Annual report [Section 13 and 15(d), not S-K Item 405]

Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash (Tables)

v3.25.0.1
Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting Liabilities [Line Items]  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the
lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity.
Remaining Contractual Maturity
Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days
Greater than
90 Days (1)
Total
(Dollars in millions) December 31, 2024
Securities sold under agreements to repurchase $ 305,577  $ 252,526  $ 87,978  $ 70,148  $ 716,229 
Securities loaned 88,256  364  842  9,429  98,891 
Other 10,531  —  —  —  10,531 
Total $ 404,364  $ 252,890  $ 88,820  $ 79,577  $ 825,651 
December 31, 2023
Securities sold under agreements to repurchase $ 234,974  $ 228,627  $ 85,176  $ 75,020  $ 623,797 
Securities loaned 76,580  139  618  5,770  83,107 
Other 10,066  —  —  —  10,066 
Total $ 321,620  $ 228,766  $ 85,794  $ 80,790  $ 716,970 
(1)No agreements have maturities greater than four years.
Class of Collateral Pledged
Securities Sold Under Agreements to Repurchase Securities
Loaned		 Other Total
(Dollars in millions) December 31, 2024
U.S. government and agency securities $ 416,241  $ 130  $ 10  $ 416,381 
Corporate securities, trading loans and other 29,483  1,517  3  31,003 
Equity securities 30,106  97,240  10,518  137,864 
Non-U.S. sovereign debt 232,521  4  —  232,525 
Mortgage trading loans and ABS 7,878  —  —  7,878 
Total $ 716,229  $ 98,891  $ 10,531  $ 825,651 
December 31, 2023
U.S. government and agency securities $ 352,950  $ 34  $ 38  $ 353,022 
Corporate securities, trading loans and other 23,242  1,805  661  25,708 
Equity securities 11,517  81,266  9,367  102,150 
Non-U.S. sovereign debt 231,140  2  —  231,142 
Mortgage trading loans and ABS 4,948  —  —  4,948 
Total $ 623,797  $ 83,107  $ 10,066  $ 716,970 
Under repurchase agreements, the Corporation is required to post collateral with a market value equal to or in excess of the principal amount borrowed. For securities loaned transactions, the Corporation receives collateral in the form of cash, letters of credit or other securities. To determine whether the market value of the underlying collateral remains sufficient, collateral is generally valued daily, and the Corporation may be required to deposit additional collateral or may receive or return collateral pledged when appropriate. Repurchase agreements and securities loaned transactions are generally either overnight, continuous (i.e., no stated term) or short-term. The Corporation manages liquidity risks related to these agreements by sourcing funding from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate.
Short-term Borrowings
The Corporation classifies borrowings with an original maturity of less than one year as short-term borrowings on the Consolidated Balance Sheet. At December 31, 2024 and 2023, the majority of short-term borrowings consisted of Federal Home Loan Bank advances, which totaled $12.7 billion and $13.2 billion, and commercial paper, which totaled $24.2 billion and $13.1 billion.
Securities Borrowed And Securities Purchased Under Agreements To Resell  
Offsetting Liabilities [Line Items]  
Offsetting Assets
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at December 31, 2024 and 2023. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives.
Securities Financing Agreements
Gross Assets/Liabilities (1)
Amounts Offset Net Balance Sheet Amount
Financial Instruments (2)
Net Assets/Liabilities
(Dollars in millions) December 31, 2024
Securities borrowed or purchased under agreements to resell (3)
$ 758,071  $ (483,362) $ 274,709  $ (250,040) $ 24,669 
Securities loaned or sold under agreements to repurchase $ 815,120  $ (483,362) $ 331,758  $ (317,974) $ 13,784 
Other (4)
10,531  —  10,531  (10,531) — 
Total $ 825,651  $ (483,362) $ 342,289  $ (328,505) $ 13,784 
December 31, 2023
Securities borrowed or purchased under agreements to resell (3)
$ 703,641  $ (423,017) $ 280,624  $ (257,541) $ 23,083 
Securities loaned or sold under agreements to repurchase $ 706,904  $ (423,017) $ 283,887  $ (272,285) $ 11,602 
Other (4)
10,066  —  10,066  (10,066) — 
Total $ 716,970  $ (423,017) $ 293,953  $ (282,351) $ 11,602 
(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.
(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.
(3)Excludes repurchase activity of $12.3 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet for December 31, 2024 and 2023.
(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.
Securities Loaned And Financial Assets Sold Under Agreements To Repurchase  
Offsetting Liabilities [Line Items]  
Offsetting Liabilities
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at December 31, 2024 and 2023. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives.
Securities Financing Agreements
Gross Assets/Liabilities (1)
Amounts Offset Net Balance Sheet Amount
Financial Instruments (2)
Net Assets/Liabilities
(Dollars in millions) December 31, 2024
Securities borrowed or purchased under agreements to resell (3)
$ 758,071  $ (483,362) $ 274,709  $ (250,040) $ 24,669 
Securities loaned or sold under agreements to repurchase $ 815,120  $ (483,362) $ 331,758  $ (317,974) $ 13,784 
Other (4)
10,531  —  10,531  (10,531) — 
Total $ 825,651  $ (483,362) $ 342,289  $ (328,505) $ 13,784 
December 31, 2023
Securities borrowed or purchased under agreements to resell (3)
$ 703,641  $ (423,017) $ 280,624  $ (257,541) $ 23,083 
Securities loaned or sold under agreements to repurchase $ 706,904  $ (423,017) $ 283,887  $ (272,285) $ 11,602 
Other (4)
10,066  —  10,066  (10,066) — 
Total $ 716,970  $ (423,017) $ 293,953  $ (282,351) $ 11,602 
(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.
(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.
(3)Excludes repurchase activity of $12.3 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet for December 31, 2024 and 2023.
(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.