Annual report pursuant to Section 13 and 15(d)

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

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Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2023
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, 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 
December 31, 2022
Securities sold under agreements to repurchase $ 200,087  $ 181,632  $ 41,666  $ 30,107  $ 453,492 
Securities loaned 66,909  288  1,139  4,080  72,416 
Other 8,427  —  —  —  8,427 
Total $ 275,423  $ 181,920  $ 42,805  $ 34,187  $ 534,335 
(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, 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 
December 31, 2022
U.S. government and agency securities $ 193,005  $ 18  $ —  $ 193,023 
Corporate securities, trading loans and other 14,345  2,896  317  17,558 
Equity securities 10,249  69,432  8,110  87,791 
Non-U.S. sovereign debt 232,171  70  —  232,241 
Mortgage trading loans and ABS 3,722  —  —  3,722 
Total $ 453,492  $ 72,416  $ 8,427  $ 534,335 
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, 2023 and 2022. 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, 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 
December 31, 2022
Securities borrowed or purchased under agreements to resell (3)
$ 597,847  $ (330,273) $ 267,574  $ (240,120) $ 27,454 
Securities loaned or sold under agreements to repurchase $ 525,908  $ (330,273) $ 195,635  $ (183,265) $ 12,370 
Other (4)
8,427  —  8,427  (8,427) — 
Total $ 534,335  $ (330,273) $ 204,062  $ (191,692) $ 12,370 
(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 $8.7 billion reported in loans and leases on the Consolidated Balance Sheet for both December 31, 2023 and 2022.
(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, 2023 and 2022. 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, 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 
December 31, 2022
Securities borrowed or purchased under agreements to resell (3)
$ 597,847  $ (330,273) $ 267,574  $ (240,120) $ 27,454 
Securities loaned or sold under agreements to repurchase $ 525,908  $ (330,273) $ 195,635  $ (183,265) $ 12,370 
Other (4)
8,427  —  8,427  (8,427) — 
Total $ 534,335  $ (330,273) $ 204,062  $ (191,692) $ 12,370 
(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 $8.7 billion reported in loans and leases on the Consolidated Balance Sheet for both December 31, 2023 and 2022.
(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.