0000927628-24-000264 | 10-Q | XBRL Viewer | Capital ONE Financial Corp

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies


NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.

As of June 30, 2024, Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”

We also offer products outside of the United States of America (“U.S.”) principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans.

Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of recent acquisitions, if any, into our business segments and the allocation methodologies and accounting policies used to derive our business segment results in “Note 13—Business Segments and Revenue from Contracts with Customers.”

Basis of Presentation and Use of Estimates

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.

These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in Capital One Financial Corporation’s 2023 Annual Report on Form 10-K (“2023 Form 10-K”).

Newly Adopted Accounting Standards During the Six Months Ended June 30, 2024

Standard

Guidance

Adoption Timing and

Financial Statement Impacts

Tax Credit Investments

ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Issued March 2023

Permits entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, if certain criteria are met. Previously, only Low-Income Housing Tax Credit investments were eligible for application of the proportional amortization method.

We adopted this standard on its effective date of January 1, 2024 using a modified retrospective transition method, which results in a cumulative-effect adjustment to retained earnings in the period of adoption.

Our adoption of this standard did not have a material impact on our consolidated financial statements.

See “Consolidated Statements of Changes in Stockholders’ Equity” and “Note 6—Variable Interest Entities and Securitizations” for additional disclosures.

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity


NOTE 10—STOCKHOLDERS’ EQUITY

Preferred Stock

The following table summarizes our preferred stock outstanding as of June 30, 2024 and December 31, 2023.

Table 10.1: Preferred Stock Outstanding(1)


			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share		Total Shares Outstanding as of June 30, 2024	Carrying Value (in millions)
Series	Description	Issuance Date							June 30, 2024		December 31, 2023



Series I	5.000% Non-Cumulative	September 11, 2019	December 1, 2024	5.000%	Quarterly	$	1,000	1,500,000	$	1,462	$	1,462
Series J	4.800% Non-Cumulative	January 31, 2020	June 1, 2025	4.800	Quarterly	1,000		1,250,000	1,209		1,209
Series K	4.625% Non-Cumulative	September 17, 2020	December 1, 2025	4.625	Quarterly	1,000		125,000	122		122
Series L	4.375% Non-Cumulative	May 4, 2021	September 1, 2026	4.375	Quarterly	1,000		675,000	652		652
Series M	3.950% Fixed Rate Reset Non-Cumulative	June 10, 2021	September 1, 2026	3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%	Quarterly	1,000		1,000,000	988		988
Series N	4.250% Non-Cumulative	July 29, 2021	September 1, 2026	4.250%	Quarterly	1,000		425,000	412		412
Total									$	4,845	$	4,845

__________

(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.

Accumulated Other Comprehensive Income

AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.

The following table presents the changes in AOCI by component for the three and six months ended June 30, 2024 and 2023.

Table 10.2: AOCI


	Three Months Ended June 30, 2024
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total








AOCI as of March 31, 2024	$	(7,613)	$	(1,903)	$	13	$	(31)	$	(9,534)
Other comprehensive income (loss) before reclassifications	(184)		(225)		(1)		0		(410)
Amounts reclassified from AOCI into earnings	0		243		0		0		243
Other comprehensive income (loss), net of tax	(184)		18		(1)		0		(167)
AOCI as of June 30, 2024	$	(7,797)	$	(1,885)	$	12	$	(31)	$	(9,701)


	Six Months Ended June 30, 2024
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total








AOCI as of December 31, 2023	$	(6,769)	$	(1,493)	$	26	$	(32)	$	(8,268)
Other comprehensive income (loss) before reclassifications	(1,028)		(812)		(14)		1		(1,853)
Amounts reclassified from AOCI into earnings	0		420		0		0		420
Other comprehensive income (loss), net of tax	(1,028)		(392)		(14)		1		(1,433)
AOCI as of June 30, 2024	$	(7,797)	$	(1,885)	$	12	$	(31)	$	(9,701)


	Three Months Ended June 30, 2023
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of March 31, 2023	$	(6,714)	$	(1,781)	$	(7)	$	(38)	$	(8,540)
Other comprehensive income (loss) before reclassifications	(888)		(664)		34		0		(1,518)
Amounts reclassified from AOCI into earnings	0		240		0		0		240
Other comprehensive income (loss), net of tax	(888)		(424)		34		0		(1,278)
AOCI as of June 30, 2023	$	(7,602)	$	(2,205)	$	27	$	(38)	$	(9,818)


	Six Months Ended June 30, 2023
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of December 31, 2022	$	(7,676)	$	(2,182)	$	(20)	$	(38)	$	(9,916)
Other comprehensive income (loss) before reclassifications	74		(466)		47		0		(345)
Amounts reclassified from AOCI into earnings	0		443		0		0		443
Other comprehensive income (loss), net of tax	74		(23)		47		0		98
AOCI as of June 30, 2023	$	(7,602)	$	(2,205)	$	27	$	(38)	$	(9,818)

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

(2)Includes other comprehensive gains of $13 million and $62 million for the three and six months ended June 30, 2024, respectively, and other comprehensive losses of $78 million and $116 million for the three and six months ended June 30, 2023, respectively, from hedging instruments designated as net investment hedges.

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2024 and 2023.

Table 10.3: Reclassifications from AOCI


(Dollars in millions)		Three Months Ended June 30,				Six Months Ended June 30,
AOCI Components	Affected Income Statement Line Item	2024		2023		2024		2023
Securities available for sale:
	Non-interest income (expense)	$	0	$	0	$	0	$	0
	Income tax provision (benefit)	0		0		0		0
	Net income (loss)	0		0		0		0
Hedging relationships:
Interest rate contracts:	Interest income (expense)	(313)		(297)		(622)		(559)
Foreign exchange contracts:	Interest income	3		3		5		6
	Interest expense	8		0		7		(1)
	Non-interest income (expense)	(19)		(22)		55		(30)
	Income (Loss) from continuing operations before income taxes	(321)		(316)		(555)		(584)
	Income tax provision (benefit)	(78)		(76)		(135)		(141)
	Net income (loss)	(243)		(240)		(420)		(443)
Other:
	Non-interest income and non-interest expense	0		0		0		0
	Income tax provision (benefit)	0		0		0		0
	Net income (loss)	0		0		0		0
Total reclassifications		$	(243)	$	(240)	$	(420)	$	(443)

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2024 and 2023.

Table 10.4: Other Comprehensive Income (Loss)


	Three Months Ended June 30,
	2024						2023
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized losses on securities available for sale	$	(244)	$	(60)	$	(184)	$	(1,171)	$	(283)	$	(888)
Net unrealized gains (losses) on hedging relationships	24		6		18		(558)		(134)		(424)
Foreign currency translation adjustments(1)	3		4		(1)		9		(25)		34
Other	0		0		0		0		0		0
Other comprehensive loss	$	(217)	$	(50)	$	(167)	$	(1,720)	$	(442)	$	(1,278)


	Six Months Ended June 30,
	2024						2023
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	$	(1,359)	$	(331)	$	(1,028)	$	96	$	22	$	74
Net unrealized losses on hedging relationships	(518)		(126)		(392)		(30)		(7)		(23)
Foreign currency translation adjustments(1)	6		20		(14)		10		(37)		47
Other	1		0		1		0		0		0
Other comprehensive income (loss)	$	(1,870)	$	(437)	$	(1,433)	$	76	$	(22)	$	98

__________

(1)Includes the impact of hedging instruments designated as net investment hedges.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities and Securitizations - Carrying Amount of Consolidated and Unconsolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying Amount of Assets	$ 480,018	$ 478,464
Carrying Amount of Liabilities	422,037	420,375
Maximum Exposure to Loss	6,003	6,175
Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	33,401	33,288
Carrying Amount of Liabilities	17,991	18,746
Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	6,003	6,175
Carrying Amount of Liabilities	2,003	2,085
Affordable housing entities
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	5,603	5,726
VIE, nonconsolidated, carrying amount of assets included in certain investment structures	2,700	2,600
VIE, nonconsolidated, carrying amount of liabilities included in certain investment structures	1,000	989
Affordable housing entities \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	356	297
Carrying Amount of Liabilities	75	23
Affordable housing entities \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	5,603	5,726
Carrying Amount of Liabilities	1,995	2,085
Entities that provide capital to low-income and rural communities
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Entities that provide capital to low-income and rural communities \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	2,745	2,498
Carrying Amount of Liabilities	10	10
Entities that provide capital to low-income and rural communities \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	0	0
Carrying Amount of Liabilities	0	0
Other
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	400	449
Other \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	0	0
Carrying Amount of Liabilities	0	0
Other \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	400	449
Carrying Amount of Liabilities	8	0
Total other VIEs
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	6,003	6,175
Total other VIEs \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	3,101	2,795
Carrying Amount of Liabilities	85	33
Total other VIEs \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	6,003	6,175
Carrying Amount of Liabilities	2,003	2,085
Credit card loan securitizations
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Credit card loan securitizations \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	26,334	25,474
Carrying Amount of Liabilities	14,696	14,692
Credit card loan securitizations \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	0	0
Carrying Amount of Liabilities	0	0
Auto loan securitizations
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Auto loan securitizations \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	3,966	5,019
Carrying Amount of Liabilities	3,210	4,021
Auto loan securitizations \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	0	0
Carrying Amount of Liabilities	0	0
Total securitization-related VIEs
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Total securitization-related VIEs \| Consolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	30,300	30,493
Carrying Amount of Liabilities	17,906	18,713
Total securitization-related VIEs \| Unconsolidated
Variable Interest Entity [Line Items]
Carrying Amount of Assets	0	0
Carrying Amount of Liabilities	$ 0	$ 0

Investment Securities - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 245,000,000	$ 227,000,000
Proceeds from sale of debt securities, available-for-sale			$ 0	$ 0	$ 0	$ 0
Investment securities	40,600,000,000	45,100,000,000	40,600,000,000		40,600,000,000
Securities received as collateral	$ 6,000,000	$ 16,000,000	$ 6,000,000		$ 6,000,000
Investment securities available for sale \| Government Contracts Concentration Risk \| US Treasury and Agency securities
Debt Securities, Available-for-sale [Line Items]
Percentage of portfolio	96.00%	97.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Loans, including loans held for sale	$ 9,993	$ 9,057	$ 19,913	$ 17,780
Investment securities	700	639	1,387	1,254
Other	587	470	1,157	886
Total interest income	11,280	10,166	22,457	19,920
Interest expense:
Deposits	2,874	2,277	5,686	4,133
Securitized debt obligations	258	236	519	447
Senior and subordinated notes	591	528	1,197	1,017
Other borrowings	11	12	21	24
Total interest expense	3,734	3,053	7,423	5,621
Net interest income	7,546	7,113	15,034	14,299
Provision for credit losses	3,909	2,490	6,592	5,285
Net interest income after provision for credit losses	3,637	4,623	8,442	9,014
Non-interest income:
Interchange fees, net	1,249	1,213	2,394	2,352
Service charges and other customer-related fees	459	411	921	790
Other	252	275	559	474
Total non-interest income	1,960	1,899	3,874	3,616
Non-interest expense:
Salaries and associate benefits	2,200	2,317	4,678	4,744
Occupancy and equipment	551	506	1,105	1,014
Marketing	1,064	886	2,074	1,783
Professional services	316	290	578	614
Communications and data processing	355	344	706	694
Amortization of intangibles	19	22	38	36
Other	441	429	904	854
Total non-interest expense	4,946	4,794	10,083	9,739
Income from continuing operations before income taxes	651	1,728	2,233	2,891
Income tax provision	54	297	356	500
Net income	597	1,431	1,877	2,391
Dividends and undistributed earnings allocated to participating securities	(9)	(23)	(32)	(39)
Preferred stock dividends	(57)	(57)	(114)	(114)
Net income available to common stockholders	$ 531	$ 1,351	$ 1,731	$ 2,238
Basic earnings per common share:
Net income (loss) per basic common share (in dollars per share)	$ 1.39	$ 3.53	$ 4.52	$ 5.85
Diluted earnings per common share:
Net income (loss) per diluted common share (in dollars per share)	$ 1.38	$ 3.52	$ 4.51	$ 5.83

Stockholders' Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Carrying Value (in millions)	$ 4,845	$ 4,845
Series I
Class of Stock [Line Items]
Per Annum Dividend Rate	5.00%
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	1,500,000
Carrying Value (in millions)	$ 1,462	1,462
Series J
Class of Stock [Line Items]
Per Annum Dividend Rate	4.80%
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	1,250,000
Carrying Value (in millions)	$ 1,209	1,209
Series K
Class of Stock [Line Items]
Per Annum Dividend Rate	4.625%
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	125,000
Carrying Value (in millions)	$ 122	122
Series L
Class of Stock [Line Items]
Per Annum Dividend Rate	4.375%
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	675,000
Carrying Value (in millions)	$ 652	652
Series M
Class of Stock [Line Items]
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	1,000,000
Carrying Value (in millions)	$ 988	988
Series M \| Maximum
Class of Stock [Line Items]
Per Annum Dividend Rate	3.95%
Series M \| Minimum
Class of Stock [Line Items]
Per Annum Dividend Rate	3.157%
Series N
Class of Stock [Line Items]
Per Annum Dividend Rate	4.25%
Liquidation Preference per Share (in dollars per share)	$ 1,000
Total Shares Outstanding (in shares)	425,000
Carrying Value (in millions)	$ 412	$ 412

Business Segments and Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total contract revenue	$ 1,468	$ 1,416	$ 2,858	$ 2,694
Revenue from other sources	492	483	1,016	922
Total non-interest income	1,960	1,899	3,874	3,616
Operating segments \| Credit Card
Disaggregation of Revenue [Line Items]
Total contract revenue	1,199	1,202	2,340	2,282
Revenue from other sources	307	297	642	580
Total non-interest income	1,506	1,499	2,982	2,862
Operating segments \| Consumer Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	167	141	313	267
Revenue from other sources	5	8	18	17
Total non-interest income	172	149	331	284
Operating segments \| Commercial Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	102	73	205	145
Revenue from other sources	169	184	347	324
Total non-interest income	271	257	552	469
Other
Disaggregation of Revenue [Line Items]
Total contract revenue	0	0	0	0
Revenue from other sources	11	(6)	9	1
Total non-interest income	11	(6)	9	1
Interchange fees, net
Disaggregation of Revenue [Line Items]
Total contract revenue	1,249	1,213	2,394	2,352
Interchange fees, net \| Operating segments \| Credit Card
Disaggregation of Revenue [Line Items]
Total contract revenue	1,116	1,111	2,136	2,136
Interchange fees, net \| Operating segments \| Consumer Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	107	92	205	178
Interchange fees, net \| Operating segments \| Commercial Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	26	10	53	37
Interchange fees, net \| Other
Disaggregation of Revenue [Line Items]
Total contract revenue	0	0	0	1
Service charges and other customer-related fees
Disaggregation of Revenue [Line Items]
Total contract revenue	96	77	190	137
Service charges and other customer-related fees \| Operating segments \| Credit Card
Disaggregation of Revenue [Line Items]
Total contract revenue	0	0	0	0
Service charges and other customer-related fees \| Operating segments \| Consumer Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	22	22	43	43
Service charges and other customer-related fees \| Operating segments \| Commercial Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	74	55	147	95
Service charges and other customer-related fees \| Other
Disaggregation of Revenue [Line Items]
Total contract revenue	0	0	0	(1)
Other
Disaggregation of Revenue [Line Items]
Total contract revenue	123	126	274	205
Other \| Operating segments \| Credit Card
Disaggregation of Revenue [Line Items]
Total contract revenue	83	91	204	146
Other \| Operating segments \| Consumer Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	38	27	65	46
Other \| Operating segments \| Commercial Banking
Disaggregation of Revenue [Line Items]
Total contract revenue	2	8	5	13
Other \| Other
Disaggregation of Revenue [Line Items]
Total contract revenue	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible Assets - Components (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill
Carrying Amount of Assets	$ 15,062	$ 15,065
Net Carrying Amount	15,062	15,065
Other intangible assets:
Carrying Amount of Assets	503	540
Accumulated Amortization	(232)	(230)
Net Carrying Amount	271	310
Total goodwill and other intangible assets
Carrying Amount of Assets	15,565	15,605
Net Carrying Amount	15,333	15,375
Commercial MSRs
Carrying Amount of Assets	657	653
Accumulated Amortization	(290)	(263)
Net Carrying Amount	367	390
Purchased credit card relationship (“PCCR”) intangibles
Other intangible assets:
Carrying Amount of Assets	369	369
Accumulated Amortization	(130)	(96)
Net Carrying Amount	239	273
Other
Other intangible assets:
Carrying Amount of Assets	134	171
Accumulated Amortization	(102)	(134)
Net Carrying Amount	$ 32	$ 37

Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement


NOTE 12—FAIR VALUE MEASUREMENT

Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below:


Level 1:						Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:						Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:						Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow (“DCF”) methodologies or similar techniques.

The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. We consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the observable or unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3. The process for determining fair value using unobservable inputs is generally more subjective and involves a high degree of management judgment and assumptions. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings.

The determination and classification of financial instruments in the fair value hierarchy is performed at the end of each reporting period. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring basis, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 16—Fair Value Measurement” in our 2023 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis


	June 30, 2024
	Fair Value Measurements Using						Netting Adjustments(1)
(Dollars in millions)	Level 1		Level 2		Level 3				Total
Assets:
Securities available for sale:
U.S. Treasury securities	$	6,029	$	0	$	0	$	0	$	6,029
RMBS	0		62,170		304		0		62,474
CMBS	0		8,198		2		0		8,200
Other securities	132		2,415		0		0		2,547
Total securities available for sale	6,161		72,783		306		0		79,250
Loans held for sale	0		394		0		0		394
Other assets:
Derivative assets(2)	616		931		909		(1,034)		1,422
Other(3)	644		0		34		0		678
Total assets	$	7,421	$	74,108	$	1,249	$	(1,034)	$	81,744
Liabilities:
Other liabilities:
Derivative liabilities(2)	$	511	$	1,422	$	840	$	(371)	$	2,402
Total liabilities	$	511	$	1,422	$	840	$	(371)	$	2,402


	December 31, 2023
	Fair Value Measurements Using						Netting Adjustments(1)
(Dollars in millions)	Level 1		Level 2		Level 3				Total
Assets:
Securities available for sale:
U.S. Treasury securities	$	5,282	$	0	$	0	$	0	$	5,282
RMBS	0		63,492		146		0		63,638
CMBS	0		8,191		132		0		8,323
Other securities	126		1,748		0		0		1,874
Total securities available for sale	5,408		73,431		278		0		79,117
Loans held for sale	0		347		0		0		347
Other assets:
Derivative assets(2)	788		1,001		886		(1,005)		1,670
Other(3)	589		3		35		0		627
Total assets	$	6,785	$	74,782	$	1,199	$	(1,005)	$	81,761
Liabilities:
Other liabilities:
Derivative liabilities(2)	$	449	$	1,655	$	828	$	(597)	$	2,335
Total liabilities	$	449	$	1,655	$	828	$	(597)	$	2,335

__________

(1)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See “Note 9—Derivative Instruments and Hedging Activities” for additional information.

(2)Does not reflect approximately $3 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of June 30, 2024 and December 31, 2023, respectively. Non-performance risk is included in the measurement of derivative assets and liabilities on our consolidated balance sheets, and is recorded through non-interest income in the consolidated statements of income.

(3)As of June 30, 2024 and December 31, 2023, other includes retained interests in securitizations of $34 million and $35 million, deferred compensation plan assets of $644 million and $578 million. As of December 31, 2023, other also included equity securities of $14 million (including unrealized gains of $5 million).

Level 3 Recurring Fair Value Rollforward

The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023. Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources.

Table 12.2: Level 3 Recurring Fair Value Rollforward



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Three Months Ended June 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(1)
(Dollars in millions)	Balance, April 1, 2024		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2024
Securities available for sale:(2)
RMBS	$	309	$	2	$	(3)	$	0	$	0	$	0	$	(2)	$	3	$	(5)	$	304	$	2
CMBS	129		0		(1)		0		0		0		(2)		0		(124)		2		0

Total securities available for sale	438		2		(4)		0		0		0		(4)		3		(129)		306		2
Other assets:

Retained interests in securitizations	35		(1)		0		0		0		0		0		0		0		34		(1)
Net derivative assets (liabilities)(3)	54		(3)		0		0		0		2		16		0		0		69		0


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Six Months Ended June 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(1)
(Dollars in millions)	Balance, January 1, 2024		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2024
Securities available for sale:(2)
RMBS	$	146	$	4	$	(3)	$	0	$	0	$	0	$	(5)	$	185	$	(23)	$	304	$	4
CMBS	132		0		(3)		0		0		0		(3)		0		(124)		2		0

Total securities available for sale	278		4		(6)		0		0		0		(8)		185		(147)		306		4
Other assets:

Retained interests in securitizations	35		(1)		0		0		0		0		0		0		0		34		(1)
Net derivative assets (liabilities)(3)	58		3		0		0		0		(3)		11		0		0		69		1



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Three Months Ended June 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(1)
(Dollars in millions)	Balance, April 1, 2023		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2023
Securities available for sale:(2)
RMBS	$	247	$	3	$	(2)	$	0	$	0	$	0	$	(6)	$	11	$	(47)	$	206	$	2
CMBS	145		0		(11)		0		0		0		(1)		0		0		133		0

Total securities available for sale	392		3		(13)		0		0		0		(7)		11		(47)		339		2
Other assets:

Retained interests in securitizations	36		0		0		0		0		0		0		0		0		36		0
Net derivative assets (liabilities)(3)(4)	18		(13)		0		0		0		69		45		(55)		0		64		6



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Six Months Ended June 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(1)
(Dollars in millions)	Balance, January 1, 2023		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2023
Securities available for sale:(2)
RMBS	$	236	$	4	$	1	$	0	$	0	$	0	$	(11)	$	45	$	(69)	$	206	$	4
CMBS	142		0		(6)		0		0		0		(3)		0		0		133		0

Total securities available for sale	378		4		(5)		0		0		0		(14)		45		(69)		339		4
Other assets:

Retained interests in securitizations	36		0		0		0		0		0		0		0		0		36		0
Net derivative assets (liabilities)(3)(4)	5		(18)		0		0		0		173		57		(152)		(1)		64		51

_________

(1)Realized gains (losses) on securities available for sale are included in net securities gains (losses) and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income.

(2)For the three and six months ended June 30, 2024, included in OCI related to Level 3 securities available for sale still held as of June 30, 2024 were net unrealized losses of $2 million and $9 million. For the three and six months ended June 30, 2023, included in OCI related to Level 3 securities available for sale still held as of June 30, 2023 were net unrealized losses of $13 million and $5 million, respectively.

(3)Includes derivative assets and liabilities of $909 million and $840 million, respectively, as of June 30, 2024 and $1.2 billion and $1.1 billion, respectively, as of June 30, 2023.

(4)Transfers into Level 3 primarily consist of term Secured Overnight Financing Rate (“SOFR”)-indexed interest rate derivatives.

Significant Level 3 Fair Value Asset and Liability Inputs

Generally, uncertainties in fair value measurements of financial instruments, such as changes in unobservable inputs, may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity or credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads, and would lead to a decrease in the fair value measurement.

Techniques and Inputs for Level 3 Fair Value Measurements

The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models.

Table 12.3: Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at
June 30,
2024

Significant
Valuation
Techniques

Significant
Unobservable
Inputs

Range

Weighted

Average(1)

Securities available for sale:

RMBS

304

Discounted cash flows (vendor pricing)

Yield
Voluntary prepayment rate
Default rate
Loss severity

5-13%

0-12%

0-6%

30-90%

60%

CMBS

Discounted cash flows (vendor pricing)

Yield

6-9%

Other assets:

Retained interests in securitizations(2)

Discounted cash flows

Life of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity

31-70

8-9%

5-14%

1-2%

63-155%

N/A

Net derivative assets (liabilities)

Discounted cash flows

Swap rates

4-5%

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at
December 31,
2023

Significant
Valuation
Techniques

Significant
Unobservable
Inputs

Range

Weighted

Average(1)

Securities available for sale:

RMBS

146

Discounted cash flows (vendor pricing)

Yield
Voluntary prepayment rate
Default rate
Loss severity

2-19%

0-12%

0-10%

30-80%

61%

CMBS

132

Discounted cash flows (vendor pricing)

Yield

5-7%

Other assets:

Retained interests in securitizations(2)

Discounted cash flows

Life of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity

33-69

5-14%

53-163%

N/A

Net derivative assets (liabilities)

Discounted cash flows

Swap rates

3-5%

__________

(1)Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments.

(2)Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

We are required to measure and recognize certain assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or fair value accounting or when we evaluate for impairment).

The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of June 30, 2024 and December 31, 2023, and for which a nonrecurring fair value measurement was recorded during the six and twelve months then ended.

Table 12.4: Nonrecurring Fair Value Measurements


	June 30, 2024
	Estimated Fair Value Hierarchy				Total
(Dollars in millions)	Level 2		Level 3
Loans held for investment	$	0	$	514	$	514
Loans held for sale	10		0		10
Other assets(1)	0		101		101
Total	$	10	$	615	$	625


	December 31, 2023
	Estimated Fair Value Hierarchy				Total
(Dollars in millions)	Level 2		Level 3
Loans held for investment	$	0	$	545	$	545
Loans held for sale	37		0		37
Other assets(1)	0		214		214
Total	$	37	$	759	$	796

__________

(1)As of June 30, 2024, other assets includes investments accounted for under measurement alternative of $47 million and repossessed assets of $54 million. As of December 31, 2023, other assets included investments accounted for under measurement alternative of $46 million, repossessed assets of $45 million and long-lived assets held for sale and right-of-use assets totaling $123 million.

In the above table, loans held for investment are generally valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. The non-recoverable rate ranged from 8% to 59%, with a weighted average of 23%, and from 0% to 100%, with a weighted average of 18%, as of June 30, 2024 and December 31, 2023, respectively. The weighted average non-recoverable rate is calculated based on the estimated market value of the underlying collateral. The significant unobservable inputs and related quantitative information related to fair value of the other assets are not meaningful to disclose as they vary significantly across properties and collateral.

The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at June 30, 2024 and 2023.

Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings


	Total Gains (Losses)
	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Loans held for investment	$	(168)	$	(275)
Loans held for sale	(10)		0
Other assets(1)	(66)		(45)
Total	$	(244)	$	(320)

__________

(1)Other assets primarily include fair value adjustments related to repossessed assets and equity investments accounted for under the measurement alternative.

Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of June 30, 2024 and December 31, 2023.

Table 12.6: Fair Value of Financial Instruments


	June 30, 2024
	Carrying Value		Estimated Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)					Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	45,414	$	45,414	$	5,298	$	40,116	$	0
Restricted cash for securitization investors	2,415		2,415		2,415		0		0

Net loans held for investment	301,537		306,948		0		0		306,948
Loans held for sale	414		426		0		426		0
Interest receivable	2,494		2,494		0		2,494		0
Other investments(1)	1,330		1,330		0		1,330		0
Financial liabilities:
Deposits with defined maturities	79,848		79,639		0		79,639		0
Securitized debt obligations	17,291		17,323		0		17,323		0
Senior and subordinated notes	29,925		30,705		0		30,705		0
Federal funds purchased and securities loaned or sold under agreements to repurchase	715		715		0		715		0

Interest payable	668		668		0		668		0


	December 31, 2023
	Carrying Value		Estimated Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)					Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	43,297	$	43,297	$	4,903	$	38,394	$	0
Restricted cash for securitization investors	458		458		458		0		0
Net loans held for investment	305,176		308,044		0		0		308,044
Loans held for sale	507		515		0		515		0
Interest receivable	2,478		2,478		0		2,478		0
Other investments(1)	1,329		1,329		0		1,329		0
Financial liabilities:
Deposits with defined maturities	83,014		82,990		0		82,990		0
Securitized debt obligations	18,043		18,067		0		18,067		0
Senior and subordinated notes	31,248		31,524		0		31,524		0
Federal funds purchased and securities loaned or sold under agreements to repurchase	538		538		0		538		0

Interest payable	649		649		0		649		0

__________

(1)Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 79,250	$ 79,117
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	79,250	79,117
Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	306	278
Retained interests in securitizations	34	35
Net derivative assets (liabilities)	69	58
Total RMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	62,474	63,638
Total RMBS \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	62,474	63,638
Total RMBS \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	304	146
CMBS \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	8,200	8,323
CMBS \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2	$ 132
Yield \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.05	0.02
Yield \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.13	0.19
Yield \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.06	0.07
Yield \| CMBS \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.06	0.05
Yield \| CMBS \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.09	0.07
Yield \| CMBS \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.08	0.05
Life of receivables (months) \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input, life of receivables	31 months	33 months
Life of receivables (months) \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input, life of receivables	70 months	69 months
Voluntary prepayment rate \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.08	0.09
Voluntary prepayment rate \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.09	0.09
Voluntary prepayment rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0	0
Voluntary prepayment rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.12	0.12
Voluntary prepayment rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.07	0.07
Discount rate \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.05	0.05
Discount rate \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.14	0.14
Default rate \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.01	0.02
Default rate \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.02	0.02
Default rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0	0
Default rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.06	0.10
Default rate \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.01	0.01
Loss severity \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	0.63	0.53
Loss severity \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Retained interests, measurement input	1.55	1.63
Loss severity \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.30	0.30
Loss severity \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.90	0.80
Loss severity \| Total RMBS \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities available-for-sale, measurement input	0.60	0.61
Swap rates \| Recurring \| Level 3 \| Discounted cash flows \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative assets (liabilities), measurement input	0.04	0.03
Swap rates \| Recurring \| Level 3 \| Discounted cash flows \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative assets (liabilities), measurement input	0.05	0.05
Swap rates \| Recurring \| Level 3 \| Discounted cash flows \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net derivative assets (liabilities), measurement input	0.04	0.04

Derivative Instruments and Hedging Activities - Hedged Items in Fair Value Hedging Relationship (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Hedged Items In Fair Value Hedging Relationship [Line Items]
Total Assets	$ 3	$ 33
Discontinued Hedging Relationships, Assets	1,800	2,200
Designated hedged items	1,300	1,500
Investment securities available for sale
Hedged Items In Fair Value Hedging Relationship [Line Items]
Carrying Amount Assets	6,058	6,108
Total Assets	(51)	(8)
Discontinued Hedging Relationships, Assets	91	126
Interest-bearing deposits
Hedged Items In Fair Value Hedging Relationship [Line Items]
Carrying Amount Liabilities	(14,291)	(17,374)
Total Liabilities	310	277
Discontinued Hedging Relationships, Liabilities	0	0
Securitized debt obligations
Hedged Items In Fair Value Hedging Relationship [Line Items]
Carrying Amount Liabilities	(13,432)	(13,375)
Total Liabilities	453	503
Discontinued Hedging Relationships, Liabilities	0	0
Senior and subordinated notes
Hedged Items In Fair Value Hedging Relationship [Line Items]
Carrying Amount Liabilities	(29,925)	(30,899)
Total Liabilities	1,355	971
Discontinued Hedging Relationships, Liabilities	$ (294)	$ (372)

Business Combinations

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations


NOTE 2—BUSINESS COMBINATIONS

On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover Financial Services, a Delaware corporation (“Discover”) and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which (a) Merger Sub will merge with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (b) immediately following the Merger, Discover, as the surviving entity, will merge with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (c) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, will merge with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and the Second Step Merger, the “Transaction”). The Merger Agreement was unanimously approved by the Boards of Directors of each of Capital One and Discover.

At the effective time of the Merger, each share of common stock of Discover outstanding immediately prior to the effective time of the Merger, other than certain shares held by Discover or Capital One, will be converted into the right to receive 1.0192 shares of common stock of Capital One. Holders of Discover common stock will receive cash in lieu of fractional shares. At the effective time of the Second Step Merger, each share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, of Discover, and each share of 6.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, of Discover, in each case outstanding immediately prior to the effective time of the Second Step Merger, will be converted into the right to receive a share of newly created series of preferred stock of Capital One having terms that are not materially less favorable than the applicable series of Discover preferred stock. The closing of the Transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the stockholders of each of Capital One and Discover.

For the three and six months ended June 30, 2024, we have incurred $31 million of integration expenses related to the agreement to acquire Discover, which are included in Operating Expense in our Consolidated Statements of Income.

Commitments, Contingencies, Guarantees and Others

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies, Guarantees and Others


NOTE 14—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS

Commitments to Lend

Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines and certain other unconditionally cancellable lines of credit, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities.

For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value (“LTV”) ratios are the same as those for funded transactions and are established based on management’s credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements.

We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the customer. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and the results of these reviews are considered in assessing the adequacy of reserves for unfunded lending commitments.

The following table presents the contractual amount and carrying value of our unfunded lending commitments as of June 30, 2024 and December 31, 2023. The carrying value represents our reserve and deferred revenue on legally binding commitments.

Table 14.1: Unfunded Lending Commitments


	Contractual Amount				Carrying Value
(Dollars in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Credit card lines	$	412,030	$	392,867	N/A		N/A
Other loan commitments(1)	45,823		46,951		$	68	$	99
Standby letters of credit and commercial letters of credit(2)	1,360		1,465		25		23
Total unfunded lending commitments	$	459,213	$	441,283	$	93	$	122

__________

(1)Includes $5.3 billion and $4.7 billion of advised lines of credit as of June 30, 2024 and December 31, 2023, respectively.

(2)These financial guarantees have expiration dates that range from 2024 to 2027 as of June 30, 2024.

Commercial Loss Sharing Agreements

Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of these originated loans. Beginning January 1, 2020, we elected the fair value option on new loss sharing agreements entered into. Unrealized gains and losses are recorded in other non-interest income in our consolidated statements of income. For those loss sharing agreements entered into as of and prior to December 31, 2019, we amortize the liability recorded at inception into non-interest income as we are released from risk of having to make a payment and record our estimate of expected credit losses each period through the provision for credit losses in our consolidated statements of income. The liability recognized on our consolidated balance sheets for these loss sharing agreements was $137 million as of both June 30, 2024 and December 31, 2023. See “Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments” for information related to our credit card partnership loss sharing arrangements.

Litigation

In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. None of the amounts we currently have recorded individually or in the aggregate are considered to be material to our financial condition. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of potentially material legal proceedings and claims.

For some of the matters disclosed below, we are able to estimate reasonably possible losses above existing reserves, and for other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible, management currently estimates the reasonably possible future losses beyond our reserves as of June 30, 2024 are approximately $200 million. Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is significant uncertainty regarding numerous factors that may impact the ultimate loss levels. Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some litigation matters based on current information, it is possible that actual future losses will exceed both the current accrual level and reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters and the very large or indeterminate damages sought in some of these, there is significant uncertainty as to the ultimate liability we may incur from these litigation matters and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period.

Interchange Litigation

In 2005, a putative class of retail merchants filed antitrust lawsuits against MasterCard and Visa and several issuing banks, including Capital One, seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees. The Visa and MasterCard payment networks and issuing banks entered into settlement and judgment sharing agreements allocating the liabilities of any judgment or settlement arising from all interchange-related cases.

The lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes and were settled in 2012. The class settlement, however, was invalidated by the United States Court of Appeals for the Second Circuit in June 2016, and the suit was bifurcated into separate class actions seeking injunctive and monetary relief, respectively. In addition, numerous merchant groups opted out of the 2012 settlement.

The monetary relief class action settled for $5.5 billion and was approved by the District Court in December 2019. The Second Circuit affirmed the settlement in March 2023, and it is final. Some of the merchants that opted out of the monetary relief class have brought cases, and some of those cases have settled and some remain pending. Visa created a litigation escrow account following its initial public offering of stock in 2008 that funds the portion of these settlements attributable to Visa-allocated transactions. Any settlement amounts based on MasterCard-allocated transactions that have not already been paid are reflected in our reserves. Visa and MasterCard reached a settlement with the injunctive relief class and filed a motion for preliminary approval, which was denied by the District Court in June 2024. The parties will continue to litigate unless a settlement is reached and approved.

Cybersecurity Incident

On July 29, 2019, we announced that on March 22 and 23, 2019 an outside individual gained unauthorized access to our systems. This individual obtained certain types of personal information relating to people who had applied for our credit card products and to our credit card customers (the “2019 Cybersecurity Incident”). As a result of the 2019 Cybersecurity Incident, we have been subject to numerous legal proceedings and other inquiries and could be the subject of additional proceedings and inquiries in the future.

Consumer class actions. We are named as a defendant in 5 putative consumer class action cases in Canadian courts alleging harm from the 2019 Cybersecurity Incident and seeking various remedies, including monetary and injunctive relief. The lawsuits allege breach of contract, negligence, violations of various privacy laws and a variety of other legal causes of action. In August 2021, a trial court in Ontario dismissed with prejudice one of these putative class actions, and on January 31, 2024, the Court of Appeals of Ontario affirmed the trial court’s decision. The Plaintiffs have appealed to Canada’s Supreme Court. In the second quarter of 2022, a trial court in British Columbia preliminarily certified a class of all impacted Canadian consumers except those in Quebec. The preliminary certification decision in British Columbia was appealed, with both sides contesting

portions of the ruling. On July 4, 2024, the British Columbia Court of Appeals denied both parties’ appeals. In the third quarter of 2023, a trial court in Quebec preliminarily authorized a class of all impacted consumers in Quebec. This decision also has been appealed. The final two putative class actions, both of which are pending in Alberta, are continuing in parallel, but currently remain at a preliminary stage.

Governmental inquiries. In August 2020, we entered into consent orders with the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Office of the Comptroller of the Currency (“OCC”) resulting from regulatory reviews of the 2019 Cybersecurity Incident and relating to ongoing enhancements of our cybersecurity and operational risk management processes. We paid an $80 million penalty to the U.S. Treasury as part of the OCC agreement. The Federal Reserve agreement did not contain a monetary penalty. The OCC lifted its consent order on August 31, 2022 and the Federal Reserve lifted its consent order on July 5, 2023. On August 12, 2019, Canada’s Office of Privacy Commissioner (“OPC”) also initiated an investigation into the 2019 Cybersecurity Incident. That investigation concluded in April 2024 with no further action required.

Walmart Litigation

On April 7, 2023, Walmart filed a lawsuit in the Southern District of New York seeking a declaratory judgment that it had the contractual right to early termination of the credit card program agreement under which we were the exclusive issuer of Walmart’s private label and co-branded credit card program in the U.S. and shared in certain related economics. On May 21, 2024, our credit card program agreement with Walmart terminated. The program agreement included provisions for transition upon termination. Pursuant to the terms of the termination, Capital One will retain ownership and servicing of the existing credit card portfolio. Walmart and Capital One settled the litigation, which was dismissed by the court on June 20, 2024.

U.K. PPI Litigation

In the U.K., we previously sold payment protection insurance (“PPI”). For several years leading up to the claims submission deadline of August 29, 2019 (as set by the U.K. Financial Conduct Authority (“FCA”)), we received customer complaints and regulatory claims relating to PPI. COEP has materially resolved the PPI complaints and regulatory claims received prior to the deadline. Some of the claimants in the U.K. PPI regulatory claims process have subsequently initiated legal proceedings, seeking additional redress. We are responding to these proceedings as we receive them.

Savings Account Litigation

On July 10, 2023, Capital One was sued in a putative class action in the Eastern District of Virginia by savings account holders alleging breach of contract and a variety of other causes of action relating to Capital One’s introduction of a new savings account product with a higher interest rate than existing savings account products. Since the original suit, Capital One was also sued in six similar putative class actions in federal courts in California, Illinois, Ohio, Virginia, New Jersey and New York. On March 20, 2024, Capital One filed with the Judicial Panel on Multidistrict Litigation a motion to consolidate and transfer related actions to the Eastern District of Virginia. In June 2024, the Judicial Panel granted the motion and transferred the related actions to the Eastern District of Virginia. Plaintiffs filed a consolidated complaint on July 1, 2024 and the court set a trial date in July 2025.

Other Pending and Threatened Litigation

In addition, we are commonly subject to various pending and threatened legal actions relating to the conduct of our normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions is not expected to be material to our consolidated financial position or our results of operations.

Other Contingencies

Deposit Insurance Assessments

On November 16, 2023, the FDIC finalized a rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors in connection with the systemic risk determination announced on March 12, 2023, following the closures of Silicon Valley Bank and Signature Bank. In December 2023, the FDIC provided notification that they would be collecting the special assessment at an annual rate of approximately 13.4 basis points (“bps”) over eight quarterly collection periods, beginning with the first quarter of 2024 with the first payment due on June 28, 2024. In June 2024, the FDIC provided notification that the collection period will be extended an additional two

quarters beyond the initial eight quarterly collection periods at a lower annual rate. The special assessment base is equal to an insured depository institution’s estimated uninsured deposits reported on its Consolidated Reports of Condition and Income as of December 31, 2022 (“2022 Call Report”), adjusted to exclude the first $5 billion of uninsured deposits. We recognized $289 million in operating expense in the fourth quarter of 2023 associated with the special assessment based on our 2022 Call Report, which was revised and refiled during 2023. In the first quarter of 2024, the FDIC announced an increase in their estimate of relevant DIF losses. We have recognized $339 million of operating expenses related to the special assessment as of June 30, 2024, which includes the impact of the FDIC’s updated estimate of DIF losses.

It is reasonably possible amendments will be needed to our 2022 Call Report due to future legal and regulatory developments, which could result in additional expenses associated with the special assessment. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank. The amount of reasonably possible additional special assessment fees beyond our existing accrual due to these factors is approximately $200 million.

Derivative Instruments and Hedging Activities - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	$ 306,504	$ 294,039
Derivative assets, gross amount	2,456	2,675
Derivative liabilities, gross amount	2,773	2,932
Derivative Asset, netting adjustments	(1,034)	(1,005)
Derivative Liability, netting adjustments	(371)	(597)
Net Amounts as Recognized	1,422	1,670
Net Amounts as Recognized	2,402	2,335
Net valuation allowance on derivative assets and liabilities for non-performance risk	3	2
Derivatives designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	159,896	148,075
Derivative assets, gross amount	192	235
Derivative liabilities, gross amount	344	317
Derivatives designated as accounting hedges: \| Interest rate contracts:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	151,966	139,337
Derivative assets, gross amount	152	234
Derivative liabilities, gross amount	201	49
Derivatives designated as accounting hedges: \| Interest rate contracts: \| Fair value hedges
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	65,916	68,987
Derivative assets, gross amount	11	18
Derivative liabilities, gross amount	101	26
Derivatives designated as accounting hedges: \| Interest rate contracts: \| Cash flow hedges
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	86,050	70,350
Derivative assets, gross amount	141	216
Derivative liabilities, gross amount	100	23
Derivatives designated as accounting hedges: \| Foreign exchange and other contracts
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	7,930	8,738
Derivative assets, gross amount	40	1
Derivative liabilities, gross amount	143	268
Derivatives designated as accounting hedges: \| Foreign exchange and other contracts \| Fair value hedges
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	536	1,380
Derivative assets, gross amount	0	0
Derivative liabilities, gross amount	106	113
Derivatives designated as accounting hedges: \| Foreign exchange and other contracts \| Cash flow hedges
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	2,519	2,488
Derivative assets, gross amount	5	0
Derivative liabilities, gross amount	12	66
Derivatives designated as accounting hedges: \| Foreign exchange and other contracts \| Net investment hedges
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	4,875	4,870
Derivative assets, gross amount	35	1
Derivative liabilities, gross amount	25	89
Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	146,608	145,964
Derivative assets, gross amount	2,264	2,440
Derivative liabilities, gross amount	2,429	2,615
Derivatives not designated as accounting hedges: \| Customer accommodation:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	142,502	142,137
Derivative assets, gross amount	2,222	2,399
Derivative liabilities, gross amount	2,409	2,576
Derivatives not designated as accounting hedges: \| Interest rate contracts: \| Customer accommodation:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	101,533	103,489
Derivative assets, gross amount	1,154	1,188
Derivative liabilities, gross amount	1,382	1,382
Derivatives not designated as accounting hedges: \| Interest rate contracts: \| Other interest rate exposures
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	1,143	872
Derivative assets, gross amount	20	21
Derivative liabilities, gross amount	12	31
Derivatives not designated as accounting hedges: \| Foreign exchange and other contracts \| Customer accommodation:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	5,769	5,153
Derivative assets, gross amount	46	50
Derivative liabilities, gross amount	34	47
Derivatives not designated as accounting hedges: \| Commodity contracts \| Customer accommodation:
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	35,200	33,495
Derivative assets, gross amount	1,022	1,161
Derivative liabilities, gross amount	993	1,147
Derivatives not designated as accounting hedges: \| Other contracts
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	2,963	2,955
Derivative assets, gross amount	22	20
Derivative liabilities, gross amount	$ 8	$ 8

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividend per share on common stock declared (in dollars per share)	$ 0.60	$ 0.60	$ 1.20	$ 1.20

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 16,649		$ 15,296
Allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in allowance for credit loss	1,400
Allowance for credit loss	$ 16,649	$ 15,380	$ 15,296	$ 14,646	$ 14,318	$ 13,240

Loans

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans


NOTE 4—LOANS

Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three portfolio segments: Credit Card, Consumer Banking and Commercial Banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in the tables in this note excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

Accrued interest receivable of $2.2 billion as of both June 30, 2024 and December 31, 2023, is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of June 30, 2024 and December 31, 2023. The delinquency aging includes all past due loans, both performing and nonperforming.

Table 4.1: Loan Portfolio Composition and Aging Analysis


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	140,978	$	1,770	$	1,350	$	2,967	$	6,087	$	147,065
International card businesses	6,506		114		69		141		324		6,830


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Total credit card	147,484		1,884		1,419		3,108		6,411		153,895
Consumer Banking:
Auto	69,615		2,873		1,462		435		4,770		74,385
Retail banking	1,243		22		4		9		35		1,278
Total consumer banking	70,858		2,895		1,466		444		4,805		75,663
Commercial Banking:
Commercial and multifamily real estate	32,643		21		5		163		189		32,832
Commercial and industrial	55,656		8		0		132		140		55,796
Total commercial banking	88,299		29		5		295		329		88,628
Total loans(1)	$	306,641	$	4,808	$	2,890	$	3,847	$	11,545	$	318,186
% of Total loans	96.37%		1.51%		0.91%		1.21%		3.63%		100.00%


	December 31, 2023
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	140,860	$	1,968	$	1,471	$	3,367	$	6,806	$	147,666
International card businesses	6,552		116		76		137		329		6,881
Total credit card	147,412		2,084		1,547		3,504		7,135		154,547
Consumer Banking:
Auto	68,768		3,268		1,555		484		5,307		74,075
Retail banking	1,329		15		3		15		33		1,362
Total consumer banking	70,097		3,283		1,558		499		5,340		75,437
Commercial Banking:
Commercial and multifamily real estate	34,325		0		14		107		121		34,446
Commercial and industrial	55,861		0		0		181		181		56,042
Total commercial banking	90,186		0		14		288		302		90,488
Total loans(1)	$	307,695	$	5,367	$	3,119	$	4,291	$	12,777	$	320,472
% of Total loans	96.01%		1.68%		0.97%		1.34%		3.99%		100.00%

__________

(1)Loans include unamortized premiums, discounts, and deferred fees and costs totaling $1.3 billion and $1.4 billion as of June 30, 2024 and December 31, 2023, respectively.

The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of June 30, 2024 and December 31, 2023. Nonperforming loans generally include loans that have been placed on nonaccrual status.

Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans


	June 30, 2024									December 31, 2023
(Dollars in millions)	> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance			> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance
Credit Card:
Domestic credit card	$	2,967		N/A			$	0		$	3,367		N/A			$	0
International card businesses	135			$	10		0			132			$	9		0
Total credit card	3,102			10			0			3,499			9			0
Consumer Banking:
Auto	0			658			0			0			712			0
Retail banking	0			36			20			0			46			19
Total consumer banking	0			694			20			0			758			19
Commercial Banking:
Commercial and multifamily real estate	0			422			321			0			425			335
Commercial and industrial	46			872			424			55			336			193
Total commercial banking	46			1,294			745			55			761			528
Total	$	3,148		$	1,998		$	765		$	3,554		$	1,528		$	547
% of Total loans held for investment	0.99		%	0.63		%	0.24		%	1.11		%	0.48		%	0.17		%

__________

(1)We recognized interest income for loans classified as nonperforming of $6 million and $31 million for the three and six months ended June 30, 2024, respectively, and $5 million and $17 million for the three and six months ended June 30, 2023, respectively

Credit Quality Indicators

We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. We discuss these risks and our credit quality indicator for each portfolio segment below.

Credit Card

Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as the U.S. unemployment rate and U.S. Real Gross Domestic Product (“GDP”) growth rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our credit card loan portfolio is delinquency trends, including an analysis of loan migration between delinquency categories over time.

The table below presents our credit card portfolio by delinquency status as of June 30, 2024 and December 31, 2023.

Table 4.3: Credit Card Delinquency Status


	June 30, 2024						December 31, 2023
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	140,576	$	402	$	140,978	$	140,521	$	339	$	140,860
30-59 days	1,743		27		1,770		1,940		28		1,968
60-89 days	1,333		17		1,350		1,454		17		1,471
Greater than 90 days	2,940		27		2,967		3,339		28		3,367
Total domestic credit card	146,592		473		147,065		147,254		412		147,666

International card businesses:
Current	6,470		36		6,506		6,521		31		6,552
30-59 days	109		5		114		112		4		116
60-89 days	66		3		69		72		4		76
Greater than 90 days	136		5		141		132		5		137
Total international card businesses	6,781		49		6,830		6,837		44		6,881
Total credit card	$	153,373	$	522	$	153,895	$	154,091	$	456	$	154,547

Consumer Banking

Our consumer banking loan portfolio consists of auto and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we consider when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.

The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of June 30, 2024 and December 31, 2023. We present our auto loan portfolio by Fair Isaac Corporation (“FICO”) scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.

Table 4.4: Consumer Banking Portfolio by Vintage Year


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	8,444	$	10,154	$	10,305	$	7,455	$	2,227	$	823	$	39,408	$	0	$	0	$	39,408
621-660	2,848		4,175		3,639		2,625		974		452		14,713		0		0		14,713
620 or below	3,912		5,785		4,548		3,362		1,729		928		20,264		0		0		20,264
Total auto	15,204		20,114		18,492		13,442		4,930		2,203		74,385		0		0		74,385

Retail banking—Delinquency status:
Current	85		80		94		55		57		513		884		355		4		1,243
30-59 days	0		0		0		0		0		14		14		8		0		22
60-89 days	0		0		0		0		0		1		1		3		0		4
Greater than 90 days	1		0		0		0		1		4		6		2		1		9
Total retail banking	86		80		94		55		58		532		905		368		5		1,278
Total consumer banking	$	15,290	$	20,194	$	18,586	$	13,497	$	4,988	$	2,735	$	75,290	$	368	$	5	$	75,663


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	12,219	$	12,593	$	9,505	$	3,124	$	1,213	$	309	$	38,963	$	0	$	0	$	38,963
621-660	4,863		4,432		3,346		1,337		592		192		14,762		0		0		14,762
620 or below	6,647		5,539		4,283		2,349		1,131		401		20,350		0		0		20,350
Total auto	23,729		22,564		17,134		6,810		2,936		902		74,075		0		0		74,075

Retail banking—Delinquency status:
Current	98		157		57		65		117		468		962		363		4		1,329
30-59 days	1		0		1		1		0		1		4		11		0		15
60-89 days	0		0		0		0		0		1		1		2		0		3
Greater than 90 days	0		0		0		0		0		8		8		6		1		15
Total retail banking	99		157		58		66		117		478		975		382		5		1,362
Total consumer banking	$	23,828	$	22,721	$	17,192	$	6,876	$	3,053	$	1,380	$	75,050	$	382	$	5	$	75,437

__________

(1)Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

Commercial Banking

The key credit quality indicator for our commercial loan portfolios is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:

•Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans.

•Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date.

•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.

We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are also generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.

The following table presents our commercial banking portfolio of loans held for investment by internal risk ratings as of June 30, 2024 and December 31, 2023. The internal risk rating status includes all past due loans, both performing and nonperforming.

Table 4.5: Commercial Banking Portfolio by Internal Risk Ratings


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	1,134	$	2,511	$	3,821	$	2,245	$	914	$	4,974	$	15,599	$	12,499	$	25	$	28,123
Criticized performing	72		60		1,555		713		217		1,351		3,968		221		98		4,287
Criticized nonperforming	12		10		25		106		0		261		414		8		0		422
Total commercial and multifamily real estate	1,218		2,581		5,401		3,064		1,131		6,586		19,981		12,728		123		32,832
Commercial and industrial
Noncriticized	2,674		6,610		10,576		6,008		3,018		7,547		36,433		15,082		57		51,572
Criticized performing	30		92		750		747		173		576		2,368		941		43		3,352
Criticized nonperforming	31		75		121		23		181		168		599		273		0		872
Total commercial and industrial	2,735		6,777		11,447		6,778		3,372		8,291		39,400		16,296		100		55,796
Total commercial banking	$	3,953	$	9,358	$	16,848	$	9,842	$	4,503	$	14,877	$	59,381	$	29,024	$	223	$	88,628


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	3,068	$	4,665	$	2,773	$	1,019	$	2,104	$	3,670	$	17,299	$	12,565	$	25	$	29,889
Criticized performing	148		1,494		706		284		463		904		3,999		133		0		4,132
Criticized nonperforming	65		26		124		0		47		163		425		0		0		425
Total commercial and multifamily real estate	3,281		6,185		3,603		1,303		2,614		4,737		21,723		12,698		25		34,446
Commercial and industrial
Noncriticized	6,909		11,935		6,994		3,566		2,359		5,117		36,880		14,822		167		51,869
Criticized performing	353		706		655		237		348		349		2,648		1,189		0		3,837
Criticized nonperforming	13		53		30		18		123		68		305		31		0		336
Total commercial and industrial	7,275		12,694		7,679		3,821		2,830		5,534		39,833		16,042		167		56,042
Total commercial banking	$	10,556	$	18,879	$	11,282	$	5,124	$	5,444	$	10,271	$	61,556	$	28,740	$	192	$	90,488

__________

(1)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

Financial Difficulty Modifications to Borrowers

As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for repossession or foreclosure of collateral.

We consider the impact of all loan modifications when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.

For additional information on Financial Difficulty Modifications (“FDMs”), see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.

The following tables present the major modification types, amortized cost amounts for each modification type and financial effects for all FDMs undertaken during the three and six months ended June 30, 2024 and 2023.

Table 4.6: Financial Difficulty Modifications to Borrowers



	Three Months Ended June 30, 2024
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	178		$	57		$	235		—			—			—			—			—			—			$	235
Term extension	—			—			—			$	5		—			$	5		$	214		$	188		$	402		407
Principal balance reduction	—			—			—			8			—			8			—			15			15			23

Interest rate reduction and term extension	5			—			5			195			—			195			—			6			6			206
Other(1)	—			—			—			2			$	1		3			53			115			168			171
Total loans modified	$	183		$	57		$	240		$	210		$	1		$	211		$	267		$	324		$	591		$	1,042
% of total class of receivables	0.12		%	0.83		%	0.16		%	0.28		%	0.08		%	0.28		%	0.81		%	0.58		%	0.67		%	0.33		%


	Six Months Ended June 30, 2024
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	361		$	86		$	447		—			—			—			—			—			—			$	447
Term extension	—			—			—			$	10		$	2		$	12		$	373		$	327		$	700		712
Principal balance reduction	—			—			—			14			—			14			—			16			16			30

Interest rate reduction and term extension	8			—			8			410			—			410			26			6			32			450

Other(1)	—			—			—			2			1			3			142			115			257			260
Total loans modified	$	369		$	86		$	455		$	436		$	3		$	439		$	541		$	464		$	1,005		$	1,899
% of total class of receivables	0.25		%	1.26		%	0.30		%	0.59		%	0.21		%	0.58		%	1.65		%	0.83		%	1.14		%	0.60		%


	Three Months Ended June 30, 2023
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	154		$	40		$	194		—			—			—			—			—			—			$	194
Term extension	—			—			—			$	41		$	1		$	42		$	147		$	172		$	319		361
Principal balance reduction	—			—			—			7			—			7			64			—			64			71
Interest rate reduction and term extension	—			—			—			173			—			173			—			—			—			173

Other(1)	—			—			—			1			—			1			54			21			75			76
Total loans modified	$	154		$	40		$	194		$	222		$	1		$	223		$	265		$	193		$	458		$	875
% of total class of receivables	0.11		%	0.61		%	0.14		%	0.29		%	0.08		%	0.29		%	0.74		%	0.35		%	0.50		%	0.28		%


	Six Months Ended June 30, 2023
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	285		$	61		$	346		—			—			—			—			—			—			$	346
Term extension	—			—			—			$	77		$	3		$	80		$	246		$	237		$	483		563
Principal balance reduction	—			—			—			12			—			12			64			—			64			76
Principal balance reduction and term extension	—			—			—			—			—			—			—			17			17			17
Interest rate reduction and term extension	—			—			—			330			—			330			—			—			—			330

Other(1)	—			—			—			2			—			2			54			146			200			202
Total loans modified	$	285		$	61		$	346		$	421		$	3		$	424		$	364		$	400		$	764		$	1,534
% of total class of receivables	0.21		%	0.94		%	0.24		%	0.55		%	0.21		%	0.55		%	1.01		%	0.72		%	0.83		%	0.49		%

__________

(1)Primarily consists of modifications or combinations of modifications not categorized above, such as increases in committed exposure, forbearances and other types of modifications in Commercial Banking.

Table 4.7: Financial Effects of Financial Difficulty Modifications to Borrowers



	Three Months Ended June 30, 2024
	Credit Card		Consumer Banking		Commercial Banking
(Dollars in millions)	Domestic Card	International Card Businesses		Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	20.13%	27.08%		8.89%	3.48%	—%	1.50%
Payment delay duration (in months)	12	—		6	36	9	15
Principal balance reduction	—	—		—	—	—	$1


	Six Months Ended June 30, 2024
	Credit Card		Consumer Banking			Commercial Banking
	Domestic Card	International Card Businesses		Auto	Retail Banking		Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	20.06%	26.62%		8.75%	3.48%		0.79%	1.50%
Payment delay duration (in months)	12	—		6	11		7	14
Principal balance reduction	—	—		—	—		—	$15


	Three Months Ended June 30, 2023
	Credit Card		Consumer Banking		Commercial Banking
	Domestic Card	International Card Businesses	Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.06%	27.99%	8.82%	2.00%	—%	—%
Payment delay duration (in months)	—	—	6	20	16	4
Principal balance reduction	—	—	—	—	$20	—


	Six Months Ended June 30, 2023
	Credit Card		Consumer Banking		Commercial Banking
	Domestic Card	International Card Businesses	Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.04%	26.90%	8.78%	2.00%	—%	—%
Payment delay duration (in months)	—	—	6	15	16	6
Principal balance reduction	—	—	—	—	$23	—

Performance of Financial Difficulty Modifications to Borrowers

We monitor loan performance trends, including FDMs, to assess and manage our exposure to credit risk. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information on how the allowance for modified loans is calculated for each portfolio segment. FDMs are accumulated and the performance of each loan that received an FDM is reported on a rolling twelve month basis.

For the interim reporting period ended June 30, 2024, the delinquency status as of this date is shown in the table below for FDMs entered into over the preceding twelve month period. For the interim reporting period ended June 30, 2023, the delinquency status as of this date is shown in the table below for FDMs entered into during the first six months of 2023.

Table 4.8 Delinquency Status of Financial Difficulty Modifications to Borrowers(1)


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	438	$	61	$	45	$	102	$	208	$	646
International card businesses	61		11		11		34		56		117
Total credit card	499		72		56		136		264		763
Consumer Banking:
Auto	564		105		68		24		197		761
Retail banking	8		0		0		1		1		9
Total consumer banking	572		105		68		25		198		770
Commercial Banking:
Commercial and multifamily real estate	622		19		0		0		19		641
Commercial and industrial	863		7		0		72		79		942
Total commercial banking	1,485		26		0		72		98		1,583
Total	$	2,556	$	203	$	124	$	233	$	560	$	3,116


	June 30, 2023
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	160	$	42	$	27	$	56	$	125	$	285
International card businesses	24		6		6		25		37		61
Total credit card	184		48		33		81		162		346
Consumer Banking:
Auto	337		49		26		9		84		421
Retail banking	3		0		0		0		0		3
Total consumer banking	340		49		26		9		84		424
Commercial Banking:
Commercial and multifamily real estate	339		0		0		25		25		364
Commercial and industrial	275		0		13		112		125		400
Total commercial banking	614		0		13		137		150		764
Total	$	1,138	$	97	$	72	$	227	$	396	$	1,534

__________

(1)Commitments to lend additional funds on FDMs totaled $193 million and $48 million as of June 30, 2024 and 2023, respectively.

Subsequent Defaults of Financial Difficulty Modifications to Borrowers

FDMs may subsequently enter default. A default occurs if a FDM is either 90 days or more delinquent, has been charged off, or has been reclassified from accrual to nonaccrual status. Loans that entered a modification program while in default are not considered to have subsequently defaulted for purposes of this disclosure. The allowance for any FDMs that have subsequently defaulted is measured using the same methodology as the allowance for loans held for investment. See “Part II—Item 8.—Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information.

The following table presents FDMs that entered subsequent default for the three and six months ended June 30, 2024 and 2023.

Table 4.9 Subsequent Defaults of Financial Difficulty Modifications to Borrowers


	Three Months Ended June 30, 2024
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	53	$	0	$	1	$	0	$	54
International card businesses	18		0		0		0		18
Total credit card	71		0		1		0		72
Consumer Banking:
Auto	0		2		116		0		118
Retail banking	0		1		0		0		1
Total consumer banking	0		3		116		0		119
Commercial Banking:
Commercial and multifamily real estate	0		0		0		0		0
Commercial and industrial	0		58		0		255		313
Total commercial banking	0		58		0		255		313
Total	$	71	$	61	$	117	$	255	$	504


	Six Months Ended June 30, 2024
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	127	$	0	$	2	$	0	$	129
International card businesses	35		0		0		0		35
Total credit card	162		0		2		0		164
Consumer Banking:
Auto	0		5		219		0		224
Retail banking	0		1		0		0		1
Total consumer banking	0		6		219		0		225
Commercial Banking:
Commercial and multifamily real estate	0		0		0		0		0
Commercial and industrial	0		125		0		255		380
Total commercial banking	0		125		0		255		380
Total	$	162	$	131	$	221	$	255	$	769


	Three Months and Six Months Ended June 30, 2023
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total Loans
Credit Card:
Domestic credit card	$	37	$	0	$	0	$	37
International card businesses	4		0		0		4
Total credit card	41		0		0		41
Consumer Banking:
Auto	0		3		51		54

Total consumer banking	0		3		51		54




Total	$	41	$	3	$	51	$	95

Loans Pledged

We pledged loan collateral of $7.3 billion and $7.4 billion to secure a portion of our FHLB borrowing capacity of $36.9 billion and $32.1 billion as of June 30, 2024 and December 31, 2023, respectively. We also pledged loan collateral of $83.3 billion and $78.3 billion to secure our Federal Reserve Discount Window borrowing capacity of $41.1 billion and $41.4 billion as of June 30, 2024 and December 31, 2023, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 6—Variable Interest Entities and Securitizations” for additional information.

Revolving Loans Converted to Term Loans

For the three and six months ended June 30, 2024, we converted $205 million and $321 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios. For the three and six months ended June 30, 2023, we converted $159 million and $342 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios.

Stockholders' Equity - Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Before Tax
Net unrealized gains (losses) on securities available for sale	$ (244)	$ (1,171)	$ (1,359)	$ 96
Net unrealized losses on hedging relationships	24	(558)	(518)	(30)
Foreign currency translation adjustments	3	9	6	10
Other	0	0	1	0
Other comprehensive income (loss)	(217)	(1,720)	(1,870)	76
Provision (Benefit)
Net unrealized gains (losses) on securities available for sale	(60)	(283)	(331)	22
Net unrealized losses on hedging relationships	6	(134)	(126)	(7)
Foreign currency translation adjustments	4	(25)	20	(37)
Other	0	0	0	0
Other comprehensive income (loss)	(50)	(442)	(437)	(22)
After Tax
Net unrealized gains (losses) on securities available for sale	(184)	(888)	(1,028)	74
Net unrealized losses on hedging relationships	18	(424)	(392)	(23)
Foreign currency translation adjustments	(1)	34	(14)	47
Other	0	0	1	0
Other comprehensive income (loss), net of tax	$ (167)	$ (1,278)	$ (1,433)	$ 98

Variable Interest Entities and Securitizations - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Amortization method qualified affordable housing investments, amortization	$ 356	$ 345
Affordable housing tax credits	414	$ 434
Amortization method qualified affordable housing investments	5,400		$ 5,500
Qualified affordable housing investments, commitment	2,200		2,300
Assets	480,018		478,464
VIE, reporting entity involvement, maximum loss exposure	6,003		6,175
Unconsolidated
Variable Interest Entity [Line Items]
Assets	6,003		6,175
Consolidated
Variable Interest Entity [Line Items]
Assets	33,401		33,288
Affordable housing entities
Variable Interest Entity [Line Items]
VIE, reporting entity involvement, maximum loss exposure	5,603		5,726
Affordable housing entities \| Unconsolidated
Variable Interest Entity [Line Items]
Assets	5,603		5,726
Total assets of the unconsolidated VIE investment funds	18,700		18,700
Affordable housing entities \| Consolidated
Variable Interest Entity [Line Items]
Assets	356		297
Entities that provide capital to low-income and rural communities
Variable Interest Entity [Line Items]
VIE, reporting entity involvement, maximum loss exposure	0		0
Entities that provide capital to low-income and rural communities \| Unconsolidated
Variable Interest Entity [Line Items]
Assets	0		0
Entities that provide capital to low-income and rural communities \| Consolidated
Variable Interest Entity [Line Items]
Assets	2,745		2,498
Other
Variable Interest Entity [Line Items]
VIE, reporting entity involvement, maximum loss exposure	400		449
Other \| Unconsolidated
Variable Interest Entity [Line Items]
Assets	400		449
Other \| Consolidated
Variable Interest Entity [Line Items]
Assets	$ 0		$ 0

Loans - Consumer Banking Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 318,186	$ 320,472
Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	15,290	23,828
Term Loans by Vintage Year, Year 2	20,194	22,721
Term Loans by Vintage Year, Year 3	18,586	17,192
Term Loans by Vintage Year, Year 4	13,497	6,876
Term Loans by Vintage Year, Year 5	4,988	3,053
Prior	2,735	1,380
Total Term Loans	75,290	75,050
Revolving Loans	368	382
Revolving Loans Converted to Term	5	5
Total	75,663	75,437
Auto \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	15,204	23,729
Term Loans by Vintage Year, Year 2	20,114	22,564
Term Loans by Vintage Year, Year 3	18,492	17,134
Term Loans by Vintage Year, Year 4	13,442	6,810
Term Loans by Vintage Year, Year 5	4,930	2,936
Prior	2,203	902
Total Term Loans	74,385	74,075
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Total	74,385	74,075
Retail banking \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	86	99
Term Loans by Vintage Year, Year 2	80	157
Term Loans by Vintage Year, Year 3	94	58
Term Loans by Vintage Year, Year 4	55	66
Term Loans by Vintage Year, Year 5	58	117
Prior	532	478
Total Term Loans	905	975
Revolving Loans	368	382
Revolving Loans Converted to Term	5	5
Total	1,278	1,362
Current \| Retail banking \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	85	98
Term Loans by Vintage Year, Year 2	80	157
Term Loans by Vintage Year, Year 3	94	57
Term Loans by Vintage Year, Year 4	55	65
Term Loans by Vintage Year, Year 5	57	117
Prior	513	468
Total Term Loans	884	962
Revolving Loans	355	363
Revolving Loans Converted to Term	4	4
Total	1,243	1,329
30-59 days \| Retail banking \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	0	1
Term Loans by Vintage Year, Year 2	0	0
Term Loans by Vintage Year, Year 3	0	1
Term Loans by Vintage Year, Year 4	0	1
Term Loans by Vintage Year, Year 5	0	0
Prior	14	1
Total Term Loans	14	4
Revolving Loans	8	11
Revolving Loans Converted to Term	0	0
Total	22	15
60-89 days \| Retail banking \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	0	0
Term Loans by Vintage Year, Year 2	0	0
Term Loans by Vintage Year, Year 3	0	0
Term Loans by Vintage Year, Year 4	0	0
Term Loans by Vintage Year, Year 5	0	0
Prior	1	1
Total Term Loans	1	1
Revolving Loans	3	2
Revolving Loans Converted to Term	0	0
Total	4	3
Greater than 90 days \| Retail banking \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	1	0
Term Loans by Vintage Year, Year 2	0	0
Term Loans by Vintage Year, Year 3	0	0
Term Loans by Vintage Year, Year 4	0	0
Term Loans by Vintage Year, Year 5	1	0
Prior	4	8
Total Term Loans	6	8
Revolving Loans	2	6
Revolving Loans Converted to Term	1	1
Total	9	15
Greater than 660 \| Auto \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	8,444	12,219
Term Loans by Vintage Year, Year 2	10,154	12,593
Term Loans by Vintage Year, Year 3	10,305	9,505
Term Loans by Vintage Year, Year 4	7,455	3,124
Term Loans by Vintage Year, Year 5	2,227	1,213
Prior	823	309
Total Term Loans	39,408	38,963
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Total	39,408	38,963
621-660 \| Auto \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	2,848	4,863
Term Loans by Vintage Year, Year 2	4,175	4,432
Term Loans by Vintage Year, Year 3	3,639	3,346
Term Loans by Vintage Year, Year 4	2,625	1,337
Term Loans by Vintage Year, Year 5	974	592
Prior	452	192
Total Term Loans	14,713	14,762
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Total	14,713	14,762
620 or below \| Auto \| Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
Term Loans by Vintage Year, Year 1	3,912	6,647
Term Loans by Vintage Year, Year 2	5,785	5,539
Term Loans by Vintage Year, Year 3	4,548	4,283
Term Loans by Vintage Year, Year 4	3,362	2,349
Term Loans by Vintage Year, Year 5	1,729	1,131
Prior	928	401
Total Term Loans	20,264	20,350
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Total	$ 20,264	$ 20,350

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles	$ 19	$ 22	$ 38	$ 36

Variable Interest Entities and Securitizations

6 Months Ended

Jun. 30, 2024

Variable Interest Entities and Securitization [Abstract]

Variable Interest Entities and Securitizations


NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS

In the normal course of business, we enter into various types of transactions with entities that are considered to be variable interest entities (“VIEs”). Our primary involvement with VIEs is related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize credit card and auto loans, which provide a source of funding for us and enable us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties.

The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements.

Summary of Consolidated and Unconsolidated VIEs

The assets of our consolidated VIEs primarily consist of cash, loan receivables and the related allowance for credit losses, which we report on our consolidated balance sheets under restricted cash for securitization investors, loans held in consolidated trusts and allowance for credit losses, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs typically do not have recourse to our general credit. Liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations on our consolidated balance sheets. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet the maximum amount of any remaining funding obligations.

The tables below present a summary of VIEs in which we had continuing involvement or held a significant variable interest, aggregated based on VIEs with similar characteristics as of June 30, 2024 and December 31, 2023. We separately present information for consolidated and unconsolidated VIEs.

Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs


	June 30, 2024
	Consolidated				Unconsolidated
(Dollars in millions)	Carrying Amount of Assets		Carrying Amount of Liabilities		Carrying Amount of Assets		Carrying Amount of Liabilities		Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)	$	26,334	$	14,696	$	0	$	0	$	0
Auto loan securitizations	3,966		3,210		0		0		0
Total securitization-related VIEs	30,300		17,906		0		0		0
Other VIEs:(3)
Affordable housing entities	356		75		5,603		1,995		5,603
Entities that provide capital to low-income and rural communities	2,745		10		0		0		0
Other(4)	0		0		400		8		400
Total other VIEs	3,101		85		6,003		2,003		6,003
Total VIEs	$	33,401	$	17,991	$	6,003	$	2,003	$	6,003


	December 31, 2023
	Consolidated				Unconsolidated
(Dollars in millions)	Carrying Amount of Assets		Carrying Amount of Liabilities		Carrying Amount of Assets		Carrying Amount of Liabilities		Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)	$	25,474	$	14,692	$	0	$	0	$	0
Auto loan securitizations	5,019		4,021		0		0		0
Total securitization-related VIEs	30,493		18,713		0		0		0
Other VIEs:(3)
Affordable housing entities	297		23		5,726		2,085		5,726
Entities that provide capital to low-income and rural communities	2,498		10		0		0		0
Other(4)	0		0		449		0		449
Total other VIEs	2,795		33		6,175		2,085		6,175
Total VIEs	$	33,288	$	18,746	$	6,175	$	2,085	$	6,175

__________

(1)Excludes insignificant VIEs from previously exited businesses.

(2)Represents the carrying amount of assets and liabilities of the VIE, which includes the seller’s interest and repurchased notes held by other related parties.

(3)In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.7 billion of assets and $1.0 billion of liabilities as of June 30, 2024, and $2.6 billion of assets and $989 million of liabilities as of December 31, 2023.

(4)Primarily consists of variable interests in companies that promote renewable energy sources and other equity method investments.

Securitization-Related VIEs

In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests.

In our multifamily agency business, we originate multifamily commercial real estate loans and transfer them to government-sponsored enterprises (“GSEs”) who may, in turn, securitize them. We retain the related mortgage servicing rights (“MSRs”) and service the transferred loans pursuant to the guidelines set forth by the GSEs. As an investor, we hold primarily RMBS, CMBS, and ABS in our investment securities portfolio, which represent variable interests in the respective securitization trusts from which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant as we either solely invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the VIE and ourselves. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets as well as our contractual obligations under loss sharing arrangements. See “Note 14—Commitments, Contingencies, Guarantees and Others” for information about the loss sharing agreements, “Note 7—Goodwill and Other Intangible Assets” for information related to our MSRs associated with these securitizations and “Note 3—Investment Securities” for more information on the securities held in our investment securities portfolio. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have also excluded these VIEs from the tables presented in this note. See “Note 4—Loans” for additional information regarding our lending arrangements in the normal course of business.

The table below presents our continuing involvement in certain securitization-related VIEs as of June 30, 2024 and December 31, 2023.

Table 6.2: Continuing Involvement in Securitization-Related VIEs


(Dollars in millions)	Credit Card		Auto
June 30, 2024:
Securities held by third-party investors	$	14,087	$	3,204
Receivables in the trusts	25,265		3,797
Cash balance of spread or reserve accounts	0		19
Retained interests	Yes		Yes
Servicing retained	Yes		Yes
December 31, 2023:
Securities held by third-party investors	$	14,029	$	4,014
Receivables in the trusts	26,404		4,839
Cash balance of spread or reserve accounts	0		19
Retained interests	Yes		Yes
Servicing retained	Yes		Yes

Credit Card Securitizations

We securitize a portion of our credit card loans which provides a source of funding for us. Credit card securitizations involve the transfer of credit card receivables to securitization trusts. These trusts then issue debt securities collateralized by the transferred receivables to third-party investors. We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts.

Auto Securitizations

Similar to our credit card securitizations, we securitize a portion of our auto loans which provides a source of funding for us. Auto securitizations involve the transfer of auto loans to securitization trusts. These trusts then issue debt securities collateralized by the transferred loans to third-party investors. We hold certain retained interests and continue to service the loans in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts.

Other VIEs

Affordable Housing Entities

As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multifamily affordable housing properties, a majority of which are VIEs. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for our investments in qualified affordable housing projects using the proportional amortization method, where costs of the investment are amortized over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the six months ended June 30, 2024 and 2023, we recognized amortization of $356 million and $345 million, respectively, and tax credits of $414 million and $434 million, respectively, associated with these investments within income tax provision. The carrying value of our equity investments in these qualified affordable housing projects was $5.4 billion and $5.5 billion as of June 30, 2024 and December 31, 2023, respectively. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $2.2 billion and $2.3 billion as of June 30, 2024 and December 31, 2023, respectively, and is largely expected to be paid from 2024 to 2027.

For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our maximum exposure to these entities is limited to our variable interests in the entities which consisted of assets of approximately $5.6 billion and $5.7 billion as of June 30, 2024 and December 31, 2023, respectively. The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were approximately $18.7 billion as of both June 30, 2024 and December 31, 2023.

Entities that Provide Capital to Low-Income and Rural Communities

We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. We consolidate other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $2.7 billion and $2.5 billion as of June 30, 2024 and December 31, 2023, respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.

Other

We hold variable interests in other VIEs, including companies that promote renewable energy sources and other equity method investments. We are not required to consolidate these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these VIEs is limited to the investments on our consolidated balance sheets of $400 million and $449 million as of June 30, 2024 and December 31, 2023, respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-13300
Entity Registrant Name	CAPITAL ONE FINANCIAL CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1719854
Entity Address, Address Line One	1680 Capital One Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	720-1000
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	381,856,146
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000927628
Current Fiscal Year End Date	--12-31
Common Stock (par value $.01 per share)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock (par value $.01 per share)
Trading Symbol	COF
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I
Trading Symbol	COF PRI
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J
Trading Symbol	COF PRJ
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K
Trading Symbol	COF PRK
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L
Trading Symbol	COF PRL
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N
Trading Symbol	COF PRN
Security Exchange Name	NYSE
1.650% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.650% Senior Notes Due 2029
Trading Symbol	COF29
Security Exchange Name	NYSE

Loans - Loan Portfolio Composition and Aging Analysis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Current	$ 306,641	$ 307,695
Total	$ 318,186	$ 320,472
Current, percentage of total loans	96.37%	96.01%
Percentage of total loans	100.00%	100.00%
Unamortized premiums and discounts, deferred fees and costs	$ 1,300	$ 1,400
Credit Card:
Financing Receivable, Past Due [Line Items]
Current	147,484	147,412
Total	153,895	154,547
Consumer Banking:
Financing Receivable, Past Due [Line Items]
Current	70,858	70,097
Total	75,663	75,437
Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
Current	69,615	68,768
Total	74,385	74,075
Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
Current	1,243	1,329
Total	1,278	1,362
Commercial Banking:
Financing Receivable, Past Due [Line Items]
Current	88,299	90,186
Total	88,628	90,488
Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
Current	32,643	34,325
Total	32,832	34,446
Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Current	55,656	55,861
Total	55,796	56,042
30-59 days
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 4,808	$ 5,367
Delinquent Loans, percentage of total loans	1.51%	1.68%
30-59 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 1,884	$ 2,084
30-59 days \| Consumer Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	2,895	3,283
30-59 days \| Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
Delinquent Loans	2,873	3,268
30-59 days \| Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
Delinquent Loans	22	15
Total	22	15
30-59 days \| Commercial Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	29	0
30-59 days \| Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
Delinquent Loans	21	0
30-59 days \| Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Delinquent Loans	8	0
60-89 days
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 2,890	$ 3,119
Delinquent Loans, percentage of total loans	0.91%	0.97%
60-89 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 1,419	$ 1,547
60-89 days \| Consumer Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	1,466	1,558
60-89 days \| Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
Delinquent Loans	1,462	1,555
60-89 days \| Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
Delinquent Loans	4	3
Total	4	3
60-89 days \| Commercial Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	5	14
60-89 days \| Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
Delinquent Loans	5	14
60-89 days \| Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Delinquent Loans	0	0
Greater than 90 days
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 3,847	$ 4,291
Delinquent Loans, percentage of total loans	1.21%	1.34%
Greater than 90 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 3,108	$ 3,504
Greater than 90 days \| Consumer Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	444	499
Greater than 90 days \| Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
Delinquent Loans	435	484
Greater than 90 days \| Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
Delinquent Loans	9	15
Total	9	15
Greater than 90 days \| Commercial Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	295	288
Greater than 90 days \| Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
Delinquent Loans	163	107
Greater than 90 days \| Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Delinquent Loans	132	181
Total Delinquent Loans
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 11,545	$ 12,777
Total Delinquent Loans, percentage of total loans	3.63%	3.99%
Total Delinquent Loans \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 6,411	$ 7,135
Total Delinquent Loans \| Consumer Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	4,805	5,340
Total Delinquent Loans \| Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
Delinquent Loans	4,770	5,307
Total Delinquent Loans \| Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
Delinquent Loans	35	33
Total Delinquent Loans \| Commercial Banking:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	329	302
Total Delinquent Loans \| Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
Delinquent Loans	189	121
Total Delinquent Loans \| Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Delinquent Loans	140	181
Domestic credit card: \| Credit Card:
Financing Receivable, Past Due [Line Items]
Current	140,978	140,860
Total	147,065	147,666
Domestic credit card: \| 30-59 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	1,770	1,968
Total	1,770	1,968
Domestic credit card: \| 60-89 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	1,350	1,471
Total	1,350	1,471
Domestic credit card: \| Greater than 90 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	2,967	3,367
Total	2,967	3,367
Domestic credit card: \| Total Delinquent Loans \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	6,087	6,806
International card businesses: \| Credit Card:
Financing Receivable, Past Due [Line Items]
Current	6,506	6,552
Total	6,830	6,881
International card businesses: \| 30-59 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	114	116
Total	114	116
International card businesses: \| 60-89 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	69	76
Total	69	76
International card businesses: \| Greater than 90 days \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	141	137
Total	141	137
International card businesses: \| Total Delinquent Loans \| Credit Card:
Financing Receivable, Past Due [Line Items]
Delinquent Loans	$ 324	$ 329

Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative liabilities
Gross Amounts	$ 2,773	$ 2,932
Financial Instruments	(236)	(433)
Cash Collateral Pledged	(135)	(164)
Net Amounts as Recognized	2,402	2,335
Securities Collateral Pledged Under Master Netting Agreements	(24)	(13)
Net Exposure	2,378	2,322
Repurchase agreements
Gross Amounts	715	538
Financial Instruments	0	0
Cash Collateral Pledged	0	0
Net Amounts as Recognized	715	538
Securities Collateral Pledged Under Master Netting Agreements	(715)	(538)
Net Exposure	0	0
Derivative, collateral, obligation to return cash	1,100	858
Derivative, collateral, obligation to return securities	6	16
Derivative, collateral, right to reclaim cash	1,600	1,700
Securities sold under repurchase agreements, fair value of collateral	$ 729	$ 549

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Securities available for sale, amortized cost	$ 89,554	$ 88,063
Allowance for credit losses	3	4
Loans held for sale	$ 394	$ 347
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	4,975,000	4,975,000
Preferred stock, shares outstanding (in shares)	4,975,000	4,975,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	700,703,094	696,242,668
Common stock, shares outstanding (in shares)	381,856,146	380,389,609
Treasury stock, shares (in shares)	318,846,948	315,853,059
Treasury stock, par value (in dollars per share)	$ 0.01	$ 0.01

Deposits and Borrowings - Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 47,241	$ 49,318
Total short-term borrowings and long-term debt	47,956	49,856
Time deposits, at or above FDIC insurance limit	14,500	15,800
Deposit liability, uninsured	9,300	9,000
Senior and subordinated notes	29,925	31,248
Euro
Debt Instrument [Line Items]
Senior and subordinated notes	$ 469	1,300
Securitized debt obligations
Debt Instrument [Line Items]
Weighted-Average Interest Rate	2.97%
Carrying value	$ 17,291	18,043
Total senior and subordinated notes
Debt Instrument [Line Items]
Carrying value	$ 29,925	31,248
Senior notes \| Total unsecured senior debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	4.70%
Carrying value	$ 26,221	27,517
Senior notes \| Fixed unsecured senior debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	4.70%
Carrying value	$ 26,221	27,168
Senior notes \| Floating unsecured senior debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	0.00%
Carrying value	$ 0	349
Subordinated notes \| Fixed unsecured subordinated debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	3.57%
Carrying value	$ 3,704	3,731
Other long-term borrowings
Debt Instrument [Line Items]
Weighted-Average Interest Rate	6.53%
Carrying value	$ 25	$ 27
Minimum \| Securitized debt obligations
Debt Instrument [Line Items]
Stated Interest Rates	0.55%
Minimum \| Senior notes \| Fixed unsecured senior debt
Debt Instrument [Line Items]
Stated Interest Rates	1.65%
Minimum \| Subordinated notes \| Fixed unsecured subordinated debt
Debt Instrument [Line Items]
Stated Interest Rates	2.36%
Minimum \| Other long-term borrowings
Debt Instrument [Line Items]
Stated Interest Rates	1.20%
Maximum \| Securitized debt obligations
Debt Instrument [Line Items]
Stated Interest Rates	6.14%
Maximum \| Senior notes \| Fixed unsecured senior debt
Debt Instrument [Line Items]
Stated Interest Rates	7.62%
Maximum \| Subordinated notes \| Fixed unsecured subordinated debt
Debt Instrument [Line Items]
Stated Interest Rates	4.20%
Maximum \| Other long-term borrowings
Debt Instrument [Line Items]
Stated Interest Rates	9.91%

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle

Standard

Guidance

Adoption Timing and

Financial Statement Impacts

Tax Credit Investments

ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Issued March 2023

Our adoption of this standard did not have a material impact on our consolidated financial statements.

See “Consolidated Statements of Changes in Stockholders’ Equity” and “Note 6—Variable Interest Entities and Securitizations” for additional disclosures.

Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share


NOTE 11—EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share.

Table 11.1: Computation of Basic and Diluted Earnings per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share data)	2024		2023		2024		2023


Net income	$	597	$	1,431	$	1,877	$	2,391
Dividends and undistributed earnings allocated to participating securities	(9)		(23)		(32)		(39)
Preferred stock dividends	(57)		(57)		(114)		(114)

Net income available to common stockholders	$	531	$	1,351	$	1,731	$	2,238

Total weighted-average basic common shares outstanding	383.1		382.8		382.7		382.7
Effect of dilutive securities:(1)
Stock options	0.2		0.1		0.2		0.1
Other contingently issuable shares	0.6		0.8		0.8		1.0
Total effect of dilutive securities	0.8		0.9		1.0		1.1
Total weighted-average diluted common shares outstanding	383.9		383.7		383.7		383.8
Basic earnings per common share:


Net income per basic common share	$	1.39	$	3.53	$	4.52	$	5.85
Diluted earnings per common share:(1)


Net income per diluted common share	$	1.38	$	3.52	$	4.51	$	5.83

__________

(1)Excluded from the computation of diluted earnings per share were awards of 64 thousand shares and 20 thousand shares for the six months ended June 30, 2024 and June 30, 2023, respectively, because their inclusion would be anti-dilutive. There were no awards excluded from the computation of dilutive earning per share for the three months ended June 30, 2024 and June 30, 2023.

Variable Interest Entities and Securitizations (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entities and Securitization [Abstract]

Carrying Amount of Assets and Liabilities of Variable Interest Entities

Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs


	June 30, 2024
	Consolidated				Unconsolidated
(Dollars in millions)	Carrying Amount of Assets		Carrying Amount of Liabilities		Carrying Amount of Assets		Carrying Amount of Liabilities		Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)	$	26,334	$	14,696	$	0	$	0	$	0
Auto loan securitizations	3,966		3,210		0		0		0
Total securitization-related VIEs	30,300		17,906		0		0		0
Other VIEs:(3)
Affordable housing entities	356		75		5,603		1,995		5,603
Entities that provide capital to low-income and rural communities	2,745		10		0		0		0
Other(4)	0		0		400		8		400
Total other VIEs	3,101		85		6,003		2,003		6,003
Total VIEs	$	33,401	$	17,991	$	6,003	$	2,003	$	6,003


	December 31, 2023
	Consolidated				Unconsolidated
(Dollars in millions)	Carrying Amount of Assets		Carrying Amount of Liabilities		Carrying Amount of Assets		Carrying Amount of Liabilities		Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)	$	25,474	$	14,692	$	0	$	0	$	0
Auto loan securitizations	5,019		4,021		0		0		0
Total securitization-related VIEs	30,493		18,713		0		0		0
Other VIEs:(3)
Affordable housing entities	297		23		5,726		2,085		5,726
Entities that provide capital to low-income and rural communities	2,498		10		0		0		0
Other(4)	0		0		449		0		449
Total other VIEs	2,795		33		6,175		2,085		6,175
Total VIEs	$	33,288	$	18,746	$	6,175	$	2,085	$	6,175

__________

(1)Excludes insignificant VIEs from previously exited businesses.

(2)Represents the carrying amount of assets and liabilities of the VIE, which includes the seller’s interest and repurchased notes held by other related parties.

(4)Primarily consists of variable interests in companies that promote renewable energy sources and other equity method investments.

External Debt and Receivable Balances of Securitization Programs

The table below presents our continuing involvement in certain securitization-related VIEs as of June 30, 2024 and December 31, 2023.

Table 6.2: Continuing Involvement in Securitization-Related VIEs


(Dollars in millions)	Credit Card		Auto
June 30, 2024:
Securities held by third-party investors	$	14,087	$	3,204
Receivables in the trusts	25,265		3,797
Cash balance of spread or reserve accounts	0		19
Retained interests	Yes		Yes
Servicing retained	Yes		Yes
December 31, 2023:
Securities held by third-party investors	$	14,029	$	4,014
Receivables in the trusts	26,404		4,839
Cash balance of spread or reserve accounts	0		19
Retained interests	Yes		Yes
Servicing retained	Yes		Yes

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Commitments, Contingencies, Guarantees and Others - Unfunded Lending Commitments: Contractual Amount and Carrying Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Total unfunded lending commitments, contractual amount	$ 459,213	$ 441,283
Off-balance sheet lending commitment, carrying value	93	122
Credit Card:
Loss Contingencies [Line Items]
Credit car lines, contractual amount	412,030	392,867
Other loan commitments
Loss Contingencies [Line Items]
Credit car lines, contractual amount	45,823	46,951
Off-balance sheet lending commitment, carrying value	68	99
Advised line of credit	5,300	4,700
Letter of credit
Loss Contingencies [Line Items]
Standby letters of credit and commercial letters of credit, contractual amount	1,360	1,465
Off-balance sheet lending commitment, carrying value	$ 25	$ 23

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts	$ 2,456	$ 2,675
Financial Instruments	(236)	(433)
Cash Collateral Received	(798)	(572)
Net Amounts as Recognized	1,422	1,670
Securities Collateral Held Under Master Netting Agreements	(9)	(22)
Net Exposure	$ 1,413	$ 1,648

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

The table below presents the amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value aggregated by major security type as of June 30, 2024 and December 31, 2023. Accrued interest receivable of $245 million and $227 million as of June 30, 2024 and December 31, 2023, respectively, is not included in the table below.

Table 3.1: Investment Securities Available for Sale


	June 30, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
U.S. Treasury securities	$	6,053	$	0	$	2	$	(26)	$	6,029
RMBS:
Agency	71,516		0		56		(9,756)		61,816
Non-agency	589		(3)		78		(6)		658
Total RMBS	72,105		(3)		134		(9,762)		62,474
Agency CMBS	8,853		0		22		(675)		8,200
Other securities(1)	2,543		0		4		0		2,547
Total investment securities available for sale	$	89,554	$	(3)	$	162	$	(10,463)	$	79,250


	December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
U.S. Treasury securities	$	5,330	$	0	$	1	$	(49)	$	5,282
RMBS:
Agency	71,294		0		104		(8,450)		62,948
Non-agency	610		(4)		89		(5)		690
Total RMBS	71,904		(4)		193		(8,455)		63,638
Agency CMBS	8,961		0		14		(652)		8,323
Other securities(1)	1,868		0		6		0		1,874
Total investment securities available for sale	$	88,063	$	(4)	$	214	$	(9,156)	$	79,117

__________

(1)Includes $2.1 billion and $1.4 billion of asset-backed securities (“ABS”) as of June 30, 2024 and December 31, 2023, respectively. The remaining amount is primarily comprised of supranational bonds, foreign government bonds and U.S. agency debt bonds.

Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position

The table below provides the gross unrealized losses and fair value of our securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023. The amounts include securities available for sale without an allowance for credit losses.

Table 3.2: Securities in a Gross Unrealized Loss Position


	June 30, 2024
	Less than 12 Months				12 Months or Longer				Total
(Dollars in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities	$	1,329	$	(3)	$	2,014	$	(23)	$	3,343	$	(26)
RMBS:
Agency	5,024		(42)		53,037		(9,714)		58,061		(9,756)
Non-agency	4		0		12		(1)		16		(1)
Total RMBS	5,028		(42)		53,049		(9,715)		58,077		(9,757)
Agency CMBS	632		(7)		6,262		(668)		6,894		(675)
Other securities	713		0		96		0		809		0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)	$	7,702	$	(52)	$	61,421	$	(10,406)	$	69,123	$	(10,458)


	December 31, 2023
	Less than 12 Months				12 Months or Longer				Total
(Dollars in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities	$	733	$	0	$	2,242	$	(49)	$	2,975	$	(49)
RMBS:
Agency	3,511		(43)		53,987		(8,407)		57,498		(8,450)
Non-agency	1		0		13		(1)		14		(1)
Total RMBS	3,512		(43)		54,000		(8,408)		57,512		(8,451)
Agency CMBS	547		(7)		6,465		(645)		7,012		(652)
Other securities	276		0		4		0		280		0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)	$	5,068	$	(50)	$	62,711	$	(9,102)	$	67,779	$	(9,152)

__________

(1) Consists of approximately 2,790 and 2,740 securities in gross unrealized loss positions as of June 30, 2024 and December 31, 2023, respectively.

Schedule of Contractual Maturities for Securities

The table below summarizes, as of June 30, 2024, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost and weighted-average yields of our investment securities by contractual maturity. Since borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average yield below represents the effective yield for the investment securities and is calculated based on the amortized cost of each security.

Table 3.3: Contractual Maturities and Weighted-Average Yields of Securities


	June 30, 2024
(Dollars in millions)	Due in 1 Year or Less		Due > 1 Year through 5 Years		Due > 5 Years through 10 Years		Due > 10 Years		Total
Fair value of securities available for sale:
U.S. Treasury securities	$	4,004	$	1,128	$	897	$	0	$	6,029
RMBS(1):
Agency	2		79		1,058		60,677		61,816
Non-agency	0		0		8		650		658
Total RMBS	2		79		1,066		61,327		62,474
Agency CMBS(1)	523		2,643		3,082		1,952		8,200
Other securities	277		2,250		20		0		2,547
Total securities available for sale	$	4,806	$	6,100	$	5,065	$	63,279	$	79,250
Amortized cost of securities available for sale	$	4,825	$	6,277	$	5,441	$	73,011	$	89,554
Weighted-average yield for securities available for sale	4.44%		4.19%		3.77%		3.18%		3.36%

__________

(1)As of June 30, 2024, the weighted-average expected maturities of RMBS and Agency CMBS were 7.9 years and 4.2 years, respectively.

Commitments, Contingencies, Guarantees and Others - Loss Sharing Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss sharing agreements
Loss Contingencies [Line Items]
Guarantee obligation	$ 137	$ 137

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Business Segments and Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Results and Reconciliation

The following table presents our business segment results for the three and six months ended June 30, 2024 and 2023, selected balance sheet data as of June 30, 2024 and 2023, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits.

Table 13.1: Segment Results and Reconciliation



	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	5,294	$	2,025	$	609	$	(382)	$	7,546
Non-interest income	1,506		172		271		11		1,960
Total net revenue (loss)(2)	6,800		2,197		880		(371)		9,506
Provision for credit losses	3,545		330		34		0		3,909
Non-interest expense	3,134		1,250		483		79		4,946
Income (loss) from continuing operations before income taxes	121		617		363		(450)		651
Income tax provision (benefit)	30		146		85		(207)		54
Income (loss) from continuing operations, net of tax	$	91	$	471	$	278	$	(243)	$	597
Loans held for investment	$	153,895	$	75,663	$	88,628	$	0	$	318,186
Deposits	0		305,422		29,210		16,810		351,442


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	10,566	$	4,036	$	1,208	$	(776)	$	15,034
Non-interest income	2,982		331		552		9		3,874
Total net revenue (loss)(2)	13,548		4,367		1,760		(767)		18,908
Provision for credit losses	5,804		756		32		0		6,592
Non-interest expense	6,363		2,496		998		226		10,083
Income (loss) from continuing operations before income taxes	1,381		1,115		730		(993)		2,233
Income tax provision (benefit)	329		263		172		(408)		356
Income (loss) from continuing operations, net of tax	$	1,052	$	852	$	558	$	(585)	$	1,877
Loans held for investment	$	153,895	$	75,663	$	88,628	$	0	$	318,186
Deposits	0		305,422		29,210		16,810		351,442



	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	4,727	$	2,269	$	632	$	(515)	$	7,113
Non-interest income (loss)	1,499		149		257		(6)		1,899
Total net revenue (loss)(2)	6,226		2,418		889		(521)		9,012
Provision for credit losses	2,084		259		146		1		2,490
Non-interest expense	3,020		1,231		482		61		4,794
Income (loss) from continuing operations before income taxes	1,122		928		261		(583)		1,728
Income tax provision (benefit)	265		219		61		(248)		297
Income (loss) from continuing operations, net of tax	$	857	$	709	$	200	$	(335)	$	1,431
Loans held for investment	$	142,491	$	77,280	$	91,552	$	0	$	311,323
Deposits	0		286,174		36,793		20,738		343,705


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	9,384	$	4,629	$	1,280	$	(994)	$	14,299
Non-interest income	2,862		284		469		1		3,616
Total net revenue (loss)(2)	12,246		4,913		1,749		(993)		17,915
Provision for credit losses	4,345		534		405		1		5,285
Non-interest expense	6,058		2,514		1,012		155		9,739
Income (loss) from continuing operations before income taxes	1,843		1,865		332		(1,149)		2,891
Income tax provision (benefit)	437		440		78		(455)		500
Income (loss) from continuing operations, net of tax	$	1,406	$	1,425	$	254	$	(694)	$	2,391
Loans held for investment	$	142,491	$	77,280	$	91,552	$	0	$	311,323
Deposits	0		286,174		36,793		20,738		343,705

_________

(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(2)Total net revenue was reduced by $649 million and $1.3 billion in the three and six months ended June 30, 2024, respectively, and $443 million and $848 million in the three and six months ended June 30, 2023, respectively, for credit card finance charges and fees charged off as uncollectible.

Disaggregation of Revenue

The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and six months ended June 30, 2024 and 2023.

Table 13.2: Revenue from Contracts with Customers and Reconciliation to Segment Results



	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	1,116	$	107	$	26	$	0	$	1,249
Service charges and other customer-related fees	0		22		74		0		96
Other	83		38		2		0		123
Total contract revenue	1,199		167		102		0		1,468
Revenue from other sources	307		5		169		11		492
Total non-interest income	$	1,506	$	172	$	271	$	11	$	1,960


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	2,136	$	205	$	53	$	0	$	2,394
Service charges and other customer-related fees	0		43		147		0		190
Other	204		65		5		0		274
Total contract revenue	2,340		313		205		0		2,858
Revenue from other sources	642		18		347		9		1,016
Total non-interest income	$	2,982	$	331	$	552	$	9	$	3,874



	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	1,111	$	92	$	10	$	0	$	1,213
Service charges and other customer-related fees	0		22		55		0		77
Other	91		27		8		0		126
Total contract revenue	1,202		141		73		0		1,416
Revenue (reduction) from other sources	297		8		184		(6)		483
Total non-interest income (loss)	$	1,499	$	149	$	257	$	(6)	$	1,899


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	2,136	$	178	$	37	$	1	$	2,352
Service charges and other customer-related fees	0		43		95		(1)		137
Other	146		46		13		0		205
Total contract revenue	2,282		267		145		0		2,694
Revenue from other sources	580		17		324		1		922
Total non-interest income	$	2,862	$	284	$	469	$	1	$	3,616

__________

(2)Interchange fees are presented net of customer reward expenses

Commitments, Contingencies, Guarantees and Others - Litigation (Details) $ in Millions	Jun. 30, 2024 USD ($) claim
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 200
Cybersecurity Incident
Loss Contingencies [Line Items]
Number of consumer class action cases filed for cybersecurity incident \| claim	5
Penalty paid to the US treasury	$ 80

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Segments (Details)	6 Months Ended
	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	3

Deposits and Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Components of Deposits, Short-Term Borrowings and Long-Term Debt

The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of June 30, 2024 and December 31, 2023. The carrying value presented below for these borrowings includes any unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.

Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt


(Dollars in millions)	June 30, 2024		December 31, 2023
Deposits:
Non-interest-bearing deposits	$	27,005	$	28,024
Interest-bearing deposits(1)	324,437		320,389
Total deposits	$	351,442	$	348,413
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	715	$	538

Total short-term borrowings	$	715	$	538


	June 30, 2024					December 31, 2023
(Dollars in millions)	Maturity Dates	Stated Interest Rates	Weighted-Average Interest Rate	Carrying Value		Carrying Value
Long-term debt:
Securitized debt obligations	2024-2028	0.55% - 6.14%	2.97%	$	17,291	$	18,043
Senior and subordinated notes:
Fixed unsecured senior debt(2)	2024-2035	1.65 - 7.62	4.70	26,221		27,168
Floating unsecured senior debt	—	—	—	0		349
Total unsecured senior debt			4.70	26,221		27,517
Fixed unsecured subordinated debt	2025-2032	2.36 - 4.20	3.57	3,704		3,731
Total senior and subordinated notes				29,925		31,248
Other long-term borrowings	2024-2031	1.20 - 9.91	6.53	25		27
Total long-term debt				$	47,241	$	49,318
Total short-term borrowings and long-term debt				$	47,956	$	49,856

__________

(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of June 30, 2024, the total time deposit amount with some portion in excess of the insured amount was $14.5 billion and the portion of total time deposits estimated to be uninsured was $9.3 billion. As of December 31, 2023, the total time deposit amount with some portion in excess of the insured amount was $15.8 billion and the portion of total time deposits estimated to be uninsured was $9.0 billion.

(2)Includes $469 million and $1.3 billion of Euro (“EUR”) denominated unsecured notes as of June 30, 2024 and December 31, 2023, respectively.

Derivative Instruments and Hedging Activities - Effects of Fair Value and Cash Flow Hedge Accounting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Investment Securities	$ 700	$ 639	$ 1,387	$ 1,254
Loans, Including Loans Held for Sale	9,993	9,057	19,913	17,780
Other	587	470	1,157	886
Interest-bearing Deposits	(2,874)	(2,277)	(5,686)	(4,133)
Securitized Debt Obligations	(258)	(236)	(519)	(447)
Senior and Subordinated Notes	(591)	(528)	(1,197)	(1,017)
Non-interest income (expense)	252	275	559	474
Amortization expense (benefit)	(18)	(21)	(41)	(36)
Non-Interest Income, Other
Interest income:
Realized gain (loss) on foreign exchange contracts reclassified from AOCI	(19)	(22)	55	(30)
Fair value hedges \| Investment Securities
Interest income:
Net income (expense) recognized on fair value hedges	24	20	51	35
Fair value hedges \| Loans, Including Loans Held for Sale
Interest income:
Net income (expense) recognized on fair value hedges	0	0	0	0
Fair value hedges \| Other
Interest income:
Net income (expense) recognized on fair value hedges	0	0	0	0
Fair value hedges \| Interest-bearing Deposits
Interest income:
Net income (expense) recognized on fair value hedges	(98)	(97)	(205)	(177)
Fair value hedges \| Securitized Debt Obligations
Interest income:
Net income (expense) recognized on fair value hedges	(119)	(101)	(237)	(186)
Fair value hedges \| Senior and Subordinated Notes
Interest income:
Net income (expense) recognized on fair value hedges	(210)	(218)	(438)	(407)
Fair value hedges \| Non-Interest Income, Other
Interest income:
Net income (expense) recognized on fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Investment Securities
Interest income:
Interest recognized on derivatives	41	38	86	71
Gains (losses) recognized on derivatives	(14)	29	7	(20)
Gains (losses) recognized on hedged items	(3)	(47)	(42)	(16)
Excluded component of fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Loans, Including Loans Held for Sale
Interest income:
Interest recognized on derivatives	0	0	0	0
Gains (losses) recognized on derivatives	0	0	0	0
Gains (losses) recognized on hedged items	0	0	0	0
Excluded component of fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Other
Interest income:
Interest recognized on derivatives	0	0	0	0
Gains (losses) recognized on derivatives	0	0	0	0
Gains (losses) recognized on hedged items	0	0	0	0
Excluded component of fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Interest-bearing Deposits
Interest income:
Interest recognized on derivatives	(97)	(96)	(204)	(174)
Gains (losses) recognized on derivatives	37	(224)	(34)	(46)
Gains (losses) recognized on hedged items	(38)	223	33	43
Excluded component of fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Securitized Debt Obligations
Interest income:
Interest recognized on derivatives	(119)	(101)	(237)	(185)
Gains (losses) recognized on derivatives	70	(162)	51	(14)
Gains (losses) recognized on hedged items	(70)	162	(51)	13
Excluded component of fair value hedges	0	0	0	0
Fair value hedges \| Interest rate contracts: \| Senior and Subordinated Notes
Interest income:
Interest recognized on derivatives	(256)	(259)	(523)	(479)
Gains (losses) recognized on derivatives	48	(389)	(268)	(2)
Gains (losses) recognized on hedged items	(10)	430	346	75
Excluded component of fair value hedges	8	0	7	(1)
Fair value hedges \| Interest rate contracts: \| Non-Interest Income, Other
Interest income:
Interest recognized on derivatives	0	0	0	0
Gains (losses) recognized on derivatives	(8)	8	(39)	25
Gains (losses) recognized on hedged items	8	(8)	39	(25)
Excluded component of fair value hedges	0	0	0	0
Cash flow hedges \| Investment Securities
Interest income:
Net income (expense) recognized on cash flow hedges	0	0	0	0
Cash flow hedges \| Loans, Including Loans Held for Sale
Interest income:
Net income (expense) recognized on cash flow hedges	(313)	(297)	(622)	(559)
Cash flow hedges \| Other
Interest income:
Net income (expense) recognized on cash flow hedges	3	3	5	6
Cash flow hedges \| Interest-bearing Deposits
Interest income:
Net income (expense) recognized on cash flow hedges	0	0	0	0
Cash flow hedges \| Securitized Debt Obligations
Interest income:
Net income (expense) recognized on cash flow hedges	0	0	0	0
Cash flow hedges \| Senior and Subordinated Notes
Interest income:
Net income (expense) recognized on cash flow hedges	0	0	0	0
Cash flow hedges \| Non-Interest Income, Other
Interest income:
Net income (expense) recognized on cash flow hedges	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Investment Securities
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Loans, Including Loans Held for Sale
Interest income:
Realized gains (losses) reclassified from AOCI into net income	(313)	(297)	(622)	(559)
Cash flow hedges \| Interest rate contracts: \| Other
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Interest-bearing Deposits
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Securitized Debt Obligations
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Senior and Subordinated Notes
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Interest rate contracts: \| Non-Interest Income, Other
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Investment Securities
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Loans, Including Loans Held for Sale
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Other
Interest income:
Realized gains (losses) reclassified from AOCI into net income	3	3	5	6
Cash flow hedges \| Foreign exchange and other contracts \| Interest-bearing Deposits
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Securitized Debt Obligations
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Senior and Subordinated Notes
Interest income:
Realized gains (losses) reclassified from AOCI into net income	0	0	0	0
Cash flow hedges \| Foreign exchange and other contracts \| Non-Interest Income, Other
Interest income:
Realized gains (losses) reclassified from AOCI into net income	$ 0	$ 0	$ 0	$ 0

Deposits and Borrowings

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Deposits and Borrowings


NOTE 8—DEPOSITS AND BORROWINGS

Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits, represent our largest source of funding for our assets and operations. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.

Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of June 30, 2024 and December 31, 2023. The carrying value presented below for these borrowings includes any unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.

Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt


(Dollars in millions)	June 30, 2024		December 31, 2023
Deposits:
Non-interest-bearing deposits	$	27,005	$	28,024
Interest-bearing deposits(1)	324,437		320,389
Total deposits	$	351,442	$	348,413
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase	$	715	$	538

Total short-term borrowings	$	715	$	538


	June 30, 2024					December 31, 2023
(Dollars in millions)	Maturity Dates	Stated Interest Rates	Weighted-Average Interest Rate	Carrying Value		Carrying Value
Long-term debt:
Securitized debt obligations	2024-2028	0.55% - 6.14%	2.97%	$	17,291	$	18,043
Senior and subordinated notes:
Fixed unsecured senior debt(2)	2024-2035	1.65 - 7.62	4.70	26,221		27,168
Floating unsecured senior debt	—	—	—	0		349
Total unsecured senior debt			4.70	26,221		27,517
Fixed unsecured subordinated debt	2025-2032	2.36 - 4.20	3.57	3,704		3,731
Total senior and subordinated notes				29,925		31,248
Other long-term borrowings	2024-2031	1.20 - 9.91	6.53	25		27
Total long-term debt				$	47,241	$	49,318
Total short-term borrowings and long-term debt				$	47,956	$	49,856

__________

(2)Includes $469 million and $1.3 billion of Euro (“EUR”) denominated unsecured notes as of June 30, 2024 and December 31, 2023, respectively.

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period			$ 15,296
Provision for credit losses	$ 3,909	$ 2,490	6,592	$ 5,285
Balance at the end of the period	16,649		16,649
Translation adjustment and purchase credit deteriorated loans			0	32
Allowance for credit losses
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	15,380	14,318	15,296	13,240
Charge-offs	(3,361)	(2,772)	(6,634)	(5,015)
Recoveries	717	587	1,374	1,133
Net charge-offs	(2,644)	(2,185)	(5,260)	(3,882)
Provision for credit losses	3,914	2,503	6,621	5,305
Allowance build (release) for credit losses	1,270	318	1,361	1,423
Other changes	(1)	10	(8)	46
Balance at the end of the period	16,649	14,646	16,649	14,646
Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				(63)
Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				13,177
Reserve for unfunded lending commitments
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	134	211	158	218
Provision for credit losses	(5)	(14)	(29)	(21)
Balance at the end of the period	129	197	129	197
Combined allowance and reserve
Allowance for Credit Losses [Roll Forward]
Balance at the end of the period	16,778	14,843	16,778	14,843
Credit Card: \| Allowance for credit losses
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	11,754	10,410	11,709	9,545
Charge-offs	(2,686)	(1,868)	(5,260)	(3,556)
Recoveries	428	340	795	659
Net charge-offs	(2,258)	(1,528)	(4,465)	(2,897)
Provision for credit losses	3,545	2,084	5,804	4,345
Allowance build (release) for credit losses	1,287	556	1,339	1,448
Other changes	(1)	10	(8)	46
Balance at the end of the period	13,040	10,976	13,040	10,976
Credit Card: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				(63)
Credit Card: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				9,482
Credit Card: \| Reserve for unfunded lending commitments
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	0	0	0	0
Provision for credit losses	0	0	0	0
Balance at the end of the period	0	0	0	0
Credit Card: \| Combined allowance and reserve
Allowance for Credit Losses [Roll Forward]
Balance at the end of the period	13,040	10,976	13,040	10,976
Consumer Banking: \| Allowance for credit losses
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	2,088	2,205	2,042	2,237
Charge-offs	(636)	(526)	(1,296)	(1,057)
Recoveries	283	247	563	471
Net charge-offs	(353)	(279)	(733)	(586)
Provision for credit losses	330	259	756	534
Allowance build (release) for credit losses	(23)	(20)	23	(52)
Other changes	0	0	0	0
Balance at the end of the period	2,065	2,185	2,065	2,185
Consumer Banking: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				0
Consumer Banking: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				2,237
Consumer Banking: \| Reserve for unfunded lending commitments
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	0	0	0	0
Provision for credit losses	0	0	0	0
Balance at the end of the period	0	0	0	0
Consumer Banking: \| Combined allowance and reserve
Allowance for Credit Losses [Roll Forward]
Balance at the end of the period	2,065	2,185	2,065	2,185
Commercial Banking: \| Allowance for credit losses
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	1,538	1,703	1,545	1,458
Charge-offs	(39)	(378)	(78)	(402)
Recoveries	6	0	16	3
Net charge-offs	(33)	(378)	(62)	(399)
Provision for credit losses	39	160	61	426
Allowance build (release) for credit losses	6	(218)	(1)	27
Other changes	0	0	0	0
Balance at the end of the period	1,544	1,485	1,544	1,485
Commercial Banking: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				0
Commercial Banking: \| Allowance for credit losses \| Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period				1,458
Commercial Banking: \| Reserve for unfunded lending commitments
Allowance for Credit Losses [Roll Forward]
Balance at beginning of the period	134	211	158	218
Provision for credit losses	(5)	(14)	(29)	(21)
Balance at the end of the period	129	197	129	197
Commercial Banking: \| Combined allowance and reserve
Allowance for Credit Losses [Roll Forward]
Balance at the end of the period	1,673	$ 1,682	$ 1,673	$ 1,682
Domestic Credit Card Portfolio Segment
Allowance for Credit Losses [Roll Forward]
Allowance build (release) for credit losses	$ 826

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 597	$ 1,431	$ 1,877	$ 2,391

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
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+ Details

Fair Value Measurement - Additional Information (Details) - Appraisal value - Level 3 - Non-Recoverable Rate	Jun. 30, 2024	Dec. 31, 2023
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	8.00%	0.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	59.00%	100.00%
Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, measurement input	23.00%	18.00%

Investment Securities - Contractual Maturities and Weighted-Average Yields of Securities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair value of securities available for sale:
Due in 1 Year or Less	$ 4,806
Due > 1 Year through 5 Years	6,100
Due > 5 Years through 10 Years	5,065
Due > 10 Years	63,279
Total	79,250	$ 79,117
Amortized cost of securities available for sale
Due in 1 Year or Less	4,825
Due > 1 Year through 5 Years	6,277
Due > 5 Years through 10 Years	5,441
Due > 10 Years	73,011
Total	$ 89,554	88,063
Weighted-average yield for securities available for sale
Due in 1 Year or Less	4.44%
Due > 1 Year through 5 Years	4.19%
Due > 5 Years through 10 Years	3.77%
Due > 10 Years	3.18%
Total	3.36%
U.S. Treasury securities
Fair value of securities available for sale:
Due in 1 Year or Less	$ 4,004
Due > 1 Year through 5 Years	1,128
Due > 5 Years through 10 Years	897
Due > 10 Years	0
Total	6,029	5,282
Amortized cost of securities available for sale
Total	6,053	5,330
RMBS, Agency
Fair value of securities available for sale:
Due in 1 Year or Less	2
Due > 1 Year through 5 Years	79
Due > 5 Years through 10 Years	1,058
Due > 10 Years	60,677
Total	61,816	62,948
Amortized cost of securities available for sale
Total	71,516	71,294
RMBS, Non-agency
Fair value of securities available for sale:
Due in 1 Year or Less	0
Due > 1 Year through 5 Years	0
Due > 5 Years through 10 Years	8
Due > 10 Years	650
Total	658	690
Amortized cost of securities available for sale
Total	589	610
Total RMBS
Fair value of securities available for sale:
Due in 1 Year or Less	2
Due > 1 Year through 5 Years	79
Due > 5 Years through 10 Years	1,066
Due > 10 Years	61,327
Total	62,474	63,638
Amortized cost of securities available for sale
Total	$ 72,105	71,904
Weighted-average yield for securities available for sale
Weighted-average expected life	7 years 10 months 24 days
Agency CMBS
Fair value of securities available for sale:
Due in 1 Year or Less	$ 523
Due > 1 Year through 5 Years	2,643
Due > 5 Years through 10 Years	3,082
Due > 10 Years	1,952
Total	8,200	8,323
Amortized cost of securities available for sale
Total	$ 8,853	8,961
Weighted-average yield for securities available for sale
Weighted-average expected life	4 years 2 months 12 days
Other securities
Fair value of securities available for sale:
Due in 1 Year or Less	$ 277
Due > 1 Year through 5 Years	2,250
Due > 5 Years through 10 Years	20
Due > 10 Years	0
Total	2,547	1,874
Amortized cost of securities available for sale
Total	$ 2,543	$ 1,868

Derivative Instruments and Hedging Activities - Gains Losses on Freestanding Derivatives (Details) - Other non-interest income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	$ 101	$ 79	$ 175	$ 145
Interest rate contracts:
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	20	25	37	44
Interest rate contracts: \| Customer accommodation:
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	10	11	17	19
Interest rate contracts: \| Other interest rate exposures
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	90	66	158	118
Commodity contracts \| Customer accommodation:
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	4	9	8	17
Foreign exchange and other contracts \| Customer accommodation:
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	6	5	12	8
Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other non-interest income:	$ (9)	$ (12)	$ (20)	$ (17)

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Frank G. LaPrade [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Frank G. LaPrade, our Chief Enterprise Services Officer and Chief of Staff to the CEO, entered into a pre-arranged stock trading plan on May 14, 2024. Mr. LaPrade’s plan provides for the associated sale of up to 15,751 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and February 13, 2025.
Name	Frank G. LaPrade
Title	Chief Enterprise Services Officer and Chief of Staff
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 14, 2024
Expiration Date	February 13, 2025
Arrangement Duration	275 days
Aggregate Available	15,751	15,751
Kevin S. Borgmann [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Kevin S. Borgmann, a Senior Advisor to the CEO, entered into a pre-arranged stock trading plan on April 29, 2024. Mr. Borgmann’s plan provides for the potential exercise of vested stock options and the associated sale of up to 61,532 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and November 12, 2024.
Name	Kevin S. Borgmann
Title	Senior Advisor
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 29, 2024
Expiration Date	November 12, 2024
Arrangement Duration	197 days
Aggregate Available	61,532	61,532

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Charge-Offs (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 18
2023	293
2022	443
2021	314
2020	134
Prior	135
Total Term Loans	1,337
Revolving Loans	5,233
Revolving Loans Converted to Term	64
Total	6,634
Credit Card:
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	5,196
Revolving Loans Converted to Term	64
Total	5,260
Credit Card: \| Domestic Card
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	4,951
Revolving Loans Converted to Term	57
Total	5,008
Credit Card: \| International card businesses
Financing Receivable, Credit Quality Indicator [Line Items]
Revolving Loans	245
Revolving Loans Converted to Term	7
Total	252
Consumer Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
2024	18
2023	293
2022	420
2021	309
2020	126
Prior	93
Total Term Loans	1,259
Revolving Loans	37
Revolving Loans Converted to Term	0
Total	1,296
Consumer Banking: \| Auto
Financing Receivable, Credit Quality Indicator [Line Items]
2024	18
2023	293
2022	420
2021	309
2020	126
Prior	91
Total Term Loans	1,257
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	1,257
Consumer Banking: \| Retail banking
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	2
Total Term Loans	2
Revolving Loans	37
Revolving Loans Converted to Term	0
Total	39
Commercial Banking:
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	23
2021	5
2020	8
Prior	42
Total Term Loans	78
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	78
Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	4
2021	0
2020	0
Prior	38
Total Term Loans	42
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	42
Commercial Banking: \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	19
2021	5
2020	8
Prior	4
Total Term Loans	36
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	$ 36

Fair Value Measurement - Nonrecurring Fair Value Measurements Included in Earnings (Details) - Nonrecurring - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	$ (168)	$ (275)
Loans held for sale	(10)	0
Other assets	(66)	(45)
Total	$ (244)	$ (320)

Commitments, Contingencies, Guarantees and Others (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Letter of Credit and Other Loan Commitments

Table 14.1: Unfunded Lending Commitments


	Contractual Amount				Carrying Value
(Dollars in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Credit card lines	$	412,030	$	392,867	N/A		N/A
Other loan commitments(1)	45,823		46,951		$	68	$	99
Standby letters of credit and commercial letters of credit(2)	1,360		1,465		25		23
Total unfunded lending commitments	$	459,213	$	441,283	$	93	$	122

__________

(1)Includes $5.3 billion and $4.7 billion of advised lines of credit as of June 30, 2024 and December 31, 2023, respectively.

(2)These financial guarantees have expiration dates that range from 2024 to 2027 as of June 30, 2024.

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments

6 Months Ended

Jun. 30, 2024

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments


NOTE 5—ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS

Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. Significant judgment is applied in our estimation of lifetime credit losses. When developing an estimate of expected credit losses, we use both quantitative and qualitative methods in considering all available information relevant to assessing collectability. This may include internal information, external information, or a combination of both relating to past events, current conditions and reasonable and supportable forecasts. Our estimate of expected credit losses includes a reasonable and supportable forecast period of one year and then reverts over a one-year period to historical losses at each relevant loss component of the estimate. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management’s judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for credit losses.

We have unfunded lending commitments in our Commercial Banking business that are not unconditionally cancellable by us and for which we estimate expected credit losses in establishing a reserve. This reserve is measured using the same measurement objectives as the allowance for loans held for investment. We build or release the reserve for unfunded lending commitments through the provision for credit losses in our consolidated statements of income, and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets.

See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments.

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

The table below summarizes changes in the allowance for credit losses and reserve for unfunded lending commitments by portfolio segment for the three and six months ended June 30, 2024 and 2023. Our allowance for credit losses increased by $1.4 billion to $16.6 billion as of June 30, 2024 from December 31, 2023.

Table 5.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity


	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total




























Allowance for credit losses:
Balance as of March 31, 2024	$	11,754	$	2,088	$	1,538	$	15,380


Charge-offs	(2,686)		(636)		(39)		(3,361)
Recoveries(1)	428		283		6		717
Net charge-offs	(2,258)		(353)		(33)		(2,644)
Provision for credit losses	3,545		330		39		3,914
Allowance build (release) for credit losses(2)	1,287		(23)		6		1,270
Other changes(3)	(1)		0		0		(1)
Balance as of June 30, 2024	13,040		2,065		1,544		16,649
Reserve for unfunded lending commitments:
Balance as of March 31, 2024	0		0		134		134
Provision (benefit) for losses on unfunded lending commitments	0		0		(5)		(5)
Balance as of June 30, 2024	0		0		129		129
Combined allowance and reserve as of June 30, 2024	$	13,040	$	2,065	$	1,673	$	16,778


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total




























Allowance for credit losses:
Balance as of December 31, 2023	$	11,709	$	2,042	$	1,545	$	15,296


Charge-offs	(5,260)		(1,296)		(78)		(6,634)
Recoveries(1)	795		563		16		1,374
Net charge-offs	(4,465)		(733)		(62)		(5,260)
Provision for credit losses	5,804		756		61		6,621
Allowance build (release) for credit losses(2)	1,339		23		(1)		1,361
Other changes(3)	(8)		0		0		(8)
Balance as of June 30, 2024	13,040		2,065		1,544		16,649
Reserve for unfunded lending commitments:
Balance as of December 31, 2023	0		0		158		158
Provision (benefit) for losses on unfunded lending commitments	0		0		(29)		(29)
Balance as of June 30, 2024	0		0		129		129
Combined allowance and reserve as of June 30, 2024	$	13,040	$	2,065	$	1,673	$	16,778


	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of March 31, 2023	$	10,410	$	2,205	$	1,703	$	14,318
Charge-offs	(1,868)		(526)		(378)		(2,772)
Recoveries(1)	340		247		0		587
Net charge-offs	(1,528)		(279)		(378)		(2,185)
Provision for credit losses	2,084		259		160		2,503
Allowance build (release) for credit losses	556		(20)		(218)		318
Other changes(3)	10		0		0		10
Balance as of June 30, 2023	10,976		2,185		1,485		14,646
Reserve for unfunded lending commitments:
Balance as of March 31, 2023	0		0		211		211
Provision (benefit) for losses on unfunded lending commitments	0		0		(14)		(14)
Balance as of June 30, 2023	0		0		197		197
Combined allowance and reserve as of June 30, 2023	$	10,976	$	2,185	$	1,682	$	14,843


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of December 31, 2022	$	9,545	$	2,237	$	1,458	$	13,240
Cumulative effects of accounting standards adoption(4)	(63)		0		0		(63)
Balance as of January 1, 2023	9,482		2,237		1,458		13,177
Charge-offs	(3,556)		(1,057)		(402)		(5,015)
Recoveries(1)	659		471		3		1,133
Net charge-offs	(2,897)		(586)		(399)		(3,882)
Provision for credit losses	4,345		534		426		5,305
Allowance build (release) for credit losses	1,448		(52)		27		1,423
Other changes(3)	46		0		0		46
Balance as of June 30, 2023	10,976		2,185		1,485		14,646
Reserve for unfunded lending commitments:
Balance as of December 31, 2022	0		0		218		218
Provision (benefit) for losses on unfunded lending commitments	0		0		(21)		(21)
Balance as of June 30, 2023	0		0		197		197
Combined allowance and reserve as of June 30, 2023	$	10,976	$	2,185	$	1,682	$	14,843

________

(1)The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation.

(2)The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.

(3)Primarily represents foreign currency translation adjustments in the three and six months ended June 30, 2024 and the three months ended June 30, 2023 and the initial allowance for purchased credit-deteriorated (“PCD”) loans in the six months ended June 30, 2023. The initial allowance of PCD loans was $0 million and $32 million for the six months ended June 30, 2024 and 2023, respectively.

(4)Impact from the adoption of ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.

We charge off loans when we determine that the loan is uncollectible. The amortized cost basis, excluding accrued interest, is charged off as a reduction to the allowance for credit losses in accordance with our accounting policies. For more information, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.

Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance, with a corresponding reduction to our provision for credit losses.

The table below presents gross charge-offs for loans held for investment by vintage year during the six months ended June 30, 2024.

Table 5.2: Gross Charge-Offs by Vintage Year


	Six Months Ended June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card
Domestic credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		$	4,951	$	57	$	5,008
International card business	N/A		N/A		N/A		N/A		N/A		N/A		N/A		245		7		252
Total credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		5,196		64		5,260
Consumer Banking
Auto	$	18	$	293	$	420	$	309	$	126	$	91	$	1,257	0		0		1,257
Retail banking	0		0		0		0		0		2		2		37		0		39
Total consumer banking	18		293		420		309		126		93		1,259		37		0		1,296
Commercial Banking
Commercial and multifamily real estate	0		0		4		0		0		38		42		0		0		42
Commercial and industrial	0		0		19		5		8		4		36		0		0		36
Total commercial banking	0		0		23		5		8		42		78		0		0		78
Total	$	18	$	293	$	443	$	314	$	134	$	135	$	1,337	$	5,233	$	64	$	6,634

Credit Card Partnership Loss Sharing Arrangements

We have certain credit card partnership agreements that are presented within our consolidated financial statements on a net basis, in which our partner agrees to share a portion of the credit losses on the underlying loan portfolio. The expected reimbursements from these partners are netted against our allowance for credit losses. Our methodology for estimating reimbursements is consistent with the methodology we use to estimate the allowance for credit losses on our credit card loan receivables. These expected reimbursements result in reductions in net charge-offs and the provision for credit losses. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for further discussion of our credit card partnership agreements.

The table below summarizes the changes in the estimated reimbursements from these partners for the three and six months ended June 30, 2024 and 2023.

Table 5.3: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts



	Three Months Ended June 30,
(Dollars in millions)	2024		2023
Estimated reimbursements from partners, beginning of period	$	2,075	$	1,841
Amounts due from partners for charged off loans	(253)		(231)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	(612)		298
Estimated reimbursements from partners, end of period	$	1,210	$	1,908


	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Estimated reimbursements from partners, beginning of period	$	2,014	$	1,558
Amounts due from partners for charged off loans	(577)		(432)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	(227)		782
Estimated reimbursements from partners, end of period	$	1,210	$	1,908

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis


	June 30, 2024
	Fair Value Measurements Using						Netting Adjustments(1)
(Dollars in millions)	Level 1		Level 2		Level 3				Total
Assets:
Securities available for sale:
U.S. Treasury securities	$	6,029	$	0	$	0	$	0	$	6,029
RMBS	0		62,170		304		0		62,474
CMBS	0		8,198		2		0		8,200
Other securities	132		2,415		0		0		2,547
Total securities available for sale	6,161		72,783		306		0		79,250
Loans held for sale	0		394		0		0		394
Other assets:
Derivative assets(2)	616		931		909		(1,034)		1,422
Other(3)	644		0		34		0		678
Total assets	$	7,421	$	74,108	$	1,249	$	(1,034)	$	81,744
Liabilities:
Other liabilities:
Derivative liabilities(2)	$	511	$	1,422	$	840	$	(371)	$	2,402
Total liabilities	$	511	$	1,422	$	840	$	(371)	$	2,402


	December 31, 2023
	Fair Value Measurements Using						Netting Adjustments(1)
(Dollars in millions)	Level 1		Level 2		Level 3				Total
Assets:
Securities available for sale:
U.S. Treasury securities	$	5,282	$	0	$	0	$	0	$	5,282
RMBS	0		63,492		146		0		63,638
CMBS	0		8,191		132		0		8,323
Other securities	126		1,748		0		0		1,874
Total securities available for sale	5,408		73,431		278		0		79,117
Loans held for sale	0		347		0		0		347
Other assets:
Derivative assets(2)	788		1,001		886		(1,005)		1,670
Other(3)	589		3		35		0		627
Total assets	$	6,785	$	74,782	$	1,199	$	(1,005)	$	81,761
Liabilities:
Other liabilities:
Derivative liabilities(2)	$	449	$	1,655	$	828	$	(597)	$	2,335
Total liabilities	$	449	$	1,655	$	828	$	(597)	$	2,335

__________

Schedule of Level 3 Inputs Reconciliation

Table 12.2: Level 3 Recurring Fair Value Rollforward



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Three Months Ended June 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(1)
(Dollars in millions)	Balance, April 1, 2024		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2024
Securities available for sale:(2)
RMBS	$	309	$	2	$	(3)	$	0	$	0	$	0	$	(2)	$	3	$	(5)	$	304	$	2
CMBS	129		0		(1)		0		0		0		(2)		0		(124)		2		0

Total securities available for sale	438		2		(4)		0		0		0		(4)		3		(129)		306		2
Other assets:

Retained interests in securitizations	35		(1)		0		0		0		0		0		0		0		34		(1)
Net derivative assets (liabilities)(3)	54		(3)		0		0		0		2		16		0		0		69		0


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Six Months Ended June 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(1)
(Dollars in millions)	Balance, January 1, 2024		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2024
Securities available for sale:(2)
RMBS	$	146	$	4	$	(3)	$	0	$	0	$	0	$	(5)	$	185	$	(23)	$	304	$	4
CMBS	132		0		(3)		0		0		0		(3)		0		(124)		2		0

Total securities available for sale	278		4		(6)		0		0		0		(8)		185		(147)		306		4
Other assets:

Retained interests in securitizations	35		(1)		0		0		0		0		0		0		0		34		(1)
Net derivative assets (liabilities)(3)	58		3		0		0		0		(3)		11		0		0		69		1



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Three Months Ended June 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(1)
(Dollars in millions)	Balance, April 1, 2023		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2023
Securities available for sale:(2)
RMBS	$	247	$	3	$	(2)	$	0	$	0	$	0	$	(6)	$	11	$	(47)	$	206	$	2
CMBS	145		0		(11)		0		0		0		(1)		0		0		133		0

Total securities available for sale	392		3		(13)		0		0		0		(7)		11		(47)		339		2
Other assets:

Retained interests in securitizations	36		0		0		0		0		0		0		0		0		36		0
Net derivative assets (liabilities)(3)(4)	18		(13)		0		0		0		69		45		(55)		0		64		6



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Six Months Ended June 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																		Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(1)
(Dollars in millions)	Balance, January 1, 2023		Included in Net Income(1)		Included in OCI		Purchases		Sales		Issuances		Settlements		Transfers Into Level 3		Transfers Out of Level 3		Balance, June 30, 2023
Securities available for sale:(2)
RMBS	$	236	$	4	$	1	$	0	$	0	$	0	$	(11)	$	45	$	(69)	$	206	$	4
CMBS	142		0		(6)		0		0		0		(3)		0		0		133		0

Total securities available for sale	378		4		(5)		0		0		0		(14)		45		(69)		339		4
Other assets:

Retained interests in securitizations	36		0		0		0		0		0		0		0		0		36		0
Net derivative assets (liabilities)(3)(4)	5		(18)		0		0		0		173		57		(152)		(1)		64		51

_________

(3)Includes derivative assets and liabilities of $909 million and $840 million, respectively, as of June 30, 2024 and $1.2 billion and $1.1 billion, respectively, as of June 30, 2023.

(4)Transfers into Level 3 primarily consist of term Secured Overnight Financing Rate (“SOFR”)-indexed interest rate derivatives.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quantitative Information

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at
June 30,
2024

Significant
Valuation
Techniques

Significant
Unobservable
Inputs

Range

Weighted

Average(1)

Securities available for sale:

RMBS

304

Discounted cash flows (vendor pricing)

Yield
Voluntary prepayment rate
Default rate
Loss severity

5-13%

0-12%

0-6%

30-90%

60%

CMBS

Discounted cash flows (vendor pricing)

Yield

6-9%

Other assets:

Retained interests in securitizations(2)

Discounted cash flows

Life of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity

31-70

8-9%

5-14%

1-2%

63-155%

N/A

Net derivative assets (liabilities)

Discounted cash flows

Swap rates

4-5%

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at
December 31,
2023

Significant
Valuation
Techniques

Significant
Unobservable
Inputs

Range

Weighted

Average(1)

Securities available for sale:

RMBS

146

Discounted cash flows (vendor pricing)

Yield
Voluntary prepayment rate
Default rate
Loss severity

2-19%

0-12%

0-10%

30-80%

61%

CMBS

132

Discounted cash flows (vendor pricing)

Yield

5-7%

Other assets:

Retained interests in securitizations(2)

Discounted cash flows

Life of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity

33-69

5-14%

53-163%

N/A

Net derivative assets (liabilities)

Discounted cash flows

Swap rates

3-5%

__________

(1)Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments.

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Table 12.4: Nonrecurring Fair Value Measurements


	June 30, 2024
	Estimated Fair Value Hierarchy				Total
(Dollars in millions)	Level 2		Level 3
Loans held for investment	$	0	$	514	$	514
Loans held for sale	10		0		10
Other assets(1)	0		101		101
Total	$	10	$	615	$	625


	December 31, 2023
	Estimated Fair Value Hierarchy				Total
(Dollars in millions)	Level 2		Level 3
Loans held for investment	$	0	$	545	$	545
Loans held for sale	37		0		37
Other assets(1)	0		214		214
Total	$	37	$	759	$	796

__________

Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis

Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings


	Total Gains (Losses)
	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Loans held for investment	$	(168)	$	(275)
Loans held for sale	(10)		0
Other assets(1)	(66)		(45)
Total	$	(244)	$	(320)

__________

(1)Other assets primarily include fair value adjustments related to repossessed assets and equity investments accounted for under the measurement alternative.

Schedule of Fair Value of Financial Instruments

Table 12.6: Fair Value of Financial Instruments


	June 30, 2024
	Carrying Value		Estimated Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)					Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	45,414	$	45,414	$	5,298	$	40,116	$	0
Restricted cash for securitization investors	2,415		2,415		2,415		0		0

Net loans held for investment	301,537		306,948		0		0		306,948
Loans held for sale	414		426		0		426		0
Interest receivable	2,494		2,494		0		2,494		0
Other investments(1)	1,330		1,330		0		1,330		0
Financial liabilities:
Deposits with defined maturities	79,848		79,639		0		79,639		0
Securitized debt obligations	17,291		17,323		0		17,323		0
Senior and subordinated notes	29,925		30,705		0		30,705		0
Federal funds purchased and securities loaned or sold under agreements to repurchase	715		715		0		715		0

Interest payable	668		668		0		668		0


	December 31, 2023
	Carrying Value		Estimated Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)					Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	43,297	$	43,297	$	4,903	$	38,394	$	0
Restricted cash for securitization investors	458		458		458		0		0
Net loans held for investment	305,176		308,044		0		0		308,044
Loans held for sale	507		515		0		515		0
Interest receivable	2,478		2,478		0		2,478		0
Other investments(1)	1,329		1,329		0		1,329		0
Financial liabilities:
Deposits with defined maturities	83,014		82,990		0		82,990		0
Securitized debt obligations	18,043		18,067		0		18,067		0
Senior and subordinated notes	31,248		31,524		0		31,524		0
Federal funds purchased and securities loaned or sold under agreements to repurchase	538		538		0		538		0

Interest payable	649		649		0		649		0

__________

(1)Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Commitments, Contingencies, Guarantees and Others - Other Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended
	Mar. 31, 2024	Jun. 30, 2024
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 200
FDIC Special Assessment
Loss Contingencies [Line Items]
Operating expenses	$ 339	289
Loss contingency, estimate of possible loss		$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) (net after-tax) recorded in AOCI related to derivatives designated as cash flow hedges expected to be reclassified to earnings over the next 12 months	$ (814)
Maximum length of time over which forecasted transactions were hedged, years	9 years 8 months 12 days

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share.

Table 11.1: Computation of Basic and Diluted Earnings per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share data)	2024		2023		2024		2023


Net income	$	597	$	1,431	$	1,877	$	2,391
Dividends and undistributed earnings allocated to participating securities	(9)		(23)		(32)		(39)
Preferred stock dividends	(57)		(57)		(114)		(114)

Net income available to common stockholders	$	531	$	1,351	$	1,731	$	2,238

Total weighted-average basic common shares outstanding	383.1		382.8		382.7		382.7
Effect of dilutive securities:(1)
Stock options	0.2		0.1		0.2		0.1
Other contingently issuable shares	0.6		0.8		0.8		1.0
Total effect of dilutive securities	0.8		0.9		1.0		1.1
Total weighted-average diluted common shares outstanding	383.9		383.7		383.7		383.8
Basic earnings per common share:


Net income per basic common share	$	1.39	$	3.53	$	4.52	$	5.85
Diluted earnings per common share:(1)


Net income per diluted common share	$	1.38	$	3.52	$	4.51	$	5.83

__________

Loans - 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	$ 3,148		$ 3,148		$ 3,554
Nonperforming Loans	1,998		1,998		1,528
Nonperforming Loans Without an Allowance	$ 765		$ 765		$ 547
Percentage, 90 Days Past Due and Accruing	0.99%		0.99%		1.11%
Percentage, Nonperforming Loans	0.63%		0.63%		0.48%
Percentage, Nonperforming Loans Without an Allowance	0.24%		0.24%		0.17%
Interest income for loans classified as nonperforming	$ 6	$ 5	$ 31	$ 17
Credit Card:
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	3,102		3,102		$ 3,499
Nonperforming Loans	10		10		9
Nonperforming Loans Without an Allowance	0		0		0
Credit Card: \| Domestic credit card:
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	2,967		2,967		3,367
Nonperforming Loans Without an Allowance	0		0		0
Credit Card: \| International card businesses:
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	135		135		132
Nonperforming Loans	10		10		9
Nonperforming Loans Without an Allowance	0		0		0
Consumer Banking:
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	0		0		0
Nonperforming Loans	694		694		758
Nonperforming Loans Without an Allowance	20		20		19
Consumer Banking: \| Auto
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	0		0		0
Nonperforming Loans	658		658		712
Nonperforming Loans Without an Allowance	0		0		0
Consumer Banking: \| Retail banking
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	0		0		0
Nonperforming Loans	36		36		46
Nonperforming Loans Without an Allowance	20		20		19
Commercial Banking:
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	46		46		55
Nonperforming Loans	1,294		1,294		761
Nonperforming Loans Without an Allowance	745		745		528
Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	0		0		0
Nonperforming Loans	422		422		425
Nonperforming Loans Without an Allowance	321		321		335
Commercial Banking: \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
> 90 Days and Accruing	46		46		55
Nonperforming Loans	872		872		336
Nonperforming Loans Without an Allowance	$ 424		$ 424		$ 193

Fair Value Measurement - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 394	$ 347
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	0	0
Loans held for sale	426	515
Other investments	1,330	1,329
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	306,948	308,044
Loans held for sale	0	0
Other investments	0	0
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	514	545
Loans held for sale	10	37
Other assets	101	214
Total	625	796
Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	0	0
Loans held for sale	10	37
Other assets	0	0
Total	10	37
Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	514	545
Loans held for sale	0	0
Other assets	101	214
Total	615	759
Equity investments accounted for under measurement alternative	47	46
Foreclosed property and repossessed assets, fair value disclosure	$ 54	45
Long lived assets held for sale		$ 123

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 597		$ 1,431		$ 1,877	$ 2,391
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	(184)		(888)		(1,028)	74
Net unrealized gains (losses) on hedging relationships	18		(424)		(392)	(23)
Foreign currency translation adjustments	(1)		34		(14)	47
Other	0		0		1	0
Other comprehensive income (loss), net of tax	(167)		(1,278)		(1,433)	98
Comprehensive income	$ 430	$ 14	$ 153	$ 2,336	$ 444	$ 2,489

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Business Segments and Revenue from Contracts with Customers - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions

Total

Cumulative Effect, Period of Adoption, Adjustment

Preferred Stock

Common Stock

Additional Paid-In Capital

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Beginning balance (in shares) at Dec. 31, 2022

4,975,000

690,334,422

Beginning balance at Dec. 31, 2022

$ 52,582

$ 48

^[1]

$ 0

$ 7

$ 34,725

$ 57,184

$ 48

^[1]

$ (9,916)

$ (29,418)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

2,336

960

1,376

Dividends—common stock (in shares)

^[2]

26,635

Dividends—common stock

^[2]

(234)

$ 0

(237)

Dividends—preferred stock

(57)

Purchases of treasury stock

(246)

Issuances of common stock and restricted stock, net of forfeitures (in shares)

2,972,149

Issuances of common stock and restricted stock, net of forfeitures

$ 0

Compensation expense for restricted stock units

148

Ending balance (in shares) at Mar. 31, 2023

4,975,000

693,333,206

Ending balance at Mar. 31, 2023

54,653

(11)

^[3]

$ 0

$ 7

34,952

57,898

(11)

^[3]

(8,540)

(29,664)

Beginning balance (in shares) at Dec. 31, 2022

4,975,000

690,334,422

Beginning balance at Dec. 31, 2022

52,582

^[1]

$ 0

$ 7

34,725

57,184

^[1]

(9,916)

(29,418)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

2,489

Ending balance (in shares) at Jun. 30, 2023

4,975,000

694,326,955

Ending balance at Jun. 30, 2023

54,559

$ 0

$ 7

35,163

59,028

(9,818)

(29,821)

Beginning balance (in shares) at Mar. 31, 2023

4,975,000

693,333,206

Beginning balance at Mar. 31, 2023

54,653

(11)

^[3]

$ 0

$ 7

34,952

57,898

(11)

^[3]

(8,540)

(29,664)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

153

1,431

(1,278)

Dividends—common stock (in shares)

^[2]

4,745

Dividends—common stock

^[2]

(232)

$ 0

(233)

Dividends—preferred stock

(57)

Purchases of treasury stock

(157)

Issuances of common stock and restricted stock, net of forfeitures (in shares)

989,004

Issuances of common stock and restricted stock, net of forfeitures

$ 0

Compensation expense for restricted stock units

122

Ending balance (in shares) at Jun. 30, 2023

4,975,000

694,326,955

Ending balance at Jun. 30, 2023

54,559

$ 0

$ 7

35,163

59,028

(9,818)

(29,821)

Beginning balance (in shares) at Dec. 31, 2023

4,975,000

696,242,668

Beginning balance at Dec. 31, 2023

58,089

(25)

^[4]

$ 0

$ 7

35,541

60,945

(25)

^[4]

(8,268)

(30,136)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

1,280

(1,266)

Dividends—common stock (in shares)

^[2]

24,969

Dividends—common stock

^[2]

(235)

$ 0

(238)

Dividends—preferred stock

(57)

Purchases of treasury stock

(249)

Issuances of common stock and restricted stock, net of forfeitures (in shares)

3,470,983

Issuances of common stock and restricted stock, net of forfeitures

$ 0

Exercises of stock options (in shares)

15,000

Exercises of stock options

$ 0

Compensation expense for restricted stock units

183

Ending balance (in shares) at Mar. 31, 2024

4,975,000

699,753,620

Ending balance at Mar. 31, 2024

57,801

$ 0

$ 7

35,808

61,905

(9,534)

(30,385)

Beginning balance (in shares) at Dec. 31, 2023

4,975,000

696,242,668

Beginning balance at Dec. 31, 2023

58,089

$ (25)

^[4]

$ 0

$ 7

35,541

60,945

$ (25)

^[4]

(8,268)

(30,136)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

444

Ending balance (in shares) at Jun. 30, 2024

4,975,000

700,703,094

Ending balance at Jun. 30, 2024

57,981

$ 0

$ 7

36,012

62,211

(9,701)

(30,548)

Beginning balance (in shares) at Mar. 31, 2024

4,975,000

699,753,620

Beginning balance at Mar. 31, 2024

57,801

$ 0

$ 7

35,808

61,905

(9,534)

(30,385)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

430

597

(167)

Dividends—common stock (in shares)

^[2]

8,354

Dividends—common stock

^[2]

(232)

$ 0

(234)

Dividends—preferred stock

(57)

Purchases of treasury stock

(163)

Issuances of common stock and restricted stock, net of forfeitures (in shares)

941,120

Issuances of common stock and restricted stock, net of forfeitures

$ 0

Compensation expense for restricted stock units

107

Ending balance (in shares) at Jun. 30, 2024

4,975,000

700,703,094

Ending balance at Jun. 30, 2024

$ 57,981

$ 0

$ 7

$ 36,012

$ 62,211

$ (9,701)

$ (30,548)

[1]	Impact from the adoption of ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.
[2]	We declared dividends per share on our common stock of $0.60 in the second quarter of 2024 and 2023, and $1.20 in the first six months of 2024 and 2023.
[3]	We have equity method investments in certain non-public entities which adopted ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) as of January 1, 2023. The impact to retained earnings was recorded in the second quarter of 2023, on a one quarter lag consistent with our standard operating procedures for equity method investments.
[4]	Impact from the adoption of Accounting Standards Update (“ASU”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method as of January 1, 2024.

Investment Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities


NOTE 3—INVESTMENT SECURITIES

Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of June 30, 2024 and December 31, 2023, respectively.

Table 3.1: Investment Securities Available for Sale


	June 30, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
U.S. Treasury securities	$	6,053	$	0	$	2	$	(26)	$	6,029
RMBS:
Agency	71,516		0		56		(9,756)		61,816
Non-agency	589		(3)		78		(6)		658
Total RMBS	72,105		(3)		134		(9,762)		62,474
Agency CMBS	8,853		0		22		(675)		8,200
Other securities(1)	2,543		0		4		0		2,547
Total investment securities available for sale	$	89,554	$	(3)	$	162	$	(10,463)	$	79,250


	December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
U.S. Treasury securities	$	5,330	$	0	$	1	$	(49)	$	5,282
RMBS:
Agency	71,294		0		104		(8,450)		62,948
Non-agency	610		(4)		89		(5)		690
Total RMBS	71,904		(4)		193		(8,455)		63,638
Agency CMBS	8,961		0		14		(652)		8,323
Other securities(1)	1,868		0		6		0		1,874
Total investment securities available for sale	$	88,063	$	(4)	$	214	$	(9,156)	$	79,117

__________

Investment Securities in a Gross Unrealized Loss Position

Table 3.2: Securities in a Gross Unrealized Loss Position


	June 30, 2024
	Less than 12 Months				12 Months or Longer				Total
(Dollars in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities	$	1,329	$	(3)	$	2,014	$	(23)	$	3,343	$	(26)
RMBS:
Agency	5,024		(42)		53,037		(9,714)		58,061		(9,756)
Non-agency	4		0		12		(1)		16		(1)
Total RMBS	5,028		(42)		53,049		(9,715)		58,077		(9,757)
Agency CMBS	632		(7)		6,262		(668)		6,894		(675)
Other securities	713		0		96		0		809		0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)	$	7,702	$	(52)	$	61,421	$	(10,406)	$	69,123	$	(10,458)


	December 31, 2023
	Less than 12 Months				12 Months or Longer				Total
(Dollars in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities	$	733	$	0	$	2,242	$	(49)	$	2,975	$	(49)
RMBS:
Agency	3,511		(43)		53,987		(8,407)		57,498		(8,450)
Non-agency	1		0		13		(1)		14		(1)
Total RMBS	3,512		(43)		54,000		(8,408)		57,512		(8,451)
Agency CMBS	547		(7)		6,465		(645)		7,012		(652)
Other securities	276		0		4		0		280		0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)	$	5,068	$	(50)	$	62,711	$	(9,102)	$	67,779	$	(9,152)

__________

(1) Consists of approximately 2,790 and 2,740 securities in gross unrealized loss positions as of June 30, 2024 and December 31, 2023, respectively.

Maturities and Yields of Investment Securities

Table 3.3: Contractual Maturities and Weighted-Average Yields of Securities


	June 30, 2024
(Dollars in millions)	Due in 1 Year or Less		Due > 1 Year through 5 Years		Due > 5 Years through 10 Years		Due > 10 Years		Total
Fair value of securities available for sale:
U.S. Treasury securities	$	4,004	$	1,128	$	897	$	0	$	6,029
RMBS(1):
Agency	2		79		1,058		60,677		61,816
Non-agency	0		0		8		650		658
Total RMBS	2		79		1,066		61,327		62,474
Agency CMBS(1)	523		2,643		3,082		1,952		8,200
Other securities	277		2,250		20		0		2,547
Total securities available for sale	$	4,806	$	6,100	$	5,065	$	63,279	$	79,250
Amortized cost of securities available for sale	$	4,825	$	6,277	$	5,441	$	73,011	$	89,554
Weighted-average yield for securities available for sale	4.44%		4.19%		3.77%		3.18%		3.36%

__________

(1)As of June 30, 2024, the weighted-average expected maturities of RMBS and Agency CMBS were 7.9 years and 4.2 years, respectively.

Net Securities Gains or Losses and Proceeds from Sales

We had no sales of securities for the three and six months ended June 30, 2024 and 2023.

Securities Pledged and Received

We pledged investment securities totaling $40.6 billion and $45.1 billion as of June 30, 2024 and December 31, 2023, respectively. These securities are primarily pledged to support our access to FHLB advances and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately $6 million and $16 million as of June 30, 2024 and December 31, 2023, respectively, related to our derivative transactions.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”).We report the results of each of our business segments on a continuing operations basis. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.

New Adopted Accounting Standards During the Three Months Ended March 31, 2024

Newly Adopted Accounting Standards During the Six Months Ended June 30, 2024

Standard

Guidance

Adoption Timing and

Financial Statement Impacts

Tax Credit Investments

ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Issued March 2023

Our adoption of this standard did not have a material impact on our consolidated financial statements.

See “Consolidated Statements of Changes in Stockholders’ Equity” and “Note 6—Variable Interest Entities and Securitizations” for additional disclosures.

Balance Sheet Offsetting of Financial Assets and Liabilities

Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting agreements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting agreements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting agreements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting agreements, we do not offset our derivative positions for balance sheet presentation.

Revenue from Contracts with Customers

The majority of our revenue from contracts with customers consists of interchange fees, service charges and other customer-related fees, and other contract revenue. Interchange fees are primarily from our Credit Card business and are recognized upon settlement with the interchange networks, net of rewards earned by customers. Service charges and other customer-related fees within our Consumer Banking business are primarily related to fees earned on consumer deposit accounts for account maintenance and various transaction-based services such as automated teller machine (“ATM”) usage. Service charges and other customer-related fees within our Commercial Banking business are mostly related to fees earned on treasury management and capital markets services. Other contract revenue in our Credit Card business consists primarily of revenue from our partnership arrangements. Other contract revenue in our Consumer Banking business consists primarily of revenue earned from services provided to auto industry participants. Revenue from contracts with customers is included in non-interest income in our consolidated statements of income.

Fair Value


Level 1:						Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:						Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:						Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow (“DCF”) methodologies or similar techniques.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Business Segment Reporting Methodology

The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business segment. Our funds transfer pricing process managed by our centralized Corporate Treasury group provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a charge for the use of funds by each segment. The allocation is unique to each business segment and acquired business and is based on the composition of assets and liabilities. The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the funds transfer pricing process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the business segments. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate market rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Part II—Item 8. Financial Statements and Supplementary Data—Note 17—Business Segments and Revenue from Contracts with Customers” in our 2023 Form 10-K.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The following table summarizes the notional amounts and fair values of our derivative instruments as of June 30, 2024 and December 31, 2023, which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets, and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows.

Table 9.1: Derivative Assets and Liabilities at Fair Value


	June 30, 2024						December 31, 2023
	Notional or Contractual Amount		Derivative(1)				Notional or Contractual Amount		Derivative(1)
(Dollars in millions)			Assets		Liabilities				Assets		Liabilities
Derivatives designated as accounting hedges:
Interest rate contracts:
Fair value hedges	$	65,916	$	11	$	101	$	68,987	$	18	$	26
Cash flow hedges	86,050		141		100		70,350		216		23
Total interest rate contracts	151,966		152		201		139,337		234		49
Foreign exchange contracts:
Fair value hedges	536		0		106		1,380		0		113
Cash flow hedges	2,519		5		12		2,488		0		66
Net investment hedges	4,875		35		25		4,870		1		89
Total foreign exchange contracts	7,930		40		143		8,738		1		268
Total derivatives designated as accounting hedges	159,896		192		344		148,075		235		317
Derivatives not designated as accounting hedges:
Customer accommodation:
Interest rate contracts	101,533		1,154		1,382		103,489		1,188		1,382
Commodity contracts	35,200		1,022		993		33,495		1,161		1,147
Foreign exchange and other contracts	5,769		46		34		5,153		50		47
Total customer accommodation	142,502		2,222		2,409		142,137		2,399		2,576
Other interest rate exposures(2)	1,143		20		12		872		21		31
Other contracts	2,963		22		8		2,955		20		8
Total derivatives not designated as accounting hedges	146,608		2,264		2,429		145,964		2,440		2,615
Total derivatives	$	306,504	$	2,456	$	2,773	$	294,039	$	2,675	$	2,932
Less: netting adjustment(3)			(1,034)		(371)				(1,005)		(597)
Total derivative assets/liabilities			$	1,422	$	2,402			$	1,670	$	2,335

__________

(1)Does not reflect $3 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of June 30, 2024 and December 31, 2023, respectively. This net valuation allowance is included as part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income.

(2)Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps.

(3)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty.

Hedged Item in Fair Value Hedging Relationship

The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, excluding basis adjustments related to foreign currency risk, as of June 30, 2024 and December 31, 2023.

Table 9.2: Hedged Items in Fair Value Hedging Relationships


	June 30, 2024						December 31, 2023
	Carrying Amount Assets/(Liabilities)		Cumulative Amount of Basis Adjustments Included in the Carrying Amount				Carrying Amount Assets/(Liabilities)		Cumulative Amount of Basis Adjustments Included in the Carrying Amount
(Dollars in millions)			Total Assets/(Liabilities)		Discontinued-Hedging Relationships				Total Assets/(Liabilities)		Discontinued-Hedging Relationships
Line item on our consolidated balance sheets in which the hedged item is included:
Investment securities available for sale(1)(2)	$	6,058	$	(51)	$	91	$	6,108	$	(8)	$	126
Interest-bearing deposits	(14,291)		310		0		(17,374)		277		0
Securitized debt obligations	(13,432)		453		0		(13,375)		503		0
Senior and subordinated notes	(29,925)		1,355		(294)		(30,899)		971		(372)

__________

(1)These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $1.8 billion and $2.2 billion as of June 30, 2024 and December 31, 2023, respectively. The amount of the designated hedged items was $1.3 billion and $1.5 billion as of June 30, 2024 and December 31, 2023, respectively. The cumulative basis adjustments associated with these hedges was $3 million and $33 million as of June 30, 2024 and December 31, 2023, respectively.

(2)Carrying value represents amortized cost.

Offsetting Assets

The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of June 30, 2024 and December 31, 2023. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded.

Table 9.3: Offsetting of Financial Assets and Financial Liabilities


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Held Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Received
As of June 30, 2024
Derivative assets(1)	$	2,456	$	(236)	$	(798)	$	1,422	$	(9)	$	1,413
As of December 31, 2023
Derivative assets(1)	2,675		(433)		(572)		1,670		(22)		1,648


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Pledged Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Pledged
As of June 30, 2024
Derivative liabilities(1)	$	2,773	$	(236)	$	(135)	$	2,402	$	(24)	$	2,378
Repurchase agreements(2)	715		0		0		715		(715)		0
As of December 31, 2023
Derivative liabilities(1)	2,932		(433)		(164)		2,335		(13)		2,322
Repurchase agreements(2)	538		0		0		538		(538)		0

__________

(1)We received cash collateral from derivative counterparties totaling $1.1 billion and $858 million as of June 30, 2024 and December 31, 2023, respectively. We also received securities from derivative counterparties with a fair value of approximately $6 million and $16 million as of June 30, 2024 and December 31, 2023, respectively, which we have the ability to re-pledge. We posted $1.6 billion and $1.7 billion of cash collateral as of June 30, 2024 and December 31, 2023, respectively.

(2)Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $729 million and $549 million as of June 30, 2024 and December 31, 2023, respectively, primarily consisting of agency RMBS securities.

Offsetting Liabilities

Table 9.3: Offsetting of Financial Assets and Financial Liabilities


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Held Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Received
As of June 30, 2024
Derivative assets(1)	$	2,456	$	(236)	$	(798)	$	1,422	$	(9)	$	1,413
As of December 31, 2023
Derivative assets(1)	2,675		(433)		(572)		1,670		(22)		1,648


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Pledged Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Pledged
As of June 30, 2024
Derivative liabilities(1)	$	2,773	$	(236)	$	(135)	$	2,402	$	(24)	$	2,378
Repurchase agreements(2)	715		0		0		715		(715)		0
As of December 31, 2023
Derivative liabilities(1)	2,932		(433)		(164)		2,335		(13)		2,322
Repurchase agreements(2)	538		0		0		538		(538)		0

__________

Effects of Fair Value and Cash Flow Hedge Accounting

The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and six months ended June 30, 2024 and 2023.

Table 9.4: Effects of Fair Value and Cash Flow Hedge Accounting



	Three Months Ended June 30, 2024
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	700	$	9,993	$	587	$	(2,874)	$	(258)	$	(591)	$	252
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	41	$	0	$	0	$	(97)	$	(119)	$	(256)	$	0
Gains (losses) recognized on derivatives	(14)		0		0		37		70		48		(8)
Gains (losses) recognized on hedged items(1)	(3)		0		0		(38)		(70)		(10)		8
Excluded component of fair value hedges(2)	0		0		0		0		0		8		0
Net income (expense) recognized on fair value hedges	$	24	$	0	$	0	$	(98)	$	(119)	$	(210)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(313)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		3		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(313)	$	3	$	0	$	0	$	0	$	0


	Six Months Ended June 30, 2024
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	1,387	$	19,913	$	1,157	$	(5,686)	$	(519)	$	(1,197)	$	559
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	86	$	0	$	0	$	(204)	$	(237)	$	(523)	$	0
Gains (losses) recognized on derivatives	7		0		0		(34)		51		(268)		(39)
Gains (losses) recognized on hedged items(1)	(42)		0		0		33		(51)		346		39
Excluded component of fair value hedges(2)	0		0		0		0		0		7		0
Net income (expense) recognized on fair value hedges	$	51	$	0	$	0	$	(205)	$	(237)	$	(438)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(622)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		5		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(622)	$	5	$	0	$	0	$	0	$	0



	Three Months Ended June 30, 2023
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	639	$	9,057	$	470	$	(2,277)	$	(236)	$	(528)	$	275
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	38	$	0	$	0	$	(96)	$	(101)	$	(259)	$	0
Gains (losses) recognized on derivatives	29		0		0		(224)		(162)		(389)		8
Gains (losses) recognized on hedged items(1)	(47)		0		0		223		162		430		(8)
Excluded component of fair value hedges(2)	0		0		0		0		0		0		0
Net income (expense) recognized on fair value hedges	$	20	$	0	$	0	$	(97)	$	(101)	$	(218)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(297)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		3		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(297)	$	3	$	0	$	0	$	0	$	0



	Six Months Ended June 30, 2023
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	1,254	$	17,780	$	886	$	(4,133)	$	(447)	$	(1,017)	$	474
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	71	$	0	$	0	$	(174)	$	(185)	$	(479)	$	0
Gains (losses) recognized on derivatives	(20)		0		0		(46)		(14)		(2)		25
Gains (losses) recognized on hedged items(1)	(16)		0		0		43		13		75		(25)
Excluded component of fair value hedges(2)	0		0		0		0		0		(1)		0
Net income (expense) recognized on fair value hedges	$	35	$	0	$	0	$	(177)	$	(186)	$	(407)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains reclassified from AOCI into net income	$	0	$	(559)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		6		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(559)	$	6	$	0	$	0	$	0	$	0

_________

(1)Includes amortization benefit of $18 million and $41 million for the three and six months ended June 30, 2024, respectively, and amortization benefit of $21 million and $36 million for the three and six months ended June 30, 2023, respectively, related to basis adjustments on discontinued hedges.

(2)Changes in fair values of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income (“OCI”). The initial value of the excluded component is recognized in earnings over the life of the swap under the amortization approach.

(3)See “Note 10—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax.

(4)We recognized a loss of $19 million and gain of $55 million for the three and six months ended June 30, 2024, respectively, and loss of $22 million and $30 million for the three and six months ended June 30, 2023, respectively, on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included in other non-interest income on our consolidated statements of income.

Gains (Losses) on Free-Standing Derivatives

The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and six months ended June 30, 2024 and 2023. These gains or losses are recognized in other non-interest income on our consolidated statements of income.

Table 9.5: Gains (Losses) on Free-Standing Derivatives


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Gains (losses) recognized in other non-interest income:
Customer accommodation:
Interest rate contracts	$	10	$	11	$	17	$	19
Commodity contracts	4		9		8		17
Foreign exchange and other contracts	6		5		12		8
Total customer accommodation	20		25		37		44
Other interest rate exposures	90		66		158		118
Other contracts	(9)		(12)		(20)		(17)
Total	$	101	$	79	$	175	$	145

Investment Securities - Investment Available for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 89,554	$ 88,063
Allowance for Credit Losses	(3)	(4)
Gross Unrealized Gains	162	214
Gross Unrealized Losses	(10,463)	(9,156)
Fair Value	79,250	79,117
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,053	5,330
Allowance for Credit Losses	0	0
Gross Unrealized Gains	2	1
Gross Unrealized Losses	(26)	(49)
Fair Value	6,029	5,282
RMBS, Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,516	71,294
Allowance for Credit Losses	0	0
Gross Unrealized Gains	56	104
Gross Unrealized Losses	(9,756)	(8,450)
Fair Value	61,816	62,948
RMBS, Non-agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	589	610
Allowance for Credit Losses	(3)	(4)
Gross Unrealized Gains	78	89
Gross Unrealized Losses	(6)	(5)
Fair Value	658	690
Total RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,105	71,904
Allowance for Credit Losses	(3)	(4)
Gross Unrealized Gains	134	193
Gross Unrealized Losses	(9,762)	(8,455)
Fair Value	62,474	63,638
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,853	8,961
Allowance for Credit Losses	0	0
Gross Unrealized Gains	22	14
Gross Unrealized Losses	(675)	(652)
Fair Value	8,200	8,323
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,543	1,868
Allowance for Credit Losses	0	0
Gross Unrealized Gains	4	6
Gross Unrealized Losses	0	0
Fair Value	2,547	1,874
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 2,100	$ 1,400

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets


NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The table below presents our goodwill, other intangible assets and MSRs as of June 30, 2024 and December 31, 2023. Goodwill is presented separately, while other intangible assets and MSRs are included in other assets on our consolidated balance sheets.

Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs


	June 30, 2024
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,062	N/A		$	15,062
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(130)	239

Other(1)	134		(102)		32
Total other intangible assets	503		(232)		271
Total goodwill and other intangible assets	$	15,565	$	(232)	$	15,333
Commercial MSRs(2)	$	657	$	(290)	$	367

	December 31, 2023
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,065	N/A		$	15,065
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(96)	273

Other(1)	171		(134)		37
Total other intangible assets	540		(230)		310
Total goodwill and other intangible assets	$	15,605	$	(230)	$	15,375
Commercial MSRs(2)	$	653	$	(263)	$	390

__________

(1)Primarily consists of intangibles for sponsorship, customer and merchant relationships, domain names and licenses.

(2)Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets.

Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $19 million and $38 million for the three and six months ended June 30, 2024, respectively, and $22 million and $36 million for the three and six months ended June 30, 2023, respectively.

Goodwill

The following table presents changes in the carrying amount of goodwill by each of our business segments as of June 30, 2024 and December 31, 2023.

Table 7.2: Goodwill by Business Segments


(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total










Balance as of December 31, 2023	$	5,366	$	4,645	$	5,054	$	15,065


Other adjustments(1)	(3)		0		0		(3)
Balance as of June 30, 2024	$	5,363	$	4,645	$	5,054	$	15,062

__________

(1)Primarily represents foreign currency translation adjustments.

Fair Value Measurement - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Loans held for sale	$ 394	$ 347
Level 1
Financial assets:
Cash and cash equivalents	5,298	4,903
Restricted cash for securitization investors	2,415	458
Net loans held for investment	0	0
Loans held for sale	0	0
Interest receivable	0	0
Other investments	0	0
Financial liabilities:
Deposits with defined maturities	0	0
Securitized debt obligations	0	0
Senior and subordinated notes	0	0
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Interest payable	0	0
Level 2
Financial assets:
Cash and cash equivalents	40,116	38,394
Restricted cash for securitization investors	0	0
Net loans held for investment	0	0
Loans held for sale	426	515
Interest receivable	2,494	2,478
Other investments	1,330	1,329
Financial liabilities:
Deposits with defined maturities	79,639	82,990
Securitized debt obligations	17,323	18,067
Senior and subordinated notes	30,705	31,524
Federal funds purchased and securities loaned or sold under agreements to repurchase	715	538
Interest payable	668	649
Level 3
Financial assets:
Cash and cash equivalents	0	0
Restricted cash for securitization investors	0	0
Net loans held for investment	306,948	308,044
Loans held for sale	0	0
Interest receivable	0	0
Other investments	0	0
Financial liabilities:
Deposits with defined maturities	0	0
Securitized debt obligations	0	0
Senior and subordinated notes	0	0
Federal funds purchased and securities loaned or sold under agreements to repurchase	0	0
Interest payable	0	0
Carrying Value
Financial assets:
Cash and cash equivalents	45,414	43,297
Restricted cash for securitization investors	2,415	458
Net loans held for investment	301,537	305,176
Loans held for sale	414	507
Interest receivable	2,494	2,478
Other investments	1,330	1,329
Financial liabilities:
Deposits with defined maturities	79,848	83,014
Securitized debt obligations	17,291	18,043
Senior and subordinated notes	29,925	31,248
Federal funds purchased and securities loaned or sold under agreements to repurchase	715	538
Interest payable	668	649
Estimated Fair Value
Financial assets:
Cash and cash equivalents	45,414	43,297
Restricted cash for securitization investors	2,415	458
Net loans held for investment	306,948	308,044
Loans held for sale	426	515
Interest receivable	2,494	2,478
Other investments	1,330	1,329
Financial liabilities:
Deposits with defined maturities	79,639	82,990
Securitized debt obligations	17,323	18,067
Senior and subordinated notes	30,705	31,524
Federal funds purchased and securities loaned or sold under agreements to repurchase	715	538
Interest payable	$ 668	$ 649

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Summary of Loss Sharing Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	$ 3,909	$ 2,490	$ 6,592	$ 5,285
Loss sharing agreements
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Estimated reimbursements from partners, beginning of period	2,075	1,841	2,014	1,558
Amounts due from partners for charged off loans	(253)	(231)	(577)	(432)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	(612)	298	(227)	782
Estimated reimbursements from partners, end of period	$ 1,210	$ 1,908	$ 1,210	$ 1,908

Business Segments and Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments and Revenue from Contracts with Customers


NOTE 13—BUSINESS SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS

Our principal operations are organized into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges.

Basis of Presentation

We report the results of each of our business segments on a continuing operations basis. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources.

Business Segment Reporting Methodology

Segment Results and Reconciliation

We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies or changes in organizational alignment. The following table presents our business segment results for the three and six months ended June 30, 2024 and 2023, selected balance sheet data as of June 30, 2024 and 2023, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits.

Table 13.1: Segment Results and Reconciliation



	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	5,294	$	2,025	$	609	$	(382)	$	7,546
Non-interest income	1,506		172		271		11		1,960
Total net revenue (loss)(2)	6,800		2,197		880		(371)		9,506
Provision for credit losses	3,545		330		34		0		3,909
Non-interest expense	3,134		1,250		483		79		4,946
Income (loss) from continuing operations before income taxes	121		617		363		(450)		651
Income tax provision (benefit)	30		146		85		(207)		54
Income (loss) from continuing operations, net of tax	$	91	$	471	$	278	$	(243)	$	597
Loans held for investment	$	153,895	$	75,663	$	88,628	$	0	$	318,186
Deposits	0		305,422		29,210		16,810		351,442


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	10,566	$	4,036	$	1,208	$	(776)	$	15,034
Non-interest income	2,982		331		552		9		3,874
Total net revenue (loss)(2)	13,548		4,367		1,760		(767)		18,908
Provision for credit losses	5,804		756		32		0		6,592
Non-interest expense	6,363		2,496		998		226		10,083
Income (loss) from continuing operations before income taxes	1,381		1,115		730		(993)		2,233
Income tax provision (benefit)	329		263		172		(408)		356
Income (loss) from continuing operations, net of tax	$	1,052	$	852	$	558	$	(585)	$	1,877
Loans held for investment	$	153,895	$	75,663	$	88,628	$	0	$	318,186
Deposits	0		305,422		29,210		16,810		351,442



	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	4,727	$	2,269	$	632	$	(515)	$	7,113
Non-interest income (loss)	1,499		149		257		(6)		1,899
Total net revenue (loss)(2)	6,226		2,418		889		(521)		9,012
Provision for credit losses	2,084		259		146		1		2,490
Non-interest expense	3,020		1,231		482		61		4,794
Income (loss) from continuing operations before income taxes	1,122		928		261		(583)		1,728
Income tax provision (benefit)	265		219		61		(248)		297
Income (loss) from continuing operations, net of tax	$	857	$	709	$	200	$	(335)	$	1,431
Loans held for investment	$	142,491	$	77,280	$	91,552	$	0	$	311,323
Deposits	0		286,174		36,793		20,738		343,705


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Net interest income (loss)	$	9,384	$	4,629	$	1,280	$	(994)	$	14,299
Non-interest income	2,862		284		469		1		3,616
Total net revenue (loss)(2)	12,246		4,913		1,749		(993)		17,915
Provision for credit losses	4,345		534		405		1		5,285
Non-interest expense	6,058		2,514		1,012		155		9,739
Income (loss) from continuing operations before income taxes	1,843		1,865		332		(1,149)		2,891
Income tax provision (benefit)	437		440		78		(455)		500
Income (loss) from continuing operations, net of tax	$	1,406	$	1,425	$	254	$	(694)	$	2,391
Loans held for investment	$	142,491	$	77,280	$	91,552	$	0	$	311,323
Deposits	0		286,174		36,793		20,738		343,705

_________

Revenue from Contracts with Customers

The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and six months ended June 30, 2024 and 2023.

Table 13.2: Revenue from Contracts with Customers and Reconciliation to Segment Results



	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	1,116	$	107	$	26	$	0	$	1,249
Service charges and other customer-related fees	0		22		74		0		96
Other	83		38		2		0		123
Total contract revenue	1,199		167		102		0		1,468
Revenue from other sources	307		5		169		11		492
Total non-interest income	$	1,506	$	172	$	271	$	11	$	1,960


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	2,136	$	205	$	53	$	0	$	2,394
Service charges and other customer-related fees	0		43		147		0		190
Other	204		65		5		0		274
Total contract revenue	2,340		313		205		0		2,858
Revenue from other sources	642		18		347		9		1,016
Total non-interest income	$	2,982	$	331	$	552	$	9	$	3,874



	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	1,111	$	92	$	10	$	0	$	1,213
Service charges and other customer-related fees	0		22		55		0		77
Other	91		27		8		0		126
Total contract revenue	1,202		141		73		0		1,416
Revenue (reduction) from other sources	297		8		184		(6)		483
Total non-interest income (loss)	$	1,499	$	149	$	257	$	(6)	$	1,899


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(1)		Other(1)		Consolidated Total
Contract revenue:
Interchange fees, net(2)	$	2,136	$	178	$	37	$	1	$	2,352
Service charges and other customer-related fees	0		43		95		(1)		137
Other	146		46		13		0		205
Total contract revenue	2,282		267		145		0		2,694
Revenue from other sources	580		17		324		1		922
Total non-interest income	$	2,862	$	284	$	469	$	1	$	3,616

__________

(2)Interchange fees are presented net of customer reward expenses

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stockholders' Equity - Reclassifications from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-interest income (expense)	$ 252	$ 275	$ 559	$ 474
Income tax provision (benefit)	54	297	356	500
Net income	597	1,431	1,877	2,391
Interest Income (Loss)	7,546	7,113	15,034	14,299
Income (Loss) from continuing operations before income taxes	651	1,728	2,233	2,891
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(243)	(240)	(420)	(443)
Securities Available for Sale \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-interest income (expense)	0	0	0	0
Income tax provision (benefit)	0	0	0	0
Net income	0	0	0	0
Hedging relationships: \| Interest rate contracts: \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest Income (Loss)	(313)	(297)	(622)	(559)
Hedging relationships: \| Foreign exchange and other contracts \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-interest income (expense)	(19)	(22)	55	(30)
Income tax provision (benefit)	(78)	(76)	(135)	(141)
Net income	(243)	(240)	(420)	(443)
Interest Income (Loss)	3	3	5	6
Interest expense	8	0	7	(1)
Income (Loss) from continuing operations before income taxes	(321)	(316)	(555)	(584)
Other: \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax provision (benefit)	0	0	0	0
Net income	0	0	0	0
Income (Loss) from continuing operations before income taxes	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Goodwill, Intangible Assets and MSRs

Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs


	June 30, 2024
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,062	N/A		$	15,062
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(130)	239

Other(1)	134		(102)		32
Total other intangible assets	503		(232)		271
Total goodwill and other intangible assets	$	15,565	$	(232)	$	15,333
Commercial MSRs(2)	$	657	$	(290)	$	367

	December 31, 2023
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,065	N/A		$	15,065
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(96)	273

Other(1)	171		(134)		37
Total other intangible assets	540		(230)		310
Total goodwill and other intangible assets	$	15,605	$	(230)	$	15,375
Commercial MSRs(2)	$	653	$	(263)	$	390

__________

(1)Primarily consists of intangibles for sponsorship, customer and merchant relationships, domain names and licenses.

(2)Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets.

Goodwill by Business Segments

The following table presents changes in the carrying amount of goodwill by each of our business segments as of June 30, 2024 and December 31, 2023.

Table 7.2: Goodwill by Business Segments


(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total










Balance as of December 31, 2023	$	5,366	$	4,645	$	5,054	$	15,065


Other adjustments(1)	(3)		0		0		(3)
Balance as of June 30, 2024	$	5,363	$	4,645	$	5,054	$	15,062

__________

(1)Primarily represents foreign currency translation adjustments.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Investment Securities - Securities in Gross Unrealized Loss Position (Details) $ in Millions	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	$ 7,702	$ 5,068
Gross Unrealized Loss - Less than 12 Months	(52)	(50)
Fair Value - 12 Months or Longer	61,421	62,711
Gross Unrealized Loss - 12 Months or Longer	(10,406)	(9,102)
Fair Value - Total	69,123	67,779
Gross Unrealized Loss - Total	$ (10,458)	$ (9,152)
Number of securities in gross unrealized loss positions \| security	2,790	2,740
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	$ 1,329	$ 733
Gross Unrealized Loss - Less than 12 Months	(3)	0
Fair Value - 12 Months or Longer	2,014	2,242
Gross Unrealized Loss - 12 Months or Longer	(23)	(49)
Fair Value - Total	3,343	2,975
Gross Unrealized Loss - Total	(26)	(49)
RMBS, Agency
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	5,024	3,511
Gross Unrealized Loss - Less than 12 Months	(42)	(43)
Fair Value - 12 Months or Longer	53,037	53,987
Gross Unrealized Loss - 12 Months or Longer	(9,714)	(8,407)
Fair Value - Total	58,061	57,498
Gross Unrealized Loss - Total	(9,756)	(8,450)
RMBS, Non-agency
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	4	1
Gross Unrealized Loss - Less than 12 Months	0	0
Fair Value - 12 Months or Longer	12	13
Gross Unrealized Loss - 12 Months or Longer	(1)	(1)
Fair Value - Total	16	14
Gross Unrealized Loss - Total	(1)	(1)
Total RMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	5,028	3,512
Gross Unrealized Loss - Less than 12 Months	(42)	(43)
Fair Value - 12 Months or Longer	53,049	54,000
Gross Unrealized Loss - 12 Months or Longer	(9,715)	(8,408)
Fair Value - Total	58,077	57,512
Gross Unrealized Loss - Total	(9,757)	(8,451)
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	632	547
Gross Unrealized Loss - Less than 12 Months	(7)	(7)
Fair Value - 12 Months or Longer	6,262	6,465
Gross Unrealized Loss - 12 Months or Longer	(668)	(645)
Fair Value - Total	6,894	7,012
Gross Unrealized Loss - Total	(675)	(652)
Other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	713	276
Gross Unrealized Loss - Less than 12 Months	0	0
Fair Value - 12 Months or Longer	96	4
Gross Unrealized Loss - 12 Months or Longer	0	0
Fair Value - Total	809	280
Gross Unrealized Loss - Total	$ 0	$ 0

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments (Tables)

6 Months Ended

Jun. 30, 2024

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Allowance for Credit Losses on Financing Receivables

Table 5.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity


	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total




























Allowance for credit losses:
Balance as of March 31, 2024	$	11,754	$	2,088	$	1,538	$	15,380


Charge-offs	(2,686)		(636)		(39)		(3,361)
Recoveries(1)	428		283		6		717
Net charge-offs	(2,258)		(353)		(33)		(2,644)
Provision for credit losses	3,545		330		39		3,914
Allowance build (release) for credit losses(2)	1,287		(23)		6		1,270
Other changes(3)	(1)		0		0		(1)
Balance as of June 30, 2024	13,040		2,065		1,544		16,649
Reserve for unfunded lending commitments:
Balance as of March 31, 2024	0		0		134		134
Provision (benefit) for losses on unfunded lending commitments	0		0		(5)		(5)
Balance as of June 30, 2024	0		0		129		129
Combined allowance and reserve as of June 30, 2024	$	13,040	$	2,065	$	1,673	$	16,778


	Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total




























Allowance for credit losses:
Balance as of December 31, 2023	$	11,709	$	2,042	$	1,545	$	15,296


Charge-offs	(5,260)		(1,296)		(78)		(6,634)
Recoveries(1)	795		563		16		1,374
Net charge-offs	(4,465)		(733)		(62)		(5,260)
Provision for credit losses	5,804		756		61		6,621
Allowance build (release) for credit losses(2)	1,339		23		(1)		1,361
Other changes(3)	(8)		0		0		(8)
Balance as of June 30, 2024	13,040		2,065		1,544		16,649
Reserve for unfunded lending commitments:
Balance as of December 31, 2023	0		0		158		158
Provision (benefit) for losses on unfunded lending commitments	0		0		(29)		(29)
Balance as of June 30, 2024	0		0		129		129
Combined allowance and reserve as of June 30, 2024	$	13,040	$	2,065	$	1,673	$	16,778


	Three Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of March 31, 2023	$	10,410	$	2,205	$	1,703	$	14,318
Charge-offs	(1,868)		(526)		(378)		(2,772)
Recoveries(1)	340		247		0		587
Net charge-offs	(1,528)		(279)		(378)		(2,185)
Provision for credit losses	2,084		259		160		2,503
Allowance build (release) for credit losses	556		(20)		(218)		318
Other changes(3)	10		0		0		10
Balance as of June 30, 2023	10,976		2,185		1,485		14,646
Reserve for unfunded lending commitments:
Balance as of March 31, 2023	0		0		211		211
Provision (benefit) for losses on unfunded lending commitments	0		0		(14)		(14)
Balance as of June 30, 2023	0		0		197		197
Combined allowance and reserve as of June 30, 2023	$	10,976	$	2,185	$	1,682	$	14,843


	Six Months Ended June 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of December 31, 2022	$	9,545	$	2,237	$	1,458	$	13,240
Cumulative effects of accounting standards adoption(4)	(63)		0		0		(63)
Balance as of January 1, 2023	9,482		2,237		1,458		13,177
Charge-offs	(3,556)		(1,057)		(402)		(5,015)
Recoveries(1)	659		471		3		1,133
Net charge-offs	(2,897)		(586)		(399)		(3,882)
Provision for credit losses	4,345		534		426		5,305
Allowance build (release) for credit losses	1,448		(52)		27		1,423
Other changes(3)	46		0		0		46
Balance as of June 30, 2023	10,976		2,185		1,485		14,646
Reserve for unfunded lending commitments:
Balance as of December 31, 2022	0		0		218		218
Provision (benefit) for losses on unfunded lending commitments	0		0		(21)		(21)
Balance as of June 30, 2023	0		0		197		197
Combined allowance and reserve as of June 30, 2023	$	10,976	$	2,185	$	1,682	$	14,843

________

(2)The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.

(4)Impact from the adoption of ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.

Credit Quality Indicator

The table below presents our credit card portfolio by delinquency status as of June 30, 2024 and December 31, 2023.

Table 4.3: Credit Card Delinquency Status


	June 30, 2024						December 31, 2023
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	140,576	$	402	$	140,978	$	140,521	$	339	$	140,860
30-59 days	1,743		27		1,770		1,940		28		1,968
60-89 days	1,333		17		1,350		1,454		17		1,471
Greater than 90 days	2,940		27		2,967		3,339		28		3,367
Total domestic credit card	146,592		473		147,065		147,254		412		147,666

International card businesses:
Current	6,470		36		6,506		6,521		31		6,552
30-59 days	109		5		114		112		4		116
60-89 days	66		3		69		72		4		76
Greater than 90 days	136		5		141		132		5		137
Total international card businesses	6,781		49		6,830		6,837		44		6,881
Total credit card	$	153,373	$	522	$	153,895	$	154,091	$	456	$	154,547

Table 4.4: Consumer Banking Portfolio by Vintage Year


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	8,444	$	10,154	$	10,305	$	7,455	$	2,227	$	823	$	39,408	$	0	$	0	$	39,408
621-660	2,848		4,175		3,639		2,625		974		452		14,713		0		0		14,713
620 or below	3,912		5,785		4,548		3,362		1,729		928		20,264		0		0		20,264
Total auto	15,204		20,114		18,492		13,442		4,930		2,203		74,385		0		0		74,385

Retail banking—Delinquency status:
Current	85		80		94		55		57		513		884		355		4		1,243
30-59 days	0		0		0		0		0		14		14		8		0		22
60-89 days	0		0		0		0		0		1		1		3		0		4
Greater than 90 days	1		0		0		0		1		4		6		2		1		9
Total retail banking	86		80		94		55		58		532		905		368		5		1,278
Total consumer banking	$	15,290	$	20,194	$	18,586	$	13,497	$	4,988	$	2,735	$	75,290	$	368	$	5	$	75,663


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	12,219	$	12,593	$	9,505	$	3,124	$	1,213	$	309	$	38,963	$	0	$	0	$	38,963
621-660	4,863		4,432		3,346		1,337		592		192		14,762		0		0		14,762
620 or below	6,647		5,539		4,283		2,349		1,131		401		20,350		0		0		20,350
Total auto	23,729		22,564		17,134		6,810		2,936		902		74,075		0		0		74,075

Retail banking—Delinquency status:
Current	98		157		57		65		117		468		962		363		4		1,329
30-59 days	1		0		1		1		0		1		4		11		0		15
60-89 days	0		0		0		0		0		1		1		2		0		3
Greater than 90 days	0		0		0		0		0		8		8		6		1		15
Total retail banking	99		157		58		66		117		478		975		382		5		1,362
Total consumer banking	$	23,828	$	22,721	$	17,192	$	6,876	$	3,053	$	1,380	$	75,050	$	382	$	5	$	75,437

__________

Table 4.5: Commercial Banking Portfolio by Internal Risk Ratings


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	1,134	$	2,511	$	3,821	$	2,245	$	914	$	4,974	$	15,599	$	12,499	$	25	$	28,123
Criticized performing	72		60		1,555		713		217		1,351		3,968		221		98		4,287
Criticized nonperforming	12		10		25		106		0		261		414		8		0		422
Total commercial and multifamily real estate	1,218		2,581		5,401		3,064		1,131		6,586		19,981		12,728		123		32,832
Commercial and industrial
Noncriticized	2,674		6,610		10,576		6,008		3,018		7,547		36,433		15,082		57		51,572
Criticized performing	30		92		750		747		173		576		2,368		941		43		3,352
Criticized nonperforming	31		75		121		23		181		168		599		273		0		872
Total commercial and industrial	2,735		6,777		11,447		6,778		3,372		8,291		39,400		16,296		100		55,796
Total commercial banking	$	3,953	$	9,358	$	16,848	$	9,842	$	4,503	$	14,877	$	59,381	$	29,024	$	223	$	88,628


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	3,068	$	4,665	$	2,773	$	1,019	$	2,104	$	3,670	$	17,299	$	12,565	$	25	$	29,889
Criticized performing	148		1,494		706		284		463		904		3,999		133		0		4,132
Criticized nonperforming	65		26		124		0		47		163		425		0		0		425
Total commercial and multifamily real estate	3,281		6,185		3,603		1,303		2,614		4,737		21,723		12,698		25		34,446
Commercial and industrial
Noncriticized	6,909		11,935		6,994		3,566		2,359		5,117		36,880		14,822		167		51,869
Criticized performing	353		706		655		237		348		349		2,648		1,189		0		3,837
Criticized nonperforming	13		53		30		18		123		68		305		31		0		336
Total commercial and industrial	7,275		12,694		7,679		3,821		2,830		5,534		39,833		16,042		167		56,042
Total commercial banking	$	10,556	$	18,879	$	11,282	$	5,124	$	5,444	$	10,271	$	61,556	$	28,740	$	192	$	90,488

__________

(1)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

The table below presents gross charge-offs for loans held for investment by vintage year during the six months ended June 30, 2024.

Table 5.2: Gross Charge-Offs by Vintage Year


	Six Months Ended June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card
Domestic credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		$	4,951	$	57	$	5,008
International card business	N/A		N/A		N/A		N/A		N/A		N/A		N/A		245		7		252
Total credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		5,196		64		5,260
Consumer Banking
Auto	$	18	$	293	$	420	$	309	$	126	$	91	$	1,257	0		0		1,257
Retail banking	0		0		0		0		0		2		2		37		0		39
Total consumer banking	18		293		420		309		126		93		1,259		37		0		1,296
Commercial Banking
Commercial and multifamily real estate	0		0		4		0		0		38		42		0		0		42
Commercial and industrial	0		0		19		5		8		4		36		0		0		36
Total commercial banking	0		0		23		5		8		42		78		0		0		78
Total	$	18	$	293	$	443	$	314	$	134	$	135	$	1,337	$	5,233	$	64	$	6,634

Schedule of Loss Sharing Arrangement Impact

The table below summarizes the changes in the estimated reimbursements from these partners for the three and six months ended June 30, 2024 and 2023.

Table 5.3: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts



	Three Months Ended June 30,
(Dollars in millions)	2024		2023
Estimated reimbursements from partners, beginning of period	$	2,075	$	1,841
Amounts due from partners for charged off loans	(253)		(231)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	(612)		298
Estimated reimbursements from partners, end of period	$	1,210	$	1,908


	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Estimated reimbursements from partners, beginning of period	$	2,014	$	1,558
Amounts due from partners for charged off loans	(577)		(432)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses	(227)		782
Estimated reimbursements from partners, end of period	$	1,210	$	1,908

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Income from continuing operations, net of tax	$ 1,877	$ 2,391
Net income	1,877	2,391
Adjustments to reconcile net income (loss) to net cash from operating activities:
Provision for credit losses	6,592	5,285
Depreciation and amortization, net	1,617	1,576
Deferred tax provision (benefit)	(353)	(400)
Loss (gain) on sales of loans	27	(3)
Stock-based compensation expense	298	277
Other	31	(48)
Loans held for sale:
Originations and purchases	(2,068)	(3,339)
Proceeds from sales and paydowns	1,997	2,975
Changes in operating assets and liabilities:
Changes in interest receivable	(16)	(178)
Changes in other assets	(444)	(55)
Changes in interest payable	19	110
Changes in other liabilities	(324)	(2,245)
Net cash from operating activities	9,253	6,346
Securities available for sale:
Purchases	(6,859)	(5,947)
Proceeds from paydowns and maturities	5,347	4,282
Loans:
Net changes in loans originated as held for investment	(4,683)	(2,749)
Principal recoveries of loans previously charged off	1,374	1,133
Changes in premises and equipment	(536)	(441)
Net cash used in acquisition activities	0	(2,785)
Net cash used in other investing activities	(500)	(652)
Net cash used in investing activities	(5,857)	(7,159)
Financing activities:
Changes in deposits	3,050	10,743
Issuance of securitized debt obligations	0	2,444
Maturities and paydowns of securitized debt obligations	(812)	(1,551)
Issuance of senior and subordinated notes	1,993	5,727
Maturities and paydowns of senior and subordinated notes	(2,911)	(4,886)
Changes in other borrowings	175	(53)
Common stock:
Net proceeds from issuances	175	164
Dividends paid	(467)	(466)
Preferred stock:
Dividends paid	(114)	(114)
Purchases of treasury stock	(412)	(403)
Proceeds from share-based payment activities	1	0
Net cash from financing activities	678	11,605
Changes in cash, cash equivalents and restricted cash for securitization investors	4,074	10,792
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period	43,755	31,256
Cash, cash equivalents and restricted cash for securitization investors, end of the period	47,829	42,048
Supplemental cash flow information:
Interest paid	6,485	6,324
Income tax paid	$ 226	$ 631

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Preferred Stock

The following table summarizes our preferred stock outstanding as of June 30, 2024 and December 31, 2023.

Table 10.1: Preferred Stock Outstanding(1)


			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share		Total Shares Outstanding as of June 30, 2024	Carrying Value (in millions)
Series	Description	Issuance Date							June 30, 2024		December 31, 2023



Series I	5.000% Non-Cumulative	September 11, 2019	December 1, 2024	5.000%	Quarterly	$	1,000	1,500,000	$	1,462	$	1,462
Series J	4.800% Non-Cumulative	January 31, 2020	June 1, 2025	4.800	Quarterly	1,000		1,250,000	1,209		1,209
Series K	4.625% Non-Cumulative	September 17, 2020	December 1, 2025	4.625	Quarterly	1,000		125,000	122		122
Series L	4.375% Non-Cumulative	May 4, 2021	September 1, 2026	4.375	Quarterly	1,000		675,000	652		652
Series M	3.950% Fixed Rate Reset Non-Cumulative	June 10, 2021	September 1, 2026	3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%	Quarterly	1,000		1,000,000	988		988
Series N	4.250% Non-Cumulative	July 29, 2021	September 1, 2026	4.250%	Quarterly	1,000		425,000	412		412
Total									$	4,845	$	4,845

__________

(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.

Change in AOCI Gain (Loss) by Component (Net of Tax)

The following table presents the changes in AOCI by component for the three and six months ended June 30, 2024 and 2023.

Table 10.2: AOCI


	Three Months Ended June 30, 2024
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total








AOCI as of March 31, 2024	$	(7,613)	$	(1,903)	$	13	$	(31)	$	(9,534)
Other comprehensive income (loss) before reclassifications	(184)		(225)		(1)		0		(410)
Amounts reclassified from AOCI into earnings	0		243		0		0		243
Other comprehensive income (loss), net of tax	(184)		18		(1)		0		(167)
AOCI as of June 30, 2024	$	(7,797)	$	(1,885)	$	12	$	(31)	$	(9,701)


	Six Months Ended June 30, 2024
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total








AOCI as of December 31, 2023	$	(6,769)	$	(1,493)	$	26	$	(32)	$	(8,268)
Other comprehensive income (loss) before reclassifications	(1,028)		(812)		(14)		1		(1,853)
Amounts reclassified from AOCI into earnings	0		420		0		0		420
Other comprehensive income (loss), net of tax	(1,028)		(392)		(14)		1		(1,433)
AOCI as of June 30, 2024	$	(7,797)	$	(1,885)	$	12	$	(31)	$	(9,701)


	Three Months Ended June 30, 2023
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of March 31, 2023	$	(6,714)	$	(1,781)	$	(7)	$	(38)	$	(8,540)
Other comprehensive income (loss) before reclassifications	(888)		(664)		34		0		(1,518)
Amounts reclassified from AOCI into earnings	0		240		0		0		240
Other comprehensive income (loss), net of tax	(888)		(424)		34		0		(1,278)
AOCI as of June 30, 2023	$	(7,602)	$	(2,205)	$	27	$	(38)	$	(9,818)


	Six Months Ended June 30, 2023
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of December 31, 2022	$	(7,676)	$	(2,182)	$	(20)	$	(38)	$	(9,916)
Other comprehensive income (loss) before reclassifications	74		(466)		47		0		(345)
Amounts reclassified from AOCI into earnings	0		443		0		0		443
Other comprehensive income (loss), net of tax	74		(23)		47		0		98
AOCI as of June 30, 2023	$	(7,602)	$	(2,205)	$	27	$	(38)	$	(9,818)

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

Reclassifications from AOCI

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2024 and 2023.

Table 10.3: Reclassifications from AOCI


(Dollars in millions)		Three Months Ended June 30,				Six Months Ended June 30,
AOCI Components	Affected Income Statement Line Item	2024		2023		2024		2023
Securities available for sale:
	Non-interest income (expense)	$	0	$	0	$	0	$	0
	Income tax provision (benefit)	0		0		0		0
	Net income (loss)	0		0		0		0
Hedging relationships:
Interest rate contracts:	Interest income (expense)	(313)		(297)		(622)		(559)
Foreign exchange contracts:	Interest income	3		3		5		6
	Interest expense	8		0		7		(1)
	Non-interest income (expense)	(19)		(22)		55		(30)
	Income (Loss) from continuing operations before income taxes	(321)		(316)		(555)		(584)
	Income tax provision (benefit)	(78)		(76)		(135)		(141)
	Net income (loss)	(243)		(240)		(420)		(443)
Other:
	Non-interest income and non-interest expense	0		0		0		0
	Income tax provision (benefit)	0		0		0		0
	Net income (loss)	0		0		0		0
Total reclassifications		$	(243)	$	(240)	$	(420)	$	(443)

Components of Other Comprehensive Income (Loss) and Related Tax Impact

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2024 and 2023.

Table 10.4: Other Comprehensive Income (Loss)


	Three Months Ended June 30,
	2024						2023
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized losses on securities available for sale	$	(244)	$	(60)	$	(184)	$	(1,171)	$	(283)	$	(888)
Net unrealized gains (losses) on hedging relationships	24		6		18		(558)		(134)		(424)
Foreign currency translation adjustments(1)	3		4		(1)		9		(25)		34
Other	0		0		0		0		0		0
Other comprehensive loss	$	(217)	$	(50)	$	(167)	$	(1,720)	$	(442)	$	(1,278)


	Six Months Ended June 30,
	2024						2023
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	$	(1,359)	$	(331)	$	(1,028)	$	96	$	22	$	74
Net unrealized losses on hedging relationships	(518)		(126)		(392)		(30)		(7)		(23)
Foreign currency translation adjustments(1)	6		20		(14)		10		(37)		47
Other	1		0		1		0		0		0
Other comprehensive income (loss)	$	(1,870)	$	(437)	$	(1,433)	$	76	$	(22)	$	98

__________

(1)Includes the impact of hedging instruments designated as net investment hedges.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value Measurement - Level 3 Recurring Fair Value Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative, Fair Value, Net [Abstract]
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Derivative assets, gross amount	$ 2,456		$ 2,456		$ 2,675
Derivative liabilities, gross amount	2,773		2,773		2,932
Recurring \| Level 3
Derivative, Fair Value, Net [Abstract]
Beginning balance			58
Ending balance	69		69
Net unrealized gains (losses) included in OCI related to assets and liabilities still held	(2)	$ (13)	(9)	$ (5)
Derivative assets, gross amount	909	1,200	909	1,200	886
Derivative liabilities, gross amount	840	1,100	840	1,100	$ 828
Total RMBS \| Recurring \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	309	247	146	236
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income	2	3	4	4
Total Gains or (Losses) (Realized/Unrealized), Included in OCI	(3)	(2)	(3)	1
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(2)	(6)	(5)	(11)
Transfers Into Level 3	3	11	185	45
Transfers Out of Level 3	(5)	(47)	(23)	(69)
Ending balance	304	206	304	206
Derivative, Fair Value, Net [Abstract]
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held	2	2	4	4
CMBS \| Recurring \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	129	145	132	142
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income	0	0	0	0
Total Gains or (Losses) (Realized/Unrealized), Included in OCI	(1)	(11)	(3)	(6)
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(2)	(1)	(3)	(3)
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	(124)	0	(124)	0
Ending balance	2	133	2	133
Derivative, Fair Value, Net [Abstract]
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held	0	0	0	0
Total securities available for sale \| Recurring \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	438	392	278	378
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income	2	3	4	4
Total Gains or (Losses) (Realized/Unrealized), Included in OCI	(4)	(13)	(6)	(5)
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(4)	(7)	(8)	(14)
Transfers Into Level 3	3	11	185	45
Transfers Out of Level 3	(129)	(47)	(147)	(69)
Ending balance	306	339	306	339
Derivative, Fair Value, Net [Abstract]
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held	2	2	4	4
Retained interests in securitizations \| Recurring \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	35	36	35	36
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income	(1)	0	(1)	0
Total Gains or (Losses) (Realized/Unrealized), Included in OCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Ending balance	34	36	34	36
Derivative, Fair Value, Net [Abstract]
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held	(1)	0	(1)	0
Net derivative assets (liabilities) \| Recurring \| Level 3
Derivative, Fair Value, Net [Abstract]
Beginning balance	54	18	58	5
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income	(3)	(13)	3	(18)
Total Gains or (Losses) (Realized/Unrealized), Included in OCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	2	69	(3)	173
Settlements	16	45	11	57
Transfers Into Level 3	0	(55)	0	(152)
Transfers Out of Level 3	0	0	0	(1)
Ending balance	69	64	69	64
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held	$ 0	$ 6	$ 1	$ 51

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Use of Derivatives and Accounting for Derivatives

We regularly enter into derivative transactions to support our overall risk management activities. Our primary market risks stem from the impact on our earnings and economic value of equity due to changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We manage our interest rate sensitivity by employing several techniques, which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. We also use foreign currency derivatives to limit our earnings and capital exposures to foreign exchange risk by hedging certain exposures denominated in foreign currencies. We primarily use interest rate and foreign currency swaps to perform these hedging activities, but we may also use a variety of other derivative instruments, including caps, floors, options, futures and forward contracts, to manage our interest rate and foreign exchange risks. We designate these risk management derivatives as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are further designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives are economic hedges that do not qualify for hedge accounting.

We also offer interest rate, commodity, foreign currency derivatives and other contracts as an accommodation to our customers within our Commercial Banking business. We enter into these derivatives with our customers primarily to help them manage their interest rate risks, hedge their energy and other commodities exposures, and manage foreign currency fluctuations. We offset the substantial majority of the market risk exposure of our customer accommodation derivatives through derivative transactions with other counterparties.

See below for additional information on our use of derivatives and how we account for them:

•Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps to hedge changes in the fair value of outstanding fixed rate debt and deposits due to fluctuations in market interest rates. We also enter into pay-fixed, receive-float interest rate swaps to hedge changes in the fair value of fixed rate investment securities.

•Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (“AOCI”). Those amounts are reclassified into earnings in the same period during which the hedged forecasted transactions impact earnings and presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps and interest rate floors to modify the interest rate characteristics of designated credit card and commercial loans from floating to fixed in order to reduce the impact of changes in forecasted future cash flows due to fluctuations in market interest rates. We also enter into foreign currency forward contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currencies.

•Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign currency forward contracts to hedge the translation exposure of the net investment in our foreign operations under the forward method.

•Free-Standing Derivatives: Our free-standing derivatives primarily consist of our customer accommodation derivatives and other economic hedges. The customer accommodation derivatives and the related offsetting contracts are mainly interest rate, commodity and foreign currency contracts. The other free-standing derivatives are primarily used to economically hedge the risk of changes in the fair value of our commercial mortgage loan origination and purchase commitments as well as other interests held. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income.

Derivatives Counterparty Credit Risk

Counterparty Types

Derivative instruments contain an element of credit risk that stems from the potential failure of a counterparty to perform according to the terms of the contract, including making payments due upon maturity of certain derivative instruments. We execute our derivative contracts primarily in “over-the-counter” (“OTC”) markets. We also execute interest rate and commodity futures in the exchange-traded derivative markets. Our OTC derivatives consist of both trades cleared through central counterparty clearinghouses (“CCPs”) and uncleared bilateral contracts. The Chicago Mercantile Exchange (“CME”), the Intercontinental Exchange (“ICE”) and the LCH Group (“LCH”) are our CCPs for our centrally cleared contracts. In our uncleared bilateral contracts, we enter into agreements directly with our derivative counterparties.

Counterparty Credit Risk Management

We manage the counterparty credit risk associated with derivative instruments by entering into legally enforceable master netting agreements, where applicable, and exchanging collateral with our counterparties, typically in the form of cash or high-quality liquid securities. We exchange collateral in two primary forms: variation margin, which accounts for changes in market value due to daily market movements, and initial margin, which offsets the potential future exposure of a derivative. We exchange variation margin and initial margin on our cleared derivatives. For uncleared bilateral derivatives executed after September 1, 2021 and in scope for initial margin, we exchange variation margin and initial margin.

The amount of collateral exchanged for variation margin is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral and will vary over time as market variables change. The amount of the initial margin exchanged is dependent upon 1) the calculation of initial margin exposure, as prescribed by 1(a) the U.S. prudential regulators’ margin rules for uncleared derivatives (“PR Rules”) or 1(b) the CCPs for cleared derivatives and 2) the fair value of the pledged collateral; it will vary over time as market variables change. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. Our exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on our balance sheet. The fair value of our derivatives is adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated collateral received or pledged. See Table 9.3 for our net exposure associated with derivatives.

The terms under which we collateralize our exposures differ between cleared exposures and uncleared bilateral exposures.

•CCPs: We clear eligible OTC derivatives with CCPs as part of our regulatory requirements. We also clear exchange-traded instruments, like futures, with CCPs. Futures commission merchants (“FCMs”) serve as the intermediary between CCPs and us. CCPs require that we post initial and variation margin through our FCMs to mitigate the risk of non-payment or default. Initial margin is required by CCPs as collateral against potential losses on our exchange-traded and cleared derivative contracts and variation margin is exchanged on a daily basis to account for mark-to-market changes in those derivative contracts. For CME, ICE and LCH-cleared OTC derivatives, variation margin cash payments are required to be characterized as settlements. Our FCM agreements governing these derivative transactions include provisions that may require us to post additional collateral under certain circumstances.

•Bilateral Counterparties: We enter into master netting agreements and collateral agreements with bilateral derivative counterparties, where applicable, to mitigate the risk of default. These bilateral agreements typically provide the right to offset exposure with the same counterparty and require the party in a net liability position to post collateral. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of uncleared derivatives exceed established exposure thresholds. Certain of these bilateral agreements include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our counterparties would have the right to terminate their derivative contract and close out existing positions.

Credit Risk Valuation Adjustments

We record counterparty credit valuation adjustments (“CVAs”) on our derivative assets to reflect the credit quality of our counterparties. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining CVAs, which may be adjusted due to changes in the fair values of the derivative contracts, collateral, and creditworthiness of the counterparty. We also record debit valuation adjustments (“DVAs”) to adjust the fair values of our derivative liabilities to reflect the impact of our own credit quality.

Balance Sheet Presentation

Table 9.1: Derivative Assets and Liabilities at Fair Value


	June 30, 2024						December 31, 2023
	Notional or Contractual Amount		Derivative(1)				Notional or Contractual Amount		Derivative(1)
(Dollars in millions)			Assets		Liabilities				Assets		Liabilities
Derivatives designated as accounting hedges:
Interest rate contracts:
Fair value hedges	$	65,916	$	11	$	101	$	68,987	$	18	$	26
Cash flow hedges	86,050		141		100		70,350		216		23
Total interest rate contracts	151,966		152		201		139,337		234		49
Foreign exchange contracts:
Fair value hedges	536		0		106		1,380		0		113
Cash flow hedges	2,519		5		12		2,488		0		66
Net investment hedges	4,875		35		25		4,870		1		89
Total foreign exchange contracts	7,930		40		143		8,738		1		268
Total derivatives designated as accounting hedges	159,896		192		344		148,075		235		317
Derivatives not designated as accounting hedges:
Customer accommodation:
Interest rate contracts	101,533		1,154		1,382		103,489		1,188		1,382
Commodity contracts	35,200		1,022		993		33,495		1,161		1,147
Foreign exchange and other contracts	5,769		46		34		5,153		50		47
Total customer accommodation	142,502		2,222		2,409		142,137		2,399		2,576
Other interest rate exposures(2)	1,143		20		12		872		21		31
Other contracts	2,963		22		8		2,955		20		8
Total derivatives not designated as accounting hedges	146,608		2,264		2,429		145,964		2,440		2,615
Total derivatives	$	306,504	$	2,456	$	2,773	$	294,039	$	2,675	$	2,932
Less: netting adjustment(3)			(1,034)		(371)				(1,005)		(597)
Total derivative assets/liabilities			$	1,422	$	2,402			$	1,670	$	2,335

__________

(2)Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps.

(3)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty.

Table 9.2: Hedged Items in Fair Value Hedging Relationships


	June 30, 2024						December 31, 2023
	Carrying Amount Assets/(Liabilities)		Cumulative Amount of Basis Adjustments Included in the Carrying Amount				Carrying Amount Assets/(Liabilities)		Cumulative Amount of Basis Adjustments Included in the Carrying Amount
(Dollars in millions)			Total Assets/(Liabilities)		Discontinued-Hedging Relationships				Total Assets/(Liabilities)		Discontinued-Hedging Relationships
Line item on our consolidated balance sheets in which the hedged item is included:
Investment securities available for sale(1)(2)	$	6,058	$	(51)	$	91	$	6,108	$	(8)	$	126
Interest-bearing deposits	(14,291)		310		0		(17,374)		277		0
Securitized debt obligations	(13,432)		453		0		(13,375)		503		0
Senior and subordinated notes	(29,925)		1,355		(294)		(30,899)		971		(372)

__________

(2)Carrying value represents amortized cost.

Balance Sheet Offsetting of Financial Assets and Liabilities

Table 9.3: Offsetting of Financial Assets and Financial Liabilities


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Held Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Received
As of June 30, 2024
Derivative assets(1)	$	2,456	$	(236)	$	(798)	$	1,422	$	(9)	$	1,413
As of December 31, 2023
Derivative assets(1)	2,675		(433)		(572)		1,670		(22)		1,648


	Gross Amounts		Gross Amounts Offset in the Balance Sheet				Net Amounts as Recognized		Securities Collateral Pledged Under Master Netting Agreements		Net Exposure
(Dollars in millions)			Financial Instruments		Cash Collateral Pledged
As of June 30, 2024
Derivative liabilities(1)	$	2,773	$	(236)	$	(135)	$	2,402	$	(24)	$	2,378
Repurchase agreements(2)	715		0		0		715		(715)		0
As of December 31, 2023
Derivative liabilities(1)	2,932		(433)		(164)		2,335		(13)		2,322
Repurchase agreements(2)	538		0		0		538		(538)		0

__________

Income Statement and AOCI Presentation

Fair Value and Cash Flow Hedges

Table 9.4: Effects of Fair Value and Cash Flow Hedge Accounting



	Three Months Ended June 30, 2024
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	700	$	9,993	$	587	$	(2,874)	$	(258)	$	(591)	$	252
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	41	$	0	$	0	$	(97)	$	(119)	$	(256)	$	0
Gains (losses) recognized on derivatives	(14)		0		0		37		70		48		(8)
Gains (losses) recognized on hedged items(1)	(3)		0		0		(38)		(70)		(10)		8
Excluded component of fair value hedges(2)	0		0		0		0		0		8		0
Net income (expense) recognized on fair value hedges	$	24	$	0	$	0	$	(98)	$	(119)	$	(210)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(313)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		3		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(313)	$	3	$	0	$	0	$	0	$	0


	Six Months Ended June 30, 2024
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	1,387	$	19,913	$	1,157	$	(5,686)	$	(519)	$	(1,197)	$	559
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	86	$	0	$	0	$	(204)	$	(237)	$	(523)	$	0
Gains (losses) recognized on derivatives	7		0		0		(34)		51		(268)		(39)
Gains (losses) recognized on hedged items(1)	(42)		0		0		33		(51)		346		39
Excluded component of fair value hedges(2)	0		0		0		0		0		7		0
Net income (expense) recognized on fair value hedges	$	51	$	0	$	0	$	(205)	$	(237)	$	(438)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(622)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		5		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(622)	$	5	$	0	$	0	$	0	$	0



	Three Months Ended June 30, 2023
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	639	$	9,057	$	470	$	(2,277)	$	(236)	$	(528)	$	275
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	38	$	0	$	0	$	(96)	$	(101)	$	(259)	$	0
Gains (losses) recognized on derivatives	29		0		0		(224)		(162)		(389)		8
Gains (losses) recognized on hedged items(1)	(47)		0		0		223		162		430		(8)
Excluded component of fair value hedges(2)	0		0		0		0		0		0		0
Net income (expense) recognized on fair value hedges	$	20	$	0	$	0	$	(97)	$	(101)	$	(218)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income	$	0	$	(297)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		3		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(297)	$	3	$	0	$	0	$	0	$	0



	Six Months Ended June 30, 2023
	Net Interest Income												Non-Interest Income
(Dollars in millions)	Investment Securities		Loans, Including Loans Held for Sale		Other		Interest-bearing Deposits		Securitized Debt Obligations		Senior and Subordinated Notes		Other
Total amounts presented in our consolidated statements of income	$	1,254	$	17,780	$	886	$	(4,133)	$	(447)	$	(1,017)	$	474
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives	$	71	$	0	$	0	$	(174)	$	(185)	$	(479)	$	0
Gains (losses) recognized on derivatives	(20)		0		0		(46)		(14)		(2)		25
Gains (losses) recognized on hedged items(1)	(16)		0		0		43		13		75		(25)
Excluded component of fair value hedges(2)	0		0		0		0		0		(1)		0
Net income (expense) recognized on fair value hedges	$	35	$	0	$	0	$	(177)	$	(186)	$	(407)	$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains reclassified from AOCI into net income	$	0	$	(559)	$	0	$	0	$	0	$	0	$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)	0		0		6		0		0		0		0
Net income (expense) recognized on cash flow hedges	$	0	$	(559)	$	6	$	0	$	0	$	0	$	0

_________

(3)See “Note 10—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax.

In the next 12 months, we expect to reclassify into earnings an after-tax loss of $814 million recorded in AOCI as of June 30, 2024 associated with cash flow hedges of forecasted transactions. This amount will largely offset the cash flows associated with the forecasted transactions hedged by these derivatives. The maximum length of time over which forecasted transactions were hedged was approximately 9.7 years as of June 30, 2024. The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy.

Free-Standing Derivatives

Table 9.5: Gains (Losses) on Free-Standing Derivatives


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Gains (losses) recognized in other non-interest income:
Customer accommodation:
Interest rate contracts	$	10	$	11	$	17	$	19
Commodity contracts	4		9		8		17
Foreign exchange and other contracts	6		5		12		8
Total customer accommodation	20		25		37		44
Other interest rate exposures	90		66		158		118
Other contracts	(9)		(12)		(20)		(17)
Total	$	101	$	79	$	175	$	145

Deposits and Borrowings - Deposits and Short-term Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Deposits:
Non-interest-bearing deposits	$ 27,005	$ 28,024
Interest-bearing deposits	324,437	320,389
Total deposits	351,442	348,413	$ 343,705
Short-term borrowings:
Total short-term borrowings	715	538
Federal funds purchased and securities loaned or sold under agreements to repurchase
Short-term borrowings:
Total short-term borrowings	$ 715	$ 538

Business Segments and Revenue from Contracts with Customers - Segment Results and Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net interest income (loss)	$ 7,546	$ 7,113	$ 15,034	$ 14,299
Non-interest income	1,960	1,899	3,874	3,616
Total net revenue (loss)	9,506	9,012	18,908	17,915
Provision for credit losses	3,909	2,490	6,592	5,285
Non-interest expense	4,946	4,794	10,083	9,739
Income (Loss) from continuing operations before income taxes	651	1,728	2,233	2,891
Income tax provision (benefit)	54	297	356	500
Income (loss) from continuing operations, net of tax	597	1,431	1,877	2,391
Loans held for investment	318,186	311,323	318,186	311,323
Deposits	351,442	343,705	351,442	343,705	$ 348,413
Uncollectible portion of billed finance charges and fees	649	443	1,300	848
Operating segments \| Credit Card
Segment Reporting Information [Line Items]
Net interest income (loss)	5,294	4,727	10,566	9,384
Non-interest income	1,506	1,499	2,982	2,862
Total net revenue (loss)	6,800	6,226	13,548	12,246
Provision for credit losses	3,545	2,084	5,804	4,345
Non-interest expense	3,134	3,020	6,363	6,058
Income (Loss) from continuing operations before income taxes	121	1,122	1,381	1,843
Income tax provision (benefit)	30	265	329	437
Income (loss) from continuing operations, net of tax	91	857	1,052	1,406
Loans held for investment	153,895	142,491	153,895	142,491
Deposits	0	0	0	0
Operating segments \| Consumer Banking
Segment Reporting Information [Line Items]
Net interest income (loss)	2,025	2,269	4,036	4,629
Non-interest income	172	149	331	284
Total net revenue (loss)	2,197	2,418	4,367	4,913
Provision for credit losses	330	259	756	534
Non-interest expense	1,250	1,231	2,496	2,514
Income (Loss) from continuing operations before income taxes	617	928	1,115	1,865
Income tax provision (benefit)	146	219	263	440
Income (loss) from continuing operations, net of tax	471	709	852	1,425
Loans held for investment	75,663	77,280	75,663	77,280
Deposits	305,422	286,174	305,422	286,174
Operating segments \| Commercial Banking
Segment Reporting Information [Line Items]
Net interest income (loss)	609	632	1,208	1,280
Non-interest income	271	257	552	469
Total net revenue (loss)	880	889	1,760	1,749
Provision for credit losses	34	146	32	405
Non-interest expense	483	482	998	1,012
Income (Loss) from continuing operations before income taxes	363	261	730	332
Income tax provision (benefit)	85	61	172	78
Income (loss) from continuing operations, net of tax	278	200	558	254
Loans held for investment	88,628	91,552	88,628	91,552
Deposits	29,210	36,793	29,210	36,793
Other
Segment Reporting Information [Line Items]
Net interest income (loss)	(382)	(515)	(776)	(994)
Non-interest income	11	(6)	9	1
Total net revenue (loss)	(371)	(521)	(767)	(993)
Provision for credit losses	0	1	0	1
Non-interest expense	79	61	226	155
Income (Loss) from continuing operations before income taxes	(450)	(583)	(993)	(1,149)
Income tax provision (benefit)	(207)	(248)	(408)	(455)
Income (loss) from continuing operations, net of tax	(243)	(335)	(585)	(694)
Loans held for investment	0	0	0	0
Deposits	$ 16,810	$ 20,738	$ 16,810	$ 20,738

Variable Interest Entities and Securitizations - Continuing Involvement in Securitization Related VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Credit Card
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Securities held by third-party investors	$ 14,087	$ 14,029
Receivables in the trusts	25,265	26,404
Cash balance of spread or reserve accounts	0	0
Auto
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Securities held by third-party investors	3,204	4,014
Receivables in the trusts	3,797	4,839
Cash balance of spread or reserve accounts	$ 19	$ 19

Loans - Credit Card Delinquency Status (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 318,186	$ 320,472
Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	153,373	154,091
Revolving Loans Converted to Term	522	456
Total	153,895	154,547
Domestic credit card: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	146,592	147,254
Revolving Loans Converted to Term	473	412
Total	147,065	147,666
International card businesses: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	6,781	6,837
Revolving Loans Converted to Term	49	44
Total	6,830	6,881
Current \| Domestic credit card: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	140,576	140,521
Revolving Loans Converted to Term	402	339
Total	140,978	140,860
Current \| International card businesses: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	6,470	6,521
Revolving Loans Converted to Term	36	31
Total	6,506	6,552
30-59 days \| Domestic credit card: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	1,743	1,940
Revolving Loans Converted to Term	27	28
Total	1,770	1,968
30-59 days \| International card businesses: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	109	112
Revolving Loans Converted to Term	5	4
Total	114	116
60-89 days \| Domestic credit card: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	1,333	1,454
Revolving Loans Converted to Term	17	17
Total	1,350	1,471
60-89 days \| International card businesses: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	66	72
Revolving Loans Converted to Term	3	4
Total	69	76
Greater than 90 days \| Domestic credit card: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	2,940	3,339
Revolving Loans Converted to Term	27	28
Total	2,967	3,367
Greater than 90 days \| International card businesses: \| Credit Card:
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving Loans	136	132
Revolving Loans Converted to Term	5	5
Total	$ 141	$ 137

Business Combinations (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Business Combinations (Details) - USD ($) $ in Millions	Feb. 19, 2024	Jun. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Entity shares issued (in shares)	1.0192
Business combination, acquisition related costs		$ 31.0	$ 31.0
Discover \| Series D Preferred Stock
Business Acquisition [Line Items]
Per annum dividend rate	6.125%

Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 597	$ 1,431	$ 1,877	$ 2,391
Dividends and undistributed earnings allocated to participating securities	(9)	(23)	(32)	(39)
Preferred stock dividends	(57)	(57)	(114)	(114)
Net income available to common stockholders	$ 531	$ 1,351	$ 1,731	$ 2,238
Total weighted-average basic common shares outstanding (in shares)	383,100,000	382,800,000	382,700,000	382,700,000
Effect of dilutive securities:
Stock options (in shares)	200,000	100,000	200,000	100,000
Other contingently issuable shares (in shares)	600,000	800,000	800,000	1,000,000.0
Total effect of dilutive securities (in shares)	800,000	900,000	1,000,000.0	1,100,000
Total weighted-average diluted common shares outstanding (in shares)	383,900,000	383,700,000	383,700,000	383,800,000
Basic earnings per common share:
Net income per basic common share (in dollars per share)	$ 1.39	$ 3.53	$ 4.52	$ 5.85
Diluted earnings per common share:
Net income per diluted common share (in dollars per share)	$ 1.38	$ 3.52	$ 4.51	$ 5.83
Award
Diluted earnings per common share:
Anti-dilutive options excluded from the computation of diluted earnings per share (in shares)	0	0	64,000	20,000

Loans (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loan Portfolio Composition and Aging Analysis

The table below presents the composition and aging analysis of our loans held for investment portfolio as of June 30, 2024 and December 31, 2023. The delinquency aging includes all past due loans, both performing and nonperforming.

Table 4.1: Loan Portfolio Composition and Aging Analysis


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	140,978	$	1,770	$	1,350	$	2,967	$	6,087	$	147,065
International card businesses	6,506		114		69		141		324		6,830


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Total credit card	147,484		1,884		1,419		3,108		6,411		153,895
Consumer Banking:
Auto	69,615		2,873		1,462		435		4,770		74,385
Retail banking	1,243		22		4		9		35		1,278
Total consumer banking	70,858		2,895		1,466		444		4,805		75,663
Commercial Banking:
Commercial and multifamily real estate	32,643		21		5		163		189		32,832
Commercial and industrial	55,656		8		0		132		140		55,796
Total commercial banking	88,299		29		5		295		329		88,628
Total loans(1)	$	306,641	$	4,808	$	2,890	$	3,847	$	11,545	$	318,186
% of Total loans	96.37%		1.51%		0.91%		1.21%		3.63%		100.00%


	December 31, 2023
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	140,860	$	1,968	$	1,471	$	3,367	$	6,806	$	147,666
International card businesses	6,552		116		76		137		329		6,881
Total credit card	147,412		2,084		1,547		3,504		7,135		154,547
Consumer Banking:
Auto	68,768		3,268		1,555		484		5,307		74,075
Retail banking	1,329		15		3		15		33		1,362
Total consumer banking	70,097		3,283		1,558		499		5,340		75,437
Commercial Banking:
Commercial and multifamily real estate	34,325		0		14		107		121		34,446
Commercial and industrial	55,861		0		0		181		181		56,042
Total commercial banking	90,186		0		14		288		302		90,488
Total loans(1)	$	307,695	$	5,367	$	3,119	$	4,291	$	12,777	$	320,472
% of Total loans	96.01%		1.68%		0.97%		1.34%		3.99%		100.00%

__________

(1)Loans include unamortized premiums, discounts, and deferred fees and costs totaling $1.3 billion and $1.4 billion as of June 30, 2024 and December 31, 2023, respectively.

90 Plus Day Delinquent Loans Accruing Interest and Nonperforming Loans

Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans


	June 30, 2024									December 31, 2023
(Dollars in millions)	> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance			> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance
Credit Card:
Domestic credit card	$	2,967		N/A			$	0		$	3,367		N/A			$	0
International card businesses	135			$	10		0			132			$	9		0
Total credit card	3,102			10			0			3,499			9			0
Consumer Banking:
Auto	0			658			0			0			712			0
Retail banking	0			36			20			0			46			19
Total consumer banking	0			694			20			0			758			19
Commercial Banking:
Commercial and multifamily real estate	0			422			321			0			425			335
Commercial and industrial	46			872			424			55			336			193
Total commercial banking	46			1,294			745			55			761			528
Total	$	3,148		$	1,998		$	765		$	3,554		$	1,528		$	547
% of Total loans held for investment	0.99		%	0.63		%	0.24		%	1.11		%	0.48		%	0.17		%

__________

Credit Quality Indicator

The table below presents our credit card portfolio by delinquency status as of June 30, 2024 and December 31, 2023.

Table 4.3: Credit Card Delinquency Status


	June 30, 2024						December 31, 2023
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	140,576	$	402	$	140,978	$	140,521	$	339	$	140,860
30-59 days	1,743		27		1,770		1,940		28		1,968
60-89 days	1,333		17		1,350		1,454		17		1,471
Greater than 90 days	2,940		27		2,967		3,339		28		3,367
Total domestic credit card	146,592		473		147,065		147,254		412		147,666

International card businesses:
Current	6,470		36		6,506		6,521		31		6,552
30-59 days	109		5		114		112		4		116
60-89 days	66		3		69		72		4		76
Greater than 90 days	136		5		141		132		5		137
Total international card businesses	6,781		49		6,830		6,837		44		6,881
Total credit card	$	153,373	$	522	$	153,895	$	154,091	$	456	$	154,547

Table 4.4: Consumer Banking Portfolio by Vintage Year


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	8,444	$	10,154	$	10,305	$	7,455	$	2,227	$	823	$	39,408	$	0	$	0	$	39,408
621-660	2,848		4,175		3,639		2,625		974		452		14,713		0		0		14,713
620 or below	3,912		5,785		4,548		3,362		1,729		928		20,264		0		0		20,264
Total auto	15,204		20,114		18,492		13,442		4,930		2,203		74,385		0		0		74,385

Retail banking—Delinquency status:
Current	85		80		94		55		57		513		884		355		4		1,243
30-59 days	0		0		0		0		0		14		14		8		0		22
60-89 days	0		0		0		0		0		1		1		3		0		4
Greater than 90 days	1		0		0		0		1		4		6		2		1		9
Total retail banking	86		80		94		55		58		532		905		368		5		1,278
Total consumer banking	$	15,290	$	20,194	$	18,586	$	13,497	$	4,988	$	2,735	$	75,290	$	368	$	5	$	75,663


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	12,219	$	12,593	$	9,505	$	3,124	$	1,213	$	309	$	38,963	$	0	$	0	$	38,963
621-660	4,863		4,432		3,346		1,337		592		192		14,762		0		0		14,762
620 or below	6,647		5,539		4,283		2,349		1,131		401		20,350		0		0		20,350
Total auto	23,729		22,564		17,134		6,810		2,936		902		74,075		0		0		74,075

Retail banking—Delinquency status:
Current	98		157		57		65		117		468		962		363		4		1,329
30-59 days	1		0		1		1		0		1		4		11		0		15
60-89 days	0		0		0		0		0		1		1		2		0		3
Greater than 90 days	0		0		0		0		0		8		8		6		1		15
Total retail banking	99		157		58		66		117		478		975		382		5		1,362
Total consumer banking	$	23,828	$	22,721	$	17,192	$	6,876	$	3,053	$	1,380	$	75,050	$	382	$	5	$	75,437

__________

Table 4.5: Commercial Banking Portfolio by Internal Risk Ratings


	June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	1,134	$	2,511	$	3,821	$	2,245	$	914	$	4,974	$	15,599	$	12,499	$	25	$	28,123
Criticized performing	72		60		1,555		713		217		1,351		3,968		221		98		4,287
Criticized nonperforming	12		10		25		106		0		261		414		8		0		422
Total commercial and multifamily real estate	1,218		2,581		5,401		3,064		1,131		6,586		19,981		12,728		123		32,832
Commercial and industrial
Noncriticized	2,674		6,610		10,576		6,008		3,018		7,547		36,433		15,082		57		51,572
Criticized performing	30		92		750		747		173		576		2,368		941		43		3,352
Criticized nonperforming	31		75		121		23		181		168		599		273		0		872
Total commercial and industrial	2,735		6,777		11,447		6,778		3,372		8,291		39,400		16,296		100		55,796
Total commercial banking	$	3,953	$	9,358	$	16,848	$	9,842	$	4,503	$	14,877	$	59,381	$	29,024	$	223	$	88,628


	December 31, 2023
	Term Loans by Vintage Year
(Dollars in millions)	2023		2022		2021		2020		2019		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	3,068	$	4,665	$	2,773	$	1,019	$	2,104	$	3,670	$	17,299	$	12,565	$	25	$	29,889
Criticized performing	148		1,494		706		284		463		904		3,999		133		0		4,132
Criticized nonperforming	65		26		124		0		47		163		425		0		0		425
Total commercial and multifamily real estate	3,281		6,185		3,603		1,303		2,614		4,737		21,723		12,698		25		34,446
Commercial and industrial
Noncriticized	6,909		11,935		6,994		3,566		2,359		5,117		36,880		14,822		167		51,869
Criticized performing	353		706		655		237		348		349		2,648		1,189		0		3,837
Criticized nonperforming	13		53		30		18		123		68		305		31		0		336
Total commercial and industrial	7,275		12,694		7,679		3,821		2,830		5,534		39,833		16,042		167		56,042
Total commercial banking	$	10,556	$	18,879	$	11,282	$	5,124	$	5,444	$	10,271	$	61,556	$	28,740	$	192	$	90,488

__________

(1)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

The table below presents gross charge-offs for loans held for investment by vintage year during the six months ended June 30, 2024.

Table 5.2: Gross Charge-Offs by Vintage Year


	Six Months Ended June 30, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card
Domestic credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		$	4,951	$	57	$	5,008
International card business	N/A		N/A		N/A		N/A		N/A		N/A		N/A		245		7		252
Total credit card	N/A		N/A		N/A		N/A		N/A		N/A		N/A		5,196		64		5,260
Consumer Banking
Auto	$	18	$	293	$	420	$	309	$	126	$	91	$	1,257	0		0		1,257
Retail banking	0		0		0		0		0		2		2		37		0		39
Total consumer banking	18		293		420		309		126		93		1,259		37		0		1,296
Commercial Banking
Commercial and multifamily real estate	0		0		4		0		0		38		42		0		0		42
Commercial and industrial	0		0		19		5		8		4		36		0		0		36
Total commercial banking	0		0		23		5		8		42		78		0		0		78
Total	$	18	$	293	$	443	$	314	$	134	$	135	$	1,337	$	5,233	$	64	$	6,634

FDM Disclosures

Table 4.6: Financial Difficulty Modifications to Borrowers



	Three Months Ended June 30, 2024
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	178		$	57		$	235		—			—			—			—			—			—			$	235
Term extension	—			—			—			$	5		—			$	5		$	214		$	188		$	402		407
Principal balance reduction	—			—			—			8			—			8			—			15			15			23

Interest rate reduction and term extension	5			—			5			195			—			195			—			6			6			206
Other(1)	—			—			—			2			$	1		3			53			115			168			171
Total loans modified	$	183		$	57		$	240		$	210		$	1		$	211		$	267		$	324		$	591		$	1,042
% of total class of receivables	0.12		%	0.83		%	0.16		%	0.28		%	0.08		%	0.28		%	0.81		%	0.58		%	0.67		%	0.33		%


	Six Months Ended June 30, 2024
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	361		$	86		$	447		—			—			—			—			—			—			$	447
Term extension	—			—			—			$	10		$	2		$	12		$	373		$	327		$	700		712
Principal balance reduction	—			—			—			14			—			14			—			16			16			30

Interest rate reduction and term extension	8			—			8			410			—			410			26			6			32			450

Other(1)	—			—			—			2			1			3			142			115			257			260
Total loans modified	$	369		$	86		$	455		$	436		$	3		$	439		$	541		$	464		$	1,005		$	1,899
% of total class of receivables	0.25		%	1.26		%	0.30		%	0.59		%	0.21		%	0.58		%	1.65		%	0.83		%	1.14		%	0.60		%


	Three Months Ended June 30, 2023
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	154		$	40		$	194		—			—			—			—			—			—			$	194
Term extension	—			—			—			$	41		$	1		$	42		$	147		$	172		$	319		361
Principal balance reduction	—			—			—			7			—			7			64			—			64			71
Interest rate reduction and term extension	—			—			—			173			—			173			—			—			—			173

Other(1)	—			—			—			1			—			1			54			21			75			76
Total loans modified	$	154		$	40		$	194		$	222		$	1		$	223		$	265		$	193		$	458		$	875
% of total class of receivables	0.11		%	0.61		%	0.14		%	0.29		%	0.08		%	0.29		%	0.74		%	0.35		%	0.50		%	0.28		%


	Six Months Ended June 30, 2023
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	285		$	61		$	346		—			—			—			—			—			—			$	346
Term extension	—			—			—			$	77		$	3		$	80		$	246		$	237		$	483		563
Principal balance reduction	—			—			—			12			—			12			64			—			64			76
Principal balance reduction and term extension	—			—			—			—			—			—			—			17			17			17
Interest rate reduction and term extension	—			—			—			330			—			330			—			—			—			330

Other(1)	—			—			—			2			—			2			54			146			200			202
Total loans modified	$	285		$	61		$	346		$	421		$	3		$	424		$	364		$	400		$	764		$	1,534
% of total class of receivables	0.21		%	0.94		%	0.24		%	0.55		%	0.21		%	0.55		%	1.01		%	0.72		%	0.83		%	0.49		%

__________

Table 4.7: Financial Effects of Financial Difficulty Modifications to Borrowers



	Three Months Ended June 30, 2024
	Credit Card		Consumer Banking		Commercial Banking
(Dollars in millions)	Domestic Card	International Card Businesses		Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	20.13%	27.08%		8.89%	3.48%	—%	1.50%
Payment delay duration (in months)	12	—		6	36	9	15
Principal balance reduction	—	—		—	—	—	$1


	Six Months Ended June 30, 2024
	Credit Card		Consumer Banking			Commercial Banking
	Domestic Card	International Card Businesses		Auto	Retail Banking		Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	20.06%	26.62%		8.75%	3.48%		0.79%	1.50%
Payment delay duration (in months)	12	—		6	11		7	14
Principal balance reduction	—	—		—	—		—	$15


	Three Months Ended June 30, 2023
	Credit Card		Consumer Banking		Commercial Banking
	Domestic Card	International Card Businesses	Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.06%	27.99%	8.82%	2.00%	—%	—%
Payment delay duration (in months)	—	—	6	20	16	4
Principal balance reduction	—	—	—	—	$20	—


	Six Months Ended June 30, 2023
	Credit Card		Consumer Banking		Commercial Banking
	Domestic Card	International Card Businesses	Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.04%	26.90%	8.78%	2.00%	—%	—%
Payment delay duration (in months)	—	—	6	15	16	6
Principal balance reduction	—	—	—	—	$23	—

Table 4.8 Delinquency Status of Financial Difficulty Modifications to Borrowers(1)


	June 30, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	438	$	61	$	45	$	102	$	208	$	646
International card businesses	61		11		11		34		56		117
Total credit card	499		72		56		136		264		763
Consumer Banking:
Auto	564		105		68		24		197		761
Retail banking	8		0		0		1		1		9
Total consumer banking	572		105		68		25		198		770
Commercial Banking:
Commercial and multifamily real estate	622		19		0		0		19		641
Commercial and industrial	863		7		0		72		79		942
Total commercial banking	1,485		26		0		72		98		1,583
Total	$	2,556	$	203	$	124	$	233	$	560	$	3,116


	June 30, 2023
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	160	$	42	$	27	$	56	$	125	$	285
International card businesses	24		6		6		25		37		61
Total credit card	184		48		33		81		162		346
Consumer Banking:
Auto	337		49		26		9		84		421
Retail banking	3		0		0		0		0		3
Total consumer banking	340		49		26		9		84		424
Commercial Banking:
Commercial and multifamily real estate	339		0		0		25		25		364
Commercial and industrial	275		0		13		112		125		400
Total commercial banking	614		0		13		137		150		764
Total	$	1,138	$	97	$	72	$	227	$	396	$	1,534

__________

(1)Commitments to lend additional funds on FDMs totaled $193 million and $48 million as of June 30, 2024 and 2023, respectively.

Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods

The following table presents FDMs that entered subsequent default for the three and six months ended June 30, 2024 and 2023.

Table 4.9 Subsequent Defaults of Financial Difficulty Modifications to Borrowers


	Three Months Ended June 30, 2024
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	53	$	0	$	1	$	0	$	54
International card businesses	18		0		0		0		18
Total credit card	71		0		1		0		72
Consumer Banking:
Auto	0		2		116		0		118
Retail banking	0		1		0		0		1
Total consumer banking	0		3		116		0		119
Commercial Banking:
Commercial and multifamily real estate	0		0		0		0		0
Commercial and industrial	0		58		0		255		313
Total commercial banking	0		58		0		255		313
Total	$	71	$	61	$	117	$	255	$	504


	Six Months Ended June 30, 2024
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	127	$	0	$	2	$	0	$	129
International card businesses	35		0		0		0		35
Total credit card	162		0		2		0		164
Consumer Banking:
Auto	0		5		219		0		224
Retail banking	0		1		0		0		1
Total consumer banking	0		6		219		0		225
Commercial Banking:
Commercial and multifamily real estate	0		0		0		0		0
Commercial and industrial	0		125		0		255		380
Total commercial banking	0		125		0		255		380
Total	$	162	$	131	$	221	$	255	$	769


	Three Months and Six Months Ended June 30, 2023
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total Loans
Credit Card:
Domestic credit card	$	37	$	0	$	0	$	37
International card businesses	4		0		0		4
Total credit card	41		0		0		41
Consumer Banking:
Auto	0		3		51		54

Total consumer banking	0		3		51		54




Total	$	41	$	3	$	51	$	95

Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets:
Fair Value		$ 79,250	$ 79,117
Loans held for sale		$ 394	$ 347
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Other assets:
Derivative assets, gross amount		$ 2,456	$ 2,675
Derivative Asset, netting adjustments		(1,034)	(1,005)
Derivative asset		1,422	1,670
Liabilities:
Derivative liabilities, gross amount		2,773	2,932
Derivative Liability, netting adjustments		(371)	(597)
Derivative liability		$ 2,402	$ 2,335
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other liabilities	Other liabilities
Net valuation allowance		$ 3	$ 2
Level 1
Assets:
Loans held for sale		0	0
Level 2
Assets:
Loans held for sale		426	515
Level 3
Assets:
Loans held for sale		0	0
Recurring
Assets:
Fair Value		79,250	79,117
Loans held for sale		394	347
Other assets:
Derivative asset		1,422	1,670
Other		678	627
Total		81,744	81,761
Liabilities:
Derivative liability		2,402	2,335
Recurring \| Level 1
Assets:
Fair Value		6,161	5,408
Loans held for sale		0	0
Other assets:
Derivative assets, gross amount		616	788
Other		644	589
Total		7,421	6,785
Liabilities:
Derivative liabilities, gross amount		511	449
Deferred compensation plan assets		644	578
Recurring \| Level 2
Assets:
Fair Value		72,783	73,431
Loans held for sale		394	347
Other assets:
Derivative assets, gross amount		931	1,001
Other		0	3
Total		74,108	74,782
Liabilities:
Derivative liabilities, gross amount		1,422	1,655
Recurring \| Level 3
Assets:
Fair Value		306	278
Loans held for sale		0	0
Other assets:
Derivative assets, gross amount		909	886	$ 1,200
Other		34	35
Total		1,249	1,199
Liabilities:
Derivative liabilities, gross amount		840	828	$ 1,100
Retained interests in securitizations		34	35
Recurring \| Fair Value Inputs Level 1 And Level 2
Liabilities:
Equity securities			14
Debt and equity securities, unrealized gain (loss)	$ 5
U.S. Treasury securities
Assets:
Fair Value		6,029	5,282
U.S. Treasury securities \| Recurring
Assets:
Fair Value		6,029	5,282
U.S. Treasury securities \| Recurring \| Level 1
Assets:
Fair Value		6,029	5,282
U.S. Treasury securities \| Recurring \| Level 2
Assets:
Fair Value		0	0
U.S. Treasury securities \| Recurring \| Level 3
Assets:
Fair Value		0	0
Total RMBS
Assets:
Fair Value		62,474	63,638
Total RMBS \| Recurring
Assets:
Fair Value		62,474	63,638
Total RMBS \| Recurring \| Level 1
Assets:
Fair Value		0	0
Total RMBS \| Recurring \| Level 2
Assets:
Fair Value		62,170	63,492
Total RMBS \| Recurring \| Level 3
Assets:
Fair Value		304	146
CMBS \| Recurring
Assets:
Fair Value		8,200	8,323
CMBS \| Recurring \| Level 1
Assets:
Fair Value		0	0
CMBS \| Recurring \| Level 2
Assets:
Fair Value		8,198	8,191
CMBS \| Recurring \| Level 3
Assets:
Fair Value		2	132
Other securities
Assets:
Fair Value		2,547	1,874
Other securities \| Recurring
Assets:
Fair Value		2,547	1,874
Other securities \| Recurring \| Level 1
Assets:
Fair Value		132	126
Other securities \| Recurring \| Level 2
Assets:
Fair Value		2,415	1,748
Other securities \| Recurring \| Level 3
Assets:
Fair Value		$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents:
Cash and due from banks	$ 5,298	$ 4,903
Interest-bearing deposits and other short-term investments	40,116	38,394
Total cash and cash equivalents	45,414	43,297
Restricted cash for securitization investors	2,415	458
Securities available for sale (amortized cost of $89.6 billion and $88.1 billion and allowance for credit losses of $3 million and $4 million as of June 30, 2024 and December 31, 2023, respectively)	79,250	79,117
Loans held for investment:
Total loans held for investment	318,186	320,472
Allowance for credit losses	(16,649)	(15,296)
Net loans held for investment	301,537	305,176
Loans held for sale ($394 million and $347 million carried at fair value as of June 30, 2024 and December 31, 2023, respectively)	808	854
Premises and equipment, net	4,396	4,375
Interest receivable	2,494	2,478
Goodwill	15,062	15,065
Other assets	28,642	27,644
Total assets	480,018	478,464
Liabilities:
Interest payable	668	649
Deposits:
Non-interest-bearing deposits	27,005	28,024
Interest-bearing deposits	324,437	320,389
Total deposits	351,442	348,413
Securitized debt obligations	17,291	18,043
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase	715	538
Senior and subordinated notes	29,925	31,248
Other borrowings	25	27
Total other debt	30,665	31,813
Other liabilities	21,971	21,457
Total liabilities	422,037	420,375
Commitments, contingencies and guarantees (see Note 14)
Stockholders’ equity:
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 4,975,000 shares issued and outstanding as of both June 30, 2024 and December 31, 2023)	0	0
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 700,703,094 and 696,242,668 shares issued as of June 30, 2024 and December 31, 2023, respectively; 381,856,146 and 380,389,609 shares outstanding as of June 30, 2024 and December 31, 2023, respectively)	7	7
Additional paid-in capital, net	36,012	35,541
Retained earnings	62,211	60,945
Accumulated other comprehensive loss	(9,701)	(8,268)
Treasury stock, at cost (par value $0.01 per share; 318846948 and 315,853,059 shares as of June 30, 2024 and December 31, 2023, respectively)	(30,548)	(30,136)
Total stockholders’ equity	57,981	58,089
Total liabilities and stockholders’ equity	480,018	478,464
Unsecuritized loans held for investment
Loans held for investment:
Total loans held for investment	289,124	289,229
Loans held in consolidated trusts
Loans held for investment:
Total loans held for investment	29,062	31,243
Total assets	33,401	33,288
Other debt:
Total liabilities	$ 17,991	$ 18,746

Loans - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
Loans - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of portfolio segments \| segment			3
Accrued interest receivable	$ 2,200		$ 2,200		$ 2,200
Net loans held for investment	301,537		301,537		305,176
Federal Home Loan banks
Financing Receivable, Allowance for Credit Loss [Line Items]
Net loans held for investment	7,300		7,300		7,400
Remaining borrowing capacity	36,900		36,900		32,100
Federal Reserve Discount Window
Financing Receivable, Allowance for Credit Loss [Line Items]
Net loans held for investment	83,300		83,300		78,300
Remaining borrowing capacity	41,100		41,100		$ 41,400
Domestic credit card: \| Domestic Credit Card and Commercial Banking Portfolios
Financing Receivable, Allowance for Credit Loss [Line Items]
Revolving loans converted to term during period	$ 205	$ 159	$ 321	$ 342

Goodwill and Other Intangible Assets - Goodwill Business Segments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 15,065
Other adjustments	(3)
Goodwill, ending balance	15,062
Credit Card
Goodwill [Roll Forward]
Goodwill, beginning balance	5,366
Other adjustments	(3)
Goodwill, ending balance	5,363
Consumer Banking
Goodwill [Roll Forward]
Goodwill, beginning balance	4,645
Other adjustments	0
Goodwill, ending balance	4,645
Commercial Banking
Goodwill [Roll Forward]
Goodwill, beginning balance	5,054
Other adjustments	0
Goodwill, ending balance	$ 5,054

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Loans - Commercial Banking: Risk Profile by Internal Risk Rating (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held for investment	$ 318,186	$ 320,472
Commercial Banking:
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	3,953	10,556
Term Loans by Vintage Year, Year 2	9,358	18,879
Term Loans by Vintage Year, Year 3	16,848	11,282
Term Loans by Vintage Year, Year 4	9,842	5,124
Term Loans by Vintage Year, Year 5	4,503	5,444
Prior	14,877	10,271
Total Term Loans	59,381	61,556
Revolving Loans	29,024	28,740
Revolving Loans Converted to Term	223	192
Total loans held for investment	88,628	90,488
Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	1,218	3,281
Term Loans by Vintage Year, Year 2	2,581	6,185
Term Loans by Vintage Year, Year 3	5,401	3,603
Term Loans by Vintage Year, Year 4	3,064	1,303
Term Loans by Vintage Year, Year 5	1,131	2,614
Prior	6,586	4,737
Total Term Loans	19,981	21,723
Revolving Loans	12,728	12,698
Revolving Loans Converted to Term	123	25
Total loans held for investment	32,832	34,446
Commercial Banking: \| Commercial and multifamily real estate \| Noncriticized
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	1,134	3,068
Term Loans by Vintage Year, Year 2	2,511	4,665
Term Loans by Vintage Year, Year 3	3,821	2,773
Term Loans by Vintage Year, Year 4	2,245	1,019
Term Loans by Vintage Year, Year 5	914	2,104
Prior	4,974	3,670
Total Term Loans	15,599	17,299
Revolving Loans	12,499	12,565
Revolving Loans Converted to Term	25	25
Total loans held for investment	28,123	29,889
Commercial Banking: \| Commercial and multifamily real estate \| Criticized \| Criticized performing
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	72	148
Term Loans by Vintage Year, Year 2	60	1,494
Term Loans by Vintage Year, Year 3	1,555	706
Term Loans by Vintage Year, Year 4	713	284
Term Loans by Vintage Year, Year 5	217	463
Prior	1,351	904
Total Term Loans	3,968	3,999
Revolving Loans	221	133
Revolving Loans Converted to Term	98	0
Total loans held for investment	4,287	4,132
Commercial Banking: \| Commercial and multifamily real estate \| Criticized \| Criticized nonperforming
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	12	65
Term Loans by Vintage Year, Year 2	10	26
Term Loans by Vintage Year, Year 3	25	124
Term Loans by Vintage Year, Year 4	106	0
Term Loans by Vintage Year, Year 5	0	47
Prior	261	163
Total Term Loans	414	425
Revolving Loans	8	0
Revolving Loans Converted to Term	0	0
Total loans held for investment	422	425
Commercial Banking: \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	2,735	7,275
Term Loans by Vintage Year, Year 2	6,777	12,694
Term Loans by Vintage Year, Year 3	11,447	7,679
Term Loans by Vintage Year, Year 4	6,778	3,821
Term Loans by Vintage Year, Year 5	3,372	2,830
Prior	8,291	5,534
Total Term Loans	39,400	39,833
Revolving Loans	16,296	16,042
Revolving Loans Converted to Term	100	167
Total loans held for investment	55,796	56,042
Commercial Banking: \| Commercial and industrial \| Noncriticized
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	2,674	6,909
Term Loans by Vintage Year, Year 2	6,610	11,935
Term Loans by Vintage Year, Year 3	10,576	6,994
Term Loans by Vintage Year, Year 4	6,008	3,566
Term Loans by Vintage Year, Year 5	3,018	2,359
Prior	7,547	5,117
Total Term Loans	36,433	36,880
Revolving Loans	15,082	14,822
Revolving Loans Converted to Term	57	167
Total loans held for investment	51,572	51,869
Commercial Banking: \| Commercial and industrial \| Criticized \| Criticized performing
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	30	353
Term Loans by Vintage Year, Year 2	92	706
Term Loans by Vintage Year, Year 3	750	655
Term Loans by Vintage Year, Year 4	747	237
Term Loans by Vintage Year, Year 5	173	348
Prior	576	349
Total Term Loans	2,368	2,648
Revolving Loans	941	1,189
Revolving Loans Converted to Term	43	0
Total loans held for investment	3,352	3,837
Commercial Banking: \| Commercial and industrial \| Criticized \| Criticized nonperforming
Financing Receivable, Allowance for Credit Loss [Line Items]
Term Loans by Vintage Year, Year 1	31	13
Term Loans by Vintage Year, Year 2	75	53
Term Loans by Vintage Year, Year 3	121	30
Term Loans by Vintage Year, Year 4	23	18
Term Loans by Vintage Year, Year 5	181	123
Prior	168	68
Total Term Loans	599	305
Revolving Loans	273	31
Revolving Loans Converted to Term	0	0
Total loans held for investment	$ 872	$ 336

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance			$ (8,268)
Other comprehensive income (loss) before reclassifications	$ (410)	$ (1,518)	(1,853)	$ (345)
Amounts reclassified from AOCI into earnings	243	240	420	443
Other comprehensive income (loss), net of tax	(167)	(1,278)	(1,433)	98
AOCI ending balance	(9,701)		(9,701)
Securities Available for Sale
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance	(7,613)	(6,714)	(6,769)	(7,676)
Other comprehensive income (loss) before reclassifications	(184)	(888)	(1,028)	74
Amounts reclassified from AOCI into earnings	0	0	0	0
Other comprehensive income (loss), net of tax	(184)	(888)	(1,028)	74
AOCI ending balance	(7,797)	(7,602)	(7,797)	(7,602)
Hedging relationships:
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance	(1,903)	(1,781)	(1,493)	(2,182)
Other comprehensive income (loss) before reclassifications	(225)	(664)	(812)	(466)
Amounts reclassified from AOCI into earnings	243	240	420	443
Other comprehensive income (loss), net of tax	18	(424)	(392)	(23)
AOCI ending balance	(1,885)	(2,205)	(1,885)	(2,205)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance	13	(7)	26	(20)
Other comprehensive income (loss) before reclassifications	(1)	34	(14)	47
Amounts reclassified from AOCI into earnings	0	0	0	0
Other comprehensive income (loss), net of tax	(1)	34	(14)	47
AOCI ending balance	12	27	12	27
Other:
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance	(31)	(38)	(32)	(38)
Other comprehensive income (loss) before reclassifications	0	0	1	0
Amounts reclassified from AOCI into earnings	0	0	0	0
Other comprehensive income (loss), net of tax	0	0	1	0
AOCI ending balance	(31)	(38)	(31)	(38)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI beginning balance	(9,534)	(8,540)	(8,268)	(9,916)
AOCI ending balance	(9,701)	(9,818)	(9,701)	(9,818)
Net investment hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive gain (loss)	$ 13	$ (78)	$ 62	$ (116)

Loans - FDM Disclosure - Modification to Borrowers (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	$ 3,116	$ 1,534
Commitments to lend on loans modified in TDRs	193	48
Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	2,556	1,138
30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	203	97
60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	124	72
Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	233	227
Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	560	396
Credit Card:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	763	346
Credit Card: \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	499	184
Credit Card: \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	72	48
Credit Card: \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	56	33
Credit Card: \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	136	81
Credit Card: \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	264	162
Credit Card: \| Domestic Card
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	646	285
Credit Card: \| Domestic Card \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	438	160
Credit Card: \| Domestic Card \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	61	42
Credit Card: \| Domestic Card \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	45	27
Credit Card: \| Domestic Card \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	102	56
Credit Card: \| Domestic Card \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	208	125
Credit Card: \| International card businesses
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	117	61
Credit Card: \| International card businesses \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	61	24
Credit Card: \| International card businesses \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	11	6
Credit Card: \| International card businesses \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	11	6
Credit Card: \| International card businesses \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	34	25
Credit Card: \| International card businesses \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	56	37
Consumer Banking:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	770	424
Consumer Banking: \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	572	340
Consumer Banking: \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	105	49
Consumer Banking: \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	68	26
Consumer Banking: \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	25	9
Consumer Banking: \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	198	84
Consumer Banking: \| Auto
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	761	421
Consumer Banking: \| Auto \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	564	337
Consumer Banking: \| Auto \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	105	49
Consumer Banking: \| Auto \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	68	26
Consumer Banking: \| Auto \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	24	9
Consumer Banking: \| Auto \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	197	84
Consumer Banking: \| Retail banking
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	9	3
Consumer Banking: \| Retail banking \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	8	3
Consumer Banking: \| Retail banking \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	0
Consumer Banking: \| Retail banking \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	0
Consumer Banking: \| Retail banking \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1	0
Consumer Banking: \| Retail banking \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1	0
Commercial Banking:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1,583	764
Commercial Banking: \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1,485	614
Commercial Banking: \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	26	0
Commercial Banking: \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	13
Commercial Banking: \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	72	137
Commercial Banking: \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	98	150
Commercial Banking: \| Commercial and multifamily real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	641	364
Commercial Banking: \| Commercial and multifamily real estate \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	622	339
Commercial Banking: \| Commercial and multifamily real estate \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	19	0
Commercial Banking: \| Commercial and multifamily real estate \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	0
Commercial Banking: \| Commercial and multifamily real estate \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	25
Commercial Banking: \| Commercial and multifamily real estate \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	19	25
Commercial Banking: \| Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	942	400
Commercial Banking: \| Commercial and industrial \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	863	275
Commercial Banking: \| Commercial and industrial \| 30-59 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	7	0
Commercial Banking: \| Commercial and industrial \| 60-89 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0	13
Commercial Banking: \| Commercial and industrial \| Greater than 90 days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	72	112
Commercial Banking: \| Commercial and industrial \| Total Delinquent Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	$ 79	$ 125