supranational and non-U.S. agency    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 6,715 6,750
Available for sale, gross unrealized losses less than 12 months 72 108
Available for sale, fair value 12 months or longer 7,077 5,800
Available for sale, gross unrealized losses 12 months or longer 174 316
Available for sale, fair value total 13,792 12,550
Available for sale, gross unrealized losses total 246 424
Other    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 855 771
Available for sale, gross unrealized losses less than 12 months 10 27
Available for sale, fair value 12 months or longer 902 1,233
Available for sale, gross unrealized losses 12 months or longer 54 137
Available for sale, fair value total 1,757 2,004
Available for sale, gross unrealized losses total 64 164
Total non-U.S. debt securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 8,009 9,658
Available for sale, gross unrealized losses less than 12 months 83 161
Available for sale, fair value 12 months or longer 9,926 8,070
Available for sale, gross unrealized losses 12 months or longer 252 473
Available for sale, fair value total 17,935 17,728
Available for sale, gross unrealized losses total 335 634
Student loans    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 68 89
Available for sale, gross unrealized losses less than 12 months 0 1
Available for sale, fair value 12 months or longer 0 0
Available for sale, gross unrealized losses 12 months or longer 0 0
Available for sale, fair value total 68 89
Available for sale, gross unrealized losses total 0 1
Collateralized loan obligations    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 328 1,577
Available for sale, gross unrealized losses less than 12 months 0 27
Available for sale, fair value 12 months or longer 1,860 710
Available for sale, gross unrealized losses 12 months or longer 11 12
Available for sale, fair value total 2,188 2,287
Available for sale, gross unrealized losses total 11 39
Non-agency CMBS and RMBS    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 39 193
Available for sale, gross unrealized losses less than 12 months 1 6
Available for sale, fair value 12 months or longer 180 3
Available for sale, gross unrealized losses 12 months or longer 3 0
Available for sale, fair value total 219 196
Available for sale, gross unrealized losses total 4 6
Other    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months   88
Available for sale, gross unrealized losses less than 12 months   2
Available for sale, fair value 12 months or longer   0
Available for sale, gross unrealized losses 12 months or longer   0
Available for sale, fair value total   88
Available for sale, gross unrealized losses total   2
Total asset-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 435 1,947
Available for sale, gross unrealized losses less than 12 months 1 36
Available for sale, fair value 12 months or longer 2,040 713
Available for sale, gross unrealized losses 12 months or longer 14 12
Available for sale, fair value total 2,475 2,660
Available for sale, gross unrealized losses total 15 48
State and political subdivisions    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 244 669
Available for sale, gross unrealized losses less than 12 months 7 12
Available for sale, fair value 12 months or longer 133 42
Available for sale, gross unrealized losses 12 months or longer 3 5
Available for sale, fair value total 377 711
Available for sale, gross unrealized losses total 10 17
Other U.S. debt securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 3 294
Available for sale, gross unrealized losses less than 12 months 0 15
Available for sale, fair value 12 months or longer 323 708
Available for sale, gross unrealized losses 12 months or longer 13 58
Available for sale, fair value total 326 1,002
Available for sale, gross unrealized losses total $ 13 $ 73
v3.23.3
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost $ 7,299  
Available for sale, under 1 year, fair value 7,244  
Available for sale, 1 to 5 years, amortized cost 17,579  
Available for sale, 1 to 5 years, fair value 17,120  
Available for sale, 6 to 10 years, amortized cost 10,178  
Available for sale, 6 to 10 years, fair value 10,046  
Available for sale, over 10 years, amortized cost 7,321  
Available for sale, over 10 years, fair value 7,136  
Available for sale, amortized cost 42,377 $ 41,858
Available for sale, fair value 41,546 40,579
Held to maturity, amortized cost 61,956 64,700
Investment securities held-to-maturity 54,121 57,913
Direct obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 291  
Available for sale, under 1 year, fair value 291  
Available for sale, 1 to 5 years, amortized cost 6,920  
Available for sale, 1 to 5 years, fair value 6,730  
Available for sale, 6 to 10 years, amortized cost 601  
Available for sale, 6 to 10 years, fair value 606  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 7,812 8,232
Available for sale, fair value 7,627 7,981
Held to maturity, under 1 year, amortized cost 6,284  
Held to maturity, under 1 year, fair value 6,230  
Held to maturity, 1 to 5 years, amortized cost 5,439  
Held to maturity, 1 to 5 years, fair value 5,206  
Held to maturity, 6 to 10 years, amortized cost 24  
Held to maturity, 6 to 10 years, fair value 22  
Held to maturity, over 10 years, amortized cost 11  
Held to maturity, over 10 years, fair value 11  
Held to maturity, amortized cost 11,758 11,693
Investment securities held-to-maturity 11,469 11,352
Mortgage-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 41  
Available for sale, under 1 year, fair value 41  
Available for sale, 1 to 5 years, amortized cost 1,309  
Available for sale, 1 to 5 years, fair value 1,291  
Available for sale, 6 to 10 years, amortized cost 4,398  
Available for sale, 6 to 10 years, fair value 4,307  
Available for sale, over 10 years, amortized cost 4,518  
Available for sale, over 10 years, fair value 4,347  
Available for sale, amortized cost 10,266 8,767
Available for sale, fair value 9,986 8,509
Held to maturity, under 1 year, amortized cost 132  
Held to maturity, under 1 year, fair value 115  
Held to maturity, 1 to 5 years, amortized cost 594  
Held to maturity, 1 to 5 years, fair value 547  
Held to maturity, 6 to 10 years, amortized cost 4,523  
Held to maturity, 6 to 10 years, fair value 3,653  
Held to maturity, over 10 years, amortized cost 35,048  
Held to maturity, over 10 years, fair value 28,750  
Held to maturity, amortized cost 40,297 42,307
Investment securities held-to-maturity 33,065 36,280
Total U.S. Treasury and federal agencies    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 332  
Available for sale, under 1 year, fair value 332  
Available for sale, 1 to 5 years, amortized cost 8,229  
Available for sale, 1 to 5 years, fair value 8,021  
Available for sale, 6 to 10 years, amortized cost 4,999  
Available for sale, 6 to 10 years, fair value 4,913  
Available for sale, over 10 years, amortized cost 4,518  
Available for sale, over 10 years, fair value 4,347  
Available for sale, amortized cost 18,078 16,999
Available for sale, fair value 17,613 16,490
Held to maturity, under 1 year, amortized cost 6,416  
Held to maturity, under 1 year, fair value 6,345  
Held to maturity, 1 to 5 years, amortized cost 6,033  
Held to maturity, 1 to 5 years, fair value 5,753  
Held to maturity, 6 to 10 years, amortized cost 4,547  
Held to maturity, 6 to 10 years, fair value 3,675  
Held to maturity, over 10 years, amortized cost 35,059  
Held to maturity, over 10 years, fair value 28,761  
Held to maturity, amortized cost 52,055 54,000
Investment securities held-to-maturity 44,534 47,632
Mortgage-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 142  
Available for sale, under 1 year, fair value 142  
Available for sale, 1 to 5 years, amortized cost 243  
Available for sale, 1 to 5 years, fair value 242  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 1,166  
Available for sale, over 10 years, fair value 1,157  
Available for sale, amortized cost 1,551 1,642
Available for sale, fair value 1,541 1,623
Asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 319  
Available for sale, under 1 year, fair value 315  
Available for sale, 1 to 5 years, amortized cost 419  
Available for sale, 1 to 5 years, fair value 415  
Available for sale, 6 to 10 years, amortized cost 554  
Available for sale, 6 to 10 years, fair value 551  
Available for sale, over 10 years, amortized cost 611  
Available for sale, over 10 years, fair value 609  
Available for sale, amortized cost 1,903 1,696
Available for sale, fair value 1,890 1,669
Non-U.S. sovereign, supranational and non-U.S. agency    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 5,627  
Available for sale, under 1 year, fair value 5,591  
Available for sale, 1 to 5 years, amortized cost 6,483  
Available for sale, 1 to 5 years, fair value 6,304  
Available for sale, 6 to 10 years, amortized cost 2,800  
Available for sale, 6 to 10 years, fair value 2,771  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 14,910 14,512
Available for sale, fair value 14,666 14,089
Held to maturity, under 1 year, amortized cost 2,261  
Held to maturity, under 1 year, fair value 2,231  
Held to maturity, 1 to 5 years, amortized cost 3,690  
Held to maturity, 1 to 5 years, fair value 3,504  
Held to maturity, 6 to 10 years, amortized cost 501  
Held to maturity, 6 to 10 years, fair value 455  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 6,452 6,603
Investment securities held-to-maturity 6,190 6,299
Other    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 341  
Available for sale, under 1 year, fair value 335  
Available for sale, 1 to 5 years, amortized cost 1,570  
Available for sale, 1 to 5 years, fair value 1,515  
Available for sale, 6 to 10 years, amortized cost 174  
Available for sale, 6 to 10 years, fair value 172  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 2,085 2,255
Available for sale, fair value 2,022 2,091
Total non-U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 6,429  
Available for sale, under 1 year, fair value 6,383  
Available for sale, 1 to 5 years, amortized cost 8,715  
Available for sale, 1 to 5 years, fair value 8,476  
Available for sale, 6 to 10 years, amortized cost 3,528  
Available for sale, 6 to 10 years, fair value 3,494  
Available for sale, over 10 years, amortized cost 1,777  
Available for sale, over 10 years, fair value 1,766  
Available for sale, amortized cost 20,449 20,105
Available for sale, fair value 20,119 19,472
Held to maturity, under 1 year, amortized cost 2,261  
Held to maturity, under 1 year, fair value 2,231  
Held to maturity, 1 to 5 years, amortized cost 3,690  
Held to maturity, 1 to 5 years, fair value 3,504  
Held to maturity, 6 to 10 years, amortized cost 501  
Held to maturity, 6 to 10 years, fair value 455  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 6,452 6,603
Investment securities held-to-maturity 6,190 6,299
Student loans    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 33  
Available for sale, under 1 year, fair value 33  
Available for sale, 1 to 5 years, amortized cost 0  
Available for sale, 1 to 5 years, fair value 0  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 85  
Available for sale, over 10 years, fair value 85  
Available for sale, amortized cost 118 116
Available for sale, fair value 118 115
Held to maturity, under 1 year, amortized cost 237  
Held to maturity, under 1 year, fair value 231  
Held to maturity, 1 to 5 years, amortized cost 232  
Held to maturity, 1 to 5 years, fair value 231  
Held to maturity, 6 to 10 years, amortized cost 622  
Held to maturity, 6 to 10 years, fair value 612  
Held to maturity, over 10 years, amortized cost 2,351  
Held to maturity, over 10 years, fair value 2,298  
Held to maturity, amortized cost 3,442 3,955
Investment securities held-to-maturity 3,372 3,822
Collateralized loan obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 122  
Available for sale, under 1 year, fair value 122  
Available for sale, 1 to 5 years, amortized cost 345  
Available for sale, 1 to 5 years, fair value 343  
Available for sale, 6 to 10 years, amortized cost 1,489  
Available for sale, 6 to 10 years, fair value 1,482  
Available for sale, over 10 years, amortized cost 693  
Available for sale, over 10 years, fair value 693  
Available for sale, amortized cost 2,649 2,394
Available for sale, fair value 2,640 2,355
Non-agency CMBS and RMBS    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 0  
Available for sale, under 1 year, fair value 0  
Available for sale, 1 to 5 years, amortized cost 20  
Available for sale, 1 to 5 years, fair value 19  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 248  
Available for sale, over 10 years, fair value 245  
Available for sale, amortized cost 268 237
Available for sale, fair value 264 231
Held to maturity, under 1 year, amortized cost 1  
Held to maturity, under 1 year, fair value 8  
Held to maturity, 1 to 5 years, amortized cost 0  
Held to maturity, 1 to 5 years, fair value 0  
Held to maturity, 6 to 10 years, amortized cost 0  
Held to maturity, 6 to 10 years, fair value 0  
Held to maturity, over 10 years, amortized cost 6  
Held to maturity, over 10 years, fair value 17  
Held to maturity, amortized cost 7 142
Investment securities held-to-maturity 25 160
Other    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 0  
Available for sale, under 1 year, fair value 0  
Available for sale, 1 to 5 years, amortized cost 90  
Available for sale, 1 to 5 years, fair value 90  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 90 90
Available for sale, fair value 90 88
Total asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 155  
Available for sale, under 1 year, fair value 155  
Available for sale, 1 to 5 years, amortized cost 455  
Available for sale, 1 to 5 years, fair value 452  
Available for sale, 6 to 10 years, amortized cost 1,489  
Available for sale, 6 to 10 years, fair value 1,482  
Available for sale, over 10 years, amortized cost 1,026  
Available for sale, over 10 years, fair value 1,023  
Available for sale, amortized cost 3,125 2,837
Available for sale, fair value 3,112 2,789
Held to maturity, under 1 year, amortized cost 238  
Held to maturity, under 1 year, fair value 239  
Held to maturity, 1 to 5 years, amortized cost 232  
Held to maturity, 1 to 5 years, fair value 231  
Held to maturity, 6 to 10 years, amortized cost 622  
Held to maturity, 6 to 10 years, fair value 612  
Held to maturity, over 10 years, amortized cost 2,357  
Held to maturity, over 10 years, fair value 2,315  
Held to maturity, amortized cost 3,449 4,097
Investment securities held-to-maturity 3,397 3,982
State and political subdivisions    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 125  
Available for sale, under 1 year, fair value 122  
Available for sale, 1 to 5 years, amortized cost 100  
Available for sale, 1 to 5 years, fair value 98  
Available for sale, 6 to 10 years, amortized cost 162  
Available for sale, 6 to 10 years, fair value 157  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 387 839
Available for sale, fair value 377 823
Other U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 258  
Available for sale, under 1 year, fair value 252  
Available for sale, 1 to 5 years, amortized cost 80  
Available for sale, 1 to 5 years, fair value 73  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 338 1,078
Available for sale, fair value 325 $ 1,005
Total    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Held to maturity, under 1 year, amortized cost 8,915  
Held to maturity, under 1 year, fair value 8,815  
Held to maturity, 1 to 5 years, amortized cost 9,955  
Held to maturity, 1 to 5 years, fair value 9,488  
Held to maturity, 6 to 10 years, amortized cost 5,670  
Held to maturity, 6 to 10 years, fair value 4,742  
Held to maturity, over 10 years, amortized cost 37,416  
Held to maturity, over 10 years, fair value 31,076  
Held to maturity, amortized cost 61,956  
Investment securities held-to-maturity $ 54,121  
v3.23.3
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 35,436 $ 32,150
Allowance for credit losses (119) (97)
Loans, net of allowance 35,317 32,053
Floating Rate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 28,850  
Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 21,509 21,248
Domestic | Collateralized loan obligations in loan form    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 100 100
Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 13,927 10,902
Non-U.S. | Collateralized loan obligations in loan form    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 5,446 4,741
Fund Finance | Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 12,732 12,154
Fund Finance | Domestic | Private Equity Capital Call Finance Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 9,330 7,570
Fund Finance | Domestic | Real Money Funds    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 5,970 6,610
Fund Finance | Domestic | Business Development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,190 1,110
Fund Finance | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 4,809 3,949
Leveraged loans | Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,336 2,431
Leveraged loans | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,096 1,118
Overdrafts | Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,017 1,707
Overdrafts | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,576 1,094
Other | Securities Finance Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,930 1,510
Other | Municipal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 276 321
Other | Other Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 6 42
Other | Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,207 1,871
Commercial real estate | Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 3,117 $ 2,985
Excluding Overdrafts | Fixed Rate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 2,990  
v3.23.3
Loans and Allowance for Credit Losses - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
loan
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
loanSegment
loan
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
loan
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of loans and leases segments | loanSegment     2    
Loans pledged as collateral $ 35,317,000,000   $ 35,317,000,000   $ 32,053,000,000
Number of loans on non-accrual status | loan 3   3   0
Nonaccrual loan value $ 76,000,000   $ 76,000,000    
Financing receivable, held-for-sale 7,000,000   7,000,000   $ 5,000,000
Charge-offs 2,000,000        
Allowance for credit losses on loans $ 119,000,000   $ 119,000,000   97,000,000
Investment grade loans 86.00%   86.00%    
Speculative grade loans 12.00%   12.00%    
Speculative senior secured loans with BB or B rating 92.00%   92.00%    
Provision for credit losses $ 0 $ 0 $ 26,000,000 $ 10,000,000  
Asset pledged as collateral          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans pledged as collateral 11,560,000,000   11,560,000,000   $ 10,170,000,000
Leveraged Loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Financing receivable for sale 74,000,000        
Financing receivable, held-for-sale $ 7,000,000   $ 7,000,000    
Commercial and Financial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans no longer meeting similar risk of collective pool | loan 8   8    
Loans no longer meeting similar risk of collective pool, amount $ 68,000,000   $ 68,000,000    
Allowance for credit losses on loans $ 33,000,000   $ 33,000,000    
Commercial Real Estate          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans no longer meeting similar risk of collective pool | loan 1   1    
Loans no longer meeting similar risk of collective pool, amount $ 47,000,000   $ 47,000,000    
v3.23.3
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 35,429 $ 32,145
Financing receivable, held-for-sale 7 5
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 30,595 27,176
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 4,352 4,491
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 367 379
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 39 99
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 76  
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 32,312 29,160
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 28,160 24,667
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 3,816 4,103
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 268 291
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 39 99
Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 29  
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 3,117 2,985
Commercial Real Estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,435 2,509
Commercial Real Estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 536 388
Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 99 88
Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 0 0
Commercial Real Estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 47  
Domestic | Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 18,384 18,258
Domestic | Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 15,668 14,986
Domestic | Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,450 2,943
Domestic | Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 212 244
Domestic | Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 25 85
Domestic | Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 29  
Domestic | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 3,117 2,985
Domestic | Commercial Real Estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,435 2,508
Domestic | Commercial Real Estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 536 388
Domestic | Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 99 89
Domestic | Commercial Real Estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 47  
Domestic | Fund Finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts 3,590 $ 2,800
Domestic | Fund Finance | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts 3,210  
Domestic | Fund Finance | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts $ 380  
v3.23.3
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year $ 5,307 $ 5,839
Fiscal year before current fiscal year 2,997 5,104
Two years before current fiscal year 4,984 512
Three years before current fiscal year 432 1,636
Four years before current fiscal year 1,308 1,092
Prior 1,438 668
Revolving Loans 18,963 17,294
Loans, gross, excluding loans classified as held-for-sale 35,429 32,145
Financing receivable, accrued interest, before allowance for credit loss 325 200
Financing receivable, held-for-sale 7 5
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 30,595 27,176
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,352 4,491
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 367 379
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 39 99
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 76  
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 32,312 29,160
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 28,160 24,667
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 3,816 4,103
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 268 291
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 39 99
Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 29  
Commercial and Financial | Domestic    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 1,578 2,100
Fiscal year before current fiscal year 364 1,164
Two years before current fiscal year 1,132 245
Three years before current fiscal year 179 908
Four years before current fiscal year 663 286
Prior 191 167
Revolving Loans 14,277 13,388
Loans, gross, excluding loans classified as held-for-sale 18,384 18,258
Commercial and Financial | Domestic | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 1,095 1,577
Fiscal year before current fiscal year 100 185
Two years before current fiscal year 204 72
Three years before current fiscal year 61 300
Four years before current fiscal year 272 0
Prior 6 9
Revolving Loans 13,930 12,843
Loans, gross, excluding loans classified as held-for-sale 15,668 14,986
Commercial and Financial | Domestic | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 458 523
Fiscal year before current fiscal year 264 859
Two years before current fiscal year 749 168
Three years before current fiscal year 113 461
Four years before current fiscal year 334 236
Prior 185 151
Revolving Loans 347 545
Loans, gross, excluding loans classified as held-for-sale 2,450 2,943
Commercial and Financial | Domestic | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0 0
Fiscal year before current fiscal year 0 120
Two years before current fiscal year 155 0
Three years before current fiscal year 0 105
Four years before current fiscal year 57 19
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 212 244
Commercial and Financial | Domestic | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 20 0
Fiscal year before current fiscal year 0 0
Two years before current fiscal year 0 5
Three years before current fiscal year 5 42
Four years before current fiscal year 0 31
Prior 0 7
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 25 85
Commercial and Financial | Domestic | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 5  
Fiscal year before current fiscal year 0  
Two years before current fiscal year 24  
Three years before current fiscal year 0  
Four years before current fiscal year 0  
Prior 0  
Revolving Loans 0  
Loans, gross, excluding loans classified as held-for-sale 29  
Commercial and Financial | Non-U.S.    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 3,514 3,220
Fiscal year before current fiscal year 2,113 3,328
Two years before current fiscal year 3,323 118
Three years before current fiscal year 103 186
Four years before current fiscal year 104 144
Prior 85 0
Revolving Loans 4,686 3,906
Loans, gross, excluding loans classified as held-for-sale 13,928 10,902
Commercial and Financial | Non-U.S. | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 3,031 2,986
Fiscal year before current fiscal year 1,982 2,799
Two years before current fiscal year 2,793 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 4,686 3,897
Loans, gross, excluding loans classified as held-for-sale 12,492 9,682
Commercial and Financial | Non-U.S. | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 483 234
Fiscal year before current fiscal year 131 529
Two years before current fiscal year 502 100
Three years before current fiscal year 75 181
Four years before current fiscal year 104 107
Prior 71 0
Revolving Loans 0 9
Loans, gross, excluding loans classified as held-for-sale 1,366 1,160
Commercial and Financial | Non-U.S. | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0 0
Fiscal year before current fiscal year 0 0
Two years before current fiscal year 28 18
Three years before current fiscal year 28 5
Four years before current fiscal year 0 23
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 56 46
Commercial and Financial | Non-U.S. | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0 0
Fiscal year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 14
Prior 14 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 14 14
Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 3,117 2,985
Commercial real estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,435 2,509
Commercial real estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 536 388
Commercial real estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 99 88
Commercial real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 0 0
Commercial real estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 47  
Commercial real estate | Domestic    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 215 519
Fiscal year before current fiscal year 520 612
Two years before current fiscal year 529 149
Three years before current fiscal year 150 542
Four years before current fiscal year 541 662
Prior 1,162 501
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 3,117 2,985
Commercial real estate | Domestic | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 215 519
Fiscal year before current fiscal year 500 612
Two years before current fiscal year 498 100
Three years before current fiscal year 100 330
Four years before current fiscal year 375 511
Prior 747 436
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 2,435 2,508
Commercial real estate | Domestic | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0 0
Fiscal year before current fiscal year 20 0
Two years before current fiscal year 31 49
Three years before current fiscal year 50 163
Four years before current fiscal year 144 111
Prior 291 65
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 536 388
Commercial real estate | Domestic | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0 0
Fiscal year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 49
Four years before current fiscal year 22 40
Prior 77 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 99 $ 89
Commercial real estate | Domestic | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current fiscal year 0  
Fiscal year before current fiscal year 0  
Two years before current fiscal year 0  
Three years before current fiscal year 0  
Four years before current fiscal year 0  
Prior 47  
Revolving Loans 0  
Loans, gross, excluding loans classified as held-for-sale $ 47  
v3.23.3
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance     $ 97,000,000  
Charge-offs $ (2,000,000)      
Provision for credit losses 0 $ 0 26,000,000 $ 10,000,000
Ending balance 119,000,000   119,000,000  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0 2,000,000 2,000,000 2,000,000
Charge-offs 0 0 0 0
Provision 0 (1,000,000) (2,000,000) (1,000,000)
Ending balance 0 1,000,000 0 1,000,000
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0   0  
Charge-offs 0   0  
Provision 1,000,000   1,000,000  
Ending balance 1,000,000   1,000,000  
Leveraged Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 80,000,000 69,000,000 73,000,000 61,000,000
Charge-offs (2,000,000) 0 (13,000,000) (4,000,000)
Provision for credit losses (6,000,000) 6,000,000 12,000,000 18,000,000
Ending balance 72,000,000 75,000,000 72,000,000 75,000,000
Other Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 3,000,000 10,000,000 5,000,000 12,000,000
Charge-offs 0 0 0 0
Provision for credit losses 0 (5,000,000) (2,000,000) (7,000,000)
Ending balance 3,000,000 5,000,000 3,000,000 5,000,000
Other Loans | Fund Finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Ending balance 2,000,000 4,000,000 2,000,000 4,000,000
Other Loans | Other Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Ending balance 1,000,000 1,000,000 1,000,000 1,000,000
Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 37,000,000 16,000,000 19,000,000 14,000,000
Charge-offs 0 0 0 0
Provision for credit losses 7,000,000 2,000,000 25,000,000 4,000,000
Ending balance 44,000,000 18,000,000 44,000,000 18,000,000
Off-Balance Sheet Commitments        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 15,000,000 17,000,000 23,000,000 19,000,000
Charge-offs 0 0 0 0
Provision for credit losses (1,000,000) (2,000,000) (9,000,000) (4,000,000)
Ending balance 14,000,000 15,000,000 14,000,000 15,000,000
All Other        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 1,000,000 0 (1,000,000) 0
Charge-offs 0 0 0 0
Provision for credit losses (1,000,000) 0 1,000,000 0
Ending balance 0 0 0 0
Total        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 136,000,000 114,000,000 121,000,000 108,000,000
Charge-offs (2,000,000) 0 (13,000,000) (4,000,000)
Provision for credit losses 0 0 26,000,000 10,000,000
Ending balance $ 134,000,000 $ 114,000,000 $ 134,000,000 $ 114,000,000
v3.23.3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Beginning balance $ 7,495 $ 7,621
Acquisitions   3
Foreign currency translation (8) (129)
Ending balance 7,487 7,495
Investment Servicing    
Goodwill [Roll Forward]    
Beginning balance 7,232 7,354
Acquisitions   3
Foreign currency translation (8) (125)
Ending balance 7,224 7,232
Investment Management    
Goodwill [Roll Forward]    
Beginning balance 263 267
Acquisitions   0
Foreign currency translation 0 (4)
Ending balance $ 263 $ 263
v3.23.3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]          
Beginning balance     $ 1,544 $ 1,816 $ 1,816
Amortization $ (60) $ (58) (180) (179) (238)
Foreign currency translation     (1)   (34)
Ending balance 1,363   1,363   1,544
Investment Servicing          
Finite-lived Intangible Assets [Roll Forward]          
Beginning balance     1,495 1,746 1,746
Amortization     (164)   (217)
Foreign currency translation     (1)   (34)
Ending balance 1,330   1,330   1,495
Investment Management          
Finite-lived Intangible Assets [Roll Forward]          
Beginning balance     49 $ 70 70
Amortization     (16)   (21)
Foreign currency translation     0   0
Ending balance $ 33   $ 33   $ 49
v3.23.3
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount $ 3,887 $ 3,897  
Accumulated amortization (2,524) (2,353)  
Net carrying amount 1,363 1,544 $ 1,816
Client relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 2,722 2,728  
Accumulated amortization (1,743) (1,626)  
Net carrying amount 979 1,102  
Technology      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 401 402  
Accumulated amortization (206) (178)  
Net carrying amount 195 224  
Core deposits      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 681 683  
Accumulated amortization (501) (477)  
Net carrying amount 180 206  
Other      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 83 84  
Accumulated amortization (74) (72)  
Net carrying amount $ 9 $ 12  
v3.23.3
Other Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Other Assets [Abstract]      
Securities borrowed $ 24,065 $ 24,065 $ 16,489
Derivative instruments, net 7,804 7,804 7,664
Bank-owned life insurance 3,730 3,730 3,649
Investments in joint ventures and other unconsolidated entities 2,840 2,840 3,245
Collateral, net 3,104 3,104 1,833
Deferred tax assets, net of valuation allowance 1,020 1,020 1,127
Prepaid expenses 610 610 558
Receivable for securities settlement 670 670 383
Right-of-use assets 823 823 500
Accounts receivable 472 472 404
Income taxes receivable 238 238 235
Deposits with clearing organizations 58 58 62
Other 1,798 1,798 1,753
Total 47,232 47,232 37,902
Equity securities without readily determinable fair value, amount 181 181 179
Equity securities without readily determinable fair value, impairment loss 5 5  
Advances $ 968 $ 968 $ 1,201
v3.23.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Cash flow hedge gains to be reclassified within twelve months $ 210  
Maximum length of time hedged in cash flow hedge 5 years  
Fair value of derivative liabilities $ 20,303 $ 25,966
Interest rate swap | Fair Value Hedges    
Derivative [Line Items]    
Notional amount of derivative instruments 19,590 $ 20,320
Credit swap agreements    
Derivative [Line Items]    
Fair value of derivative liabilities 5,080  
Cash collateral provided for derivative instruments 4,070  
Maximum additional amount of payments related to termination events $ 1,010  
v3.23.3
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Derivatives not designated as hedging instruments | Interest rate contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 15,704 $ 8,683
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 148 1,550
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 2,379,456 2,267,221
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 683 607
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 278 445
Derivatives not designated as hedging instruments | Other derivative contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 130 0
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 29,490 31,391
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 320 300
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 20,453 22,566
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 9,279 $ 8,213
v3.23.3
Derivative Financial Instruments - Schedule of the Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 20,609 $ 26,186
Fair value of derivative liabilities 20,303 25,966
Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 20,608 26,186
Fair value of derivative liabilities 20,106 25,749
Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 1 0
Fair value of derivative liabilities 1 1
Derivatives not designated as hedging instruments | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 20,090 26,081
Derivatives not designated as hedging instruments | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 20,299 25,623
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 20,090 26,081
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 20,103 25,407
Derivatives not designated as hedging instruments | Other derivative contracts | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0 0
Derivatives not designated as hedging instruments | Other derivative contracts | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 196 216
Derivatives designated as hedging instruments | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 519 105
Derivatives designated as hedging instruments | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 4 343
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 518 105
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 3 342
Derivatives designated as hedging instruments | Interest rate contracts | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 1 0
Derivatives designated as hedging instruments | Interest rate contracts | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities $ 1 $ 1
v3.23.3
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - Derivatives not designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income $ 156 $ 180 $ 485 $ 601
Foreign exchange contracts | Foreign exchange trading services        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income 198 207 621 676
Foreign exchange contracts | Interest expense        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income (24) (16) (40) 0
Interest rate contracts        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income (3) 0 (2) 0
Other derivative contracts        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income   $ (11)   $ (75)
Other derivative contracts | Other fee revenue        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income 6   5  
Other derivative contracts | Compensation and employee benefits        
Derivative [Line Items]        
Amount of gain (loss) on derivative recognized in income $ (21)   $ (99)  
v3.23.3
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments for Hedge Accounting (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Prepayable financial asset closed portfolio, amortized cost $ 699 $ 207
Prepayable financial asset closed portfolio, last-of-layer, amortized cost 400 64
Cumulative adjustment associated with hedging relationships (16) (4)
Hedged Items Currently Designated | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Hedged Assets/Liabilities 13,960 12,513
Cumulative Hedge Accounting Basis Adjustments (594) (644)
Hedged Items Currently Designated | Available-For-Sale Debt Securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Hedged Assets/Liabilities 9,957 9,801
Cumulative Hedge Accounting Basis Adjustments (767) (675)
De-designated | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cumulative Hedge Accounting Basis Adjustments 176 362
De-designated | Available-For-Sale Debt Securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cumulative Hedge Accounting Basis Adjustments $ 4 $ 8
v3.23.3
Derivative Financial Instruments - Impact on Derivatives and Hedged Items on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) on derivative recognized in consolidated statement of income $ (19) $ 88 $ 47 $ 107
Amount of gain (loss) on hedged item recognized in consolidated statement of income 19 (88) (48) (109)
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes 36 256 70 526
Available-for-sale securities | Net interest income | Interest rate contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) on derivative recognized in consolidated statement of income 57 349 99 707
Amount of gain (loss) on hedged item recognized in consolidated statement of income (57) (349) (100) (709)
Long-term debt | Net interest income | Interest rate contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain (loss) on derivative recognized in consolidated statement of income (76) (261) (52) (600)
Amount of gain (loss) on hedged item recognized in consolidated statement of income $ 76 $ 261 $ 52 $ 600
v3.23.3
Derivative Financial Instruments - Schedule of Differences Between the Gains (Losses) on the Derivative and the Gains (Losses) on the Hedged Item (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative [Line Items]        
Gain (loss) on derivative recognized in OCI, cash flow hedge $ 32 $ (183) $ 111 $ (389)
Gain (loss) on derivative recognized in OCI, net investment hedge 225 395 176 723
Other comprehensive income (loss), derivative, before reclassification and tax 257 212 287 334
Gain (loss) on hedges reclassified to income, cash flow hedge (53) (22) (155) 9
Other comprehensive income (loss), derivative, gain (loss), reclassification, before tax (53) (22) (155) 9
Gain (loss) on hedges reclassified to income, net investment hedge 0 0 $ 0 0
Floating-rate loans        
Derivative [Line Items]        
Term of debt instrument     5 years  
Interest rate contracts        
Derivative [Line Items]        
Gain (loss) on derivative recognized in OCI, cash flow hedge (1) (222) $ (4) (604)
Interest rate contracts | Net interest income        
Derivative [Line Items]        
Gain (loss) on hedges reclassified to income, cash flow hedge (53) (22) (156) 3
Foreign exchange contracts        
Derivative [Line Items]        
Gain (loss) on derivative recognized in OCI, cash flow hedge 33 39 115 215
Gain (loss) on derivative recognized in OCI, net investment hedge 225 395 176 723
Foreign exchange contracts | Net interest income        
Derivative [Line Items]        
Gain (loss) on hedges reclassified to income, cash flow hedge 0 0 1 6
Foreign exchange contracts | Gain (Loss) on Investments        
Derivative [Line Items]        
Gain (loss) on hedges reclassified to income, net investment hedge $ 0 $ 0 $ 0 $ 0
v3.23.3
Offsetting Arrangements - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Offsetting [Abstract]    
Fair value of securities received as collateral that can be resold or repledged $ 10,380 $ 8,140
Fair value of securities received as collateral that have been resold or repledged $ 6,180 $ 3,630
v3.23.3
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Derivatives, gross amounts of recognized assets $ 20,609 $ 26,186
Derivatives, gross amounts offset in statement of condition (12,805) (18,522)
Derivatives, net amounts of assets presented in statement of condition 7,804 7,664
Derivatives, net amount 6,984 5,947
Derivatives, cash collateral and securities netting, cash offset (1,799) (3,298)
Derivatives, cash collateral and securities netting, cash and securities received (820) (1,717)
Derivatives, cash collateral and securities netting, net amount (2,619) (5,015)
Resale agreements and securities borrowing, gross amounts of recognized assets 213,229 125,797
Resale agreements and securities borrowing, gross amounts offset in statement of condition (187,348) (104,093)
Resale agreements and securities borrowing, net amounts of assets presented in statement of condition 25,881 21,704
Resale agreements and securities borrowing, cash and securities received (24,436) (20,960)
Resale agreements and securities borrowing, net amount 1,445 744
Total derivatives and other financial instruments, gross amounts of recognized assets 233,838 151,983
Total derivatives and other financial instruments, gross amounts offset in statement of condition (200,153) (122,615)
Total derivatives and other financial instruments, net amounts of assets presented in statement of condition 33,685 29,368
Total derivatives and other financial instruments, cash and securities received (25,256) (22,677)
Total derivatives and other financial instruments, net amount 8,429 6,691
Securities purchased under resale agreements 1,816 5,215
Cash collateral provided for securities borrowing 24,060 16,490
Foreign exchange contracts    
Offsetting Assets [Line Items]    
Derivatives, gross amounts of recognized assets 20,608 26,186
Derivatives, gross amounts offset in statement of condition (11,006) (15,224)
Derivatives, net amounts of assets presented in statement of condition 9,602 10,962
Derivatives, net amount 9,602 10,962
Interest rate contracts    
Offsetting Assets [Line Items]    
Derivatives, gross amounts of recognized assets 1 0
Derivatives, gross amounts offset in statement of condition 0 0
Derivatives, net amounts of assets presented in statement of condition 1 0
Derivatives, net amount $ 1 $ 0
v3.23.3
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Offsetting Liabilities [Line Items]    
Derivatives, gross amounts of recognized liabilities $ 20,303 $ 25,966
Derivatives, gross amounts offset in statement of condition (15,021) (17,951)
Net Amounts of Liabilities Presented in Statement of Condition 5,282 8,015
Derivative, net amount 4,201 7,107
Derivative liability, collateral, cash offset (4,015) (2,727)
Derivatives, cash and collateral securities netting, cash and securities provided (1,081) (908)
Derivatives, cash and collateral securities netting, net (5,096) (3,635)
Resale agreements and securities lending, gross amounts of recognized liabilities 203,469 111,653
Resale agreements and securities lending, gross amounts offset in statement of condition (187,348) (104,093)
Resale agreements and securities lending, net amounts of liabilities presented in statement of condition 16,121 7,560
Resale agreements and securities lending, cash and securities provided (15,790) (6,433)
Resale agreements and securities lending, net amount 331 1,127
Total derivatives and other financial instruments, gross amounts of recognized liabilities 223,772 137,619
Total derivatives and other financial instruments, gross amounts offset in statement of condition (202,369) (122,044)
Total derivatives and other financial instruments, net amounts of liabilities presented in statement of condition 21,403 15,575
Total derivatives and other financial instruments, cash and securities provided (16,871) (7,341)
Total derivatives and other financial instruments, net amount 4,532 8,234
Securities sold under repurchase agreements 3,097 1,177
Foreign exchange contracts    
Offsetting Liabilities [Line Items]    
Derivatives, gross amounts of recognized liabilities 20,106 25,749
Derivatives, gross amounts offset in statement of condition (11,006) (15,224)
Net Amounts of Liabilities Presented in Statement of Condition 9,100 10,525
Derivative, net amount 9,100 10,525
Interest rate contracts    
Offsetting Liabilities [Line Items]    
Derivatives, gross amounts of recognized liabilities 1 1
Derivatives, gross amounts offset in statement of condition 0 0
Net Amounts of Liabilities Presented in Statement of Condition 1 1
Derivative, net amount 1 1
Other derivative contracts    
Offsetting Liabilities [Line Items]    
Derivatives, gross amounts of recognized liabilities 196 216
Derivatives, gross amounts offset in statement of condition 0 0
Net Amounts of Liabilities Presented in Statement of Condition 196 216
Derivative, net amount 196 216
Accrued expenses and other liabilities    
Offsetting Liabilities [Line Items]    
Cash collateral received in connection to securities finance activities $ 13,020 $ 6,380
v3.23.3
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity by Category (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements $ 187,002 $ 101,801
Securities lending transactions 16,467 9,852
Gross amount of recognized liabilities for repurchase agreements and securities lending 203,469 111,653
U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 187,002 101,099
Securities lending transactions 8 44
Non-U.S. sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 702
Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 156 67
Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 9,434 6,115
Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 6,869 3,626
Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 186,824 101,601
Securities lending transactions 14,524 8,246
Gross amount of recognized liabilities for repurchase agreements and securities lending 201,348 109,847
Overnight and Continuous | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 186,824 100,899
Securities lending transactions 8 44
Overnight and Continuous | Non-U.S. sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 702
Overnight and Continuous | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 144 67
Overnight and Continuous | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 7,503 4,509
Overnight and Continuous | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 6,869 3,626
Up to 30 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 15 0
Gross amount of recognized liabilities for repurchase agreements and securities lending 15 0
Up to 30 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 0 0
Up to 30 Days | Non-U.S. sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Up to 30 Days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Up to 30 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 15 0
Up to 30 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
30-90 days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 178 200
Securities lending transactions 32 0
Gross amount of recognized liabilities for repurchase agreements and securities lending 210 200
30-90 days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 178 200
Securities lending transactions 0 0
30-90 days | Non-U.S. sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
30-90 days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 12 0
30-90 days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 20 0
30-90 days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Greater than 90 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 1,896 1,606
Gross amount of recognized liabilities for repurchase agreements and securities lending 1,896 1,606
Greater than 90 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 0 0
Greater than 90 Days | Non-U.S. sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Greater than 90 Days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Greater than 90 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 1,896 1,606
Greater than 90 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions $ 0 $ 0
v3.23.3
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
Unfunded credit facilities $ 34,149 $ 31,208
Indemnified securities financing 269,180 348,924
Standby letters of credit $ 1,527 $ 2,125
v3.23.3
Commitments and Guarantees - Schedule of Repurchase Agreements (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
Fair value of indemnified securities financing $ 269,180 $ 348,924
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 281,856 366,895
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 58,722 54,114
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements $ 63,263 $ 57,903
v3.23.3
Commitments and Guarantees - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]    
Unfunded commitments to extend credit, short term 76.00% 77.00%
Term of unfunded commitment 1 year  
Cash collateral provided for securities lending $ 24,060 $ 16,490
Accrued expenses and other liabilities    
Loss Contingencies [Line Items]    
Cash collateral received in connection to securities finance activities $ 13,020 $ 6,380
v3.23.3
Contingencies (Details)
$ in Millions
 1 Months Ended
Aug. 31, 2021
plaintiff
May 31, 2021
USD ($)
participant
Jun. 30, 2019
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]          
Accrual of loss contingency       $ 17.0  
Estimate of possible loss       70.0  
Participants who filed a purported class action complaint | participant   8      
Unrecognized tax benefits       204.0 $ 285.0
Invoicing Matter          
Loss Contingencies [Line Items]          
Payments for settlements     $ 48.8    
Invoicing Matter | United States Attorney for the District of Massachusetts          
Loss Contingencies [Line Items]          
Amount awarded to other party   $ 115.0      
Invoicing Matter | Massachusetts Attorney General          
Loss Contingencies [Line Items]          
Amount awarded to other party     5.5    
Invoicing Matter | U.S. Securities and Exchange Commission          
Loss Contingencies [Line Items]          
Amount awarded to other party     $ 40.0    
Edmar v Currenex          
Loss Contingencies [Line Items]          
Loss contingency, number of plaintiffs | plaintiff 2        
Legal Reserve | Invoicing Matter          
Loss Contingencies [Line Items]          
Estimate of possible loss       $ 350.0  
v3.23.3
Variable Interest Entities - Narrative (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Assets $ 284,415,000,000 $ 301,450,000,000
Total liabilities 260,794,000,000 276,259,000,000
Contingent Commitment For Tax Credit Investments    
Variable Interest Entity [Line Items]    
Other commitment 48,000,000  
Low Income Housing Tax Credit    
Variable Interest Entity [Line Items]    
Investment owned 841,000,000  
Production Tax Credit    
Variable Interest Entity [Line Items]    
Investment owned 301,000,000  
VIE - primary beneficiary    
Variable Interest Entity [Line Items]    
Assets 0 0
Total liabilities 0 0
VIE - not primary beneficiary | Unconsolidated Funds    
Variable Interest Entity [Line Items]    
Potential maximum loss exposure of unconsolidated funds 16,000,000 15,000,000
VIE - not primary beneficiary | Low Income Housing, Production and Investment Tax Credit Entities    
Variable Interest Entity [Line Items]    
Potential maximum loss exposure of unconsolidated funds 1,300,000,000 $ 1,600,000,000
Deferred contribution payments included in accrued expenses and other liabilities $ 198,000,000  
v3.23.3
Variable Interest Entities - Tax Credits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Variable Interest Entity [Line Items]        
Total revenue $ 2,691 $ 2,959 $ 8,902 $ 8,993
Income tax expense 89 $ 159 381 $ 397
VIE - not primary beneficiary | Low Income Housing, Production and Investment Tax Credit Entities        
Variable Interest Entity [Line Items]        
Total revenue 8   23  
Tax credits and benefits recognized in income tax expense 68   202  
Proportional amortization recognized in income tax expense (52)   (156)  
Income tax expense 16   46  
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income $ 24   $ 69  
v3.23.3
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Mar. 15, 2024
Jun. 15, 2022
Sep. 30, 2018
Apr. 30, 2016
May 31, 2015
Feb. 28, 2014
Sep. 30, 2023
Dec. 31, 2022
SOFR                
Class of Stock [Line Items]                
Basis spread, variable rate             0.26161%  
Series D Preferred Stock, Depository Share                
Class of Stock [Line Items]                
Depositary shares issued (shares)           30,000,000    
Amount outstanding (in shares)           750,000,000    
Liquidation preference per share (USD per share)           $ 25    
Series D Preferred Stock                
Class of Stock [Line Items]                
Liquidation preference per share (USD per share)           $ 100,000    
Per annum dividend rate           5.90%    
Preferred stock             $ 742 $ 742
Series D Preferred Stock | LIBOR | Forecast                
Class of Stock [Line Items]                
Per annum dividend rate, basis spread on variable rate 9.008%              
Series F Preferred Stock, Depository Share                
Class of Stock [Line Items]                
Depositary shares issued (shares)         250,000      
Amount outstanding (in shares)         250,000,000      
Liquidation preference per share (USD per share)         $ 1,000      
Series F Preferred Stock                
Class of Stock [Line Items]                
Liquidation preference per share (USD per share)         $ 100,000      
Preferred stock             247 247
Series F Preferred Stock | SOFR                
Class of Stock [Line Items]                
Per annum dividend rate, basis spread on variable rate   9.268%     3.859%      
Series G Preferred Stock, Depository Share                
Class of Stock [Line Items]                
Depositary shares issued (shares)       20,000,000        
Amount outstanding (in shares)       500,000,000        
Liquidation preference per share (USD per share)       $ 25        
Series G Preferred Stock                
Class of Stock [Line Items]                
Liquidation preference per share (USD per share)       $ 100,000        
Per annum dividend rate       5.35%        
Preferred stock             493 493
Series H Preferred Stock, Depository Share                
Class of Stock [Line Items]                
Depositary shares issued (shares)     500,000          
Amount outstanding (in shares)     500,000,000          
Liquidation preference per share (USD per share)     $ 1,000          
Series H Preferred Stock                
Class of Stock [Line Items]                
Liquidation preference per share (USD per share)     $ 100,000          
Per annum dividend rate     5.625%          
Preferred stock             $ 494 $ 494
Series H Preferred Stock | LIBOR                
Class of Stock [Line Items]                
Per annum dividend rate, basis spread on variable rate     2.801%          
v3.23.3
Shareholders' Equity - Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2018
Apr. 30, 2016
May 31, 2015
Feb. 28, 2014
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Class of Stock [Line Items]                        
Preferred stock cash dividend         $ 24 $ 37 $ 23 $ 21 $ 35 $ 20 $ 84 $ 76
Series D Preferred Stock                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 1,475     $ 1,475     $ 4,425 $ 4,425
Preferred stock cash dividend         $ 11     $ 11     $ 33 $ 33
Ownership Interest Per Depositary Share       0.025%                
Series D Preferred Stock, Depository Share                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 0.37     $ 0.37     $ 1.11 $ 1.11
Series F Preferred Stock                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 2,338     $ 1,387     $ 6,592 $ 3,467
Preferred stock cash dividend         $ 6     $ 3     $ 17 $ 9
Ownership Interest Per Depositary Share     1.00%                  
Series F Preferred Stock, Depository Share                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 23.38     $ 13.87     $ 65.92 $ 34.67
Series G Preferred Stock                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 1,338     $ 1,338     $ 4,013 $ 4,014
Preferred stock cash dividend         $ 7     $ 7     $ 20 $ 20
Ownership Interest Per Depositary Share   0.025%                    
Series G Preferred Stock, Depository Share                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)         $ 0.33     $ 0.33     $ 1.00 $ 0.99
Series H Preferred Stock                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)                     $ 2,813 $ 2,813
Preferred stock cash dividend                     $ 14 $ 14
Ownership Interest Per Depositary Share 1.00%                      
Series H Preferred Stock, Depository Share                        
Class of Stock [Line Items]                        
Preferred dividends declared (USD per share)                     $ 28.13 $ 28.13
v3.23.3
Shareholders' Equity - Narrative (Details) - 2023 Share Repurchase Program - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2023
Jan. 31, 2023
Class of Stock [Line Items]    
Amount of common stock authorized for repurchase   $ 4,500
Total common stock repurchased $ 1,000  
v3.23.3
Shareholders' Equity - Schedule of Common Stock (Details) - Share repurchase program - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]    
Common stock acquired (shares) 13,800 42,300
Average cost per share (USD per share) $ 72.23 $ 78.08
Total common stock repurchased $ 1,000 $ 3,300
v3.23.3
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Equity [Abstract]                
Cash dividends declared (in USD per share) $ 0.69 $ 0.63 $ 0.63 $ 0.63 $ 0.57 $ 0.57 $ 1.95 $ 1.77
Total (In millions) $ 213 $ 203 $ 212 $ 232 $ 210 $ 209 $ 628 $ 651
v3.23.3
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance $ 24,204 $ 24,750 $ 25,191 $ 25,767 $ 26,224 $ 27,363 $ 25,191 $ 27,363 $ 27,363
Other comprehensive income (loss) before reclassifications             163 (3,232)  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             503 97  
Other comprehensive income (loss) 213 14 439 (581) (989) (1,565) 666 (3,135)  
Ending balance 23,621 24,204 24,750 25,648 25,767 26,224 23,621 25,648 25,191
AFS transferred to HTM             (578)   (749)
Accumulated Other Comprehensive Income (Loss)                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance (3,258) (3,272) (3,711) (3,687) (2,698) (1,133) (3,711) (1,133) (1,133)
Other comprehensive income (loss) 213 14 439 (581) (989) (1,565)      
Ending balance (3,045) $ (3,258) (3,272) (4,268) $ (3,687) (2,698) (3,045) (4,268) (3,711)
Net Unrealized Gains (Losses) on Cash Flow Hedges                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance     (359)     (2) (359) (2) (2)
Other comprehensive income (loss) before reclassifications             83 (344)  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             113 (6)  
Other comprehensive income (loss)             196 (350)  
Ending balance (163)     (352)     (163) (352) (359)
Net Unrealized Gains (Losses) on Investment Securities                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance     (1,817)     (50) (1,817) (50) (50)
Other comprehensive income (loss) before reclassifications             49 (2,041)  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             378 84  
Other comprehensive income (loss)             427 (1,957)  
Ending balance (1,390)     (2,007)     (1,390) (2,007) (1,817)
Net Unrealized Losses on Retirement Plans                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance     (143)     (130) (143) (130) (130)
Other comprehensive income (loss) before reclassifications             0 (1)  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             12 19  
Other comprehensive income (loss)             12 18  
Ending balance (131)     (112)     (131) (112) (143)
Foreign Currency Translation                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance     (1,751)     (1,019) (1,751) (1,019) (1,019)
Other comprehensive income (loss) before reclassifications             (145) (1,569)  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             0 0  
Other comprehensive income (loss)             (145) (1,569)  
Ending balance (1,896)     (2,588)     (1,896) (2,588) (1,751)
Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries                  
AOCI Attributable to Parent, Net of Tax [Roll Forward]                  
Beginning balance     $ 359     $ 68 359 68 68
Other comprehensive income (loss) before reclassifications             176 723  
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income             0 0  
Other comprehensive income (loss)             176 723  
Ending balance $ 535     $ 791     $ 535 $ 791 $ 359
v3.23.3
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Class of Stock [Line Items]                
Gains (losses) from sales of available-for-sale securities, net $ (294)     $ 0     $ (294) $ (2)
Net interest income (624)     (660)     (2,081) (1,753)
Compensation and employee benefits expenses 1,082     1,042     3,497 3,320
Total amounts reclassified from accumulated other comprehensive income (422) $ (763) $ (549) (690) $ (747) $ (604) (1,734) (2,041)
Other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities, tax 81     81     0 1
Other comprehensive income (loss), reclassified losses into net income, tax 22     31     61 22
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, tax 14     6     42 (3)
Other comprehensive (income) loss, actuarial losses, tax 0     1     5 8
Amounts Reclassified into Earnings                
Class of Stock [Line Items]                
Gains (losses) from sales of available-for-sale securities, net 213     0     213 1
Total amounts reclassified from accumulated other comprehensive income 311     78     503 97
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Investment Securities                
Class of Stock [Line Items]                
Net interest income (59)     (60)     (165) (83)
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Cash Flow Hedges                
Class of Stock [Line Items]                
Net interest income 39     16     (113) 6
Amounts Reclassified into Earnings | Amortization of Actuarial Losses                
Class of Stock [Line Items]                
Compensation and employee benefits expenses $ 0     $ 2     $ 12 $ 19
v3.23.3
Regulatory Capital (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Retained earnings $ 27,993 $ 27,028
Capital ratio: required common equity tier 1 capital 8.00% 8.00%
Capital ratio: required tier 1 capital 0.095 0.095
Capital ratio: required total capital 0.115 0.115
Tier 1 leverage capital ratio, minimum 0.040 0.040
Capital conservation buffer 0.025  
Stress capital buffer 2.50%  
Global systemically important bank 0.010  
Countercyclical capital buffer 0  
Leverage ratio minimum 0.05  
Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,239 $ 11,234
Retained earnings 27,993 27,028
Accumulated other comprehensive income (loss) (3,045) (3,711)
Treasury stock, at cost (14,542) (11,336)
Total 21,645 23,215
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,352) (8,545)
Other adjustments (289) (123)
Common equity tier 1 capital 13,004 14,547
Preferred stock 1,976 1,976
Tier 1 capital 14,980 16,523
Qualifying subordinated long-term debt 1,374 1,376
Allowance for credit losses 3 0
Total capital 16,357 17,899
Credit risk 62,206 61,108
Operational risk 42,677 42,763
Market risk 1,963 1,488
Total risk-weighted assets 106,846 105,359
Adjusted quarterly average assets $ 259,086 $ 275,678
Common equity tier 1 capital 12.20% 13.80%
Tier 1 capital 0.140 0.157
Total capital 0.153 0.170
Tier 1 leverage capital ratio, actual 0.058 0.060
Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,239 $ 11,234
Retained earnings 27,993 27,028
Accumulated other comprehensive income (loss) (3,045) (3,711)
Treasury stock, at cost (14,542) (11,336)
Total 21,645 23,215
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,352) (8,545)
Other adjustments (289) (123)
Common equity tier 1 capital 13,004 14,547
Preferred stock 1,976 1,976
Tier 1 capital 14,980 16,523
Qualifying subordinated long-term debt 1,374 1,376
Allowance for credit losses 134 120
Total capital 16,488 18,019
Credit risk 116,045 105,739
Market risk 1,963 1,488
Total risk-weighted assets 118,008 107,227
Adjusted quarterly average assets $ 259,086 $ 275,678
Common equity tier 1 capital 11.00% 13.60%
Tier 1 capital 0.127 0.154
Total capital 0.140 0.168
Tier 1 leverage capital ratio, actual 0.058 0.060
State Street Bank | Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,033 $ 13,033
Retained earnings 15,407 16,975
Accumulated other comprehensive income (loss) (2,756) (3,428)
Treasury stock, at cost 0 0
Total 25,684 26,580
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,096) (8,288)
Other adjustments (206) (19)
Common equity tier 1 capital 17,382 18,273
Preferred stock 0 0
Tier 1 capital 17,382 18,273
Qualifying subordinated long-term debt 538 542
Allowance for credit losses 3 0
Total capital 17,923 18,815
Credit risk 56,273 54,675
Operational risk 42,299 42,325
Market risk 1,963 1,488
Total risk-weighted assets 100,535 98,488
Adjusted quarterly average assets $ 256,408 $ 273,220
Common equity tier 1 capital 17.30% 18.60%
Tier 1 capital 0.173 0.186
Total capital 0.178 0.191
Tier 1 leverage capital ratio, actual 0.068 0.067
State Street Bank | Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,033 $ 13,033
Retained earnings 15,407 16,975
Accumulated other comprehensive income (loss) (2,756) (3,428)
Treasury stock, at cost 0 0
Total 25,684 26,580
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,096) (8,288)
Other adjustments (206) (19)
Common equity tier 1 capital 17,382 18,273
Preferred stock 0 0
Tier 1 capital 17,382 18,273
Qualifying subordinated long-term debt 538 542
Allowance for credit losses 134 120
Total capital 18,054 18,935
Credit risk 114,662 104,184
Market risk 1,963 1,488
Total risk-weighted assets 116,625 105,672
Adjusted quarterly average assets $ 256,408 $ 273,220
Common equity tier 1 capital 14.90% 17.30%
Tier 1 capital 0.149 0.173
Total capital 0.155 0.179
Tier 1 leverage capital ratio, actual 0.068 0.067
v3.23.3
Net Interest Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest-bearing deposits with banks $ 693 $ 202 $ 2,031 $ 281
Investment securities:        
Investment securities available-for-sale 464 176 1,218 452
Investment securities held-to-maturity 314 271 954 672
Total investment securities 778 447 2,172 1,124
Securities purchased under resale agreements 65 57 223 105
Loans 492 256 1,330 627
Other interest-earning assets 300 139 831 189
Total interest income 2,328 1,101 6,587 2,326
Interest expense:        
Interest-bearing deposits 1,332 300 3,479 260
Securities sold under repurchase agreements 6 2 28 5
Short-term borrowings 2 0 34 1
Long-term debt 241 97 635 234
Other interest-bearing liabilities 123 42 330 73
Interest expense 1,704 441 4,506 573
Net interest income $ 624 $ 660 $ 2,081 $ 1,753
v3.23.3
Expenses - Schedule of Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Other Expenses [Abstract]        
Professional services $ 99 $ 92 $ 315 $ 273
Sales advertising and public relations 38 28 91 69
Regulatory fees and assessments 18 19 62 63
Securities processing 10 21 35 41
Bank operations 9 11 33 24
Donations 13 7 26 20
Other 98 96 279 289
Total other expenses $ 285 $ 274 $ 841 $ 779
v3.23.3
Expenses - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
BBH Investor Services        
Restructuring Cost and Reserve [Line Items]        
Acquisition costs $ 0 $ 13,000,000 $ 0 $ 34,000,000
v3.23.3
Expenses - Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Restructuring Reserve [Roll Forward]            
Beginning balance $ 56 $ 73 $ 88 $ 45 $ 56 $ 74
Payments and Other Adjustments (14) (17) (15) (5) (11) (18)
Ending balance 42 56 73 40 45 56
Employee Related Costs            
Restructuring Reserve [Roll Forward]            
Beginning balance 53 69 83 40 51 68
Payments and Other Adjustments (12) (16) (14) (5) (11) (17)
Ending balance 41 53 69 35 40 51
Real Estate Actions            
Restructuring Reserve [Roll Forward]            
Beginning balance 3 4 5 5 5 6
Payments and Other Adjustments (2) (1) (1) 0 0 (1)
Ending balance $ 1 $ 3 $ 4 $ 5 $ 5 $ 5
v3.23.3
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]                
Net income $ 422 $ 763 $ 549 $ 690 $ 747 $ 604 $ 1,734 $ 2,041
Preferred stock dividends (24)     (21)     (84) (76)
Dividends and undistributed earnings allocated to participating securities 0     0     (1) (1)
Net income available to common shareholders, basic 398     669     1,649 1,964
Net income available to common shareholders, diluted $ 398     $ 669     $ 1,649 $ 1,964
Basic average common shares (in shares) 313,147     367,789     327,776 367,240
Effect of dilutive securities: equity-based awards (in shares) 4,182     4,629     4,235 4,954
Diluted average common shares (in shares) 317,329     372,418     332,011 372,194
Anti-dilutive securities (in shares) 1,683     1,592     1,368 904
Earnings per common share, basic:                
Basic (in USD per share) $ 1.27     $ 1.82     $ 5.03 $ 5.35
Earnings per common share, diluted:                
Diluted (in USD per share) $ 1.25     $ 1.80     $ 4.97 $ 5.28
v3.23.3
Line of Business Information - Narrative (Details) - 9 months ended Sep. 30, 2023
segment
line_of_business
Segment Reporting [Abstract]    
Number of lines of business 2 2
v3.23.3
Line of Business Information - Summary of Line of Business (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Servicing fees $ 1,234,000,000 $ 1,219,000,000 $ 3,710,000,000 $ 3,884,000,000
Management fees 479,000,000 472,000,000 1,397,000,000 1,482,000,000
Foreign exchange trading services 313,000,000 319,000,000 958,000,000 1,009,000,000
Securities finance 103,000,000 110,000,000 329,000,000 313,000,000
Software and processing fees 188,000,000 184,000,000 574,000,000 573,000,000
Other fee revenue 44,000,000 (5,000,000) 147,000,000 (19,000,000)
Total fee revenue 2,361,000,000 2,299,000,000 7,115,000,000 7,242,000,000
Net interest income 624,000,000 660,000,000 2,081,000,000 1,753,000,000
Total other income (294,000,000) 0 (294,000,000) (2,000,000)
Total revenue 2,691,000,000 2,959,000,000 8,902,000,000 8,993,000,000
Provision for credit losses 0 0 26,000,000 10,000,000
Total expenses 2,180,000,000 2,110,000,000 6,761,000,000 6,545,000,000
Income before income tax expense $ 511,000,000 $ 849,000,000 $ 2,115,000,000 $ 2,438,000,000
Pre-tax margin 19.00% 29.00% 24.00% 27.00%
Operating Segments | Investment Servicing        
Segment Reporting Information [Line Items]        
Servicing fees $ 1,234,000,000 $ 1,219,000,000 $ 3,710,000,000 $ 3,884,000,000
Management fees 0 0 0 0
Foreign exchange trading services 278,000,000 293,000,000 875,000,000 948,000,000
Securities finance 98,000,000 105,000,000 310,000,000 300,000,000
Software and processing fees 188,000,000 184,000,000 574,000,000 573,000,000
Other fee revenue 41,000,000 12,000,000 124,000,000 46,000,000
Total fee revenue 1,839,000,000 1,813,000,000 5,593,000,000 5,751,000,000
Net interest income 620,000,000 663,000,000 2,069,000,000 1,760,000,000
Total other income 0 0 0 (2,000,000)
Total revenue 2,459,000,000 2,476,000,000 7,662,000,000 7,509,000,000
Provision for credit losses 0 0 26,000,000 10,000,000
Total expenses 1,798,000,000 1,760,000,000 5,626,000,000 5,452,000,000
Income before income tax expense $ 661,000,000 $ 716,000,000 $ 2,010,000,000 $ 2,047,000,000
Pre-tax margin 27.00% 29.00% 26.00% 27.00%
Operating Segments | Investment Management        
Segment Reporting Information [Line Items]        
Servicing fees $ 0 $ 0 $ 0 $ 0
Management fees 479,000,000 472,000,000 1,397,000,000 1,482,000,000
Foreign exchange trading services 35,000,000 26,000,000 83,000,000 61,000,000
Securities finance 5,000,000 5,000,000 19,000,000 13,000,000
Software and processing fees 0 0 0 0
Other fee revenue 3,000,000 (17,000,000) 23,000,000 (65,000,000)
Total fee revenue 522,000,000 486,000,000 1,522,000,000 1,491,000,000
Net interest income 4,000,000 (3,000,000) 12,000,000 (7,000,000)
Total other income 0 0 0 0
Total revenue 526,000,000 483,000,000 1,534,000,000 1,484,000,000
Provision for credit losses 0 0 0 0
Total expenses 379,000,000 335,000,000 1,126,000,000 1,051,000,000
Income before income tax expense $ 147,000,000 $ 148,000,000 $ 408,000,000 $ 433,000,000
Pre-tax margin 28.00% 31.00% 27.00% 29.00%
Other        
Segment Reporting Information [Line Items]        
Servicing fees $ 0 $ 0 $ 0 $ 0
Management fees 0 0 0 0
Foreign exchange trading services 0 0 0 0
Securities finance 0 0 0 0
Software and processing fees 0 0 0 0
Other fee revenue 0 0 0
Total fee revenue 0 0 0 0
Net interest income 0 0 0 0
Total other income (294,000,000) 0 (294,000,000) 0
Total revenue (294,000,000) 0 (294,000,000) 0
Provision for credit losses 0 0 0 0
Total expenses 3,000,000 15,000,000 9,000,000 42,000,000
Income before income tax expense $ (297,000,000) $ (15,000,000) $ (303,000,000) $ (42,000,000)
v3.23.3
Revenue from Contracts with Customers - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
segment
Sep. 30, 2023
USD ($)
line_of_business
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Number of lines of business   2 2      
Deferred revenue $ 135 $ 135 $ 135 $ 135 $ 150 $ 138
Amount of deferred revenue recognized $ 64     $ 103    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Revenue, remaining performance obligation, percentage 50.00% 50.00% 50.00% 50.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Software License Sales & SaaS            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Remaining performance obligation $ 1,500 $ 1,500 $ 1,500 $ 1,500    
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) 3 years 3 years 3 years 3 years    
Accrued Interest and Fees Receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Receivables related to contracts with customers $ 2,870 $ 2,870 $ 2,870 $ 2,870   $ 2,630
v3.23.3
Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Servicing fees $ 1,234 $ 1,219 $ 3,710 $ 3,884
Management fees 479 472 1,397 1,482
Foreign exchange trading services 313 319 958 1,009
Securities finance 103 110 329 313
Software and processing fees 188 184 574 573
Other fee revenue 44 (5) 147 (19)
Total fee revenue 2,361 2,299 7,115 7,242
Net interest income 624 660 2,081 1,753
Total other income (294) 0 (294) (2)
Total revenue 2,691 2,959 8,902 8,993
Operating Segments | Investment Servicing        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 1,513 1,505 4,583 4,765
All other revenue 946 971 3,079 2,744
Servicing fees 1,234 1,219 3,710 3,884
Management fees 0 0 0 0
Foreign exchange trading services 278 293 875 948
Securities finance 98 105 310 300
Software and processing fees 188 184 574 573
Other fee revenue 41 12 124 46
Total fee revenue 1,839 1,813 5,593 5,751
Net interest income 620 663 2,069 1,760
Total other income 0 0 0 (2)
Total revenue 2,459 2,476 7,662 7,509
Operating Segments | Investment Servicing | Servicing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 1,234 1,219 3,710 3,884
All other revenue 0 0 0 0
Servicing fees 1,234 1,219 3,710 3,884
Operating Segments | Investment Servicing | Management fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Management fees 0 0 0 0
Operating Segments | Investment Servicing | Foreign exchange trading services        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 84 88 260 279
All other revenue 194 205 615 669
Foreign exchange trading services 278 293 875 948
Operating Segments | Investment Servicing | Securities finance        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 53 60 177 175
All other revenue 45 45 133 125
Securities finance 98 105 310 300
Operating Segments | Investment Servicing | Software and processing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 142 138 436 427
All other revenue 46 46 138 146
Software and processing fees 188 184 574 573
Operating Segments | Investment Servicing | Other fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 41 12 124 46
Other fee revenue 41 12 124 46
Operating Segments | Investment Servicing | Total fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 1,513 1,505 4,583 4,765
All other revenue 326 308 1,010 986
Total fee revenue 1,839 1,813 5,593 5,751
Operating Segments | Investment Servicing | Net interest income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 620 663 2,069 1,760
Net interest income 620 663 2,069 1,760
Operating Segments | Investment Servicing | Total other income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 (2)
Total other income 0 0 0 (2)
Operating Segments | Investment Management        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 514 498 1,480 1,543
All other revenue 12 (15) 54 (59)
Servicing fees 0 0 0 0
Management fees 479 472 1,397 1,482
Foreign exchange trading services 35 26 83 61
Securities finance 5 5 19 13
Software and processing fees 0 0 0 0
Other fee revenue 3 (17) 23 (65)
Total fee revenue 522 486 1,522 1,491
Net interest income 4 (3) 12 (7)
Total other income 0 0 0 0
Total revenue 526 483 1,534 1,484
Operating Segments | Investment Management | Servicing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Servicing fees 0 0 0 0
Operating Segments | Investment Management | Management fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 479 472 1,397 1,482
All other revenue 0 0 0 0
Management fees 479 472 1,397 1,482
Operating Segments | Investment Management | Foreign exchange trading services        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 35 26 83 61
All other revenue 0 0 0 0
Foreign exchange trading services 35 26 83 61
Operating Segments | Investment Management | Securities finance        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 5 5 19 13
Securities finance 5 5 19 13
Operating Segments | Investment Management | Software and processing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Software and processing fees 0 0 0 0
Operating Segments | Investment Management | Other fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 3 (17) 23 (65)
Other fee revenue 3 (17) 23 (65)
Operating Segments | Investment Management | Total fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 514 498 1,480 1,543
All other revenue 8 (12) 42 (52)
Total fee revenue 522 486 1,522 1,491
Operating Segments | Investment Management | Net interest income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 4 (3) 12 (7)
Net interest income 4 (3) 12 (7)
Operating Segments | Investment Management | Total other income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Total other income 0 0 0 0
Other        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue (294) 0 (294) 0
Servicing fees 0 0 0 0
Management fees 0 0 0 0
Foreign exchange trading services 0 0 0 0
Securities finance 0 0 0 0
Software and processing fees 0 0 0 0
Other fee revenue 0 0 0
Total fee revenue 0 0 0 0
Net interest income 0 0 0 0
Total other income (294) 0 (294) 0
Total revenue (294) 0 (294) 0
Other | Servicing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Servicing fees 0 0 0 0
Other | Management fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Management fees 0 0 0 0
Other | Foreign exchange trading services        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Foreign exchange trading services 0 0 0 0
Other | Securities finance        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Securities finance 0 0 0 0
Other | Software and processing fees        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Software and processing fees 0 0 0 0
Other | Other fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Other fee revenue 0 0 0 0
Other | Total fee revenue        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Total fee revenue 0 0 0 0
Other | Net interest income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue 0 0 0 0
Net interest income 0 0 0 0
Other | Total other income        
Disaggregation of Revenue [Line Items]        
Topic 606 revenue 0 0 0 0
All other revenue (294) 0 (294) 0
Total other income $ (294) $ 0 $ (294) $ 0
v3.23.3
Non-U.S. Activities - Schedule of Results from Non-U.S. Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Total revenue $ 2,691 $ 2,959 $ 8,902 $ 8,993
Income before income tax expense 511 849 2,115 2,438
Non-U.S.        
Segment Reporting Information [Line Items]        
Total revenue 1,081 1,232 3,777 3,912
Income before income tax expense 130 333 819 1,089
U.S.        
Segment Reporting Information [Line Items]        
Total revenue 1,610 1,727 5,125 5,081
Income before income tax expense $ 381 $ 516 $ 1,296 $ 1,349
v3.23.3
Non-U.S. Activities - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]          
Total assets $ 284,415   $ 284,415   $ 301,450
Non-U.S.          
Segment Reporting Information [Line Items]          
Management fees, percent 0.25 0.25 0.26 0.26  
Service fees, percent 0.47 0.45 0.46 0.46  
Total assets $ 80,750 $ 91,230 $ 80,750 $ 91,230