Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | 1-9700 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3025021 | |
Entity Address, Address Line One | 3000 Schwab Way | |
Entity Address, City or Town | Westlake | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76262 | |
City Area Code | 817 | |
Local Phone Number | 859-5000 | |
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 Registrant Name | SCHWAB CHARLES CORP | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000316709 | |
Common Stock – $.01 par value per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock – $.01 par value per share | |
Trading Symbol | SCHW | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding (in shares) | 1,778,444,948 | |
Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D | |
Trading Symbol | SCHW PrD | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J | |
Trading Symbol | SCHW PrJ | |
Security Exchange Name | NYSE | |
Nonvoting Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 50,893,695 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Net Revenues | |||||
Interest revenue | $ 3,817 | $ 4,104 | $ 7,758 | $ 8,120 | |
Interest expense | (1,659) | (1,814) | (3,367) | (3,060) | |
Net interest revenue | 2,158 | 2,290 | 4,391 | 5,060 | |
Total net revenues | 4,690 | 4,656 | 9,430 | 9,772 | |
Expenses Excluding Interest | |||||
Compensation and benefits | 1,450 | 1,498 | 2,988 | 3,136 | |
Professional services | 259 | 272 | 500 | 530 | |
Occupancy and equipment | 248 | 319 | 513 | 618 | |
Advertising and market development | 107 | 103 | 195 | 191 | |
Communications | 172 | 188 | 313 | 334 | |
Depreciation and amortization | 233 | 191 | 461 | 368 | |
Amortization of acquired intangible assets | 129 | 134 | 259 | 269 | |
Regulatory fees and assessments | 96 | 80 | 221 | 163 | |
Other | 249 | 180 | 435 | 362 | |
Total expenses excluding interest | 2,943 | 2,965 | 5,885 | 5,971 | |
Income before taxes on income | 1,747 | 1,691 | 3,545 | 3,801 | |
Taxes on income | 415 | 397 | 851 | 904 | |
Net Income | 1,332 | 1,294 | 2,694 | 2,897 | |
Preferred stock dividends and other | 121 | 121 | 232 | 191 | |
Net Income Available to Common Stockholders | $ 1,211 | $ 1,173 | $ 2,462 | $ 2,706 | |
Weighted-Average Common Shares Outstanding: | |||||
Basic (in shares) | 1,828 | 1,820 | 1,827 | 1,827 | |
Diluted (in shares) | 1,834 | 1,825 | 1,832 | 1,834 | |
Earnings Per Common Shares Outstanding | |||||
Basic (in USD per share) | [1] | $ 0.66 | $ 0.64 | $ 1.35 | $ 1.48 |
Diluted (in USD per share) | [1] | $ 0.66 | $ 0.64 | $ 1.34 | $ 1.48 |
Asset management and administration fees | |||||
Net Revenues | |||||
Revenues from contracts with customers | $ 1,383 | $ 1,173 | $ 2,731 | $ 2,291 | |
Trading revenue | |||||
Net Revenues | |||||
Revenues from contracts with customers | 777 | 803 | 1,594 | 1,695 | |
Bank deposit account fees | |||||
Net Revenues | |||||
Revenues from contracts with customers | 153 | 175 | 336 | 326 | |
Other | |||||
Net Revenues | |||||
Revenues from contracts with customers | $ 219 | $ 215 | $ 378 | $ 400 | |
[1]The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,332 | $ 1,294 | $ 2,694 | $ 2,897 |
Change in net unrealized gain (loss) on available for sale securities: | ||||
Net unrealized gain (loss) | 234 | (683) | 373 | 1,166 |
Other reclassifications included in other revenue | 10 | 11 | 20 | 20 |
Change in net unrealized gain (loss) on held to maturity securities: | ||||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 583 | 642 | 1,147 | 1,251 |
Other | (2) | (1) | (10) | (9) |
Other comprehensive income (loss), before tax | 825 | (31) | 1,530 | 2,428 |
Income tax effect | (185) | (9) | (335) | (537) |
Other comprehensive income (loss), net of tax | 640 | (40) | 1,195 | 1,891 |
Comprehensive Income (Loss) | $ 1,972 | $ 1,254 | $ 3,889 | $ 4,788 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash and cash equivalents | $ 25,350 | [1] | $ 43,337 |
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $9,290 and $8,844 at June 30, 2024 and December 31, 2023, respectively) | 21,737 | 31,836 | |
Receivables from brokerage clients — net | 72,836 | 68,667 | |
Available for sale securities (amortized cost of $101,859 at June 30, 2024 and $116,336 at December 31, 2023; including assets pledged of $1,612 and $1,733, respectively) | 93,562 | 107,646 | |
Held to maturity securities (including assets pledged of $8,211 at June 30, 2024 and $3,703 at December 31, 2023) | 153,179 | 159,452 | |
Bank loans — net | 42,182 | 40,439 | |
Equipment, office facilities, and property — net | 3,436 | 3,690 | |
Goodwill | 11,951 | 11,951 | |
Acquired intangible assets — net | 8,003 | 8,260 | |
Other assets | 17,439 | 17,900 | |
Total assets | 449,675 | 493,178 | |
Liabilities and Stockholders’ Equity | |||
Bank deposits | 252,420 | 289,953 | |
Payables to brokerage clients | 79,966 | 84,786 | |
Accrued expenses and other liabilities | 16,491 | 18,400 | |
Other short-term borrowings | 9,996 | 6,553 | |
Federal Home Loan Bank borrowings | 24,400 | 26,400 | |
Long-term debt | 22,449 | 26,128 | |
Total liabilities | 405,722 | 452,220 | |
Stockholders’ equity: | |||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $9,329 at June 30, 2024 and December 31, 2023 | 9,191 | 9,191 | |
Additional paid-in capital | 27,470 | 27,330 | |
Retained earnings | 35,458 | 33,901 | |
Treasury stock, at cost — 245,678,570 and 250,678,452 shares at June 30, 2024 and December 31, 2023, respectively | (11,251) | (11,354) | |
Accumulated other comprehensive income (loss) | (16,936) | (18,131) | |
Total stockholders’ equity | 43,953 | 40,958 | |
Total liabilities and stockholders’ equity | 449,675 | 493,178 | |
Common Stock | |||
Stockholders’ equity: | |||
Common stock | 20 | 20 | |
Nonvoting Common Stock | |||
Stockholders’ equity: | |||
Common stock | $ 1 | $ 1 | |
[1]For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and investments segregated and on deposit for regulatory purposes, resale agreements | $ 9,290 | $ 8,844 |
Amortized cost of available for sale securities | 101,859 | 116,336 |
Available for sale securities, assets pledged | 93,562 | 107,646 |
Held to maturity securities, assets pledged | $ 153,179 | $ 159,452 |
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 9,329 | $ 9,329 |
Treasury stock (in shares) | 245,678,570 | 250,678,452 |
Common Stock | ||
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 2,023,295,180 | 2,023,295,180 |
Nonvoting Common Stock | ||
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 50,893,695 | 50,893,695 |
Asset Pledged as Collateral | ||
Available for sale securities, assets pledged | $ 1,612 | $ 1,733 |
Held to maturity securities, assets pledged | $ 8,211 | $ 3,703 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Nonvoting Common Stock | Preferred Stock | Common Stock | Common Stock Common Stock | Common Stock Nonvoting Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period at Dec. 31, 2022 | $ 36,608 | $ 9,706 | $ 20 | $ 1 | $ 27,075 | $ 31,066 | $ (8,639) | $ (22,621) | |||
Beginning balance (in shares) at Dec. 31, 2022 | 2,023 | 51 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 2,897 | $ 2,817 | $ 80 | 2,897 | |||||||
Other comprehensive income (loss), net of tax | 1,891 | 1,891 | |||||||||
Redemption and repurchase of preferred stock, inclusive of tax | (471) | (515) | 44 | ||||||||
Dividends declared on preferred stock | (220.9) | (221) | |||||||||
Dividends declared on common stock | (921) | (921) | |||||||||
Repurchase of common stock, inclusive of tax | (2,869) | $ (2,800) | (2,869) | ||||||||
Stock option exercises and other | 24 | (101) | 125 | ||||||||
Share-based compensation | 182 | 182 | |||||||||
Other | 27 | 64 | (37) | ||||||||
Balance at end of period at Jun. 30, 2023 | 37,147 | 9,191 | $ 20 | $ 1 | 27,220 | 32,865 | (11,420) | (20,730) | |||
Ending balance (in shares) at Jun. 30, 2023 | 2,023 | 51 | |||||||||
Balance at beginning of period at Mar. 31, 2023 | 36,347 | 9,191 | $ 20 | $ 1 | 27,136 | 32,144 | (11,455) | (20,690) | |||
Beginning balance (in shares) at Mar. 31, 2023 | 2,023 | 51 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,294 | 1,258 | 36 | 1,294 | |||||||
Other comprehensive income (loss), net of tax | (40) | (40) | |||||||||
Dividends declared on preferred stock | (115.5) | (116) | |||||||||
Dividends declared on common stock | (457) | (457) | |||||||||
Stock option exercises and other | 5 | (9) | 14 | ||||||||
Share-based compensation | 53 | 53 | |||||||||
Other | 61 | 40 | 21 | ||||||||
Balance at end of period at Jun. 30, 2023 | 37,147 | 9,191 | $ 20 | $ 1 | 27,220 | 32,865 | (11,420) | (20,730) | |||
Ending balance (in shares) at Jun. 30, 2023 | 2,023 | 51 | |||||||||
Balance at beginning of period at Dec. 31, 2023 | 40,958 | 9,191 | $ 20 | $ 1 | 27,330 | 33,901 | (11,354) | (18,131) | |||
Beginning balance (in shares) at Dec. 31, 2023 | 2,023 | 51 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 2,694 | 2,619 | 75 | 2,694 | |||||||
Other comprehensive income (loss), net of tax | 1,195 | 1,195 | |||||||||
Dividends declared on preferred stock | (218.4) | (218) | |||||||||
Dividends declared on common stock | (919) | (919) | |||||||||
Stock option exercises and other | 43 | (116) | 159 | ||||||||
Share-based compensation | 190 | 190 | |||||||||
Other | 10 | 66 | (56) | ||||||||
Balance at end of period at Jun. 30, 2024 | 43,953 | 9,191 | $ 20 | $ 1 | 27,470 | 35,458 | (11,251) | (16,936) | |||
Ending balance (in shares) at Jun. 30, 2024 | 2,023 | 51 | |||||||||
Balance at beginning of period at Mar. 31, 2024 | 42,412 | 9,191 | $ 20 | $ 1 | 27,358 | 34,701 | (11,283) | (17,576) | |||
Beginning balance (in shares) at Mar. 31, 2024 | 2,023 | 51 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,332 | $ 1,295 | $ 37 | 1,332 | |||||||
Other comprehensive income (loss), net of tax | 640 | 640 | |||||||||
Dividends declared on preferred stock | (115.3) | (115) | |||||||||
Dividends declared on common stock | (460) | (460) | |||||||||
Stock option exercises and other | 21 | 4 | 17 | ||||||||
Share-based compensation | 65 | 65 | |||||||||
Other | 58 | 43 | 15 | ||||||||
Balance at end of period at Jun. 30, 2024 | $ 43,953 | $ 9,191 | $ 20 | $ 1 | $ 27,470 | $ 35,458 | $ (11,251) | $ (16,936) | |||
Ending balance (in shares) at Jun. 30, 2024 | 2,023 | 51 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (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] | ||||
Dividends declared on common stock (in USD per share) | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash Flows from Operating Activities | |||
Net income | $ 2,694 | $ 2,897 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Share-based compensation | 202 | 194 | |
Depreciation and amortization | 461 | 368 | |
Amortization of acquired intangible assets | 259 | 269 | |
Provision (benefit) for deferred income taxes | (109) | 4 | |
Premium amortization, net, on available for sale and held to maturity securities | 416 | 392 | |
Other | 238 | 278 | |
Net change in: | |||
Investments segregated and on deposit for regulatory purposes | 728 | 10,832 | |
Receivables from brokerage clients | (4,188) | 1,409 | |
Other assets | 691 | (27) | |
Payables to brokerage clients | (4,820) | (12,643) | |
Accrued expenses and other liabilities | (2,173) | 588 | |
Net cash provided by (used for) operating activities | (5,601) | 4,561 | |
Cash Flows from Investing Activities | |||
Purchases of available for sale securities | (1,258) | 0 | |
Proceeds from sales of available for sale securities | 2,043 | 2,900 | |
Principal payments on available for sale securities | 13,344 | 20,181 | |
Principal payments on held to maturity securities | 7,135 | 7,672 | |
Net change in bank loans | (1,755) | 413 | |
Purchases of equipment, office facilities, and property | (238) | (398) | |
Purchases of FHLB stock | (474) | (1,562) | |
Proceeds from sales of FHLB stock | 620 | 82 | |
Purchases of Federal Reserve stock | (107) | (82) | |
Proceeds from sales of Federal Reserve stock | 0 | 98 | |
Other investing activities | (129) | (108) | |
Net cash provided by (used for) investing activities | 19,181 | 29,196 | |
Cash Flows from Financing Activities | |||
Net change in bank deposits | (37,533) | (62,310) | |
Proceeds from FHLB borrowings | 12,201 | 39,200 | |
Repayments of FHLB borrowings | (14,201) | (10,600) | |
Proceeds from other short-term borrowings | 10,866 | 8,114 | |
Repayments of other short-term borrowings | (7,423) | (4,939) | |
Issuances of long-term debt | 0 | 2,478 | |
Repayments of long-term debt | (3,670) | (815) | |
Redemption and repurchase of preferred stock | 0 | (467) | |
Dividends paid | (1,137) | (1,142) | |
Proceeds from stock options exercised | 43 | 24 | |
Repurchases of common stock and nonvoting common stock | 0 | (2,842) | |
Other financing activities | (84) | (71) | |
Net cash provided by (used for) financing activities | (40,938) | (33,370) | |
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | (27,358) | 387 | |
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | 74,473 | 58,720 | |
Cash and Cash Equivalents, including Amounts Restricted at End of Period | [1] | 47,115 | 59,107 |
Non-cash investing activity: | |||
Changes in accrued equipment, office facilities, and property purchases | (24) | (43) | |
Cash paid during the period for: | |||
Interest | 3,568 | 2,135 | |
Income taxes | 1,067 | 876 | |
Amounts included in the measurement of lease liabilities | 125 | 128 | |
Leased assets obtained in exchange for new operating lease liabilities | $ 110 | $ 40 | |
[1]For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 | |
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | |||
Cash and cash equivalents | [1] | $ 25,350 | $ 47,651 |
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | [1] | 21,765 | 11,456 |
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | [1] | $ 47,115 | $ 59,107 |
[1]For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Charles Schwab Corporation (CSC) is a savings and loan holding company. CSC engages, through its subsidiaries (collectively referred to as Schwab or the Company), in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Principal business subsidiaries of CSC include the following: • Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer; • Charles Schwab Bank, SSB (CSB), our principal banking entity; and • Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds ® ) and for Schwab’s exchange-traded funds (Schwab ETFs ™ ). In May 2024, the Company completed the final client account conversions to CS&Co from the Ameritrade broker-dealers, TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. (TDAC). Accordingly, these entities are no longer principal business subsidiaries. See Note 10 for additional information regarding the Company’s integration of Ameritrade. Unless otherwise indicated, the terms “Schwab,” “the Company,” “we,” “us,” or “our” mean CSC together with its consolidated subsidiaries. These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, 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 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2023 Form 10-K. The significant accounting policies are included in Item 8 – Note 2 in the 2023 Form 10-K. There have been no significant changes to these accounting policies during the first six months of 2024. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Standard Description Date of Adoption Effects on the Financial Statements or Other Significant Matters Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” Requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (CODM) and included in segment profit or loss. Also requires disclosure of the CODM’s title and position and how the CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. All required segment disclosures will be presented both on an interim and annual basis. Adoption requires retrospective application as of the earliest comparative period presented in the financial statements. January 1, 2024 (applies to the annual financial statements for 2024 and interim periods thereafter) The Company does not expect this guidance will have a material impact on its financial statements or disclosures. New Accounting Standards Not Yet Adopted Standard Description Required Date of Adoption Effects on the Financial Statements or Other Significant Matters ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Expands income tax disclosures, primarily by enhancing the rate reconciliation table and requiring additional disaggregated information about income taxes paid. Adoption allows retrospective or prospective application, with early adoption permitted. January 1, 2025 The Company does not expect this guidance will have a material impact on its financial statements or disclosures. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Schwab’s revenue by major source is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net interest revenue Cash and cash equivalents $ 382 $ 547 $ 836 $ 960 Cash and investments segregated 281 324 669 756 Receivables from brokerage clients 1,351 1,167 2,611 2,251 Available for sale securities 555 791 1,149 1,616 Held to maturity securities 658 720 1,348 1,466 Bank loans 460 410 900 801 Securities lending revenue 95 124 171 236 Other interest revenue 35 21 74 34 Interest revenue 3,817 4,104 7,758 8,120 Bank deposits (840) (863) (1,761) (1,481) Payables to brokerage clients (77) (64) (150) (139) Other short-term borrowings (129) (97) (232) (183) Federal Home Loan Bank borrowings (348) (606) (678) (910) Long-term debt (208) (157) (432) (296) Securities lending expense (57) (28) (112) (50) Other interest expense — 1 (2) (1) Interest expense (1,659) (1,814) (3,367) (3,060) Net interest revenue 2,158 2,290 4,391 5,060 Asset management and administration fees Mutual funds, ETFs, and CTFs 785 630 1,543 1,215 Advice solutions 510 464 1,013 917 Other 88 79 175 159 Asset management and administration fees 1,383 1,173 2,731 2,291 Trading revenue Commissions 383 394 796 816 Order flow revenue 357 365 709 779 Principal transactions 37 44 89 100 Trading revenue 777 803 1,594 1,695 Bank deposit account fees 153 175 336 326 Other 219 215 378 400 Total net revenues $ 4,690 $ 4,656 $ 9,430 $ 9,772 Note: For a summary of revenue provided by our reportable segments, see Note 18. The recognition of revenue is not impacted by the operating segment in which revenue is generated. Contract balances : Receivables from contracts with customers within the scope of Accounting Standards Codification (ASC) 606 Revenue From Contracts With Customers (ASC 606), are included in other assets on the condensed consolidated balance sheets, and totaled $684 million and $599 million at June 30, 2024 and December 31, 2023, respectively. The Company had net contract assets of $227 million and $239 million at June 30, 2024 and December 31, 2023, respectively, related to the buy down of fixed-rate obligation amounts pursuant to the 2023 IDA agreement. These amounts are included in other assets on the condensed consolidated balance sheets and are amortized on a straight-line basis over the remaining contractual term as a reduction to bank deposit account fee revenue. For additional discussion of the 2023 IDA agreement, see Note 9. Unsatisfied performance obligations : |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows: June 30, 2024 Amortized Gross Gross Fair Available for sale securities U.S. agency mortgage-backed securities $ 63,478 $ — $ 6,377 $ 57,101 U.S. Treasury securities 17,792 — 783 17,009 Corporate debt securities (1) 11,534 — 820 10,714 Asset-backed securities (2) 7,503 — 273 7,230 Foreign government agency securities 831 — 20 811 U.S. state and municipal securities 629 — 60 569 Non-agency commercial mortgage-backed securities 124 — 14 110 Other 21 — 3 18 Unallocated portfolio layer method fair value basis adjustments (3) (53) — (53) — Total available for sale securities $ 101,859 $ — $ 8,297 $ 93,562 Held to maturity securities U.S. agency mortgage-backed securities $ 153,179 $ 201 $ 14,610 $ 138,770 Total held to maturity securities $ 153,179 $ 201 $ 14,610 $ 138,770 December 31, 2023 Available for sale securities U.S. agency mortgage-backed securities $ 69,173 $ — $ 6,378 $ 62,795 U.S. Treasury securities 22,459 1 989 21,471 Corporate debt securities (1) 13,344 — 860 12,484 Asset-backed securities (2) 9,465 — 378 9,087 Foreign government agency securities 1,035 — 33 1,002 U.S. state and municipal securities 634 — 55 579 Non-agency commercial mortgage-backed securities 123 — 14 109 Certificates of deposit 100 — — 100 Other 22 — 3 19 Unallocated portfolio layer method fair value basis adjustments (3) (19) — (19) — Total available for sale securities $ 116,336 $ 1 $ 8,691 $ 107,646 Held to maturity securities U.S. agency mortgage-backed securities $ 159,452 $ 1,435 $ 13,796 $ 147,091 Total held to maturity securities $ 159,452 $ 1,435 $ 13,796 $ 147,091 (1) As of June 30, 2024 and December 31, 2023, approximately 34% and 36%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (2) Approximately 57% and 61% of asset-backed securities held as of June 30, 2024 and December 31, 2023, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 30% and 24% of the asset-backed securities held as of June 30, 2024 and December 31, 2023, respectively. (3) This represents the amount of portfolio layer method (PLM) fair value hedge basis adjustments related to AFS securities hedged in a closed portfolio. See Note 11 for more information on PLM hedge accounting. At June 30, 2024, our banking subsidiaries had pledged investment securities with a value of $60.7 billion as collateral to secure borrowing capacity on secured credit facilities with the FHLB (see Note 8). Our banking subsidiaries also pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve discount window, and had pledged securities with a value of $35.9 billion as collateral for this facility at June 30, 2024. The Company also pledges investment securities issued by federal agencies to secure certain trust deposits. The value of these pledged securities was $1.6 billion at June 30, 2024. At June 30, 2024, our banking subsidiaries had pledged HTM and AFS securities as collateral under repurchase agreements with external financial institutions. HTM securities pledged were U.S. agency mortgage-backed securities with an aggregate amortized cost of $8.2 billion, and AFS securities pledged were U.S. agency mortgage-backed securities with an aggregate fair value of $1.4 billion. Securities pledged as collateral under these repurchase agreements may be sold, repledged, or otherwise used by the counterparties. See Notes 8 and 12 for additional information on these repurchase agreements. At June 30, 2024, our banking subsidiaries had pledged AFS securities consisting of U.S. Treasury securities with an aggregate fair value of $188 million as initial margin on interest rate swaps (see Notes 11 and 12). All of Schwab’s interest rate swaps are cleared through central counterparty (CCP) clearing houses which require the Company to post initial margin as collateral against potential losses. Initial margin is posted through futures commission merchants (FCM) which serve as the intermediary between the CCPs and Schwab. The FCM agreements governing our swaps allow for securities pledged as initial margin to be sold, repledged, or otherwise used by the FCM. Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows: Less than 12 months 12 months or longer Total June 30, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Available for sale securities U.S. agency mortgage-backed securities (1) $ 3 $ — $ 57,098 $ 6,377 $ 57,101 $ 6,377 U.S. Treasury securities 1,500 1 15,264 782 16,764 783 Corporate debt securities — — 10,714 820 10,714 820 Asset-backed securities (1) 150 — 7,047 273 7,197 273 Foreign government agency securities — — 811 20 811 20 U.S. state and municipal securities — — 569 60 569 60 Non-agency commercial mortgage-backed securities — — 110 14 110 14 Other — — 18 3 18 3 Total (2) $ 1,653 $ 1 $ 91,631 $ 8,349 $ 93,284 $ 8,350 December 31, 2023 Available for sale securities U.S. agency mortgage-backed securities (1) $ 1 $ — $ 62,794 $ 6,378 $ 62,795 $ 6,378 U.S. Treasury securities — — 19,450 989 19,450 989 Corporate debt securities — — 12,484 860 12,484 860 Asset-backed securities (1) 29 — 9,058 378 9,087 378 Foreign government agency securities — — 1,002 33 1,002 33 U.S. state and municipal securities — — 579 55 579 55 Non-agency commercial mortgage-backed securities — — 109 14 109 14 Other — — 19 3 19 3 Total (2) $ 30 $ — $ 105,495 $ 8,710 $ 105,525 $ 8,710 (1) Unrealized losses less than 12 months amounts were less than $500 thousand. (2) For purposes of this table, unrealized losses on AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $53 million and $19 million at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, substantially all rated securities in the investment portfolios were investment grade. U.S. agency mortgage-backed securities do not have explicit credit ratings; however, management considers these to be of the highest credit quality and rating given the guarantee of principal and interest by the U.S. government or U.S. government-sponsored enterprises. For a description of management’s quarterly evaluation of AFS securities in unrealized loss positions, see Item 8 – Note 2 in the 2023 Form 10-K. No amounts were recognized as credit loss expense and no securities were written down to fair value through earnings for the six months ended June 30, 2024 and the year ended December 31, 2023. None of the Company’s AFS securities held as of June 30, 2024 and December 31, 2023 had an allowance for credit losses. All HTM securities as of June 30, 2024 and December 31, 2023 were U.S. agency mortgage-backed securities and therefore had no allowance for credit losses because expected nonpayment of the amortized cost basis is zero. The Company had $507 million and $565 million of accrued interest for AFS and HTM securities as of June 30, 2024 and December 31, 2023, respectively. These amounts are excluded from the amortized cost basis and fair market value of AFS and HTM securities and included in other assets on the condensed consolidated balance sheets. There were no writeoffs of accrued interest receivable on AFS and HTM securities during the six months ended June 30, 2024, or for the year ended December 31, 2023. The following table presents the Company’s estimated effective duration, which reflects anticipated future payments, by category at June 30, 2024: In years Estimated effective duration, exclusive of derivatives: AFS investment securities portfolio 2.3 AFS and HTM investment securities portfolio 3.9 Estimated effective duration, inclusive of derivatives (1) : AFS investment securities portfolio 2.1 AFS and HTM investment securities portfolio 3.8 (1) See Note 11 for additional discussion on the Company’s derivatives. In the table below, mortgage-backed securities and other asset-backed securities have been allocated to maturity groupings based on final contractual maturities. As borrowers may have the right to call or prepay certain obligations underlying our investment securities, actual maturities may differ from the scheduled contractual maturities presented below. The maturities of AFS and HTM investment securities are as follows: June 30, 2024 Within After 1 year After 5 years After Total Available for sale securities U.S. agency mortgage-backed securities $ 2,451 $ 8,937 $ 9,846 $ 35,867 $ 57,101 U.S. Treasury securities 8,348 8,661 — — 17,009 Corporate debt securities 4,613 4,656 1,445 — 10,714 Asset-backed securities 12 2,284 1,243 3,691 7,230 Foreign government agency securities 497 314 — — 811 U.S. state and municipal securities — 96 385 88 569 Non-agency commercial mortgage-backed securities — — — 110 110 Other — — — 18 18 Total fair value $ 15,921 $ 24,948 $ 12,919 $ 39,774 $ 93,562 Total amortized cost (1) $ 16,208 $ 26,651 $ 14,438 $ 44,615 $ 101,912 Held to maturity securities U.S. agency mortgage-backed securities $ 1,892 $ 7,686 $ 35,765 $ 93,427 $ 138,770 Total fair value $ 1,892 $ 7,686 $ 35,765 $ 93,427 $ 138,770 Total amortized cost $ 1,937 $ 8,237 $ 38,690 $ 104,315 $ 153,179 (1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $53 million at June 30, 2024. Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Proceeds $ 854 $ 1,849 $ 2,043 $ 2,900 Gross realized gains — — — — Gross realized losses 10 11 20 20 |
Bank Loans and Related Allowanc
Bank Loans and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Bank Loans and Related Allowance for Credit Losses | Bank Loans and Related Allowance for Credit Losses The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows: June 30, 2024 Current 30-59 days 60-89 days > 90 days past (3) Total past due Total Allowance Total Residential real estate: First Mortgages (1,2) $ 26,386 $ 30 $ 5 $ 14 $ 49 $ 26,435 $ 14 $ 26,421 HELOCs (1,2) 439 1 — 4 5 444 1 443 Total residential real estate 26,825 31 5 18 54 26,879 15 26,864 Pledged asset lines 14,953 11 — — 11 14,964 — 14,964 Other 359 — — — — 359 5 354 Total bank loans $ 42,137 $ 42 $ 5 $ 18 $ 65 $ 42,202 $ 20 $ 42,182 December 31, 2023 Residential real estate: First Mortgages (1,2) $ 26,111 $ 33 $ 2 $ 7 $ 42 $ 26,153 $ 32 $ 26,121 HELOCs (1,2) 473 1 1 4 6 479 2 477 Total residential real estate 26,584 34 3 11 48 26,632 34 26,598 Pledged asset lines 13,533 11 — 4 15 13,548 — 13,548 Other 297 — — — — 297 4 293 Total bank loans $ 40,414 $ 45 $ 3 $ 15 $ 63 $ 40,477 $ 38 $ 40,439 (1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $104 million and $100 million at June 30, 2024 and December 31, 2023, respectively. (2) At June 30, 2024 and December 31, 2023, 42% and 43%, respectively, of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at June 30, 2024 or December 31, 2023. At June 30, 2024, CSB had pledged the full balance of First Mortgages and HELOCs pursuant to a blanket lien status collateral arrangement to secure borrowing capacity on a secured credit facility with the FHLB (see Note 8). Changes in the allowance for credit losses on bank loans were as follows: Three Months Ended June 30, 2024 First Mortgages HELOCs Total residential real estate Pledged asset lines Other Total Balance at beginning of period $ 27 $ 1 $ 28 $ — $ 4 $ 32 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses (13) — (13) — 1 (12) Balance at end of period $ 14 $ 1 $ 15 $ — $ 5 $ 20 June 30, 2023 Balance at beginning of period $ 67 $ 4 $ 71 $ — $ 3 $ 74 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses 1 (1) — — 1 1 Balance at end of period $ 68 $ 3 $ 71 $ — $ 4 $ 75 Six Months Ended June 30, 2024 Balance at beginning of period $ 32 $ 2 $ 34 $ — $ 4 $ 38 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses (18) (1) (19) — 1 (18) Balance at end of period $ 14 $ 1 $ 15 $ — $ 5 $ 20 June 30, 2023 Balance at beginning of period $ 66 $ 4 $ 70 $ — $ 3 $ 73 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses 2 (1) 1 — 1 2 Balance at end of period $ 68 $ 3 $ 71 $ — $ 4 $ 75 Consistent with Schwab’s loan charge-off policy for pledged asset lines (PALs) as disclosed in Item 8 – Note 2 of the 2023 Form 10-K, the Company charges off any unsecured balances no later than 90 days past due. As of June 30, 2024, substantially all PALs are also subject to the collateral maintenance practical expedient under ASC 326 Financial Instruments — Credit Losses . All PALs were fully collateralized by securities with fair values in excess of borrowings as of June 30, 2024 and December 31, 2023, and no allowance for credit losses for PALs as of those dates was required. The U.S. economy continued to be challenged by elevated inflation, tight monetary policy, and geopolitical unrest. However, amid sustained economic growth, supply and demand moved to a more balanced state. While the Federal Reserve held the policy rate steady during the first half of the year, management’s macroeconomic outlook reflects a near-term continuation of elevated interest rates, with only a slight increase in unemployment and modest home price appreciation. Though higher mortgage rates are softening demand and reducing borrower affordability, we expect constrained housing supply will keep home prices relatively stable. Furthermore, credit quality metrics in the Company’s bank loans portfolio remain very strong and have improved in recent quarters. As a result of these factors, we decreased projected loss rates at June 30, 2024, as compared to December 31, 2023. Bank loan-related nonperforming assets consisted of nonaccrual loans of $18 million and $15 million at June 30, 2024 and December 31, 2023, respectively. Nonaccrual loans include nonaccrual troubled debt restructurings recorded prior to the adoption of ASU 2022-02, “ Financial Instruments — Credit Losses : Troubled Debt Restructurings and Vintage Disclosures” on January 1, 2023. Credit Quality In addition to monitoring delinquency, Schwab monitors the credit quality of First Mortgages and HELOCs by stratifying the portfolios by the following: • Year of origination; • Borrower Fair Isaac Corporation (FICO) scores at origination (Origination FICO); • Updated borrower FICO scores (Updated FICO); • Loan-to-value (LTV) ratios at origination (Origination LTV); and • Estimated Current LTV ratios (Estimated Current LTV). Borrowers’ FICO scores are provided by an independent third-party credit reporting service and generally updated quarterly. The Origination LTV and Estimated Current LTV for a HELOC include any first lien mortgage outstanding on the same property at the time of the HELOC’s origination. The Estimated Current LTV for each loan is updated on a monthly basis by reference to a home price appreciation index. The credit quality indicators of the Company’s First Mortgages and HELOCs are detailed below: First Mortgages Amortized Cost Basis by Origination Year June 30, 2024 2024 2023 2022 2021 2020 pre-2020 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ — $ 3 $ — $ 1 $ 1 $ 5 $ — $ — $ — 620 – 679 11 6 26 29 18 14 104 — 1 1 680 – 739 142 274 753 1,130 381 252 2,932 50 33 83 ≥740 1,287 2,119 5,101 10,123 3,438 1,326 23,394 247 113 360 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Origination LTV ≤70% $ 1,023 $ 1,611 $ 4,364 $ 9,787 $ 3,196 $ 1,238 $ 21,219 $ 271 $ 102 $ 373 >70% – ≤90% 417 788 1,519 1,495 642 353 5,214 26 44 70 >90% – ≤100% — — — — — 2 2 — 1 1 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Updated FICO <620 $ — $ 6 $ 22 $ 25 $ 11 $ 18 $ 82 $ 3 $ 5 $ 8 620 – 679 12 39 75 109 44 32 311 8 9 17 680 – 739 134 207 533 865 296 167 2,202 45 21 66 ≥740 1,294 2,147 5,253 10,283 3,487 1,376 23,840 241 112 353 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Estimated Current LTV (1) ≤70% $ 1,040 $ 1,823 $ 5,089 $ 11,127 $ 3,821 $ 1,588 $ 24,488 $ 295 $ 147 $ 442 >70% – ≤90% 400 575 779 154 15 5 1,928 2 — 2 >90% – ≤100% — 1 15 1 2 — 19 — — — >100% — — — — — — — — — — Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Percent of Loans on 0.01 % 0.02 % 0.03 % 0.01 % 0.06 % 0.49 % 0.05 % 0.13 % 2.32 % 0.90 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. First Mortgages Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 pre-2020 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ 2 $ 1 $ 1 $ 1 $ 5 $ — $ — $ — 620 – 679 4 27 30 20 15 96 — 1 1 680 – 739 299 782 1,160 395 294 2,930 50 38 88 ≥740 2,391 5,258 10,439 3,558 1,476 23,122 261 129 390 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Origination LTV ≤70% $ 1,818 $ 4,492 $ 10,078 $ 3,306 $ 1,382 $ 21,076 $ 279 $ 117 $ 396 >70% – ≤90% 876 1,577 1,552 668 402 5,075 32 50 82 >90% – ≤100% — — — — 2 2 — 1 1 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Updated FICO <620 $ 4 $ 15 $ 19 $ 8 $ 17 $ 63 $ 2 $ 5 $ 7 620 – 679 46 77 87 38 50 298 6 10 16 680 – 739 265 575 984 316 169 2,309 48 26 74 ≥740 2,379 5,402 10,540 3,612 1,550 23,483 255 127 382 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Estimated Current LTV (1) ≤70% $ 1,853 $ 4,855 $ 11,341 $ 3,960 $ 1,781 $ 23,790 $ 308 $ 167 $ 475 >70% – ≤90% 841 1,185 289 14 5 2,334 3 1 4 >90% – ≤100% — 28 — — — 28 — — — >100% — 1 — — — 1 — — — Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Percent of Loans on 0.01 % 0.02 % 0.01 % 0.01 % 0.19 % 0.03 % 0.07 % 2.40 % 0.84 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. At June 30, 2024, First Mortgage loans of $21.9 billion had adjustable interest rates. Substantially all of these mortgages have initial fixed interest rates for three three At June 30, 2024 and December 31, 2023, Schwab had $167 million and $157 million, respectively, of accrued interest on bank loans, which is excluded from the amortized cost basis of bank loans and included in other assets on the condensed consolidated balance sheets. The HELOC product has a 30-year loan term with an initial draw period of ten years from the date of origination. After the initial draw period, the balance outstanding at such time is converted to a 20-year amortizing loan. The interest rate during the initial draw period and the 20-year amortizing period is a floating rate based on the prime rate plus a margin. The following table presents when current outstanding HELOCs will convert to amortizing loans: June 30, 2024 Balance Converted to an amortizing loan by period end (1) $ 147 Within 1 year 16 > 1 year – 3 years 39 > 3 years – 5 years 39 > 5 years 203 Total $ 444 (1) Includes $3 million and $6 million of HELOCs converted to amortizing loans during the three and six months ended June 30, 2024, respectively. At June 30, 2024, $352 million of the HELOC portfolio was secured by second liens on the associated properties. Second lien mortgage loans typically possess a higher degree of credit risk given the subordination to the first lien holder in the event of default. In addition to the credit monitoring activities described previously, Schwab also monitors credit risk by reviewing the delinquency status of the first lien loan on the associated property. At June 30, 2024, the borrowers on approximately 60% of HELOC loan balances outstanding only paid the minimum amount due. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities As of June 30, 2024 and December 31, 2023, substantially all of Schwab’s involvement with variable interest entities (VIEs) was through CSB’s Community Reinvestment Act (CRA) related investments and most of these are related to Low-Income Housing Tax Credit (LIHTC) investments. As part of CSB’s community reinvestment initiatives, CSB invests in funds that make equity investments in multifamily affordable housing properties and receives tax credits and other tax benefits for these investments. During the three months ended June 30, 2024 and 2023, CSB recorded amortization of $38 million and $25 million, respectively, and recognized tax credits and other tax benefits of $49 million and $35 million, respectively, associated with these investments. During the six months ended June 30, 2024 and 2023, CSB recorded amortization of $80 million and $66 million, respectively, and recognized tax credits and other tax benefits of $102 million and $89 million, respectively, associated with these investments. The amortization, as well as the tax credits and other tax benefits, are included in taxes on income on the condensed consolidated statements of income. Tax credits and other tax benefits are reflected as cash flows from operating activities on the condensed consolidated statements of cash flows. Aggregate assets, liabilities, and maximum exposure to loss The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below: June 30, 2024 December 31, 2023 Aggregate Aggregate Maximum Aggregate Aggregate Maximum LIHTC investments (1) $ 1,626 $ 942 $ 1,626 $ 1,407 $ 759 $ 1,407 Other investments (2) 191 — 240 179 — 231 Total $ 1,817 $ 942 $ 1,866 $ 1,586 $ 759 $ 1,638 (1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other investments include non-LIHTC CRA investments that are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets. |
Bank Deposits
Bank Deposits | 6 Months Ended |
Jun. 30, 2024 | |
Deposit Liabilities [Abstract] | |
Bank Deposits | Bank Deposits Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows: June 30, 2024 December 31, 2023 Interest-bearing deposits: Deposits swept from brokerage accounts $ 192,194 $ 220,274 Time certificates of deposit (1) 40,308 48,297 Checking 14,584 15,691 Savings and other 4,080 4,461 Total interest-bearing deposits 251,166 288,723 Non-interest-bearing deposits 1,254 1,230 Total bank deposits $ 252,420 $ 289,953 (1) Time certificates of deposit consist of brokered CDs. The weighted-average interest rates on outstanding time certificates of deposit at June 30, 2024 and December 31, 2023 were 5.26% and 5.15%, respectively. As of June 30, 2024 and December 31, 2023, there were no time deposits that were in excess of FDIC insurance limits or otherwise uninsured. Annual maturities on time certificates of deposit outstanding at June 30, 2024 are as follows: Balance 2024 $ 21,757 2025 18,551 Total $ 40,308 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings CSC Senior Notes CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed rate period of the notes and quarterly during the floating rate period of the notes. Ameritrade Holding LLC Senior Notes Ameritrade Holding LLC’s (Ameritrade Holding) Senior Notes are unsecured obligations. Ameritrade Holding may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes. The following table lists long-term debt by instrument outstanding as of June 30, 2024 and December 31, 2023: Date of Issuance Principal Amount Outstanding June 30, 2024 December 31, 2023 CSC Fixed-rate Senior Notes: 3.550% due February 1, 2024 10/31/18 $ — $ 500 0.750% due March 18, 2024 03/18/21 — 1,500 3.750% due April 1, 2024 09/24/21 — 350 3.000% due March 10, 2025 03/10/15 375 375 4.200% due March 24, 2025 03/24/20 600 600 3.625% due April 1, 2025 09/24/21 418 418 3.850% due May 21, 2025 05/22/18 750 750 3.450% due February 13, 2026 11/13/15 350 350 0.900% due March 11, 2026 12/11/20 1,250 1,250 1.150% due May 13, 2026 05/13/21 1,000 1,000 5.875% due August 24, 2026 08/24/23 1,000 1,000 3.200% due March 2, 2027 03/02/17 650 650 2.450% due March 3, 2027 03/03/22 1,500 1,500 3.300% due April 1, 2027 09/24/21 744 744 3.200% due January 25, 2028 12/07/17 700 700 2.000% due March 20, 2028 03/18/21 1,250 1,250 4.000% due February 1, 2029 10/31/18 600 600 3.250% due May 22, 2029 05/22/19 600 600 2.750% due October 1, 2029 09/24/21 475 475 4.625% due March 22, 2030 03/24/20 500 500 1.650% due March 11, 2031 12/11/20 750 750 2.300% due May 13, 2031 05/13/21 750 750 1.950% due December 1, 2031 08/26/21 850 850 2.900% due March 3, 2032 03/03/22 1,000 1,000 CSC Floating-rate Senior Notes: SOFR + 0.500% due March 18, 2024 03/18/21 — 1,250 SOFR + 0.520% due May 13, 2026 05/13/21 500 500 SOFR + 1.050% due March 3, 2027 03/03/22 500 500 CSC Fixed-to-Floating rate Senior Notes: 5.643% due May 19, 2029 (1) 05/19/23 1,200 1,200 6.196% due November 17, 2029 (2) 11/17/23 1,300 1,300 5.853% due May 19, 2034 (3) 05/19/23 1,300 1,300 6.136% due August 24, 2034 (4) 08/24/23 1,350 1,350 Total CSC Senior Notes 22,262 25,862 Ameritrade Holding Fixed-rate Senior Notes: 3.750% due April 1, 2024 11/01/18 — 50 3.625% due April 1, 2025 10/22/14 82 82 3.300% due April 1, 2027 04/27/17 56 56 2.750% due October 1, 2029 08/16/19 25 25 Total Ameritrade Holding Senior Notes 163 213 Finance lease liabilities 61 85 Unamortized premium — net 69 87 Debt issuance costs (106) (119) Total long-term debt $ 22,449 $ 26,128 (1) The May 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly. (2) The November 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.196%, payable semi-annually, until the interest reset date on November 17, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 1.878%, payable quarterly. (3) The May 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly. (4) The August 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly. Annual maturities on all long-term debt outstanding at June 30, 2024 are as follows: Maturities 2024 $ 12 2025 2,249 2026 4,112 2027 3,463 2028 1,950 Thereafter 10,700 Total maturities 22,486 Unamortized premium — net 69 Debt issuance costs (106) Total long-term debt $ 22,449 FHLB borrowings : Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the value of certain investment securities that are pledged as collateral. There was $24.4 billion and $26.4 billion outstanding under these facilities as of June 30, 2024 and December 31, 2023, respectively, and these borrowings had a weighted-average interest rate of 5.38% and 5.34%, respectively. As of June 30, 2024 and December 31, 2023, the collateral pledged provided additional borrowing capacity of $54.4 billion and $63.1 billion, respectively. Other short-term borrowings : Total other short-term borrowings outstanding at June 30, 2024 and December 31, 2023 were $10.0 billion and $6.6 billion, respectively, and had a weighted-average interest rate of 5.49% and 5.57%, respectively. Additional information regarding our other short-term borrowings facilities is described below. The Company may engage with external financial institutions in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $9.0 billion and $4.9 billion outstanding pursuant to such repurchase agreements at June 30, 2024 and December 31, 2023, respectively. Repurchase agreements outstanding at June 30, 2024 mature between July 2024 and February 2025. Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the value of certain investment securities that are pledged as collateral. As of June 30, 2024 and December 31, 2023, our collateral pledged provided total borrowing capacity of $35.9 billion and $6.2 billion, respectively, of which no amounts were outstanding at the end of either period. During the first quarter of 2024 and the year ended December 31, 2023, our banking subsidiaries had access to funding through the Federal Reserve Bank Term Funding Program (BTFP). This program offered loans through March 11, 2024 of up to one year in length, and amounts available were dependent upon the par value of certain investment securities pledged as collateral. As of June 30, 2024, there was no collateral pledged or borrowings outstanding under the BTFP. As of December 31, 2023, our collateral pledged provided total borrowing capacity of $39.2 billion. There were no borrowings outstanding at December 31, 2023. CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There were no amounts outstanding at June 30, 2024 or December 31, 2023. Beginning in 2024, CSC has access to an unsecured, committed revolving line of credit with various external banks with a total borrowing capacity of $2.1 billion. There were no amounts outstanding as of June 30, 2024. CSC and CS&Co also have access to unsecured, uncommitted lines of credit with external banks with total borrowing capacity of $1.6 billion; no amounts were outstanding as of June 30, 2024 or December 31, 2023. CS&Co maintains secured, uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements, under which there was $1.0 billion outstanding at June 30, 2024 and $950 million outstanding as of December 31, 2023. TDAC also maintains secured uncommitted lines of credit, under which TDAC may borrow on either a demand or short-term basis and pledge client margin securities as collateral. There were no amounts outstanding at June 30, 2024 and there was $700 million outstanding at December 31, 2023. Annual maturities on FHLB borrowings and other short-term borrowings outstanding at June 30, 2024 are as follows: 2024 2025 Total FHLB borrowings $ 16,400 $ 8,000 $ 24,400 Other short-term borrowings 7,491 2,505 9,996 Total $ 23,891 $ 10,505 $ 34,396 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Loan Portfolio : CSB provides a co-branded loan origination program for CSB clients (the Program) with Rocket Mortgage, LLC (Rocket Mortgage ® ). Pursuant to the Program, Rocket Mortgage originates and services First Mortgages and HELOCs for CSB clients. Under the Program, CSB purchases certain First Mortgages and HELOCs that are originated by Rocket Mortgage. CSB purchased First Mortgages of $851 million and $854 million during the second quarters of 2024 and 2023, respectively, and $1.5 billion and $1.6 billion during the first six months of 2024 and 2023, respectively. CSB purchased HELOCs with commitments of $47 million and $52 million during the second quarters of 2024 and 2023, respectively, and $83 million and $95 million during the first six months of 2024 and 2023, respectively. The Company’s commitments to extend credit on lines of credit and to purchase First Mortgages are as follows: June 30, 2024 December 31, 2023 Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit $ 2,151 $ 2,996 Commitments to purchase First Mortgage loans 573 351 Total $ 2,724 $ 3,347 Guarantees and indemnifications : Schwab has clients that sell (i.e., write) listed option contracts that are cleared by the Options Clearing Corporation – a clearing house that establishes margin requirements on these transactions. We satisfy the margin requirements of these transactions through pledging certain client securities. For additional information on these pledged securities, refer to Note 12. In connection with its securities lending activities, Schwab is required to provide collateral to certain brokerage clients. The Company satisfies the collateral requirements by providing cash as collateral. The Company also provides guarantees to securities clearing houses and exchanges under standard membership agreements, which require members to guarantee the performance of other members. Under the agreements, if another member becomes unable to satisfy its obligations to the clearing houses and exchanges, other members would be required to meet shortfalls. The Company’s liability under these arrangements is not quantifiable and may exceed the amounts it has posted as collateral. The Company also engages third-party firms to clear clients’ futures and options on futures transactions and to facilitate clients’ foreign exchange trading, and has agreed to indemnify these firms for any losses that they may incur from the client transactions introduced to them by the Company. The potential requirement for the Company to make payments under these arrangements is remote. Accordingly, no liability has been recognized for these guarantees. IDA agreement : On May 4, 2023, the Company executed the 2023 IDA agreement with the TD Depository Institutions that replaced and superseded the previous agreement dated November 24, 2019, as amended. The 2023 IDA agreement specifies responsibilities, including certain contingent obligations, of the Company going forward. Pursuant to the 2023 IDA agreement, uninvested cash within eligible brokerage client accounts is swept off-balance sheet to deposit accounts at the TD Depository Institutions. Schwab provides recordkeeping and support services to the TD Depository Institutions with respect to the deposit accounts for which Schwab receives an aggregate monthly fee. The Company’s ability to migrate these balances to its balance sheet is dependent on multiple factors including having sufficient capital levels to sustain these incremental deposits and certain binding limitations specified in the 2023 IDA agreement. During the first six months of 2024, Schwab did not move IDA balances to its balance sheet. The 2023 IDA agreement extends the agreement term to sweep balances to the TD Depository Institutions through July 1, 2034, and requires that Schwab maintain minimum and maximum IDA balances as follows: • Through September 10, 2025, Schwab must maintain minimum balances above the total of then-outstanding unmatured fixed-rate obligation amounts, with a maximum of $30 billion above this total amount. During this period, withdrawals of IDA balances by Schwab are generally permitted only to the extent of withdrawals initiated by Schwab customers, with limited exceptions, except to the extent necessary for Schwab to maintain balances below the applicable maximum. • After September 10, 2025, withdrawals of IDA balances are permitted at Schwab’s discretion, subject to an obligation to maintain IDA balances above a minimum of $60 billion, with a maximum of $90 billion. Designation of deposit balances for investment in fixed- or floating-rate instruments under the 2023 IDA agreement is at Schwab’s sole discretion with certain limitations on the amount of fixed-rate obligation amounts. If IDA balances decline below the required IDA balance minimum as described above, Schwab would be required to make a nonperformance payment to the TD Depository Institutions pursuant to the terms of the 2023 IDA agreement. Pursuant to the 2023 IDA agreement, in 2023, Schwab opted to buy down $5.0 billion of fixed-rate obligation amounts, incurring market-based fees of $249 million, which were capitalized as contract assets and included in other assets on the condensed consolidated balance sheet. For additional information on these contract assets, see Note 3. As of June 30, 2024, the total ending IDA balance was $84.5 billion, of which $74.8 billion was fixed-rate obligation amounts and $9.7 billion was floating-rate obligation amounts. As of December 31, 2023, the total ending IDA balance was $97.5 billion, of which $83.7 billion was fixed-rate obligation amounts and $13.8 billion was floating-rate obligation amounts. Legal contingencies : Schwab is subject to claims and lawsuits in the ordinary course of business, including arbitrations, class actions and other litigation, some of which include claims for substantial or unspecified damages. The Company is also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. Predicting the outcome of a litigation or regulatory matter is inherently difficult, requiring significant judgment and evaluation of various factors, including the procedural status of the matter and any recent developments; prior experience and the experience of others in similar cases; available defenses, including potential opportunities to dispose of a case on the merits or procedural grounds before trial (e.g., motions to dismiss or for summary judgment); the progress of fact discovery; the opinions of counsel and experts regarding potential damages; and potential opportunities for settlement and the status of any settlement discussions. It may not be reasonably possible to estimate a range of potential liability until the matter is closer to resolution – pending, for example, further proceedings, the outcome of key motions or appeals, or discussions among the parties. Numerous issues may have to be developed, such as discovery of important factual matters and determination of threshold legal issues, which may include novel or unsettled questions of law. Reserves are established or adjusted or further disclosure and estimates of potential loss are provided as the matter progresses and more information becomes available. Schwab believes it has strong defenses in all significant matters currently pending and is contesting liability and any damages claimed. Nevertheless, some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and the Company may also determine to settle a matter because of the uncertainty and risks of litigation. Described below are matters in which there is a reasonable possibility that a material loss could be incurred or where the matter may otherwise be of significant interest to stockholders. Unless otherwise noted, the Company is unable to provide a reasonable estimate of any potential liability given the stage of proceedings in the matter. With respect to all other pending matters, based on current information and consultation with counsel, it does not appear reasonably possible that the outcome of any such matter would be material to the financial condition, operating results, or cash flows of the Company. Corrente Antitrust Litigation : On June 6, 2022, CSC was sued in the U.S. District Court for the Eastern District of Texas on behalf of a putative class of customers who purchased or sold securities through CS&Co or TD Ameritrade, Inc. from October 26, 2020 to the present. The lawsuit alleges that CSC’s acquisition of Ameritrade violated Section 7 of the Clayton Act because it has resulted in an anticompetitive market for the execution of retail customer orders. Plaintiffs seek unspecified damages, as well as injunctive and other relief. A motion by the Company to dismiss the lawsuit was denied by the court on February 24, 2023, and discovery is proceeding. Ford Order Routing Litigation : On September 15, 2014, Ameritrade Holding, TD Ameritrade, Inc. and its former CEO, Frederick J. Tomczyk, were sued in the U.S. District Court for the District of Nebraska on behalf of a putative class of TD Ameritrade, Inc. clients alleging that defendants failed to seek best execution and made misrepresentations and omissions regarding its order routing practices. Plaintiff seeks unspecified damages and injunctive and other relief. On September 14, 2018, the District Court granted plaintiff’s motion for class certification, and defendants petitioned for an immediate appeal of the District Court’s class certification decision. On April 23, 2021, the U.S. Court of Appeals, 8th Circuit, issued a decision reversing the District Court’s certification of a class and remanding the case back to the District Court for further proceedings. Plaintiff renewed his motion for class certification, which the District Court granted on September 20, 2022. Defendants are appealing the District Court’s ruling before the U.S. Court of Appeals, 8th Circuit. Other Matters : Certain of the Company’s registered subsidiaries have been responding to inquiries from the SEC and Commodity Futures Trading Commission in relation to a publicly reported, industry-wide sweep related to record retention and the use of unauthorized messaging channels. The Company has accrued amounts in anticipation of resolving these matters and expects that any final resolution would not be material to the financial condition, operating results, or cash flows of the Company. |
Exit and Other Related Liabilit
Exit and Other Related Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Exit and Other Related Liabilities | Exit and Other Related Liabilities Integration of Ameritrade The Company’s integration work continued during the first six months of 2024, including completion of the final client transition group from the Ameritrade broker-dealers to CS&Co in May 2024. The Company expects to continue to incur acquisition and integration-related costs throughout the remainder of 2024 to decommission duplicative platforms and complete integration work. Such costs have included, and are expected to continue to include, professional fees, such as legal, advisory, and accounting fees, compensation and benefits expenses for employees and contractors involved in the integration work, and costs for technology enhancements. The Company has also incurred exit and other related costs to attain anticipated synergies, which are primarily comprised of employee compensation and benefits such as severance pay, other termination benefits, and retention costs, as well as costs related to facility closures, such as accelerated amortization and depreciation or impairments of assets in those locations. Exit and other related costs are a component of the Company’s overall acquisition and integration-related spending, and support the Company’s ability to achieve integration objectives including expected synergies. Inclusive of costs recognized through June 30, 2024, Schwab currently expects to incur total exit and other related costs for the integration of Ameritrade ranging from $500 million to $550 million, consisting of employee compensation and benefits, facility exit costs, and certain other costs. Our estimates of the nature, amounts, and timing of recognition of acquisition and integration-related costs remain subject to change as we work to complete the integration. During the three months ended June 30, 2024 and 2023, the Company recognized $10 million and $30 million of acquisition-related exit costs, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized $13 million and $40 million of acquisition-related exit costs, respectively. The Company expects that remaining exit and other related costs will be incurred and charged to expense over the next 6 months. In addition to ASC 420 Exit or Disposal Cost Obligations (ASC 420), certain of the costs associated with these activities are accounted for in accordance with ASC 360 Property, Plant and Equipment (ASC 360), ASC 712 Compensation — Nonretirement Post Employment Benefits (ASC 712), ASC 718 Compensation — Stock Compensation (ASC 718), and ASC 842 Leases (ASC 842). The following is a summary of the Ameritrade integration activity in the Company’s exit and other related liabilities as of June 30, 2024 and activity for the six months ended June 30, 2024: Investor Services Advisor Services Total Balance at December 31, 2023 (1) $ 42 $ 12 $ 54 Amounts recognized in expense (2) 4 1 5 Costs paid or otherwise settled (43) (11) (54) Balance at June 30, 2024 (1) $ 3 $ 2 $ 5 (1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are included in compensation and benefits on the condensed consolidated statements of income. The following table summarizes the Ameritrade integration exit and other related costs recognized in expense for the three and six months ended June 30, 2024: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 4 $ — $ 4 $ 1 $ — $ 1 $ 5 Depreciation and amortization — 4 4 — 1 1 5 Total $ 4 $ 4 $ 8 $ 1 $ 1 $ 2 $ 10 Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 4 $ — $ 4 $ 1 $ — $ 1 $ 5 Occupancy and equipment — 1 1 — — — 1 Depreciation and amortization — 4 4 — 1 1 5 Other — 2 2 — — — 2 Total $ 4 $ 7 $ 11 $ 1 $ 1 $ 2 $ 13 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of right-of-use (ROU) assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the Ameritrade integration exit and other related costs recognized in expense for the three and six months ended June 30, 2023: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 3 $ — $ 3 $ 1 $ — $ 1 $ 4 Occupancy and equipment — 3 3 — 2 2 5 Other — 14 14 — 7 7 21 Total $ 3 $ 17 $ 20 $ 1 $ 9 $ 10 $ 30 Investor Services Advisor Services Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 11 $ — $ 11 $ 3 $ — $ 3 $ 14 Occupancy and equipment — 3 3 — 2 2 5 Other — 14 14 — 7 7 21 Total $ 11 $ 17 $ 28 $ 3 $ 9 $ 12 $ 40 (1) Costs related to facility closures. These costs, which are comprised of impairment and accelerated amortization of ROU assets, relate to the impact of abandoning leased properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the Ameritrade integration exit and other related costs incurred from October 6, 2020 through June 30, 2024: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 247 $ — $ 247 $ 66 $ — $ 66 $ 313 Occupancy and equipment — 41 41 — 9 9 50 Depreciation and amortization — 6 6 — 2 2 8 Professional services — 1 1 — — — 1 Other — 22 22 — 7 7 29 Total $ 247 $ 70 $ 317 $ 66 $ 18 $ 84 $ 401 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. Other With significant progress made in the integration of Ameritrade, the Company took incremental actions in 2023 to streamline its operations to prepare for post-integration, including through position eliminations and decreasing its real estate footprint. In order to achieve anticipated cost savings through these actions, the Company expects to incur exit and related costs, primarily related to employee compensation and benefits and facility exit costs, of approximately $500 million inclusive of costs recognized through June 30, 2024 as described below. The Company anticipates the remaining costs, primarily related to real estate, will be incurred during 2024. In addition to ASC 420, certain of the costs associated with these activities are accounted for in accordance with ASC 360, ASC 712, ASC 718, and ASC 842. The following is a summary of the restructuring activity in the Company’s exit and other related liabilities as of June 30, 2024 and activity for the six months ended June 30, 2024: Investor Services Advisor Services Total Balance at December 31, 2023 (1) $ 171 $ 63 $ 234 Amounts recognized in expense (2) (25) (9) (34) Costs paid or otherwise settled (146) (54) (200) Balance at June 30, 2024 (1) $ — $ — $ — (1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits are included in compensation and benefits on the condensed consolidated statements of income. The six months ended June 30, 2024 includes a reduction of the liability resulting from changes in estimates of $27 million and $9 million in Investor Services and Advisor Services, respectively. The following table summarizes the restructuring exit and other related costs (benefits) recognized in expense for the three and six months ended June 30, 2024: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ (2) $ — $ (2) $ (1) $ — $ (1) $ (3) Occupancy and equipment — 1 1 — — — 1 Other — 9 9 — 3 3 12 Total $ (2) $ 10 $ 8 $ (1) $ 3 $ 2 $ 10 Investor Services Advisor Services Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ (25) $ — $ (25) $ (9) $ — $ (9) $ (34) Occupancy and equipment — 2 2 — 1 1 3 Other — 10 10 — 3 3 13 Total $ (25) $ 12 $ (13) $ (9) $ 4 $ (5) $ (18) (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and impairment of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the restructuring exit and other related costs incurred from July 1, 2023 through June 30, 2024: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 189 $ — $ 189 $ 69 $ — $ 69 $ 258 Occupancy and equipment — 15 15 — 5 5 20 Professional services — 4 4 — 1 1 5 Other — 144 144 — 50 50 194 Total $ 189 $ 163 $ 352 $ 69 $ 56 $ 125 $ 477 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and impairment of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives The Company utilizes derivative instruments to manage interest rate risk exposures that arise from business activities related to changes in fair values or the receipt of future known and uncertain cash amounts due to changes in interest rates. The Company uses derivative instruments to manage changes in the fair values of, as well as changes in the amounts and/or timing of known or expected cash receipts related to, our AFS investment portfolio. For a description of how the Company accounts for derivative instruments, see Item 8 – Note 2 in the 2023 Form 10-K. For additional information on the basis of presentation for derivative instruments on the Company’s condensed consolidated balance sheets and related offsetting considerations, see Note 12. Cash flows associated with derivative instruments are reflected as cash flows from operating activities in the condensed consolidated statements of cash flows consistent with the treatment and nature of the items being hedged. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of its fixed-rate AFS securities due to changes in benchmark interest rates. The Company uses cleared interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Cleared interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a CCP in exchange for the Company receiving floating-rate payments over the life of the agreements without the exchange of the underlying notional amount. The Company had outstanding interest rate swaps with aggregate notional amounts of $8.8 billion and $8.9 billion at June 30, 2024 and December 31, 2023, respectively, that were designated as fair value hedges of interest rate risk. Fair Values of Derivative Instruments The table below presents the gross fair values of the Company’s interest rate swaps designated as hedging instruments on the condensed consolidated balance sheets: June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Interest rate swaps (1,2) $ 2 $ — $ — $ — (1) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative liabilities as of June 30, 2024 and derivative assets and liabilities as of December 31, 2023 were less than $500 thousand. (2) Includes reductions related to variation margin settlements. Settlements on derivative positions cleared through CCPs are reflected as reductions to the associated derivative asset and liability balances. As of June 30, 2024, there was a $278 million reduction of derivative assets related to variation margin settlements. As of December 31, 2023, there was an $87 million reduction of derivative assets and a $2 million reduction of derivative liabilities related to variation margin settlements. Effects of Fair Value Hedge Accounting The following amounts were recorded in AFS securities on the condensed consolidated balance sheets related to fair value hedges: June 30, 2024 December 31, 2023 Amortized cost of hedged AFS securities (1,2) $ 8,681 $ 8,765 Cumulative fair value hedging adjustment included in the amortized cost of hedged AFS securities (1,2) (282) (85) (1) Includes the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $2.0 billion and $2.1 billion, respectively, of which $1.6 billion was designated in a portfolio layer hedging relationship. The cumulative basis adjustments associated with these hedging relationships were a reduction of the amortized cost basis of the closed portfolios of $53 million and $19 million, respectively, at June 30, 2024 and December 31, 2023. (2) Excludes the amortized cost and fair value hedging adjustment of AFS securities for which hedge accounting has been discontinued. The cumulative amount of fair value hedging adjustments remaining for these securities was a reduction of the amortized cost basis of $2 million at June 30, 2024, which is recorded in AFS securities on the condensed consolidated balance sheets and amortized to interest revenue as a yield adjustment over the lives of the securities. At December 31, 2023, the cumulative amount of fair value hedging adjustments remaining for these securities was a reduction of less than $500 thousand. The table below presents the effect of the Company’s interest rate swaps designated as fair value hedges on the condensed consolidated statements of income: Three Months Ended Six Months Ended 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships recognized in interest revenue: Hedged items $ (40) $ (126) $ (197) $ (122) Derivatives designated as hedging instruments (1) 38 126 195 122 (1) Excludes net income from periodic interest accruals and receipts of $13 million and $16 million, respectively, for the three and six months ended June 30, 2024. |
Financial Instruments Subject t
Financial Instruments Subject to Off-Balance Sheet Credit Risk | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Financial Instruments Subject to Off-Balance Sheet Credit Risk | Financial Instruments Subject to Off-Balance Sheet Credit Risk Interest rate swaps : Schwab uses interest rate swaps to manage certain interest rate risk exposures. Schwab’s interest rate swaps are cleared through CCPs which require the Company to post initial margin as collateral against potential losses. Schwab pledges investment securities as collateral in order to meet the CCP’s initial margin requirements. Initial margin is posted through FCMs which serve as the intermediary between CCPs and Schwab. Our interest rate swaps are subject to enforceable master netting arrangements allowing a right of setoff within each FCM-CCP relationship; however, we do not net these positions. Therefore, interest rate swaps are presented gross in the condensed consolidated balance sheets. See Note 11 for additional information on the Company’s interest rate swaps. Resale agreements : Schwab enters into collateralized resale agreements principally with other broker-dealers, which could result in losses in the event the counterparty fails to purchase the securities held as collateral for the cash advanced and the fair value of the securities declines. To mitigate this risk, Schwab requires that the counterparty deliver securities to a custodian, to be held as collateral, with a fair value at or in excess of the resale price. Schwab also sets standards for the credit quality of the counterparty, monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requires additional collateral where deemed appropriate. The collateral provided under these resale agreements is utilized to meet obligations under broker-dealer client protection rules, which place limitations on our ability to access such segregated securities. For Schwab to repledge or sell this collateral, we would be required to deposit cash and/or securities of an equal amount into our segregated reserve bank accounts in order to meet our segregated cash and investments requirement. Schwab’s resale agreements as of June 30, 2024 and December 31, 2023 were not subject to master netting arrangements. Securities lending : Schwab loans brokerage client securities temporarily to other broker-dealers and clearing houses in connection with its securities lending activities and receives cash as collateral for the securities loaned. Increases in security prices may cause the fair value of the securities loaned to exceed the amount of cash received as collateral. In the event a counterparty to these transactions does not return the loaned securities or provide additional cash collateral, we may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy our client obligations. Schwab mitigates this risk by requiring credit approvals for counterparties, monitoring the fair value of securities loaned, and requiring additional cash as collateral when necessary. In addition, most of our securities lending transactions are through a program with a clearing organization, which guarantees the return of cash to us. We also borrow securities from other broker-dealers to fulfill short sales by brokerage clients and deliver cash to the lender in exchange for the securities. The fair value of these borrowed securities was $1.4 billion and $1.5 billion at June 30, 2024 and December 31, 2023, respectively. Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities lending transactions. Therefore, the securities loaned and securities borrowed are presented gross in the condensed consolidated balance sheets. Repurchase agreements : Schwab enters into collateralized repurchase agreements with external financial institutions in which the Company sells securities and agrees to repurchase these securities on a specified future date at a stated repurchase price. These repurchase agreements are collateralized by investment securities with a fair value equal to or in excess of the secured borrowing liability. Decreases in security prices posted as collateral for repurchase agreements may require Schwab to transfer cash or additional securities deemed acceptable by the counterparty. To mitigate this risk, Schwab monitors the fair value of underlying securities pledged as collateral compared to the related liability. Our collateralized repurchase agreements with each external financial institution are considered to be enforceable master netting arrangements. However, we do not net these arrangements. As such, the secured short-term borrowings associated with these collateralized repurchase agreements are presented gross in the condensed consolidated balance sheets. The following table presents information about our interest rate swaps, resale agreements, securities lending, repurchase agreements, and other activity depicting the potential effect of rights of setoff between these recognized assets and liabilities. Gross Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Counterparty Collateral June 30, 2024 Assets Resale agreements (1) $ 9,290 $ — $ 9,290 $ — $ (9,290) (2) $ — Securities borrowed (3) 1,409 — 1,409 (1,369) (40) — Interest rate swaps (4) 2 — 2 — — (5) 2 Total $ 10,701 $ — $ 10,701 $ (1,369) $ (9,330) $ 2 Liabilities Repurchase agreements (6) $ 8,996 $ — $ 8,996 $ — $ (8,996) $ — Securities loaned (7) 5,375 — 5,375 (1,369) (3,491) 515 Secured short-term borrowings (8) 1,000 — 1,000 — (1,000) — Interest rate swaps (4) — — — — — (5) — Total $ 15,371 $ — $ 15,371 $ (1,369) $ (13,487) $ 515 December 31, 2023 Assets Resale agreements (1) $ 8,844 $ — $ 8,844 $ — $ (8,844) (2) $ — Securities borrowed (3) 1,563 — 1,563 (1,307) (253) 3 Interest rate swaps (4) — — — — — (5) — Total $ 10,407 $ — $ 10,407 $ (1,307) $ (9,097) $ 3 Liabilities Repurchase agreements (6) $ 4,903 $ — $ 4,903 $ — $ (4,903) $ — Securities loaned (7) 5,397 — 5,397 (1,307) (3,619) 471 Secured short-term borrowings (8) 1,650 — 1,650 — (1,650) — Interest rate swaps (4) — — — — — (5) — Total $ 11,950 $ — $ 11,950 $ (1,307) $ (10,172) $ 471 (1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At June 30, 2024 and December 31, 2023, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $9.4 billion and $9.0 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative liabilities as of June 30, 2024 and derivative assets and liabilities as of December 31, 2023 were less than $500 thousand. (5) At June 30, 2024 and December 31, 2023, the fair value of initial margin pledged as collateral related to interest rate swaps was $188 million and $195 million, respectively. See Notes 4 and 11 for additional information. (6) Included in other short-term borrowings in the condensed consolidated balance sheets. Actual collateral value was greater than or equal to the value of the related liabilities. At June 30, 2024 and December 31, 2023, the fair value of collateral pledged in connection with repurchase agreements was $9.6 billion and $5.3 billion, respectively. See Note 8 for additional information. (7) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at June 30, 2024 and December 31, 2023. (8) Included in other short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information. Margin lending : Clients with margin loans have agreed to allow Schwab to pledge collateralized securities in their brokerage accounts in accordance with federal regulations. The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions: June 30, 2024 December 31, 2023 Fair value of client securities available to be pledged $ 99,543 $ 86,911 Fair value of securities pledged for: Fulfillment of requirements with the Options Clearing Corporation (1) $ 18,970 $ 13,355 Fulfillment of client short sales 5,588 7,009 Securities lending to other broker-dealers 4,610 4,688 Collateral for secured short-term borrowings 1,191 1,991 Total collateral pledged to third parties $ 30,359 $ 27,043 Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $202 million and $179 million at June 30, 2024 and December 31, 2023, respectively. (1) |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Assets and liabilities measured at fair value on a recurring basis Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, certain other assets, interest rate swaps, and certain accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets, and we generally obtain prices from three independent third-party pricing sources for such assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposits; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include interest rate swaps, securities sold but not yet purchased, and repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The fair values of securities sold but not yet purchased are based on quoted market prices or other observable market data. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the condensed consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The fair values of interest rate swaps are based on market observable interest rate yield curves. Fair value measurements are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve. The Company validates its valuations with counterparty quotations from CCPs. See Note 11 for additional information on the Company’s interest rate swaps. For a description of the fair value hierarchy and Schwab’s fair value methodologies, see Item 8 – Note 2 in the 2023 Form 10-K. The Company did not adjust prices received from the primary independent third-party pricing service at June 30, 2024 or December 31, 2023. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 10,877 $ — $ — $ 10,877 Total cash equivalents 10,877 — — 10,877 Investments segregated and on deposit for regulatory purposes: U.S. Government securities — 9,928 — 9,928 Total investments segregated and on deposit for regulatory purposes — 9,928 — 9,928 Available for sale securities: U.S. agency mortgage-backed securities — 57,101 — 57,101 U.S. Treasury securities — 17,009 — 17,009 Corporate debt securities — 10,714 — 10,714 Asset-backed securities — 7,230 — 7,230 Foreign government agency securities — 811 — 811 U.S. state and municipal securities — 569 — 569 Non-agency commercial mortgage-backed securities — 110 — 110 Other — 18 — 18 Total available for sale securities — 93,562 — 93,562 Other assets: Other securities owned: Equity, corporate debt, and other securities 1,205 52 — 1,257 Mutual funds and ETFs 889 — — 889 State and municipal debt obligations — 42 — 42 U.S. Government securities — 11 — 11 Total other securities owned 2,094 105 — 2,199 Interest rate swaps — 2 — 2 Total other assets 2,094 107 — 2,201 Total assets $ 12,971 $ 103,597 $ — $ 116,568 Accrued expenses and other liabilities: Other $ 1,920 $ 35 $ — $ 1,955 Total accrued expenses and other liabilities 1,920 35 — 1,955 Total liabilities $ 1,920 $ 35 $ — $ 1,955 December 31, 2023 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 14,573 $ — $ — $ 14,573 Total cash equivalents 14,573 — — 14,573 Investments segregated and on deposit for regulatory purposes: U.S. Government securities — 20,358 — 20,358 Total investments segregated and on deposit for regulatory purposes — 20,358 — 20,358 Available for sale securities: U.S. agency mortgage-backed securities — 62,795 — 62,795 U.S. Treasury securities — 21,471 — 21,471 Corporate debt securities — 12,484 — 12,484 Asset-backed securities — 9,087 — 9,087 Foreign government agency securities — 1,002 — 1,002 U.S. state and municipal securities — 579 — 579 Non-agency commercial mortgage-backed securities — 109 — 109 Certificates of deposit — 100 — 100 Other — 19 — 19 Total available for sale securities — 107,646 — 107,646 Other assets: Other securities owned: Equity, corporate debt, and other securities 992 73 — 1,065 Mutual funds and ETFs 795 — — 795 State and municipal debt obligations — 27 — 27 U.S. Government securities — 26 — 26 Total other securities owned 1,787 126 — 1,913 Total other assets 1,787 126 — 1,913 Total assets $ 16,360 $ 128,130 $ — $ 144,490 Accrued expenses and other liabilities: Other $ 1,644 $ 89 $ — $ 1,733 Total accrued expenses and other liabilities 1,644 89 — 1,733 Total liabilities $ 1,644 $ 89 $ — $ 1,733 Fair Value of Other Financial Instruments The following tables present the fair value hierarchy for other financial instruments: June 30, 2024 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 14,473 $ 14,473 $ — $ — $ 14,473 Cash and investments segregated and on deposit for 11,764 2,512 9,252 — 11,764 Receivables from brokerage clients — net 72,774 — 72,774 — 72,774 Held to maturity securities: U.S. agency mortgage-backed securities 153,179 — 138,770 — 138,770 Total held to maturity securities 153,179 — 138,770 — 138,770 Bank loans — net: First Mortgages 26,421 — 23,371 — 23,371 HELOCs 443 — 480 — 480 Pledged asset lines 14,964 — 14,964 — 14,964 Other 354 — 354 — 354 Total bank loans — net 42,182 — 39,169 — 39,169 Other assets 4,887 — 4,887 — 4,887 Liabilities Bank deposits $ 252,420 $ — $ 252,420 $ — $ 252,420 Payables to brokerage clients 79,966 — 79,966 — 79,966 Accrued expenses and other liabilities 7,016 — 7,016 — 7,016 Other short-term borrowings 9,996 — 9,996 — 9,996 Federal Home Loan Bank borrowings 24,400 — 24,400 — 24,400 Long-term debt 22,388 — 21,318 — 21,318 December 31, 2023 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 28,764 $ 28,764 $ — $ — $ 28,764 Cash and investments segregated and on deposit for 11,438 2,628 8,810 — 11,438 Receivables from brokerage clients — net 68,629 — 68,629 — 68,629 Held to maturity securities: U.S. agency mortgage-backed securities 159,452 — 147,091 — 147,091 Total held to maturity securities 159,452 — 147,091 — 147,091 Bank loans — net: First Mortgages 26,121 — 23,226 — 23,226 HELOCs 477 — 508 — 508 Pledged asset lines 13,548 — 13,548 — 13,548 Other 293 — 293 — 293 Total bank loans — net 40,439 — 37,575 — 37,575 Other assets 4,960 — 4,960 — 4,960 Liabilities Bank deposits $ 289,953 $ — $ 289,953 $ — $ 289,953 Payables to brokerage clients 84,786 — 84,786 — 84,786 Accrued expenses and other liabilities 7,609 — 7,609 — 7,609 Other short-term borrowings 6,553 — 6,553 — 6,553 Federal Home Loan Bank borrowings 26,400 — 26,400 — 26,400 Long-term debt 26,043 — 25,000 — 25,000 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On July 27, 2022, CSC publicly announced that its Board of Directors approved a share repurchase authorization to repurchase up to $15.0 billion of common stock, replacing the previous and now terminated share repurchase authorization of up to $4.0 billion of common stock. The share repurchase authorization does not have an expiration date. There were no repurchases of CSC’s common stock during the three and six months ended June 30, 2024, and for the three months ended June 30, 2023. CSC repurchased 37 million shares of its common stock for $2.8 billion during the six months ended June 30, 2023. As of June 30, 2024, approximately $8.7 billion remained on the authorization. There were no repurchases of CSC’s preferred stock during the three and six months ended June 30, 2024 , and for the three months ended June 30, 2023 . The Company repurchased 11,620 depositary shares representing interests in Series F preferred stock for $11 million, 42,036 depositary shares representing interests in Series G preferred stock for $42 million, 273,251 depositary shares representing interests in Series H preferred stock for $235 million, and 194,567 depositary shares representing interests in Series I preferred stock for $179 million on the open market during the six months ended June 30, 2023 . The repurchase prices are inclusive of $3 million of dividends accrued by the stockholders as of the repurchase date. Share repurchases, net of issuances, are subject to a nondeductible excise tax which was recognized as a direct and incremental cost associated with these transactions. The Company’s preferred stock issued and outstanding is as follows: Liquidation Preference Per Share Dividend Rate in Effect at June 30, 2024 Earliest Redemption Date Date at Which Dividend Rate Resets or Becomes Floating Reset / Floating Rate Margin Over Reset / Floating Rate Shares Issued and Outstanding (in ones) at Carrying Value at June 30, 2024 (1) December 31, 2023 (1) June 30, 2024 December 31, 2023 Issue Date Fixed-rate: Series D 750,000 750,000 $ 1,000 $ 728 $ 728 03/07/16 5.950 % 06/01/21 N/A N/A N/A Series J 600,000 600,000 1,000 584 584 03/30/21 4.450 % 06/01/26 N/A N/A N/A Fixed-to-floating rate/Fixed-rate reset: Series F 4,884 4,884 100,000 481 481 10/31/17 5.000 % 12/01/27 12/01/27 3M LIBOR (4) 2.575 % Series G (2) 24,580 24,580 100,000 2,428 2,428 04/30/20 5.375 % 06/01/25 06/01/25 5-Year Treasury 4.971 % Series H (3) 22,267 22,267 100,000 2,200 2,200 12/11/20 4.000 % 12/01/30 12/01/30 10-Year Treasury 3.079 % Series I (2) 20,554 20,554 100,000 2,030 2,030 03/18/21 4.000 % 06/01/26 06/01/26 5-Year Treasury 3.168 % Series K (2) 7,500 7,500 100,000 740 740 03/04/22 5.000 % 06/01/27 06/01/27 5-Year Treasury 3.256 % Total preferred 1,429,785 1,429,785 $ 9,191 $ 9,191 (1) Represented by depositary shares. (2) The dividend rate for Series G, Series I, and Series K resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR. N/A Not applicable. Dividends declared on the Company’s preferred stock are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total Per Share Total Per Share Total Per Share Total Declared (1) Per Share Series D (2) $ 11.1 $ 14.88 $ 11.1 $ 14.88 $ 22.3 $ 29.76 $ 22.3 $ 29.76 Series F (3) 12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 Series G (2) 33.0 1,343.75 33.1 1,343.75 66.0 2,687.50 66.3 2,687.50 Series H (2) 22.2 1,000.00 22.3 1,000.00 44.5 2,000.00 46.0 2,000.00 Series I (2) 20.6 1,000.00 20.6 1,000.00 41.2 2,000.00 41.9 2,000.00 Series J (2) 6.7 11.13 6.7 11.13 13.4 22.26 13.4 22.26 Series K (2) 9.5 1,250.00 9.5 1,250.00 18.8 2,500.00 18.8 2,500.00 Total $ 115.3 $ 115.5 $ 218.4 $ 220.9 (1) Excludes $3 million of dividends declared on Series G, H and I, and accrued by stockholders as of the repurchase date. Such dividends were part of the consideration paid upon repurchase of the depositary shares during the six months ended June 30, 2023. (2) Dividends paid quarterly. (3) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows: Total AOCI Balance at March 31, 2023 $ (20,690) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $(160) (523) Other reclassifications included in other revenue, net of tax expense (benefit) of $3 8 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $166 476 Other (1) (1) Balance at June 30, 2023 $ (20,730) Balance at March 31, 2024 $ (17,576) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $51 183 Other reclassifications included in other revenue, net of tax expense (benefit) of $3 7 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $131 452 Other (1) (2) Balance at June 30, 2024 $ (16,936) Balance at December 31, 2022 $ (22,621) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $261 905 Other reclassifications included in other revenue, net of tax expense (benefit) of $5 15 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $273 978 Other, net of tax expense (benefit) of $(2) (7) Balance at June 30, 2023 $ (20,730) Balance at December 31, 2023 $ (18,131) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $77 296 Other reclassifications included in other revenue, net of tax expense (benefit) of $5 15 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $253 894 Other (1) (10) Balance at June 30, 2024 $ (16,936) (1) Tax expense (benefit) was less than $500 thousand. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The Company has voting and nonvoting common stock outstanding. As the rights of the voting and nonvoting common stock are identical, except with respect to voting, the net income of the Company has been allocated on a proportionate basis to the two classes. Diluted earnings per share is calculated using the treasury stock method for outstanding stock options and non-vested restricted stock units and the if-converted method for nonvoting common stock. The if-converted method assumes conversion of all nonvoting common stock to common stock. For further details surrounding the EPS computation, see Item 8 – Note 25 in the 2023 Form 10-K. EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common Nonvoting Common Nonvoting Common Nonvoting Common Nonvoting Basic earnings per share: Numerator Net income $ 1,295 $ 37 $ 1,258 $ 36 $ 2,619 $ 75 $ 2,817 $ 80 Preferred stock dividends and other (1) (118) (3) (118) (3) (226) (6) (186) (5) Net income available to common stockholders $ 1,177 $ 34 $ 1,140 $ 33 $ 2,393 $ 69 $ 2,631 $ 75 Denominator Weighted-average common shares outstanding 1,777 51 1,769 51 1,776 51 1,776 51 Basic earnings per share $ .66 $ .66 $ .64 $ .64 $ 1.35 $ 1.35 $ 1.48 $ 1.48 Diluted earnings per share: Numerator Net income available to common stockholders $ 1,177 $ 34 $ 1,140 $ 33 $ 2,393 $ 69 $ 2,631 $ 75 Reallocation of net income available to common 34 — 33 — 69 — 75 — Allocation of net income available to common $ 1,211 $ 34 $ 1,173 $ 33 $ 2,462 $ 69 $ 2,706 $ 75 Denominator Weighted-average common shares outstanding — 1,777 51 1,769 51 1,776 51 1,776 51 Conversion of nonvoting shares to voting shares 51 — 51 — 51 — 51 — Common stock equivalent shares related to stock 6 — 5 — 5 — 7 — Weighted-average common shares outstanding — diluted (2) 1,834 51 1,825 51 1,832 51 1,834 51 Diluted earnings per share $ .66 $ .66 $ .64 $ .64 $ 1.34 $ 1.34 $ 1.48 $ 1.48 (1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 13 million and 18 million for the three and six months ended June 30, 2024, respectively, and 15 million and 18 million for the three and six months ended June 30, 2023, respectively. |
Regulatory Requirements
Regulatory Requirements | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Requirements | Regulatory Requirements At June 30, 2024, CSC and its banking subsidiaries met all of their respective capital requirements. Regulatory capital and ratios for CSC (consolidated) and CSB are as follows: Actual Minimum to be Minimum Capital Requirement June 30, 2024 Amount Ratio Amount Ratio Amount Ratio (1) CSC Common Equity Tier 1 Risk-Based Capital $ 33,433 29.0 % N/A $ 5,190 4.5 % Tier 1 Risk-Based Capital 42,624 37.0 % N/A 6,920 6.0 % Total Risk-Based Capital 42,650 37.0 % N/A 9,227 8.0 % Tier 1 Leverage 42,624 9.4 % N/A 18,052 4.0 % Supplementary Leverage Ratio 42,624 9.4 % N/A 13,633 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 32,091 39.9 % $ 5,229 6.5 % $ 3,620 4.5 % Tier 1 Risk-Based Capital 32,091 39.9 % 6,436 8.0 % 4,827 6.0 % Total Risk-Based Capital 32,111 39.9 % 8,045 10.0 % 6,436 8.0 % Tier 1 Leverage 32,091 10.9 % 14,723 5.0 % 11,779 4.0 % Supplementary Leverage Ratio 32,091 10.8 % N/A 8,894 3.0 % December 31, 2023 CSC Common Equity Tier 1 Risk-Based Capital $ 31,411 24.5 % N/A $ 5,770 4.5 % Tier 1 Risk-Based Capital 40,602 31.7 % N/A 7,694 6.0 % Total Risk-Based Capital 40,645 31.7 % N/A 10,258 8.0 % Tier 1 Leverage 40,602 8.5 % N/A 19,043 4.0 % Supplementary Leverage Ratio 40,602 8.5 % N/A 14,379 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 31,777 37.9 % $ 5,448 6.5 % $ 3,771 4.5 % Tier 1 Risk-Based Capital 31,777 37.9 % 6,705 8.0 % 5,029 6.0 % Total Risk-Based Capital 31,816 38.0 % 8,381 10.0 % 6,705 8.0 % Tier 1 Leverage 31,777 10.1 % 15,793 5.0 % 12,634 4.0 % Supplementary Leverage Ratio 31,777 10.0 % N/A 9,540 3.0 % (1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. As of June 30, 2024, CSC was subject to a stress capital buffer of 2.5%. In addition, CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At June 30, 2024, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable. Based on its regulatory capital ratios at June 30, 2024, CSB is considered well capitalized (the highest category) under its respective regulatory capital rules. There are no conditions or events since June 30, 2024 that management believes have changed CSB’s capital category. CSC’s other banking subsidiaries are Charles Schwab Premier Bank, SSB (CSPB) and Charles Schwab Trust Bank (Trust Bank). CSPB is a Texas-chartered state savings bank that provides banking and custody services, and Trust Bank is a Nevada-state chartered savings bank that provides trust and custody services. At June 30, 2024, the balance sheets of CSPB and Trust Bank consisted primarily of investment securities, and the entities held total assets of $25.5 billion and $9.5 billion, respectively. Based on their regulatory capital ratios, at June 30, 2024, CSPB and Trust Bank are considered well capitalized under their respective regulatory capital rules. Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows: June 30, 2024 December 31, 2023 CS&Co Net capital $ 8,798 $ 5,629 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances 1,742 1,069 Net capital in excess of required net capital $ 7,056 $ 4,560 TDAC (1) Net capital $ 221 $ 3,634 Minimum dollar requirement 1.500 1.500 2% of aggregate debit balances — 440 Net capital in excess of required net capital $ 220 $ 3,194 TD Ameritrade, Inc. (1) Net capital $ 65 $ 444 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances — — Net capital in excess of required net capital $ 65 $ 444 (1) As part of Schwab’s integration of Ameritrade, in May 2024, the Company completed the final client account conversions to CS&Co from TD Ameritrade, Inc. and TDAC. See Note 10 for additional information regarding the Company’s integration of Ameritrade. Pursuant to the SEC’s Customer Protection Rule and other applicable regulations, Schwab had cash and investments segregated for the exclusive benefit of clients at June 30, 2024. The SEC’s Customer Protection Rule requires broker-dealers to segregate client fully-paid securities and cash balances not collateralizing margin positions and not swept to money market funds or bank deposit accounts. Amounts included in cash and investments segregated and on deposit for regulatory purposes represent actual balances on deposit. Cash and cash equivalents included in cash and investments segregated and on deposit for regulatory purposes are presented as part of Schwab’s cash balances in the condensed consolidated statements of cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Schwab’s two reportable segments are Investor Services and Advisor Services. Schwab structures the operating segments according to its clients and the services provided to those clients. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services, as well as retirement business services, to independent RIAs, independent retirement advisors, and recordkeepers. Revenues and expenses are attributed to the two segments based on which segment services the client. Management evaluates the performance of the segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. There are no revenues from transactions between the segments. Financial information for the segments is presented in the following table: Investor Services Advisor Services Total Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Net Revenues Net interest revenue $ 1,715 $ 1,705 $ 443 $ 585 $ 2,158 $ 2,290 Asset management and administration fees 973 841 410 332 1,383 1,173 Trading revenue 685 701 92 102 777 803 Bank deposit account fees 113 140 40 35 153 175 Other 168 156 51 59 219 215 Total net revenues 3,654 3,543 1,036 1,113 4,690 4,656 Expenses Excluding Interest 2,231 2,191 712 774 2,943 2,965 Income before taxes on income $ 1,423 $ 1,352 $ 324 $ 339 $ 1,747 $ 1,691 Six Months Ended June 30, Net Revenues Net interest revenue $ 3,457 $ 3,738 $ 934 $ 1,322 $ 4,391 $ 5,060 Asset management and administration fees 1,920 1,646 811 645 2,731 2,291 Trading revenue 1,398 1,476 196 219 1,594 1,695 Bank deposit account fees 248 239 88 87 336 326 Other 303 307 75 93 378 400 Total net revenues 7,326 7,406 2,104 2,366 9,430 9,772 Expenses Excluding Interest 4,496 4,424 1,389 1,547 5,885 5,971 Income before taxes on income $ 2,830 $ 2,982 $ 715 $ 819 $ 3,545 $ 3,801 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 1,332 | $ 1,294 | $ 2,694 | $ 2,897 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
New Accounting Standards (Polic
New Accounting Standards (Policy) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, 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 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2023 Form 10-K. |
Adoption of New Accounting Standards and New Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards Standard Description Date of Adoption Effects on the Financial Statements or Other Significant Matters Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” Requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (CODM) and included in segment profit or loss. Also requires disclosure of the CODM’s title and position and how the CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. All required segment disclosures will be presented both on an interim and annual basis. Adoption requires retrospective application as of the earliest comparative period presented in the financial statements. January 1, 2024 (applies to the annual financial statements for 2024 and interim periods thereafter) The Company does not expect this guidance will have a material impact on its financial statements or disclosures. New Accounting Standards Not Yet Adopted Standard Description Required Date of Adoption Effects on the Financial Statements or Other Significant Matters ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Expands income tax disclosures, primarily by enhancing the rate reconciliation table and requiring additional disaggregated information about income taxes paid. Adoption allows retrospective or prospective application, with early adoption permitted. January 1, 2025 The Company does not expect this guidance will have a material impact on its financial statements or disclosures. |
Assets and liabilities measured at fair value on a recurring basis | Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, certain other assets, interest rate swaps, and certain accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets, and we generally obtain prices from three independent third-party pricing sources for such assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposits; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include interest rate swaps, securities sold but not yet purchased, and repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The fair values of securities sold but not yet purchased are based on quoted market prices or other observable market data. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the condensed consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The fair values of interest rate swaps are based on market observable interest rate yield curves. Fair value measurements are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve. The Company validates its valuations with counterparty quotations from CCPs. See Note 11 for additional information on the Company’s interest rate swaps. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements | Adoption of New Accounting Standards Standard Description Date of Adoption Effects on the Financial Statements or Other Significant Matters Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” Requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (CODM) and included in segment profit or loss. Also requires disclosure of the CODM’s title and position and how the CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. All required segment disclosures will be presented both on an interim and annual basis. Adoption requires retrospective application as of the earliest comparative period presented in the financial statements. January 1, 2024 (applies to the annual financial statements for 2024 and interim periods thereafter) The Company does not expect this guidance will have a material impact on its financial statements or disclosures. New Accounting Standards Not Yet Adopted Standard Description Required Date of Adoption Effects on the Financial Statements or Other Significant Matters ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Expands income tax disclosures, primarily by enhancing the rate reconciliation table and requiring additional disaggregated information about income taxes paid. Adoption allows retrospective or prospective application, with early adoption permitted. January 1, 2025 The Company does not expect this guidance will have a material impact on its financial statements or disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of Schwab’s revenue by major source is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net interest revenue Cash and cash equivalents $ 382 $ 547 $ 836 $ 960 Cash and investments segregated 281 324 669 756 Receivables from brokerage clients 1,351 1,167 2,611 2,251 Available for sale securities 555 791 1,149 1,616 Held to maturity securities 658 720 1,348 1,466 Bank loans 460 410 900 801 Securities lending revenue 95 124 171 236 Other interest revenue 35 21 74 34 Interest revenue 3,817 4,104 7,758 8,120 Bank deposits (840) (863) (1,761) (1,481) Payables to brokerage clients (77) (64) (150) (139) Other short-term borrowings (129) (97) (232) (183) Federal Home Loan Bank borrowings (348) (606) (678) (910) Long-term debt (208) (157) (432) (296) Securities lending expense (57) (28) (112) (50) Other interest expense — 1 (2) (1) Interest expense (1,659) (1,814) (3,367) (3,060) Net interest revenue 2,158 2,290 4,391 5,060 Asset management and administration fees Mutual funds, ETFs, and CTFs 785 630 1,543 1,215 Advice solutions 510 464 1,013 917 Other 88 79 175 159 Asset management and administration fees 1,383 1,173 2,731 2,291 Trading revenue Commissions 383 394 796 816 Order flow revenue 357 365 709 779 Principal transactions 37 44 89 100 Trading revenue 777 803 1,594 1,695 Bank deposit account fees 153 175 336 326 Other 219 215 378 400 Total net revenues $ 4,690 $ 4,656 $ 9,430 $ 9,772 Note: For a summary of revenue provided by our reportable segments, see Note 18. The recognition of revenue is not impacted by the operating segment in which revenue is generated. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows: June 30, 2024 Amortized Gross Gross Fair Available for sale securities U.S. agency mortgage-backed securities $ 63,478 $ — $ 6,377 $ 57,101 U.S. Treasury securities 17,792 — 783 17,009 Corporate debt securities (1) 11,534 — 820 10,714 Asset-backed securities (2) 7,503 — 273 7,230 Foreign government agency securities 831 — 20 811 U.S. state and municipal securities 629 — 60 569 Non-agency commercial mortgage-backed securities 124 — 14 110 Other 21 — 3 18 Unallocated portfolio layer method fair value basis adjustments (3) (53) — (53) — Total available for sale securities $ 101,859 $ — $ 8,297 $ 93,562 Held to maturity securities U.S. agency mortgage-backed securities $ 153,179 $ 201 $ 14,610 $ 138,770 Total held to maturity securities $ 153,179 $ 201 $ 14,610 $ 138,770 December 31, 2023 Available for sale securities U.S. agency mortgage-backed securities $ 69,173 $ — $ 6,378 $ 62,795 U.S. Treasury securities 22,459 1 989 21,471 Corporate debt securities (1) 13,344 — 860 12,484 Asset-backed securities (2) 9,465 — 378 9,087 Foreign government agency securities 1,035 — 33 1,002 U.S. state and municipal securities 634 — 55 579 Non-agency commercial mortgage-backed securities 123 — 14 109 Certificates of deposit 100 — — 100 Other 22 — 3 19 Unallocated portfolio layer method fair value basis adjustments (3) (19) — (19) — Total available for sale securities $ 116,336 $ 1 $ 8,691 $ 107,646 Held to maturity securities U.S. agency mortgage-backed securities $ 159,452 $ 1,435 $ 13,796 $ 147,091 Total held to maturity securities $ 159,452 $ 1,435 $ 13,796 $ 147,091 (1) As of June 30, 2024 and December 31, 2023, approximately 34% and 36%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (2) Approximately 57% and 61% of asset-backed securities held as of June 30, 2024 and December 31, 2023, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 30% and 24% of the asset-backed securities held as of June 30, 2024 and December 31, 2023, respectively. (3) This represents the amount of portfolio layer method (PLM) fair value hedge basis adjustments related to AFS securities hedged in a closed portfolio. See Note 11 for more information on PLM hedge accounting. |
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows: Less than 12 months 12 months or longer Total June 30, 2024 Fair Unrealized Fair Unrealized Fair Unrealized Available for sale securities U.S. agency mortgage-backed securities (1) $ 3 $ — $ 57,098 $ 6,377 $ 57,101 $ 6,377 U.S. Treasury securities 1,500 1 15,264 782 16,764 783 Corporate debt securities — — 10,714 820 10,714 820 Asset-backed securities (1) 150 — 7,047 273 7,197 273 Foreign government agency securities — — 811 20 811 20 U.S. state and municipal securities — — 569 60 569 60 Non-agency commercial mortgage-backed securities — — 110 14 110 14 Other — — 18 3 18 3 Total (2) $ 1,653 $ 1 $ 91,631 $ 8,349 $ 93,284 $ 8,350 December 31, 2023 Available for sale securities U.S. agency mortgage-backed securities (1) $ 1 $ — $ 62,794 $ 6,378 $ 62,795 $ 6,378 U.S. Treasury securities — — 19,450 989 19,450 989 Corporate debt securities — — 12,484 860 12,484 860 Asset-backed securities (1) 29 — 9,058 378 9,087 378 Foreign government agency securities — — 1,002 33 1,002 33 U.S. state and municipal securities — — 579 55 579 55 Non-agency commercial mortgage-backed securities — — 109 14 109 14 Other — — 19 3 19 3 Total (2) $ 30 $ — $ 105,495 $ 8,710 $ 105,525 $ 8,710 (1) Unrealized losses less than 12 months amounts were less than $500 thousand. (2) For purposes of this table, unrealized losses on AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $53 million and $19 million at June 30, 2024 and December 31, 2023, respectively. |
Schedule of Estimated Effective Duration, Investments | The following table presents the Company’s estimated effective duration, which reflects anticipated future payments, by category at June 30, 2024: In years Estimated effective duration, exclusive of derivatives: AFS investment securities portfolio 2.3 AFS and HTM investment securities portfolio 3.9 Estimated effective duration, inclusive of derivatives (1) : AFS investment securities portfolio 2.1 AFS and HTM investment securities portfolio 3.8 (1) See Note 11 for additional discussion on the Company’s derivatives. |
Maturities of Securities Available for Sale and Held to Maturity | The maturities of AFS and HTM investment securities are as follows: June 30, 2024 Within After 1 year After 5 years After Total Available for sale securities U.S. agency mortgage-backed securities $ 2,451 $ 8,937 $ 9,846 $ 35,867 $ 57,101 U.S. Treasury securities 8,348 8,661 — — 17,009 Corporate debt securities 4,613 4,656 1,445 — 10,714 Asset-backed securities 12 2,284 1,243 3,691 7,230 Foreign government agency securities 497 314 — — 811 U.S. state and municipal securities — 96 385 88 569 Non-agency commercial mortgage-backed securities — — — 110 110 Other — — — 18 18 Total fair value $ 15,921 $ 24,948 $ 12,919 $ 39,774 $ 93,562 Total amortized cost (1) $ 16,208 $ 26,651 $ 14,438 $ 44,615 $ 101,912 Held to maturity securities U.S. agency mortgage-backed securities $ 1,892 $ 7,686 $ 35,765 $ 93,427 $ 138,770 Total fair value $ 1,892 $ 7,686 $ 35,765 $ 93,427 $ 138,770 Total amortized cost $ 1,937 $ 8,237 $ 38,690 $ 104,315 $ 153,179 (1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $53 million at June 30, 2024. |
Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale | Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Proceeds $ 854 $ 1,849 $ 2,043 $ 2,900 Gross realized gains — — — — Gross realized losses 10 11 20 20 |
Bank Loans and Related Allowa_2
Bank Loans and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Composition of Bank Loans and Delinquency Analysis by Loan Segment | The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows: June 30, 2024 Current 30-59 days 60-89 days > 90 days past (3) Total past due Total Allowance Total Residential real estate: First Mortgages (1,2) $ 26,386 $ 30 $ 5 $ 14 $ 49 $ 26,435 $ 14 $ 26,421 HELOCs (1,2) 439 1 — 4 5 444 1 443 Total residential real estate 26,825 31 5 18 54 26,879 15 26,864 Pledged asset lines 14,953 11 — — 11 14,964 — 14,964 Other 359 — — — — 359 5 354 Total bank loans $ 42,137 $ 42 $ 5 $ 18 $ 65 $ 42,202 $ 20 $ 42,182 December 31, 2023 Residential real estate: First Mortgages (1,2) $ 26,111 $ 33 $ 2 $ 7 $ 42 $ 26,153 $ 32 $ 26,121 HELOCs (1,2) 473 1 1 4 6 479 2 477 Total residential real estate 26,584 34 3 11 48 26,632 34 26,598 Pledged asset lines 13,533 11 — 4 15 13,548 — 13,548 Other 297 — — — — 297 4 293 Total bank loans $ 40,414 $ 45 $ 3 $ 15 $ 63 $ 40,477 $ 38 $ 40,439 (1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $104 million and $100 million at June 30, 2024 and December 31, 2023, respectively. (2) At June 30, 2024 and December 31, 2023, 42% and 43%, respectively, of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at June 30, 2024 or December 31, 2023. |
Changes in Allowance for Credit Losses on Bank Loans | Changes in the allowance for credit losses on bank loans were as follows: Three Months Ended June 30, 2024 First Mortgages HELOCs Total residential real estate Pledged asset lines Other Total Balance at beginning of period $ 27 $ 1 $ 28 $ — $ 4 $ 32 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses (13) — (13) — 1 (12) Balance at end of period $ 14 $ 1 $ 15 $ — $ 5 $ 20 June 30, 2023 Balance at beginning of period $ 67 $ 4 $ 71 $ — $ 3 $ 74 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses 1 (1) — — 1 1 Balance at end of period $ 68 $ 3 $ 71 $ — $ 4 $ 75 Six Months Ended June 30, 2024 Balance at beginning of period $ 32 $ 2 $ 34 $ — $ 4 $ 38 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses (18) (1) (19) — 1 (18) Balance at end of period $ 14 $ 1 $ 15 $ — $ 5 $ 20 June 30, 2023 Balance at beginning of period $ 66 $ 4 $ 70 $ — $ 3 $ 73 Charge-offs — — — — — — Recoveries — — — — — — Provision for credit losses 2 (1) 1 — 1 2 Balance at end of period $ 68 $ 3 $ 71 $ — $ 4 $ 75 |
Credit Quality Indicators of First Mortgages and HELOCs | The credit quality indicators of the Company’s First Mortgages and HELOCs are detailed below: First Mortgages Amortized Cost Basis by Origination Year June 30, 2024 2024 2023 2022 2021 2020 pre-2020 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ — $ 3 $ — $ 1 $ 1 $ 5 $ — $ — $ — 620 – 679 11 6 26 29 18 14 104 — 1 1 680 – 739 142 274 753 1,130 381 252 2,932 50 33 83 ≥740 1,287 2,119 5,101 10,123 3,438 1,326 23,394 247 113 360 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Origination LTV ≤70% $ 1,023 $ 1,611 $ 4,364 $ 9,787 $ 3,196 $ 1,238 $ 21,219 $ 271 $ 102 $ 373 >70% – ≤90% 417 788 1,519 1,495 642 353 5,214 26 44 70 >90% – ≤100% — — — — — 2 2 — 1 1 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Updated FICO <620 $ — $ 6 $ 22 $ 25 $ 11 $ 18 $ 82 $ 3 $ 5 $ 8 620 – 679 12 39 75 109 44 32 311 8 9 17 680 – 739 134 207 533 865 296 167 2,202 45 21 66 ≥740 1,294 2,147 5,253 10,283 3,487 1,376 23,840 241 112 353 Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Estimated Current LTV (1) ≤70% $ 1,040 $ 1,823 $ 5,089 $ 11,127 $ 3,821 $ 1,588 $ 24,488 $ 295 $ 147 $ 442 >70% – ≤90% 400 575 779 154 15 5 1,928 2 — 2 >90% – ≤100% — 1 15 1 2 — 19 — — — >100% — — — — — — — — — — Total $ 1,440 $ 2,399 $ 5,883 $ 11,282 $ 3,838 $ 1,593 $ 26,435 $ 297 $ 147 $ 444 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Percent of Loans on 0.01 % 0.02 % 0.03 % 0.01 % 0.06 % 0.49 % 0.05 % 0.13 % 2.32 % 0.90 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. First Mortgages Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 pre-2020 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ 2 $ 1 $ 1 $ 1 $ 5 $ — $ — $ — 620 – 679 4 27 30 20 15 96 — 1 1 680 – 739 299 782 1,160 395 294 2,930 50 38 88 ≥740 2,391 5,258 10,439 3,558 1,476 23,122 261 129 390 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Origination LTV ≤70% $ 1,818 $ 4,492 $ 10,078 $ 3,306 $ 1,382 $ 21,076 $ 279 $ 117 $ 396 >70% – ≤90% 876 1,577 1,552 668 402 5,075 32 50 82 >90% – ≤100% — — — — 2 2 — 1 1 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Updated FICO <620 $ 4 $ 15 $ 19 $ 8 $ 17 $ 63 $ 2 $ 5 $ 7 620 – 679 46 77 87 38 50 298 6 10 16 680 – 739 265 575 984 316 169 2,309 48 26 74 ≥740 2,379 5,402 10,540 3,612 1,550 23,483 255 127 382 Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Estimated Current LTV (1) ≤70% $ 1,853 $ 4,855 $ 11,341 $ 3,960 $ 1,781 $ 23,790 $ 308 $ 167 $ 475 >70% – ≤90% 841 1,185 289 14 5 2,334 3 1 4 >90% – ≤100% — 28 — — — 28 — — — >100% — 1 — — — 1 — — — Total $ 2,694 $ 6,069 $ 11,630 $ 3,974 $ 1,786 $ 26,153 $ 311 $ 168 $ 479 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Percent of Loans on 0.01 % 0.02 % 0.01 % 0.01 % 0.19 % 0.03 % 0.07 % 2.40 % 0.84 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. |
Converting to Amortizing Loans | The following table presents when current outstanding HELOCs will convert to amortizing loans: June 30, 2024 Balance Converted to an amortizing loan by period end (1) $ 147 Within 1 year 16 > 1 year – 3 years 39 > 3 years – 5 years 39 > 5 years 203 Total $ 444 (1) Includes $3 million and $6 million of HELOCs converted to amortizing loans during the three and six months ended June 30, 2024, respectively. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Aggregate Assets, Liabilities and Maximum Exposure to Loss from VIEs which Variable Interest is Held but not the Primary Beneficiary | The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below: June 30, 2024 December 31, 2023 Aggregate Aggregate Maximum Aggregate Aggregate Maximum LIHTC investments (1) $ 1,626 $ 942 $ 1,626 $ 1,407 $ 759 $ 1,407 Other investments (2) 191 — 240 179 — 231 Total $ 1,817 $ 942 $ 1,866 $ 1,586 $ 759 $ 1,638 (1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other investments include non-LIHTC CRA investments that are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets. |
Bank Deposits (Tables)
Bank Deposits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deposit Liabilities [Abstract] | |
Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits | Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows: June 30, 2024 December 31, 2023 Interest-bearing deposits: Deposits swept from brokerage accounts $ 192,194 $ 220,274 Time certificates of deposit (1) 40,308 48,297 Checking 14,584 15,691 Savings and other 4,080 4,461 Total interest-bearing deposits 251,166 288,723 Non-interest-bearing deposits 1,254 1,230 Total bank deposits $ 252,420 $ 289,953 (1) Time certificates of deposit consist of brokered CDs. The weighted-average interest rates on outstanding time certificates of deposit at June 30, 2024 and December 31, 2023 were 5.26% and 5.15%, respectively. As of June 30, 2024 and December 31, 2023, there were no time deposits that were in excess of FDIC insurance limits or otherwise uninsured. |
Annual Maturities on Time Certificates of Deposit Outstanding | Annual maturities on time certificates of deposit outstanding at June 30, 2024 are as follows: Balance 2024 $ 21,757 2025 18,551 Total $ 40,308 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Debt Including Unamortized Debt Discounts and Premiums | The following table lists long-term debt by instrument outstanding as of June 30, 2024 and December 31, 2023: Date of Issuance Principal Amount Outstanding June 30, 2024 December 31, 2023 CSC Fixed-rate Senior Notes: 3.550% due February 1, 2024 10/31/18 $ — $ 500 0.750% due March 18, 2024 03/18/21 — 1,500 3.750% due April 1, 2024 09/24/21 — 350 3.000% due March 10, 2025 03/10/15 375 375 4.200% due March 24, 2025 03/24/20 600 600 3.625% due April 1, 2025 09/24/21 418 418 3.850% due May 21, 2025 05/22/18 750 750 3.450% due February 13, 2026 11/13/15 350 350 0.900% due March 11, 2026 12/11/20 1,250 1,250 1.150% due May 13, 2026 05/13/21 1,000 1,000 5.875% due August 24, 2026 08/24/23 1,000 1,000 3.200% due March 2, 2027 03/02/17 650 650 2.450% due March 3, 2027 03/03/22 1,500 1,500 3.300% due April 1, 2027 09/24/21 744 744 3.200% due January 25, 2028 12/07/17 700 700 2.000% due March 20, 2028 03/18/21 1,250 1,250 4.000% due February 1, 2029 10/31/18 600 600 3.250% due May 22, 2029 05/22/19 600 600 2.750% due October 1, 2029 09/24/21 475 475 4.625% due March 22, 2030 03/24/20 500 500 1.650% due March 11, 2031 12/11/20 750 750 2.300% due May 13, 2031 05/13/21 750 750 1.950% due December 1, 2031 08/26/21 850 850 2.900% due March 3, 2032 03/03/22 1,000 1,000 CSC Floating-rate Senior Notes: SOFR + 0.500% due March 18, 2024 03/18/21 — 1,250 SOFR + 0.520% due May 13, 2026 05/13/21 500 500 SOFR + 1.050% due March 3, 2027 03/03/22 500 500 CSC Fixed-to-Floating rate Senior Notes: 5.643% due May 19, 2029 (1) 05/19/23 1,200 1,200 6.196% due November 17, 2029 (2) 11/17/23 1,300 1,300 5.853% due May 19, 2034 (3) 05/19/23 1,300 1,300 6.136% due August 24, 2034 (4) 08/24/23 1,350 1,350 Total CSC Senior Notes 22,262 25,862 Ameritrade Holding Fixed-rate Senior Notes: 3.750% due April 1, 2024 11/01/18 — 50 3.625% due April 1, 2025 10/22/14 82 82 3.300% due April 1, 2027 04/27/17 56 56 2.750% due October 1, 2029 08/16/19 25 25 Total Ameritrade Holding Senior Notes 163 213 Finance lease liabilities 61 85 Unamortized premium — net 69 87 Debt issuance costs (106) (119) Total long-term debt $ 22,449 $ 26,128 (1) The May 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly. (2) The November 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.196%, payable semi-annually, until the interest reset date on November 17, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 1.878%, payable quarterly. (3) The May 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly. (4) The August 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly. |
Annual Maturities on Debt Outstanding | Annual maturities on all long-term debt outstanding at June 30, 2024 are as follows: Maturities 2024 $ 12 2025 2,249 2026 4,112 2027 3,463 2028 1,950 Thereafter 10,700 Total maturities 22,486 Unamortized premium — net 69 Debt issuance costs (106) Total long-term debt $ 22,449 Annual maturities on FHLB borrowings and other short-term borrowings outstanding at June 30, 2024 are as follows: 2024 2025 Total FHLB borrowings $ 16,400 $ 8,000 $ 24,400 Other short-term borrowings 7,491 2,505 9,996 Total $ 23,891 $ 10,505 $ 34,396 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to Extend Credit on Lines of Credit and to Purchase First Mortgages | The Company’s commitments to extend credit on lines of credit and to purchase First Mortgages are as follows: June 30, 2024 December 31, 2023 Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit $ 2,151 $ 2,996 Commitments to purchase First Mortgage loans 573 351 Total $ 2,724 $ 3,347 |
Exit and Other Related Liabil_2
Exit and Other Related Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Activity in Exit and Other Related Liabilities | The following is a summary of the Ameritrade integration activity in the Company’s exit and other related liabilities as of June 30, 2024 and activity for the six months ended June 30, 2024: Investor Services Advisor Services Total Balance at December 31, 2023 (1) $ 42 $ 12 $ 54 Amounts recognized in expense (2) 4 1 5 Costs paid or otherwise settled (43) (11) (54) Balance at June 30, 2024 (1) $ 3 $ 2 $ 5 (1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are included in compensation and benefits on the condensed consolidated statements of income. The following is a summary of the restructuring activity in the Company’s exit and other related liabilities as of June 30, 2024 and activity for the six months ended June 30, 2024: Investor Services Advisor Services Total Balance at December 31, 2023 (1) $ 171 $ 63 $ 234 Amounts recognized in expense (2) (25) (9) (34) Costs paid or otherwise settled (146) (54) (200) Balance at June 30, 2024 (1) $ — $ — $ — (1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits are included in compensation and benefits on the condensed consolidated statements of income. The six months ended June 30, 2024 includes a reduction of the liability resulting from changes in estimates of $27 million and $9 million in Investor Services and Advisor Services, respectively. |
Summary of Exit and Other Related Costs Recognized in Expense | The following table summarizes the Ameritrade integration exit and other related costs recognized in expense for the three and six months ended June 30, 2024: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 4 $ — $ 4 $ 1 $ — $ 1 $ 5 Depreciation and amortization — 4 4 — 1 1 5 Total $ 4 $ 4 $ 8 $ 1 $ 1 $ 2 $ 10 Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 4 $ — $ 4 $ 1 $ — $ 1 $ 5 Occupancy and equipment — 1 1 — — — 1 Depreciation and amortization — 4 4 — 1 1 5 Other — 2 2 — — — 2 Total $ 4 $ 7 $ 11 $ 1 $ 1 $ 2 $ 13 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of right-of-use (ROU) assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the Ameritrade integration exit and other related costs recognized in expense for the three and six months ended June 30, 2023: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 3 $ — $ 3 $ 1 $ — $ 1 $ 4 Occupancy and equipment — 3 3 — 2 2 5 Other — 14 14 — 7 7 21 Total $ 3 $ 17 $ 20 $ 1 $ 9 $ 10 $ 30 Investor Services Advisor Services Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 11 $ — $ 11 $ 3 $ — $ 3 $ 14 Occupancy and equipment — 3 3 — 2 2 5 Other — 14 14 — 7 7 21 Total $ 11 $ 17 $ 28 $ 3 $ 9 $ 12 $ 40 (1) Costs related to facility closures. These costs, which are comprised of impairment and accelerated amortization of ROU assets, relate to the impact of abandoning leased properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the Ameritrade integration exit and other related costs incurred from October 6, 2020 through June 30, 2024: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 247 $ — $ 247 $ 66 $ — $ 66 $ 313 Occupancy and equipment — 41 41 — 9 9 50 Depreciation and amortization — 6 6 — 2 2 8 Professional services — 1 1 — — — 1 Other — 22 22 — 7 7 29 Total $ 247 $ 70 $ 317 $ 66 $ 18 $ 84 $ 401 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the restructuring exit and other related costs (benefits) recognized in expense for the three and six months ended June 30, 2024: Investor Services Advisor Services Three Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ (2) $ — $ (2) $ (1) $ — $ (1) $ (3) Occupancy and equipment — 1 1 — — — 1 Other — 9 9 — 3 3 12 Total $ (2) $ 10 $ 8 $ (1) $ 3 $ 2 $ 10 Investor Services Advisor Services Six Months Ended June 30, Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ (25) $ — $ (25) $ (9) $ — $ (9) $ (34) Occupancy and equipment — 2 2 — 1 1 3 Other — 10 10 — 3 3 13 Total $ (25) $ 12 $ (13) $ (9) $ 4 $ (5) $ (18) (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and impairment of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. The following table summarizes the restructuring exit and other related costs incurred from July 1, 2023 through June 30, 2024: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 189 $ — $ 189 $ 69 $ — $ 69 $ 258 Occupancy and equipment — 15 15 — 5 5 20 Professional services — 4 4 — 1 1 5 Other — 144 144 — 50 50 194 Total $ 189 $ 163 $ 352 $ 69 $ 56 $ 125 $ 477 (1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and impairment of fixed assets, relate to the impact of abandoning leased and other properties. Impairment charges are included in other expense, while accelerated amortization of ROU assets are included in occupancy and equipment on the condensed consolidated statements of income. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross Fair Values of Derivatives | The table below presents the gross fair values of the Company’s interest rate swaps designated as hedging instruments on the condensed consolidated balance sheets: June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Interest rate swaps (1,2) $ 2 $ — $ — $ — (1) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative liabilities as of June 30, 2024 and derivative assets and liabilities as of December 31, 2023 were less than $500 thousand. (2) Includes reductions related to variation margin settlements. Settlements on derivative positions cleared through CCPs are reflected as reductions to the associated derivative asset and liability balances. As of June 30, 2024, there was a $278 million reduction of derivative assets related to variation margin settlements. As of December 31, 2023, there was an $87 million reduction of derivative assets and a $2 million reduction of derivative liabilities related to variation margin settlements. |
Fair Value Hedge Derivatives | The following amounts were recorded in AFS securities on the condensed consolidated balance sheets related to fair value hedges: June 30, 2024 December 31, 2023 Amortized cost of hedged AFS securities (1,2) $ 8,681 $ 8,765 Cumulative fair value hedging adjustment included in the amortized cost of hedged AFS securities (1,2) (282) (85) (1) Includes the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $2.0 billion and $2.1 billion, respectively, of which $1.6 billion was designated in a portfolio layer hedging relationship. The cumulative basis adjustments associated with these hedging relationships were a reduction of the amortized cost basis of the closed portfolios of $53 million and $19 million, respectively, at June 30, 2024 and December 31, 2023. (2) Excludes the amortized cost and fair value hedging adjustment of AFS securities for which hedge accounting has been discontinued. The cumulative amount of fair value hedging adjustments remaining for these securities was a reduction of the amortized cost basis of $2 million at June 30, 2024, which is recorded in AFS securities on the condensed consolidated balance sheets and amortized to interest revenue as a yield adjustment over the lives of the securities. At December 31, 2023, the cumulative amount of fair value hedging adjustments remaining for these securities was a reduction of less than $500 thousand. The table below presents the effect of the Company’s interest rate swaps designated as fair value hedges on the condensed consolidated statements of income: Three Months Ended Six Months Ended 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships recognized in interest revenue: Hedged items $ (40) $ (126) $ (197) $ (122) Derivatives designated as hedging instruments (1) 38 126 195 122 (1) Excludes net income from periodic interest accruals and receipts of $13 million and $16 million, respectively, for the three and six months ended June 30, 2024. |
Financial Instruments Subject_2
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | The following table presents information about our interest rate swaps, resale agreements, securities lending, repurchase agreements, and other activity depicting the potential effect of rights of setoff between these recognized assets and liabilities. Gross Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Counterparty Collateral June 30, 2024 Assets Resale agreements (1) $ 9,290 $ — $ 9,290 $ — $ (9,290) (2) $ — Securities borrowed (3) 1,409 — 1,409 (1,369) (40) — Interest rate swaps (4) 2 — 2 — — (5) 2 Total $ 10,701 $ — $ 10,701 $ (1,369) $ (9,330) $ 2 Liabilities Repurchase agreements (6) $ 8,996 $ — $ 8,996 $ — $ (8,996) $ — Securities loaned (7) 5,375 — 5,375 (1,369) (3,491) 515 Secured short-term borrowings (8) 1,000 — 1,000 — (1,000) — Interest rate swaps (4) — — — — — (5) — Total $ 15,371 $ — $ 15,371 $ (1,369) $ (13,487) $ 515 December 31, 2023 Assets Resale agreements (1) $ 8,844 $ — $ 8,844 $ — $ (8,844) (2) $ — Securities borrowed (3) 1,563 — 1,563 (1,307) (253) 3 Interest rate swaps (4) — — — — — (5) — Total $ 10,407 $ — $ 10,407 $ (1,307) $ (9,097) $ 3 Liabilities Repurchase agreements (6) $ 4,903 $ — $ 4,903 $ — $ (4,903) $ — Securities loaned (7) 5,397 — 5,397 (1,307) (3,619) 471 Secured short-term borrowings (8) 1,650 — 1,650 — (1,650) — Interest rate swaps (4) — — — — — (5) — Total $ 11,950 $ — $ 11,950 $ (1,307) $ (10,172) $ 471 (1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At June 30, 2024 and December 31, 2023, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $9.4 billion and $9.0 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative liabilities as of June 30, 2024 and derivative assets and liabilities as of December 31, 2023 were less than $500 thousand. (5) At June 30, 2024 and December 31, 2023, the fair value of initial margin pledged as collateral related to interest rate swaps was $188 million and $195 million, respectively. See Notes 4 and 11 for additional information. (6) Included in other short-term borrowings in the condensed consolidated balance sheets. Actual collateral value was greater than or equal to the value of the related liabilities. At June 30, 2024 and December 31, 2023, the fair value of collateral pledged in connection with repurchase agreements was $9.6 billion and $5.3 billion, respectively. See Note 8 for additional information. (7) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at June 30, 2024 and December 31, 2023. (8) Included in other short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information. |
Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged | The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions: June 30, 2024 December 31, 2023 Fair value of client securities available to be pledged $ 99,543 $ 86,911 Fair value of securities pledged for: Fulfillment of requirements with the Options Clearing Corporation (1) $ 18,970 $ 13,355 Fulfillment of client short sales 5,588 7,009 Securities lending to other broker-dealers 4,610 4,688 Collateral for secured short-term borrowings 1,191 1,991 Total collateral pledged to third parties $ 30,359 $ 27,043 Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $202 million and $179 million at June 30, 2024 and December 31, 2023, respectively. (1) |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 10,877 $ — $ — $ 10,877 Total cash equivalents 10,877 — — 10,877 Investments segregated and on deposit for regulatory purposes: U.S. Government securities — 9,928 — 9,928 Total investments segregated and on deposit for regulatory purposes — 9,928 — 9,928 Available for sale securities: U.S. agency mortgage-backed securities — 57,101 — 57,101 U.S. Treasury securities — 17,009 — 17,009 Corporate debt securities — 10,714 — 10,714 Asset-backed securities — 7,230 — 7,230 Foreign government agency securities — 811 — 811 U.S. state and municipal securities — 569 — 569 Non-agency commercial mortgage-backed securities — 110 — 110 Other — 18 — 18 Total available for sale securities — 93,562 — 93,562 Other assets: Other securities owned: Equity, corporate debt, and other securities 1,205 52 — 1,257 Mutual funds and ETFs 889 — — 889 State and municipal debt obligations — 42 — 42 U.S. Government securities — 11 — 11 Total other securities owned 2,094 105 — 2,199 Interest rate swaps — 2 — 2 Total other assets 2,094 107 — 2,201 Total assets $ 12,971 $ 103,597 $ — $ 116,568 Accrued expenses and other liabilities: Other $ 1,920 $ 35 $ — $ 1,955 Total accrued expenses and other liabilities 1,920 35 — 1,955 Total liabilities $ 1,920 $ 35 $ — $ 1,955 December 31, 2023 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 14,573 $ — $ — $ 14,573 Total cash equivalents 14,573 — — 14,573 Investments segregated and on deposit for regulatory purposes: U.S. Government securities — 20,358 — 20,358 Total investments segregated and on deposit for regulatory purposes — 20,358 — 20,358 Available for sale securities: U.S. agency mortgage-backed securities — 62,795 — 62,795 U.S. Treasury securities — 21,471 — 21,471 Corporate debt securities — 12,484 — 12,484 Asset-backed securities — 9,087 — 9,087 Foreign government agency securities — 1,002 — 1,002 U.S. state and municipal securities — 579 — 579 Non-agency commercial mortgage-backed securities — 109 — 109 Certificates of deposit — 100 — 100 Other — 19 — 19 Total available for sale securities — 107,646 — 107,646 Other assets: Other securities owned: Equity, corporate debt, and other securities 992 73 — 1,065 Mutual funds and ETFs 795 — — 795 State and municipal debt obligations — 27 — 27 U.S. Government securities — 26 — 26 Total other securities owned 1,787 126 — 1,913 Total other assets 1,787 126 — 1,913 Total assets $ 16,360 $ 128,130 $ — $ 144,490 Accrued expenses and other liabilities: Other $ 1,644 $ 89 $ — $ 1,733 Total accrued expenses and other liabilities 1,644 89 — 1,733 Total liabilities $ 1,644 $ 89 $ — $ 1,733 |
Fair Value of Other Financial Instruments | The following tables present the fair value hierarchy for other financial instruments: June 30, 2024 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 14,473 $ 14,473 $ — $ — $ 14,473 Cash and investments segregated and on deposit for 11,764 2,512 9,252 — 11,764 Receivables from brokerage clients — net 72,774 — 72,774 — 72,774 Held to maturity securities: U.S. agency mortgage-backed securities 153,179 — 138,770 — 138,770 Total held to maturity securities 153,179 — 138,770 — 138,770 Bank loans — net: First Mortgages 26,421 — 23,371 — 23,371 HELOCs 443 — 480 — 480 Pledged asset lines 14,964 — 14,964 — 14,964 Other 354 — 354 — 354 Total bank loans — net 42,182 — 39,169 — 39,169 Other assets 4,887 — 4,887 — 4,887 Liabilities Bank deposits $ 252,420 $ — $ 252,420 $ — $ 252,420 Payables to brokerage clients 79,966 — 79,966 — 79,966 Accrued expenses and other liabilities 7,016 — 7,016 — 7,016 Other short-term borrowings 9,996 — 9,996 — 9,996 Federal Home Loan Bank borrowings 24,400 — 24,400 — 24,400 Long-term debt 22,388 — 21,318 — 21,318 December 31, 2023 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 28,764 $ 28,764 $ — $ — $ 28,764 Cash and investments segregated and on deposit for 11,438 2,628 8,810 — 11,438 Receivables from brokerage clients — net 68,629 — 68,629 — 68,629 Held to maturity securities: U.S. agency mortgage-backed securities 159,452 — 147,091 — 147,091 Total held to maturity securities 159,452 — 147,091 — 147,091 Bank loans — net: First Mortgages 26,121 — 23,226 — 23,226 HELOCs 477 — 508 — 508 Pledged asset lines 13,548 — 13,548 — 13,548 Other 293 — 293 — 293 Total bank loans — net 40,439 — 37,575 — 37,575 Other assets 4,960 — 4,960 — 4,960 Liabilities Bank deposits $ 289,953 $ — $ 289,953 $ — $ 289,953 Payables to brokerage clients 84,786 — 84,786 — 84,786 Accrued expenses and other liabilities 7,609 — 7,609 — 7,609 Other short-term borrowings 6,553 — 6,553 — 6,553 Federal Home Loan Bank borrowings 26,400 — 26,400 — 26,400 Long-term debt 26,043 — 25,000 — 25,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock Issued and Outstanding | The Company’s preferred stock issued and outstanding is as follows: Liquidation Preference Per Share Dividend Rate in Effect at June 30, 2024 Earliest Redemption Date Date at Which Dividend Rate Resets or Becomes Floating Reset / Floating Rate Margin Over Reset / Floating Rate Shares Issued and Outstanding (in ones) at Carrying Value at June 30, 2024 (1) December 31, 2023 (1) June 30, 2024 December 31, 2023 Issue Date Fixed-rate: Series D 750,000 750,000 $ 1,000 $ 728 $ 728 03/07/16 5.950 % 06/01/21 N/A N/A N/A Series J 600,000 600,000 1,000 584 584 03/30/21 4.450 % 06/01/26 N/A N/A N/A Fixed-to-floating rate/Fixed-rate reset: Series F 4,884 4,884 100,000 481 481 10/31/17 5.000 % 12/01/27 12/01/27 3M LIBOR (4) 2.575 % Series G (2) 24,580 24,580 100,000 2,428 2,428 04/30/20 5.375 % 06/01/25 06/01/25 5-Year Treasury 4.971 % Series H (3) 22,267 22,267 100,000 2,200 2,200 12/11/20 4.000 % 12/01/30 12/01/30 10-Year Treasury 3.079 % Series I (2) 20,554 20,554 100,000 2,030 2,030 03/18/21 4.000 % 06/01/26 06/01/26 5-Year Treasury 3.168 % Series K (2) 7,500 7,500 100,000 740 740 03/04/22 5.000 % 06/01/27 06/01/27 5-Year Treasury 3.256 % Total preferred 1,429,785 1,429,785 $ 9,191 $ 9,191 (1) Represented by depositary shares. (2) The dividend rate for Series G, Series I, and Series K resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR. N/A Not applicable. |
Dividends Declared | Dividends declared on the Company’s preferred stock are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total Per Share Total Per Share Total Per Share Total Declared (1) Per Share Series D (2) $ 11.1 $ 14.88 $ 11.1 $ 14.88 $ 22.3 $ 29.76 $ 22.3 $ 29.76 Series F (3) 12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 Series G (2) 33.0 1,343.75 33.1 1,343.75 66.0 2,687.50 66.3 2,687.50 Series H (2) 22.2 1,000.00 22.3 1,000.00 44.5 2,000.00 46.0 2,000.00 Series I (2) 20.6 1,000.00 20.6 1,000.00 41.2 2,000.00 41.9 2,000.00 Series J (2) 6.7 11.13 6.7 11.13 13.4 22.26 13.4 22.26 Series K (2) 9.5 1,250.00 9.5 1,250.00 18.8 2,500.00 18.8 2,500.00 Total $ 115.3 $ 115.5 $ 218.4 $ 220.9 (1) Excludes $3 million of dividends declared on Series G, H and I, and accrued by stockholders as of the repurchase date. Such dividends were part of the consideration paid upon repurchase of the depositary shares during the six months ended June 30, 2023. (2) Dividends paid quarterly. (3) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows: Total AOCI Balance at March 31, 2023 $ (20,690) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $(160) (523) Other reclassifications included in other revenue, net of tax expense (benefit) of $3 8 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $166 476 Other (1) (1) Balance at June 30, 2023 $ (20,730) Balance at March 31, 2024 $ (17,576) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $51 183 Other reclassifications included in other revenue, net of tax expense (benefit) of $3 7 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $131 452 Other (1) (2) Balance at June 30, 2024 $ (16,936) Balance at December 31, 2022 $ (22,621) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $261 905 Other reclassifications included in other revenue, net of tax expense (benefit) of $5 15 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $273 978 Other, net of tax expense (benefit) of $(2) (7) Balance at June 30, 2023 $ (20,730) Balance at December 31, 2023 $ (18,131) Available for sale securities: Net unrealized gain (loss), net of tax expense (benefit) of $77 296 Other reclassifications included in other revenue, net of tax expense (benefit) of $5 15 Held to maturity securities: Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $253 894 Other (1) (10) Balance at June 30, 2024 $ (16,936) (1) Tax expense (benefit) was less than $500 thousand. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EPS Under Basic and Diluted Computations | EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common Nonvoting Common Nonvoting Common Nonvoting Common Nonvoting Basic earnings per share: Numerator Net income $ 1,295 $ 37 $ 1,258 $ 36 $ 2,619 $ 75 $ 2,817 $ 80 Preferred stock dividends and other (1) (118) (3) (118) (3) (226) (6) (186) (5) Net income available to common stockholders $ 1,177 $ 34 $ 1,140 $ 33 $ 2,393 $ 69 $ 2,631 $ 75 Denominator Weighted-average common shares outstanding 1,777 51 1,769 51 1,776 51 1,776 51 Basic earnings per share $ .66 $ .66 $ .64 $ .64 $ 1.35 $ 1.35 $ 1.48 $ 1.48 Diluted earnings per share: Numerator Net income available to common stockholders $ 1,177 $ 34 $ 1,140 $ 33 $ 2,393 $ 69 $ 2,631 $ 75 Reallocation of net income available to common 34 — 33 — 69 — 75 — Allocation of net income available to common $ 1,211 $ 34 $ 1,173 $ 33 $ 2,462 $ 69 $ 2,706 $ 75 Denominator Weighted-average common shares outstanding — 1,777 51 1,769 51 1,776 51 1,776 51 Conversion of nonvoting shares to voting shares 51 — 51 — 51 — 51 — Common stock equivalent shares related to stock 6 — 5 — 5 — 7 — Weighted-average common shares outstanding — diluted (2) 1,834 51 1,825 51 1,832 51 1,834 51 Diluted earnings per share $ .66 $ .66 $ .64 $ .64 $ 1.34 $ 1.34 $ 1.48 $ 1.48 (1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 13 million and 18 million for the three and six months ended June 30, 2024, respectively, and 15 million and 18 million for the three and six months ended June 30, 2023, respectively. |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Capital and Ratios | Regulatory capital and ratios for CSC (consolidated) and CSB are as follows: Actual Minimum to be Minimum Capital Requirement June 30, 2024 Amount Ratio Amount Ratio Amount Ratio (1) CSC Common Equity Tier 1 Risk-Based Capital $ 33,433 29.0 % N/A $ 5,190 4.5 % Tier 1 Risk-Based Capital 42,624 37.0 % N/A 6,920 6.0 % Total Risk-Based Capital 42,650 37.0 % N/A 9,227 8.0 % Tier 1 Leverage 42,624 9.4 % N/A 18,052 4.0 % Supplementary Leverage Ratio 42,624 9.4 % N/A 13,633 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 32,091 39.9 % $ 5,229 6.5 % $ 3,620 4.5 % Tier 1 Risk-Based Capital 32,091 39.9 % 6,436 8.0 % 4,827 6.0 % Total Risk-Based Capital 32,111 39.9 % 8,045 10.0 % 6,436 8.0 % Tier 1 Leverage 32,091 10.9 % 14,723 5.0 % 11,779 4.0 % Supplementary Leverage Ratio 32,091 10.8 % N/A 8,894 3.0 % December 31, 2023 CSC Common Equity Tier 1 Risk-Based Capital $ 31,411 24.5 % N/A $ 5,770 4.5 % Tier 1 Risk-Based Capital 40,602 31.7 % N/A 7,694 6.0 % Total Risk-Based Capital 40,645 31.7 % N/A 10,258 8.0 % Tier 1 Leverage 40,602 8.5 % N/A 19,043 4.0 % Supplementary Leverage Ratio 40,602 8.5 % N/A 14,379 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 31,777 37.9 % $ 5,448 6.5 % $ 3,771 4.5 % Tier 1 Risk-Based Capital 31,777 37.9 % 6,705 8.0 % 5,029 6.0 % Total Risk-Based Capital 31,816 38.0 % 8,381 10.0 % 6,705 8.0 % Tier 1 Leverage 31,777 10.1 % 15,793 5.0 % 12,634 4.0 % Supplementary Leverage Ratio 31,777 10.0 % N/A 9,540 3.0 % (1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. As of June 30, 2024, CSC was subject to a stress capital buffer of 2.5%. In addition, CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At June 30, 2024, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable. |
Net Capital and Net Capital Requirements | Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows: June 30, 2024 December 31, 2023 CS&Co Net capital $ 8,798 $ 5,629 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances 1,742 1,069 Net capital in excess of required net capital $ 7,056 $ 4,560 TDAC (1) Net capital $ 221 $ 3,634 Minimum dollar requirement 1.500 1.500 2% of aggregate debit balances — 440 Net capital in excess of required net capital $ 220 $ 3,194 TD Ameritrade, Inc. (1) Net capital $ 65 $ 444 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances — — Net capital in excess of required net capital $ 65 $ 444 (1) As part of Schwab’s integration of Ameritrade, in May 2024, the Company completed the final client account conversions to CS&Co from TD Ameritrade, Inc. and TDAC. See Note 10 for additional information regarding the Company’s integration of Ameritrade. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Financial Information for Reportable Segments | Financial information for the segments is presented in the following table: Investor Services Advisor Services Total Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Net Revenues Net interest revenue $ 1,715 $ 1,705 $ 443 $ 585 $ 2,158 $ 2,290 Asset management and administration fees 973 841 410 332 1,383 1,173 Trading revenue 685 701 92 102 777 803 Bank deposit account fees 113 140 40 35 153 175 Other 168 156 51 59 219 215 Total net revenues 3,654 3,543 1,036 1,113 4,690 4,656 Expenses Excluding Interest 2,231 2,191 712 774 2,943 2,965 Income before taxes on income $ 1,423 $ 1,352 $ 324 $ 339 $ 1,747 $ 1,691 Six Months Ended June 30, Net Revenues Net interest revenue $ 3,457 $ 3,738 $ 934 $ 1,322 $ 4,391 $ 5,060 Asset management and administration fees 1,920 1,646 811 645 2,731 2,291 Trading revenue 1,398 1,476 196 219 1,594 1,695 Bank deposit account fees 248 239 88 87 336 326 Other 303 307 75 93 378 400 Total net revenues 7,326 7,406 2,104 2,366 9,430 9,772 Expenses Excluding Interest 4,496 4,424 1,389 1,547 5,885 5,971 Income before taxes on income $ 2,830 $ 2,982 $ 715 $ 819 $ 3,545 $ 3,801 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (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] | ||||
Cash and cash equivalents | $ 382 | $ 547 | $ 836 | $ 960 |
Cash and investments segregated | 281 | 324 | 669 | 756 |
Receivables from brokerage clients | 1,351 | 1,167 | 2,611 | 2,251 |
Available for sale securities | 555 | 791 | 1,149 | 1,616 |
Held to maturity securities | 658 | 720 | 1,348 | 1,466 |
Bank loans | 460 | 410 | 900 | 801 |
Securities lending revenue | 95 | 124 | 171 | 236 |
Other interest revenue | 35 | 21 | 74 | 34 |
Interest revenue | 3,817 | 4,104 | 7,758 | 8,120 |
Bank deposits | (840) | (863) | (1,761) | (1,481) |
Payables to brokerage clients | (77) | (64) | (150) | (139) |
Other short-term borrowings | (129) | (97) | (232) | (183) |
Federal Home Loan Bank borrowings | (348) | (606) | (678) | (910) |
Long-term debt | (208) | (157) | (432) | (296) |
Securities lending expense | (57) | (28) | (112) | (50) |
Other interest expense | 0 | 1 | (2) | (1) |
Interest expense | (1,659) | (1,814) | (3,367) | (3,060) |
Net interest revenue | 2,158 | 2,290 | 4,391 | 5,060 |
Total net revenues | 4,690 | 4,656 | 9,430 | 9,772 |
Asset management and administration fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,383 | 1,173 | 2,731 | 2,291 |
Mutual funds, ETFs, and CTFs | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 785 | 630 | 1,543 | 1,215 |
Advice solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 510 | 464 | 1,013 | 917 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 88 | 79 | 175 | 159 |
Trading revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 777 | 803 | 1,594 | 1,695 |
Commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 383 | 394 | 796 | 816 |
Order flow revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 357 | 365 | 709 | 779 |
Principal transactions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 37 | 44 | 89 | 100 |
Bank deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 153 | 175 | 336 | 326 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 219 | $ 215 | $ 378 | $ 400 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 684 | $ 599 |
Net contract assets | $ 227 | $ 239 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Available for sale securities | ||
Amortized Cost | $ 101,859 | $ 116,336 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 8,297 | 8,691 |
Fair Value | 93,562 | 107,646 |
Unallocated portfolio layer method fair value basis adjustments, Amortized Cost | (53) | (19) |
Unallocated portfolio layer method fair value basis adjustments, Gross Unrealized Gains | 0 | 0 |
Unallocated portfolio layer method fair value basis adjustments, Gross Unrealized Losses | (53) | (19) |
Held to maturity securities | ||
Amortized Cost | 153,179 | 159,452 |
Gross Unrealized Gains | 201 | 1,435 |
Gross Unrealized Losses | 14,610 | 13,796 |
Fair Value | 138,770 | 147,091 |
U.S. agency mortgage-backed securities | ||
Available for sale securities | ||
Amortized Cost | 63,478 | 69,173 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 6,377 | 6,378 |
Fair Value | 57,101 | 62,795 |
Held to maturity securities | ||
Amortized Cost | 153,179 | 159,452 |
Gross Unrealized Gains | 201 | 1,435 |
Gross Unrealized Losses | 14,610 | 13,796 |
Fair Value | 138,770 | 147,091 |
U.S. Treasury securities | ||
Available for sale securities | ||
Amortized Cost | 17,792 | 22,459 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 783 | 989 |
Fair Value | 17,009 | 21,471 |
Corporate debt securities | ||
Available for sale securities | ||
Amortized Cost | 11,534 | 13,344 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 820 | 860 |
Fair Value | 10,714 | 12,484 |
Asset-backed securities | ||
Available for sale securities | ||
Amortized Cost | 7,503 | 9,465 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 273 | 378 |
Fair Value | 7,230 | 9,087 |
Foreign government agency securities | ||
Available for sale securities | ||
Amortized Cost | 831 | 1,035 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 20 | 33 |
Fair Value | 811 | 1,002 |
U.S. state and municipal securities | ||
Available for sale securities | ||
Amortized Cost | 629 | 634 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 60 | 55 |
Fair Value | 569 | 579 |
Non-agency commercial mortgage-backed securities | ||
Available for sale securities | ||
Amortized Cost | 124 | 123 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 14 | 14 |
Fair Value | 110 | 109 |
Certificates of deposit | ||
Available for sale securities | ||
Amortized Cost | 100 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 100 | |
Other | ||
Available for sale securities | ||
Amortized Cost | 21 | 22 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3 | 3 |
Fair Value | $ 18 | $ 19 |
Corporate Debt Securities Issued By Financial Services Industry | ||
Held to maturity securities | ||
AFS securities percentage | 34% | 36% |
Federal Family Education Loan Program (FFELP) Guaranteed Loans | Asset-backed securities | Financial Instrument Concentration Risk | ||
Held to maturity securities | ||
Concentration risk percentage | 57% | 61% |
Collateralized Credit Card Securities | Asset-backed securities | Financial Instrument Concentration Risk | ||
Held to maturity securities | ||
Concentration risk percentage | 30% | 24% |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Held to maturity securities, assets pledged | $ 153,179,000,000 | $ 159,452,000,000 |
Available for sale securities, assets pledged | 93,562,000,000 | 107,646,000,000 |
Available for sale, written down to fair value | 0 | 0 |
Writedown to fair value | 0 | 0 |
Available for sale, allowance for credit loss | 0 | 0 |
Held to maturity securities, allowance for credit loss | 0 | 0 |
Accrued interest receivable | 507,000,000 | 565,000,000 |
Write-off of accrued interest receivable on available for sale and held to maturity securities | 0 | 0 |
Asset Pledged as Collateral | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held to maturity securities, assets pledged | 8,211,000,000 | 3,703,000,000 |
Available for sale securities, assets pledged | 1,612,000,000 | 1,733,000,000 |
Asset Pledged as Collateral | Interest rate swaps | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, assets pledged | 188,000,000 | 195,000,000 |
Federal Home Loan Bank Advances | ||
Debt Securities, Available-for-sale [Line Items] | ||
Value of securities held as collateral | 60,700,000,000 | |
Federal Reserve Bank Advances | ||
Debt Securities, Available-for-sale [Line Items] | ||
Value of securities held as collateral | 35,900,000,000 | |
Deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Value of securities held as collateral | 1,600,000,000 | |
U.S. agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held to maturity securities, assets pledged | 153,179,000,000 | 159,452,000,000 |
Available for sale securities, assets pledged | 57,101,000,000 | $ 62,795,000,000 |
U.S. agency mortgage-backed securities | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held to maturity securities, assets pledged | 8,200,000,000 | |
Available for sale securities, assets pledged | $ 1,400,000,000 |
Investment Securities - Availab
Investment Securities - Available For Sale with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available for sale securities | ||
Less than 12 months Fair Value | $ 1,653,000 | $ 30,000 |
Less than 12 months Unrealized Losses | 1,000 | 0 |
12 months or longer Fair Value | 91,631,000 | 105,495,000 |
12 months or longer Unrealized Losses | 8,349,000 | 8,710,000 |
Total Fair Value | 93,284,000 | 105,525,000 |
Total Unrealized Losses | 8,350,000 | 8,710,000 |
Portfolio layer method fair value hedge basis adjustments, excluded from unrealized losses on available for sale securities | 53,000 | 19,000 |
U.S. agency mortgage-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 3,000 | 1,000 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 57,098,000 | 62,794,000 |
12 months or longer Unrealized Losses | 6,377,000 | 6,378,000 |
Total Fair Value | 57,101,000 | 62,795,000 |
Total Unrealized Losses | 6,377,000 | 6,378,000 |
Less than 12 months unrealized losses less than stated amount | 500 | 500 |
U.S. Treasury securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 1,500,000 | 0 |
Less than 12 months Unrealized Losses | 1,000 | 0 |
12 months or longer Fair Value | 15,264,000 | 19,450,000 |
12 months or longer Unrealized Losses | 782,000 | 989,000 |
Total Fair Value | 16,764,000 | 19,450,000 |
Total Unrealized Losses | 783,000 | 989,000 |
Corporate debt securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 10,714,000 | 12,484,000 |
12 months or longer Unrealized Losses | 820,000 | 860,000 |
Total Fair Value | 10,714,000 | 12,484,000 |
Total Unrealized Losses | 820,000 | 860,000 |
Asset-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 150,000 | 29,000 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 7,047,000 | 9,058,000 |
12 months or longer Unrealized Losses | 273,000 | 378,000 |
Total Fair Value | 7,197,000 | 9,087,000 |
Total Unrealized Losses | 273,000 | 378,000 |
Less than 12 months unrealized losses less than stated amount | 500 | 500 |
Foreign government agency securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 811,000 | 1,002,000 |
12 months or longer Unrealized Losses | 20,000 | 33,000 |
Total Fair Value | 811,000 | 1,002,000 |
Total Unrealized Losses | 20,000 | 33,000 |
U.S. state and municipal securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 569,000 | 579,000 |
12 months or longer Unrealized Losses | 60,000 | 55,000 |
Total Fair Value | 569,000 | 579,000 |
Total Unrealized Losses | 60,000 | 55,000 |
Non-agency commercial mortgage-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 110,000 | 109,000 |
12 months or longer Unrealized Losses | 14,000 | 14,000 |
Total Fair Value | 110,000 | 109,000 |
Total Unrealized Losses | 14,000 | 14,000 |
Other | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Fair Value | 18,000 | 19,000 |
12 months or longer Unrealized Losses | 3,000 | 3,000 |
Total Fair Value | 18,000 | 19,000 |
Total Unrealized Losses | $ 3,000 | $ 3,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Estimated Effective Duration, Investments (Details) | Jun. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] | |
AFS investment securities portfolio, exclusive of derivatives | 2 years 3 months 18 days |
AFS and HTM investment securities portfolio, exclusive of derivatives | 3 years 10 months 24 days |
AFS investment securities portfolio, inclusive of derivatives | 2 years 1 month 6 days |
AFS and HTM investment securities portfolio, inclusive of derivatives | 3 years 9 months 18 days |
Investment Securities - Maturit
Investment Securities - Maturities of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Available for sale securities, fair value | ||
Within 1 year | $ 15,921 | |
After 1 year through 5 years | 24,948 | |
After 5 years through 10 years | 12,919 | |
After 10 years | 39,774 | |
Total | 93,562 | $ 107,646 |
Available for sale securities, amortized cost | ||
Within 1 year | 16,208 | |
After 1 year through 5 years | 26,651 | |
After 5 years through 10 years | 14,438 | |
After 10 years | 44,615 | |
Amortized Cost | 101,912 | |
Held to maturity securities, fair value | ||
Within 1 year | 1,892 | |
After 1 year through 5 years | 7,686 | |
After 5 years through 10 years | 35,765 | |
After 10 years | 93,427 | |
Total | 138,770 | 147,091 |
Held to maturity securities, amortized cost | ||
Within 1 year | 1,937 | |
After 1 year through 5 years | 8,237 | |
After 5 years through 10 years | 38,690 | |
After 10 years | 104,315 | |
Amortized Cost | 153,179 | |
Portfolio layer method fair value hedge basis adjustments, excluded from amortized cost of available for sale securities | 53 | |
U.S. agency mortgage-backed securities | ||
Available for sale securities, fair value | ||
Within 1 year | 2,451 | |
After 1 year through 5 years | 8,937 | |
After 5 years through 10 years | 9,846 | |
After 10 years | 35,867 | |
Total | 57,101 | 62,795 |
Held to maturity securities, fair value | ||
Within 1 year | 1,892 | |
After 1 year through 5 years | 7,686 | |
After 5 years through 10 years | 35,765 | |
After 10 years | 93,427 | |
Total | 138,770 | 147,091 |
U.S. Treasury securities | ||
Available for sale securities, fair value | ||
Within 1 year | 8,348 | |
After 1 year through 5 years | 8,661 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 17,009 | 21,471 |
Corporate debt securities | ||
Available for sale securities, fair value | ||
Within 1 year | 4,613 | |
After 1 year through 5 years | 4,656 | |
After 5 years through 10 years | 1,445 | |
After 10 years | 0 | |
Total | 10,714 | 12,484 |
Asset-backed securities | ||
Available for sale securities, fair value | ||
Within 1 year | 12 | |
After 1 year through 5 years | 2,284 | |
After 5 years through 10 years | 1,243 | |
After 10 years | 3,691 | |
Total | 7,230 | 9,087 |
Foreign government agency securities | ||
Available for sale securities, fair value | ||
Within 1 year | 497 | |
After 1 year through 5 years | 314 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 811 | 1,002 |
U.S. state and municipal securities | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 96 | |
After 5 years through 10 years | 385 | |
After 10 years | 88 | |
Total | 569 | 579 |
Non-agency commercial mortgage-backed securities | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 110 | |
Total | 110 | 109 |
Other | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 18 | |
Total | $ 18 | $ 19 |
Investment Securities - Proceed
Investment Securities - Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 854 | $ 1,849 | $ 2,043 | $ 2,900 |
Gross realized gains | 0 | 0 | 0 | 0 |
Gross realized losses | $ 10 | $ 11 | $ 20 | $ 20 |
Bank Loans and Related Allowa_3
Bank Loans and Related Allowance for Credit Losses - Composition of Bank Loans and Delinquency Analysis by Loan Segment (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Dec. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 42,202,000,000 | $ 40,477,000,000 | ||||
Allowance for credit losses | 20,000,000 | 38,000,000 | $ 32,000,000 | $ 75,000,000 | $ 74,000,000 | $ 73,000,000 |
Total bank loans – net | 42,182,000,000 | 40,439,000,000 | ||||
Loans accruing interest contractually 90 days or more past due | 0 | 0 | ||||
Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 42,137,000,000 | 40,414,000,000 | ||||
Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 65,000,000 | 63,000,000 | ||||
30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 42,000,000 | 45,000,000 | ||||
60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 5,000,000 | 3,000,000 | ||||
More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 18,000,000 | 15,000,000 | ||||
Residential real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 26,879,000,000 | 26,632,000,000 | ||||
Allowance for credit losses | 15,000,000 | 34,000,000 | 28,000,000 | 71,000,000 | 71,000,000 | 70,000,000 |
Total bank loans – net | 26,864,000,000 | 26,598,000,000 | ||||
Unamortized premiums and discounts and direct origination costs | $ 104,000,000 | $ 100,000,000 | ||||
Residential real estate | Loans Geographic Area | California | Geographic Concentration Risk | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Concentration risk percentage | 42% | 43% | ||||
Residential real estate | Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 26,825,000,000 | $ 26,584,000,000 | ||||
Residential real estate | Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 54,000,000 | 48,000,000 | ||||
Residential real estate | 30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 31,000,000 | 34,000,000 | ||||
Residential real estate | 60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 5,000,000 | 3,000,000 | ||||
Residential real estate | More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 18,000,000 | 11,000,000 | ||||
Residential real estate | First Mortgages | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 26,435,000,000 | 26,153,000,000 | ||||
Allowance for credit losses | 14,000,000 | 32,000,000 | 27,000,000 | 68,000,000 | 67,000,000 | 66,000,000 |
Total bank loans – net | 26,421,000,000 | 26,121,000,000 | ||||
Residential real estate | First Mortgages | Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 26,386,000,000 | 26,111,000,000 | ||||
Residential real estate | First Mortgages | Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 49,000,000 | 42,000,000 | ||||
Residential real estate | First Mortgages | 30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 30,000,000 | 33,000,000 | ||||
Residential real estate | First Mortgages | 60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 5,000,000 | 2,000,000 | ||||
Residential real estate | First Mortgages | More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 14,000,000 | 7,000,000 | ||||
Residential real estate | HELOCs | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 444,000,000 | 479,000,000 | ||||
Allowance for credit losses | 1,000,000 | 2,000,000 | 1,000,000 | 3,000,000 | 4,000,000 | 4,000,000 |
Total bank loans – net | 443,000,000 | 477,000,000 | ||||
Residential real estate | HELOCs | Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 439,000,000 | 473,000,000 | ||||
Residential real estate | HELOCs | Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 5,000,000 | 6,000,000 | ||||
Residential real estate | HELOCs | 30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 1,000,000 | 1,000,000 | ||||
Residential real estate | HELOCs | 60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 1,000,000 | ||||
Residential real estate | HELOCs | More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 4,000,000 | 4,000,000 | ||||
Pledged asset lines | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 14,964,000,000 | 13,548,000,000 | ||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 |
Total bank loans – net | 14,964,000,000 | 13,548,000,000 | ||||
Pledged asset lines | Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 14,953,000,000 | 13,533,000,000 | ||||
Pledged asset lines | Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 11,000,000 | 15,000,000 | ||||
Pledged asset lines | 30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 11,000,000 | 11,000,000 | ||||
Pledged asset lines | 60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Pledged asset lines | More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 4,000,000 | ||||
Other | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 359,000,000 | 297,000,000 | ||||
Allowance for credit losses | 5,000,000 | 4,000,000 | $ 4,000,000 | $ 4,000,000 | $ 3,000,000 | $ 3,000,000 |
Total bank loans – net | 354,000,000 | 293,000,000 | ||||
Other | Current | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 359,000,000 | 297,000,000 | ||||
Other | Total past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Other | 30-59 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Other | 60-89 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Other | More than or equal to 90 days past due and other nonaccrual loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 0 | $ 0 |
Bank Loans and Related Allowa_4
Bank Loans and Related Allowance for Credit Losses - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 32 | $ 74 | $ 38 | $ 73 | $ 73 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | (12) | 1 | (18) | 2 | |
Balance at end of period | 20 | 75 | 20 | 75 | 38 |
Residential real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 28 | 71 | 34 | 70 | 70 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | (13) | 0 | (19) | 1 | |
Balance at end of period | 15 | 71 | 15 | 71 | 34 |
Residential real estate | First Mortgages | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 27 | 67 | 32 | 66 | 66 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | (13) | 1 | (18) | 2 | |
Balance at end of period | 14 | 68 | 14 | 68 | 32 |
Residential real estate | HELOCs | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1 | 4 | 2 | 4 | 4 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | (1) | (1) | (1) | |
Balance at end of period | 1 | 3 | 1 | 3 | 2 |
Pledged asset lines | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | 0 | 0 |
Other | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 4 | 3 | 4 | 3 | 3 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision for credit losses | 1 | 1 | 1 | 1 | |
Balance at end of period | $ 5 | $ 4 | $ 5 | $ 4 | $ 4 |
Bank Loans and Related Allowa_5
Bank Loans and Related Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 18 | $ 15 |
Accrued interest | 167 | 157 |
Residential real estate | First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Bank loans | $ 21,900 | |
Percent of loans with interest-only payments | 27% | |
Percent of interest only adjustable rate | 82% | |
Total bank loans | $ 26,435 | 26,153 |
Residential real estate | First Mortgages | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 3 years | |
Interest-only reset period | 3 years | |
Residential real estate | First Mortgages | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 10 years | |
Residential real estate | HELOCs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan term | 30 years | |
Initial draw period | 10 years | |
Converting to amortizing loans period | 20 years | |
Total bank loans | $ 444 | $ 479 |
Percent of loan balance outstanding, borrowers paid only minimum due | 60% | |
Residential real estate | Home Equity Secured By Second Liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 352 |
Bank Loans and Related Allowa_6
Bank Loans and Related Allowance for Credit Losses - Credit Quality Indicators of Bank Loan Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Gross charge-offs | |||||
Total loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Residential real estate | |||||
Gross charge-offs | |||||
Total loans | 0 | 0 | 0 | 0 | |
Residential real estate | First Mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 1,440 | 1,440 | |||
2023 | 2,399 | 2,399 | $ 2,694 | ||
2022 | 5,883 | 5,883 | 6,069 | ||
2021 | 11,282 | 11,282 | 11,630 | ||
2020 | 3,838 | 3,838 | 3,974 | ||
pre-2020 | 1,593 | 1,593 | 1,786 | ||
Total loans | 26,435 | 26,435 | 26,153 | ||
Gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
pre-2020 | 0 | 0 | |||
Total loans | $ 0 | 0 | $ 0 | 0 | $ 0 |
Percent of Loans on Nonaccrual Status | |||||
2024 | 0.01% | 0.01% | |||
2023 | 0.02% | 0.02% | 0.01% | ||
2022 | 0.03% | 0.03% | 0.02% | ||
2021 | 0.01% | 0.01% | 0.01% | ||
2020 | 0.06% | 0.06% | 0.01% | ||
pre-2020 | 0.49% | 0.49% | 0.19% | ||
Total loans | 0.05% | 0.05% | 0.03% | ||
Residential real estate | First Mortgages | Estimated Current Loan To Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | $ 1,040 | $ 1,040 | |||
2023 | 1,823 | 1,823 | $ 1,853 | ||
2022 | 5,089 | 5,089 | 4,855 | ||
2021 | 11,127 | 11,127 | 11,341 | ||
2020 | 3,821 | 3,821 | 3,960 | ||
pre-2020 | 1,588 | 1,588 | 1,781 | ||
Total loans | 24,488 | 24,488 | 23,790 | ||
Residential real estate | First Mortgages | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 400 | 400 | |||
2023 | 575 | 575 | 841 | ||
2022 | 779 | 779 | 1,185 | ||
2021 | 154 | 154 | 289 | ||
2020 | 15 | 15 | 14 | ||
pre-2020 | 5 | 5 | 5 | ||
Total loans | 1,928 | 1,928 | 2,334 | ||
Residential real estate | First Mortgages | Estimated Current LTV Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 0 | 0 | |||
2023 | 1 | 1 | 0 | ||
2022 | 15 | 15 | 28 | ||
2021 | 1 | 1 | 0 | ||
2020 | 2 | 2 | 0 | ||
pre-2020 | 0 | 0 | 0 | ||
Total loans | 19 | 19 | 28 | ||
Residential real estate | First Mortgages | Estimated Current LTV Greater Than 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 1 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
pre-2020 | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 1 | ||
Residential real estate | First Mortgages | Updated FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 0 | 0 | |||
2023 | 6 | 6 | 4 | ||
2022 | 22 | 22 | 15 | ||
2021 | 25 | 25 | 19 | ||
2020 | 11 | 11 | 8 | ||
pre-2020 | 18 | 18 | 17 | ||
Total loans | 82 | 82 | 63 | ||
Residential real estate | First Mortgages | Updated FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 12 | 12 | |||
2023 | 39 | 39 | 46 | ||
2022 | 75 | 75 | 77 | ||
2021 | 109 | 109 | 87 | ||
2020 | 44 | 44 | 38 | ||
pre-2020 | 32 | 32 | 50 | ||
Total loans | 311 | 311 | 298 | ||
Residential real estate | First Mortgages | Updated FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 134 | 134 | |||
2023 | 207 | 207 | 265 | ||
2022 | 533 | 533 | 575 | ||
2021 | 865 | 865 | 984 | ||
2020 | 296 | 296 | 316 | ||
pre-2020 | 167 | 167 | 169 | ||
Total loans | 2,202 | 2,202 | 2,309 | ||
Residential real estate | First Mortgages | Updated FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 1,294 | 1,294 | |||
2023 | 2,147 | 2,147 | 2,379 | ||
2022 | 5,253 | 5,253 | 5,402 | ||
2021 | 10,283 | 10,283 | 10,540 | ||
2020 | 3,487 | 3,487 | 3,612 | ||
pre-2020 | 1,376 | 1,376 | 1,550 | ||
Total loans | 23,840 | 23,840 | 23,483 | ||
Residential real estate | First Mortgages | Financial Asset Originated | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 1,440 | 1,440 | |||
2023 | 2,399 | 2,399 | 2,694 | ||
2022 | 5,883 | 5,883 | 6,069 | ||
2021 | 11,282 | 11,282 | 11,630 | ||
2020 | 3,838 | 3,838 | 3,974 | ||
pre-2020 | 1,593 | 1,593 | 1,786 | ||
Total loans | 26,435 | 26,435 | 26,153 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 1,023 | 1,023 | |||
2023 | 1,611 | 1,611 | 1,818 | ||
2022 | 4,364 | 4,364 | 4,492 | ||
2021 | 9,787 | 9,787 | 10,078 | ||
2020 | 3,196 | 3,196 | 3,306 | ||
pre-2020 | 1,238 | 1,238 | 1,382 | ||
Total loans | 21,219 | 21,219 | 21,076 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 417 | 417 | |||
2023 | 788 | 788 | 876 | ||
2022 | 1,519 | 1,519 | 1,577 | ||
2021 | 1,495 | 1,495 | 1,552 | ||
2020 | 642 | 642 | 668 | ||
pre-2020 | 353 | 353 | 402 | ||
Total loans | 5,214 | 5,214 | 5,075 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
pre-2020 | 2 | 2 | 2 | ||
Total loans | 2 | 2 | 2 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | 0 | ||
2022 | 3 | 3 | 2 | ||
2021 | 0 | 0 | 1 | ||
2020 | 1 | 1 | 1 | ||
pre-2020 | 1 | 1 | 1 | ||
Total loans | 5 | 5 | 5 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 11 | 11 | |||
2023 | 6 | 6 | 4 | ||
2022 | 26 | 26 | 27 | ||
2021 | 29 | 29 | 30 | ||
2020 | 18 | 18 | 20 | ||
pre-2020 | 14 | 14 | 15 | ||
Total loans | 104 | 104 | 96 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 142 | 142 | |||
2023 | 274 | 274 | 299 | ||
2022 | 753 | 753 | 782 | ||
2021 | 1,130 | 1,130 | 1,160 | ||
2020 | 381 | 381 | 395 | ||
pre-2020 | 252 | 252 | 294 | ||
Total loans | 2,932 | 2,932 | 2,930 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 | 1,287 | 1,287 | |||
2023 | 2,119 | 2,119 | 2,391 | ||
2022 | 5,101 | 5,101 | 5,258 | ||
2021 | 10,123 | 10,123 | 10,439 | ||
2020 | 3,438 | 3,438 | 3,558 | ||
pre-2020 | 1,326 | 1,326 | 1,476 | ||
Total loans | 23,394 | 23,394 | 23,122 | ||
Residential real estate | HELOCs | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 297 | 297 | 311 | ||
HELOCs converted to term loans | 147 | 147 | 168 | ||
Total loans | 444 | 444 | 479 | ||
Gross charge-offs | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | |||
HELOCs converted to term loans | 0 | 0 | |||
Total loans | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Percent of Loans on Nonaccrual Status | |||||
Revolving HELOCs amortized cost basis | 0.13% | 0.13% | 0.07% | ||
HELOCs converted to term loans | 2.32% | 2.32% | 2.40% | ||
Total loans | 0.90% | 0.90% | 0.84% | ||
Residential real estate | HELOCs | Estimated Current Loan To Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | $ 295 | $ 295 | $ 308 | ||
HELOCs converted to term loans | 147 | 147 | 167 | ||
Total loans | 442 | 442 | 475 | ||
Residential real estate | HELOCs | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 2 | 2 | 3 | ||
HELOCs converted to term loans | 0 | 0 | 1 | ||
Total loans | 2 | 2 | 4 | ||
Residential real estate | HELOCs | Estimated Current LTV Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Estimated Current LTV Greater Than 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Updated FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 3 | 3 | 2 | ||
HELOCs converted to term loans | 5 | 5 | 5 | ||
Total loans | 8 | 8 | 7 | ||
Residential real estate | HELOCs | Updated FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 8 | 8 | 6 | ||
HELOCs converted to term loans | 9 | 9 | 10 | ||
Total loans | 17 | 17 | 16 | ||
Residential real estate | HELOCs | Updated FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 45 | 45 | 48 | ||
HELOCs converted to term loans | 21 | 21 | 26 | ||
Total loans | 66 | 66 | 74 | ||
Residential real estate | HELOCs | Updated FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 241 | 241 | 255 | ||
HELOCs converted to term loans | 112 | 112 | 127 | ||
Total loans | 353 | 353 | 382 | ||
Residential real estate | HELOCs | Financial Asset Originated | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 297 | 297 | 311 | ||
HELOCs converted to term loans | 147 | 147 | 168 | ||
Total loans | 444 | 444 | 479 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 271 | 271 | 279 | ||
HELOCs converted to term loans | 102 | 102 | 117 | ||
Total loans | 373 | 373 | 396 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 26 | 26 | 32 | ||
HELOCs converted to term loans | 44 | 44 | 50 | ||
Total loans | 70 | 70 | 82 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 1 | 1 | 1 | ||
Total loans | 1 | 1 | 1 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 1 | 1 | 1 | ||
Total loans | 1 | 1 | 1 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 50 | 50 | 50 | ||
HELOCs converted to term loans | 33 | 33 | 38 | ||
Total loans | 83 | 83 | 88 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 247 | 247 | 261 | ||
HELOCs converted to term loans | 113 | 113 | 129 | ||
Total loans | $ 360 | $ 360 | $ 390 |
Bank Loans and Related Allowa_7
Bank Loans and Related Allowance for Credit Losses - Convert to Amortizing Loans (Details) - Residential real estate - HELOCs - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Converted to an amortizing loan by period end | $ 147 | $ 147 | |
Within 1 year | 16 | 16 | |
> 1 year – 3 years | 39 | 39 | |
> 3 years – 5 years | 39 | 39 | |
> 5 years | 203 | 203 | |
Total loans | 444 | 444 | $ 479 |
Converted to amortizing loans during the period | $ 3 | $ 6 |
Variable Interest Entities (Det
Variable Interest Entities (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 | |
Variable Interest Entity [Line Items] | |||||
Aggregate assets | $ 449,675 | $ 449,675 | $ 493,178 | ||
Aggregate liabilities | 405,722 | 405,722 | 452,220 | ||
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Amortization | 38 | $ 25 | 80 | $ 66 | |
Tax credits and other tax benefits | 49 | $ 35 | 102 | $ 89 | |
Aggregate assets | 1,817 | 1,817 | 1,586 | ||
Aggregate liabilities | 942 | 942 | 759 | ||
Maximum exposure to loss | 1,866 | 1,866 | 1,638 | ||
Variable Interest Entity, Not Primary Beneficiary | LIHTC Investments | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate assets | 1,626 | 1,626 | 1,407 | ||
Aggregate liabilities | 942 | 942 | 759 | ||
Maximum exposure to loss | 1,626 | 1,626 | 1,407 | ||
Variable Interest Entity, Not Primary Beneficiary | Other investments | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate assets | 191 | 191 | 179 | ||
Aggregate liabilities | 0 | 0 | 0 | ||
Maximum exposure to loss | $ 240 | $ 240 | $ 231 |
Bank Deposits - Deposits from B
Bank Deposits - Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Interest-bearing deposits: | ||
Deposits swept from brokerage accounts | $ 192,194,000,000 | $ 220,274,000,000 |
Time certificates of deposit | 40,308,000,000 | 48,297,000,000 |
Checking | 14,584,000,000 | 15,691,000,000 |
Savings and other | 4,080,000,000 | 4,461,000,000 |
Total interest-bearing deposits | 251,166,000,000 | 288,723,000,000 |
Non-interest-bearing deposits | 1,254,000,000 | 1,230,000,000 |
Total bank deposits | $ 252,420,000,000 | $ 289,953,000,000 |
Weighted-average interest rates on outstanding time certificates of deposit | 5.26% | 5.15% |
Uninsured time CDs and time deposits in excess of FDIC insurance limits | $ 0 | $ 0 |
Bank Deposits - Annual Maturiti
Bank Deposits - Annual Maturities on Time Certificates of Deposit Outstanding (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Deposit Liabilities [Abstract] | |
2024 | $ 21,757 |
2025 | 18,551 |
Total | $ 40,308 |
Borrowings - Long-term Debt Inc
Borrowings - Long-term Debt Including Unamortized Debt Discounts and Premiums (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Aug. 24, 2033 | May 19, 2033 | Nov. 17, 2028 | May 19, 2028 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Finance lease liabilities | $ 61 | $ 85 | ||||
Unamortized premium — net | 69 | 87 | ||||
Debt issuance costs | (106) | (119) | ||||
Total long-term debt | 22,449 | 26,128 | ||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 22,262 | 25,862 | ||||
Senior Notes | Ameritrade Holding | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 163 | 213 | ||||
Senior Notes | 3.550% due February 1, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 500 | ||||
Fixed interest rate | 3.55% | |||||
Senior Notes | 0.750% due March 18, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 1,500 | ||||
Fixed interest rate | 0.75% | |||||
Senior Notes | 3.750% due April 1, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 350 | ||||
Fixed interest rate | 3.75% | |||||
Senior Notes | 3.750% due April 1, 2024 | Ameritrade Holding | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 50 | ||||
Fixed interest rate | 3.75% | |||||
Senior Notes | 3.000% due March 10, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 375 | 375 | ||||
Fixed interest rate | 3% | |||||
Senior Notes | 4.200% due March 24, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 600 | 600 | ||||
Fixed interest rate | 4.20% | |||||
Senior Notes | 3.625% due April 1, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 418 | 418 | ||||
Fixed interest rate | 3.625% | |||||
Senior Notes | 3.625% due April 1, 2025 | Ameritrade Holding | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 82 | 82 | ||||
Fixed interest rate | 3.625% | |||||
Senior Notes | 3.850% due May 21, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 750 | 750 | ||||
Fixed interest rate | 3.85% | |||||
Senior Notes | 3.450% due February 13, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 350 | 350 | ||||
Fixed interest rate | 3.45% | |||||
Senior Notes | 0.900% due March 11, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,250 | 1,250 | ||||
Fixed interest rate | 0.90% | |||||
Senior Notes | 1.150% due May 13, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,000 | 1,000 | ||||
Fixed interest rate | 1.15% | |||||
Senior Notes | 5.875% due August 24, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,000 | 1,000 | ||||
Fixed interest rate | 5.875% | |||||
Senior Notes | 3.200% due March 2, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 650 | 650 | ||||
Fixed interest rate | 3.20% | |||||
Senior Notes | 2.450% due March 3, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,500 | 1,500 | ||||
Fixed interest rate | 2.45% | |||||
Senior Notes | 3.300% due April 1, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 744 | 744 | ||||
Fixed interest rate | 3.30% | |||||
Senior Notes | 3.300% due April 1, 2027 | Ameritrade Holding | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 56 | 56 | ||||
Fixed interest rate | 3.30% | |||||
Senior Notes | 3.200% due January 25, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 700 | 700 | ||||
Fixed interest rate | 3.20% | |||||
Senior Notes | 2.000% due March 20, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,250 | 1,250 | ||||
Fixed interest rate | 2% | |||||
Senior Notes | 4.000% due February 1, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 600 | 600 | ||||
Fixed interest rate | 4% | |||||
Senior Notes | 3.250% due May 22, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 600 | 600 | ||||
Fixed interest rate | 3.25% | |||||
Senior Notes | 2.750% due October 1, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 475 | 475 | ||||
Fixed interest rate | 2.75% | |||||
Senior Notes | 2.750% due October 1, 2029 | Ameritrade Holding | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 25 | 25 | ||||
Fixed interest rate | 2.75% | |||||
Senior Notes | 4.625% due March 22, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500 | 500 | ||||
Fixed interest rate | 4.625% | |||||
Senior Notes | 1.650% due March 11, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 750 | 750 | ||||
Fixed interest rate | 1.65% | |||||
Senior Notes | 2.300% due May 13, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 750 | 750 | ||||
Fixed interest rate | 2.30% | |||||
Senior Notes | 1.950% due December 1, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 850 | 850 | ||||
Fixed interest rate | 1.95% | |||||
Senior Notes | 2.900% due March 3, 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,000 | 1,000 | ||||
Fixed interest rate | 2.90% | |||||
Senior Notes | SOFR + 0.500% due March 18, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 1,250 | ||||
Senior Notes | SOFR + 0.500% due March 18, 2024 | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 0.50% | |||||
Senior Notes | SOFR + 0.520% due May 13, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500 | 500 | ||||
Senior Notes | SOFR + 0.520% due May 13, 2026 | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 0.52% | |||||
Senior Notes | SOFR + 1.050% due March 3, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500 | 500 | ||||
Senior Notes | SOFR + 1.050% due March 3, 2027 | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 1.05% | |||||
Senior Notes | 5.643% due May 19, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,200 | 1,200 | ||||
Fixed interest rate | 5.643% | |||||
Senior Notes | 5.643% due May 19, 2029 | Secured Overnight Financing Rate (SOFR) | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 2.21% | |||||
Senior Notes | 6.196% due November 17, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,300 | 1,300 | ||||
Fixed interest rate | 6.196% | |||||
Senior Notes | 6.196% due November 17, 2029 | Secured Overnight Financing Rate (SOFR) | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 1.878% | |||||
Senior Notes | 5.853% due May 19, 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,300 | 1,300 | ||||
Fixed interest rate | 5.853% | |||||
Senior Notes | 5.853% due May 19, 2034 | Secured Overnight Financing Rate (SOFR) | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 2.50% | |||||
Senior Notes | 6.136% due August 24, 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 1,350 | $ 1,350 | ||||
Fixed interest rate | 6.136% | |||||
Senior Notes | 6.136% due August 24, 2034 | Secured Overnight Financing Rate (SOFR) | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread rate | 2.01% |
Borrowings - Annual Maturities
Borrowings - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
2024 | $ 12 | |
2025 | 2,249 | |
2026 | 4,112 | |
2027 | 3,463 | |
2028 | 1,950 | |
Thereafter | 10,700 | |
Total maturities | 22,486 | |
Unamortized premium — net | 69 | $ 87 |
Debt issuance costs | (106) | (119) |
Total long-term debt | $ 22,449 | $ 26,128 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | $ 9,996,000,000 | $ 6,553,000,000 |
Weighted-average interest rate of short-term borrowings | 5.49% | 5.57% |
Capacity of allowable commercial paper note issuance | $ 5,000,000,000 | |
Commercial paper | 0 | $ 0 |
Secured Uncommitted Lines Of Credit | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | $ 1,000,000,000 | 1,650,000,000 |
Commercial paper | Maximum | ||
Line of Credit Facility [Line Items] | ||
Maturity term | 270 days | |
Federal Reserve Bank Advances | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | $ 0 | 0 |
Total borrowing capacity | 35,900,000,000 | 6,200,000,000 |
Federal Reserve Bank Term Funding Program (BTFP) | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 0 | 0 |
Total borrowing capacity | 0 | 39,200,000,000 |
Repurchase Agreements | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 9,000,000,000 | 4,900,000,000 |
Line of Credit | TD Ameritrade Clearing, Inc | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 0 | 700,000,000 |
Line of Credit | Committed Lines Of Credit With External Banks | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 0 | |
Total borrowing capacity | 2,100,000,000 | |
Line of Credit | Uncommitted Lines Of Credit With External Banks | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 0 | 0 |
Total borrowing capacity | 1,600,000,000 | |
Line of Credit | Secured Uncommitted Lines Of Credit | ||
Line of Credit Facility [Line Items] | ||
Other short-term borrowings | 1,000,000,000 | 950,000,000 |
Federal Home Loan Bank Advances | Secured Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Borrowings outstanding | $ 24,400,000,000 | $ 26,400,000,000 |
Weighted average interest rate | 5.38% | 5.34% |
Total borrowing capacity | $ 54,400,000,000 | $ 63,100,000,000 |
Borrowings - Annual Maturitie_2
Borrowings - Annual Maturities on Borrowings Outstanding (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Other short-term borrowings, 2024 | $ 7,491 | |
2024 | 23,891 | |
Other short-term borrowings, 2025 | 2,505 | |
Total, 2025 | 10,505 | |
FHLB borrowings, Total | 24,400 | $ 26,400 |
Other short-term borrowings, Total | 9,996 | $ 6,553 |
Total | 34,396 | |
Federal Home Loan Bank Advances | Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
FHLB borrowings, 2024 | 16,400 | |
FHLB borrowings, 2025 | 8,000 | |
FHLB borrowings, Total | $ 24,400 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | May 04, 2023 | |
Loss Contingencies [Line Items] | ||||||
Additions (reductions) in deposit balance | $ 0 | |||||
ID balance ceiling amount above fixed-rate obligation | $ 30,000,000,000 | |||||
IDA balance floor amount | 60,000,000,000 | |||||
ID balance ceiling amount | $ 90,000,000,000 | |||||
Buy down of fixed-rate obligation amounts in deposits balance | $ 5,000,000,000 | |||||
Market-based fee capitalized as a contract asset | 249,000,000 | |||||
Ending IDA balance | $ 84,500,000,000 | 84,500,000,000 | 97,500,000,000 | |||
Fixed-rate obligation IDA balance | 74,800,000,000 | 74,800,000,000 | 83,700,000,000 | |||
Floating-rate obligation IDA balance | 9,700,000,000 | 9,700,000,000 | $ 13,800,000,000 | |||
Guarantees | ||||||
Loss Contingencies [Line Items] | ||||||
Liability for guarantees | 0 | 0 | ||||
Residential real estate | First Mortgages | ||||||
Loss Contingencies [Line Items] | ||||||
Purchased during period | 851,000,000 | $ 854,000,000 | 1,500,000,000 | $ 1,600,000,000 | ||
Residential real estate | HELOCs | ||||||
Loss Contingencies [Line Items] | ||||||
Purchased during period | $ 47,000,000 | $ 52,000,000 | $ 83,000,000 | $ 95,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments to Extend Credit on Lines of Credit and to Purchase First Mortgages (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2,724 | $ 3,347 |
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | 2,151 | 2,996 |
Residential real estate | First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to purchase First Mortgage loans | $ 573 | $ 351 |
Exit and Other Related Liabil_3
Exit and Other Related Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 45 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | |
Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition-related exit costs | $ 10 | $ 30 | $ 13 | $ 40 | $ 401 | |
Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected integration exit and other related costs | 500 | 500 | $ 500 | 500 | ||
Acquisition-related exit costs | 10 | (18) | 477 | |||
Minimum | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected integration exit and other related costs | 500 | 500 | 500 | 500 | ||
Maximum | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected integration exit and other related costs | $ 550 | $ 550 | $ 550 | $ 550 | ||
Expected period of remaining costs to be incurred | 6 months |
Exit and Other Related Liabil_4
Exit and Other Related Liabilities - Activity in Exit and Other Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 45 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | |
Ameritrade Integration | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | $ 54 | |||||
Amounts recognized in expense | $ 10 | $ 30 | 13 | $ 40 | $ 401 | |
Costs paid or otherwise settled | (54) | |||||
Balance at end of period | 5 | 5 | $ 5 | 5 | ||
Ameritrade Integration | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 5 | 4 | 5 | 14 | 313 | |
Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 234 | |||||
Amounts recognized in expense | 10 | (18) | 477 | |||
Costs paid or otherwise settled | (200) | |||||
Balance at end of period | 0 | 0 | 0 | 0 | ||
Other | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (3) | (34) | 258 | |||
Investor Services Employee Compensation and Benefits | Ameritrade Integration | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 42 | |||||
Amounts recognized in expense | 8 | 20 | 11 | 28 | 317 | |
Costs paid or otherwise settled | (43) | |||||
Balance at end of period | 3 | 3 | 3 | 3 | ||
Investor Services Employee Compensation and Benefits | Ameritrade Integration | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services Employee Compensation and Benefits | Ameritrade Integration | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services Employee Compensation and Benefits | Ameritrade Integration | Compensation and benefits | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services Employee Compensation and Benefits | Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 171 | |||||
Amounts recognized in expense | 8 | (13) | 352 | |||
Costs paid or otherwise settled | (146) | |||||
Balance at end of period | 0 | 0 | 0 | 0 | ||
Adjustments | 27 | |||||
Investor Services Employee Compensation and Benefits | Other | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Investor Services Employee Compensation and Benefits | Other | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Investor Services Employee Compensation and Benefits | Other | Compensation and benefits | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Advisor Services Employee Compensation and Benefits | Ameritrade Integration | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 12 | |||||
Amounts recognized in expense | 2 | 10 | 2 | 12 | 84 | |
Costs paid or otherwise settled | (11) | |||||
Balance at end of period | 2 | 2 | 2 | 2 | ||
Advisor Services Employee Compensation and Benefits | Ameritrade Integration | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 1 | 1 | 1 | 3 | 66 | |
Advisor Services Employee Compensation and Benefits | Ameritrade Integration | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 1 | 1 | 1 | 3 | 66 | |
Advisor Services Employee Compensation and Benefits | Ameritrade Integration | Compensation and benefits | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | 1 | $ 1 | 1 | $ 3 | 66 | |
Advisor Services Employee Compensation and Benefits | Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 63 | |||||
Amounts recognized in expense | 2 | (5) | 125 | |||
Costs paid or otherwise settled | (54) | |||||
Balance at end of period | 0 | 0 | 0 | $ 0 | ||
Adjustments | 9 | |||||
Advisor Services Employee Compensation and Benefits | Other | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (1) | (9) | 69 | |||
Advisor Services Employee Compensation and Benefits | Other | Compensation and benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | (1) | (9) | 69 | |||
Advisor Services Employee Compensation and Benefits | Other | Compensation and benefits | Employee Severance And Retention | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts recognized in expense | $ (1) | $ (9) | $ 69 |
Exit and Other Related Liabil_5
Exit and Other Related Liabilities - Summary of Exit and Other Related Costs Recognized in Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 45 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | |
Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | $ 10 | $ 30 | $ 13 | $ 40 | $ 401 | |
Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 10 | (18) | $ 477 | |||
Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 5 | 4 | 5 | 14 | 313 | |
Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (3) | (34) | 258 | |||
Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 5 | 1 | 5 | 50 | ||
Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 3 | 20 | |||
Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 5 | 5 | 8 | |||
Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | |||||
Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 5 | |||||
Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 21 | 2 | 21 | 29 | ||
Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 12 | 13 | 194 | |||
Investor Services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 8 | 20 | 11 | 28 | 317 | |
Investor Services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 8 | (13) | 352 | |||
Investor Services | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Investor Services | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 3 | 1 | 3 | 41 | ||
Investor Services | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 2 | 15 | |||
Investor Services | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 4 | 6 | |||
Investor Services | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | |||||
Investor Services | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | |||||
Investor Services | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 14 | 2 | 14 | 22 | ||
Investor Services | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 9 | 10 | 144 | |||
Investor Services | Employee Severance And Retention | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services | Employee Severance And Retention | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Investor Services | Employee Severance And Retention | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 3 | 4 | 11 | 247 | |
Investor Services | Employee Severance And Retention | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (2) | (25) | 189 | |||
Investor Services | Employee Severance And Retention | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | ||
Investor Services | Employee Severance And Retention | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Investor Services | Employee Severance And Retention | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Investor Services | Employee Severance And Retention | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Investor Services | Employee Severance And Retention | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Investor Services | Employee Severance And Retention | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | ||
Investor Services | Employee Severance And Retention | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Investor Services | Facility Exit Costs | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 17 | 7 | 17 | 70 | |
Investor Services | Facility Exit Costs | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 10 | 12 | 163 | |||
Investor Services | Facility Exit Costs | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 | |
Investor Services | Facility Exit Costs | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Investor Services | Facility Exit Costs | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 3 | 1 | 3 | 41 | ||
Investor Services | Facility Exit Costs | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 2 | 15 | |||
Investor Services | Facility Exit Costs | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | 4 | 6 | |||
Investor Services | Facility Exit Costs | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | |||||
Investor Services | Facility Exit Costs | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 4 | |||||
Investor Services | Facility Exit Costs | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 14 | 2 | 14 | 22 | ||
Investor Services | Facility Exit Costs | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 9 | 10 | 144 | |||
Advisor Services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 2 | 10 | 2 | 12 | 84 | |
Advisor Services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 2 | (5) | 125 | |||
Advisor Services | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 1 | 1 | 3 | 66 | |
Advisor Services | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (1) | (9) | 69 | |||
Advisor Services | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 2 | 0 | 2 | 9 | ||
Advisor Services | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 1 | 5 | |||
Advisor Services | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 1 | 2 | |||
Advisor Services | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Advisor Services | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | |||||
Advisor Services | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 7 | 0 | 7 | 7 | ||
Advisor Services | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 3 | 3 | 50 | |||
Advisor Services | Employee Severance And Retention | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 1 | 1 | 3 | 66 | |
Advisor Services | Employee Severance And Retention | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (1) | (9) | 69 | |||
Advisor Services | Employee Severance And Retention | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 1 | 1 | 3 | 66 | |
Advisor Services | Employee Severance And Retention | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | (1) | (9) | 69 | |||
Advisor Services | Employee Severance And Retention | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | ||
Advisor Services | Employee Severance And Retention | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Advisor Services | Employee Severance And Retention | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Advisor Services | Employee Severance And Retention | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Advisor Services | Employee Severance And Retention | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Advisor Services | Employee Severance And Retention | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | ||
Advisor Services | Employee Severance And Retention | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Advisor Services | Facility Exit Costs | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 9 | 1 | 9 | 18 | |
Advisor Services | Facility Exit Costs | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 3 | 4 | 56 | |||
Advisor Services | Facility Exit Costs | Compensation and benefits | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 | |
Advisor Services | Facility Exit Costs | Compensation and benefits | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 0 | 0 | |||
Advisor Services | Facility Exit Costs | Occupancy and equipment | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 2 | 0 | 2 | 9 | ||
Advisor Services | Facility Exit Costs | Occupancy and equipment | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | 1 | 5 | |||
Advisor Services | Facility Exit Costs | Depreciation and amortization | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | 1 | 2 | |||
Advisor Services | Facility Exit Costs | Professional services | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 0 | |||||
Advisor Services | Facility Exit Costs | Professional services | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | 1 | |||||
Advisor Services | Facility Exit Costs | Other | Ameritrade Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | $ 7 | 0 | $ 7 | $ 7 | ||
Advisor Services | Facility Exit Costs | Other | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Amounts recognized in expense | $ 3 | $ 3 | $ 50 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate notional amounts | $ 8.8 | $ 8.9 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Gross Fair Values of Derivatives (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 2,000 | $ 0 |
Liabilities | 0 | 0 |
Derivative asset less than stated amount | 500 | |
Derivative liability less than stated amount | 500 | 500 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 2,000 | 0 |
Liabilities | 0 | 0 |
Derivative asset less than stated amount | 500 | |
Derivative liability less than stated amount | 500 | 500 |
Reduction of derivative asset related to variation margin settlements | $ 278,000 | 87,000 |
Reduction of derivative liability related to variation margin settlements | $ 2,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value Hedge Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative basis adjustments, reduction of the amortized cost basis of the close portfolios | $ 53,000 | $ 19,000 |
Debt Securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized cost of hedged AFS securities | 8,681,000 | 8,765,000 |
Cumulative fair value hedging adjustment included in the amortized cost of hedged AFS securities | (282,000) | (85,000) |
Amortized cost basis of closed portfolio hedges | 2,000,000 | 2,100,000 |
Amount of designated hedged items of closed portfolio hedges | 1,600,000 | 1,600,000 |
Cumulative basis adjustments, reduction of the amortized cost basis of the close portfolios | 53,000 | 19,000 |
Cumulative fair value hedging adjustments related to securities which hedge accounting has been discontinued, reduction of the the amortized cost basis | $ 2,000 | |
Debt Securities | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative fair value hedging adjustments related to securities which hedge accounting has been discontinued, reduction of the the amortized cost basis | $ 500 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect of Fair Value Hedge Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest income, receipts | $ 13 | $ 16 | ||
Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivatives designated as hedging instruments | 38 | $ 126 | 195 | $ 122 |
Debt Securities | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Hedged items | $ (40) | $ (126) | $ (197) | $ (122) |
Financial Instruments Subject_3
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Securities Financing Transaction, Fair Value | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of borrowed securities from other broker-dealers to fulfill short sales by clients | $ 1.4 | $ 1.5 |
Financial Instruments Subject_4
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Resale agreements | ||
Gross Assets | $ 9,290,000 | $ 8,844,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 9,290,000 | 8,844,000 |
Counterparty Offsetting | 0 | 0 |
Collateral | (9,290,000) | (8,844,000) |
Net Amount | 0 | 0 |
Securities borrowed | ||
Gross Assets | 1,409,000 | 1,563,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 1,409,000 | 1,563,000 |
Counterparty Offsetting | (1,369,000) | (1,307,000) |
Collateral | (40,000) | (253,000) |
Net Amount | 0 | 3,000 |
Interest rate swaps | ||
Total Gross Assets | 10,701,000 | 10,407,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 10,701,000 | 10,407,000 |
Counterparty Offsetting | (1,369,000) | (1,307,000) |
Collateral | (9,330,000) | (9,097,000) |
Net Amount | 2,000 | 3,000 |
Repurchase agreements | ||
Gross Liabilities | 8,996,000 | 4,903,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 8,996,000 | 4,903,000 |
Counterparty Offsetting | 0 | 0 |
Collateral | (8,996,000) | (4,903,000) |
Net Amount | 0 | 0 |
Securities loaned | ||
Gross Liabilities | 5,375,000 | 5,397,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 5,375,000 | 5,397,000 |
Counterparty Offsetting | (1,369,000) | (1,307,000) |
Collateral | (3,491,000) | (3,619,000) |
Net Amount | 515,000 | 471,000 |
Secured short-term borrowings | ||
Total | 9,996,000 | 6,553,000 |
Interest rate swaps | ||
Total Gross Liabilities | 15,371,000 | 11,950,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 15,371,000 | 11,950,000 |
Counterparty Offsetting | (1,369,000) | (1,307,000) |
Collateral | (13,487,000) | (10,172,000) |
Net Amount | 515,000 | 471,000 |
Fair value of client securities available to be pledged | 99,543,000 | 86,911,000 |
Available for sale securities, assets pledged | 93,562,000 | 107,646,000 |
Secured short-term borrowings | ||
Secured short-term borrowings | ||
Gross Liabilities | 1,000,000 | 1,650,000 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Total | 1,000,000 | 1,650,000 |
Counterparty Offsetting | 0 | 0 |
Collateral | (1,000,000) | (1,650,000) |
Net Amount | 0 | 0 |
Asset Pledged as Collateral | ||
Interest rate swaps | ||
Available for sale securities, assets pledged | 1,612,000 | 1,733,000 |
Interest rate swaps | Asset Pledged as Collateral | ||
Interest rate swaps | ||
Available for sale securities, assets pledged | 188,000 | 195,000 |
Securities Sold under Agreements to Repurchase | ||
Interest rate swaps | ||
Fair value of collateral pledged in connection with repurchase agreements | 9,600,000 | 5,300,000 |
Resale and Repurchase Agreements | ||
Interest rate swaps | ||
Fair value of client securities available to be pledged | 9,400,000 | 9,000,000 |
Interest rate swaps | ||
Interest rate swaps | ||
Gross Assets | 2,000 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 2,000 | 0 |
Counterparty Offsetting | 0 | 0 |
Collateral | 0 | 0 |
Net Amount | 2,000 | 0 |
Interest rate swaps | ||
Gross Liabilities | 0 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Counterparty Offsetting | 0 | 0 |
Collateral | 0 | 0 |
Net Amount | 0 | 0 |
Derivative asset less than stated amount | 500 | |
Derivative liability less than stated amount | $ 500 | $ 500 |
Financial Instruments Subject_5
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Securities Financing Transaction [Line Items] | ||
Fair value of client securities available to be pledged | $ 99,543 | $ 86,911 |
Total collateral pledged to third parties | 30,359 | 27,043 |
Fulfillment of requirements with the Options Clearing Corporation | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 18,970 | 13,355 |
Fulfillment of client short sales | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 5,588 | 7,009 |
Securities lending to other broker-dealers | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 4,610 | 4,688 |
Collateral for secured short-term borrowings | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 1,191 | 1,991 |
Fully Paid Client Securities | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | $ 202 | $ 179 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 third_party_pricing_source | |
Fair Value Disclosures [Abstract] | |
Number of third-party sources | 3 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 93,562 | $ 107,646 |
U.S. agency mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 57,101 | 62,795 |
U.S. Treasury securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,009 | 21,471 |
Corporate debt securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 10,714 | 12,484 |
Asset-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,230 | 9,087 |
Foreign government agency securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 811 | 1,002 |
U.S. state and municipal securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 569 | 579 |
Non-agency commercial mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 110 | 109 |
Certificates of deposit | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 100 | |
Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18 | 19 |
Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 10,877 | 14,573 |
Investments segregated and on deposit for regulatory purposes: | 9,928 | 20,358 |
Fair Value | 93,562 | 107,646 |
Other assets: | 2,201 | 1,913 |
Total assets | 116,568 | 144,490 |
Total accrued expenses and other liabilities | 1,955 | 1,733 |
Total liabilities | 1,955 | 1,733 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 10,877 | 14,573 |
Fair Value, Recurring | U.S. Government securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 9,928 | 20,358 |
Other assets: | 11 | 26 |
Fair Value, Recurring | U.S. agency mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 57,101 | 62,795 |
Fair Value, Recurring | U.S. Treasury securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,009 | 21,471 |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 10,714 | 12,484 |
Fair Value, Recurring | Asset-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,230 | 9,087 |
Fair Value, Recurring | Foreign government agency securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 811 | 1,002 |
Fair Value, Recurring | U.S. state and municipal securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 569 | 579 |
Fair Value, Recurring | Non-agency commercial mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 110 | 109 |
Fair Value, Recurring | Certificates of deposit | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 100 | |
Fair Value, Recurring | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18 | 19 |
Fair Value, Recurring | Total other securities owned | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 2,199 | 1,913 |
Fair Value, Recurring | Equity, corporate debt, and other securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 1,257 | 1,065 |
Fair Value, Recurring | Mutual funds and ETFs | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 889 | 795 |
Fair Value, Recurring | State and municipal debt obligations | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 42 | 27 |
Fair Value, Recurring | Interest rate swaps | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 2 | |
Fair Value, Recurring | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total accrued expenses and other liabilities | 1,955 | 1,733 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 10,877 | 14,573 |
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Other assets: | 2,094 | 1,787 |
Total assets | 12,971 | 16,360 |
Total accrued expenses and other liabilities | 1,920 | 1,644 |
Total liabilities | 1,920 | 1,644 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 10,877 | 14,573 |
Fair Value, Recurring | Level 1 | U.S. Government securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. agency mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Asset-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Foreign government agency securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. state and municipal securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Non-agency commercial mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Fair Value, Recurring | Level 1 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 1 | Total other securities owned | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 2,094 | 1,787 |
Fair Value, Recurring | Level 1 | Equity, corporate debt, and other securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 1,205 | 992 |
Fair Value, Recurring | Level 1 | Mutual funds and ETFs | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 889 | 795 |
Fair Value, Recurring | Level 1 | State and municipal debt obligations | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 1 | Interest rate swaps | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | |
Fair Value, Recurring | Level 1 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total accrued expenses and other liabilities | 1,920 | 1,644 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Investments segregated and on deposit for regulatory purposes: | 9,928 | 20,358 |
Fair Value | 93,562 | 107,646 |
Other assets: | 107 | 126 |
Total assets | 103,597 | 128,130 |
Total accrued expenses and other liabilities | 35 | 89 |
Total liabilities | 35 | 89 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. Government securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 9,928 | 20,358 |
Other assets: | 11 | 26 |
Fair Value, Recurring | Level 2 | U.S. agency mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 57,101 | 62,795 |
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,009 | 21,471 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 10,714 | 12,484 |
Fair Value, Recurring | Level 2 | Asset-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,230 | 9,087 |
Fair Value, Recurring | Level 2 | Foreign government agency securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 811 | 1,002 |
Fair Value, Recurring | Level 2 | U.S. state and municipal securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 569 | 579 |
Fair Value, Recurring | Level 2 | Non-agency commercial mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 110 | 109 |
Fair Value, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 100 | |
Fair Value, Recurring | Level 2 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18 | 19 |
Fair Value, Recurring | Level 2 | Total other securities owned | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 105 | 126 |
Fair Value, Recurring | Level 2 | Equity, corporate debt, and other securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 52 | 73 |
Fair Value, Recurring | Level 2 | Mutual funds and ETFs | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 2 | State and municipal debt obligations | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 42 | 27 |
Fair Value, Recurring | Level 2 | Interest rate swaps | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 2 | |
Fair Value, Recurring | Level 2 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total accrued expenses and other liabilities | 35 | 89 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Other assets: | 0 | 0 |
Total assets | 0 | 0 |
Total accrued expenses and other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. Government securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. agency mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Asset-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Foreign government agency securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. state and municipal securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Non-agency commercial mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Fair Value, Recurring | Level 3 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Total other securities owned | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 3 | Equity, corporate debt, and other securities | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 3 | Mutual funds and ETFs | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 3 | State and municipal debt obligations | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring | Level 3 | Interest rate swaps | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | |
Fair Value, Recurring | Level 3 | Other | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total accrued expenses and other liabilities | $ 0 | $ 0 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Held to maturity securities: | $ 153,179 | $ 159,452 |
U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | 153,179 | 159,452 |
Carrying Amount | ||
Assets | ||
Cash and cash equivalents | 14,473 | 28,764 |
Cash and investments segregated and on deposit for regulatory purposes | 11,764 | 11,438 |
Receivables from brokerage clients — net | 72,774 | 68,629 |
Held to maturity securities: | 153,179 | 159,452 |
Bank loans – net | 42,182 | 40,439 |
Other assets | 4,887 | 4,960 |
Liabilities | ||
Bank deposits | 252,420 | 289,953 |
Payables to brokerage clients | 79,966 | 84,786 |
Accrued expenses and other liabilities | 7,016 | 7,609 |
Other short-term borrowings | 9,996 | 6,553 |
Federal Home Loan Bank borrowings | 24,400 | 26,400 |
Long-term debt | 22,388 | 26,043 |
Carrying Amount | Residential real estate | First Mortgages | ||
Assets | ||
Bank loans – net | 26,421 | 26,121 |
Carrying Amount | Residential real estate | HELOCs | ||
Assets | ||
Bank loans – net | 443 | 477 |
Carrying Amount | Pledged asset lines | ||
Assets | ||
Bank loans – net | 14,964 | 13,548 |
Carrying Amount | Other | ||
Assets | ||
Bank loans – net | 354 | 293 |
Carrying Amount | U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | 153,179 | 159,452 |
Portion at Other than Fair Value Measurement | ||
Assets | ||
Cash and cash equivalents | 14,473 | 28,764 |
Cash and investments segregated and on deposit for regulatory purposes | 11,764 | 11,438 |
Receivables from brokerage clients — net | 72,774 | 68,629 |
Held to maturity securities: | 138,770 | 147,091 |
Bank loans – net | 39,169 | 37,575 |
Other assets | 4,887 | 4,960 |
Liabilities | ||
Bank deposits | 252,420 | 289,953 |
Payables to brokerage clients | 79,966 | 84,786 |
Accrued expenses and other liabilities | 7,016 | 7,609 |
Other short-term borrowings | 9,996 | 6,553 |
Federal Home Loan Bank borrowings | 24,400 | 26,400 |
Long-term debt | 21,318 | 25,000 |
Portion at Other than Fair Value Measurement | Residential real estate | First Mortgages | ||
Assets | ||
Bank loans – net | 23,371 | 23,226 |
Portion at Other than Fair Value Measurement | Residential real estate | HELOCs | ||
Assets | ||
Bank loans – net | 480 | 508 |
Portion at Other than Fair Value Measurement | Pledged asset lines | ||
Assets | ||
Bank loans – net | 14,964 | 13,548 |
Portion at Other than Fair Value Measurement | Other | ||
Assets | ||
Bank loans – net | 354 | 293 |
Portion at Other than Fair Value Measurement | U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | 138,770 | 147,091 |
Portion at Other than Fair Value Measurement | Level 1 | ||
Assets | ||
Cash and cash equivalents | 14,473 | 28,764 |
Cash and investments segregated and on deposit for regulatory purposes | 2,512 | 2,628 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities: | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 1 | Residential real estate | First Mortgages | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 1 | Residential real estate | HELOCs | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 1 | Pledged asset lines | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 1 | Other | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 1 | U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 9,252 | 8,810 |
Receivables from brokerage clients — net | 72,774 | 68,629 |
Held to maturity securities: | 138,770 | 147,091 |
Bank loans – net | 39,169 | 37,575 |
Other assets | 4,887 | 4,960 |
Liabilities | ||
Bank deposits | 252,420 | 289,953 |
Payables to brokerage clients | 79,966 | 84,786 |
Accrued expenses and other liabilities | 7,016 | 7,609 |
Other short-term borrowings | 9,996 | 6,553 |
Federal Home Loan Bank borrowings | 24,400 | 26,400 |
Long-term debt | 21,318 | 25,000 |
Portion at Other than Fair Value Measurement | Level 2 | Residential real estate | First Mortgages | ||
Assets | ||
Bank loans – net | 23,371 | 23,226 |
Portion at Other than Fair Value Measurement | Level 2 | Residential real estate | HELOCs | ||
Assets | ||
Bank loans – net | 480 | 508 |
Portion at Other than Fair Value Measurement | Level 2 | Pledged asset lines | ||
Assets | ||
Bank loans – net | 14,964 | 13,548 |
Portion at Other than Fair Value Measurement | Level 2 | Other | ||
Assets | ||
Bank loans – net | 354 | 293 |
Portion at Other than Fair Value Measurement | Level 2 | U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | 138,770 | 147,091 |
Portion at Other than Fair Value Measurement | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 0 | 0 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities: | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 3 | Residential real estate | First Mortgages | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 3 | Residential real estate | HELOCs | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 3 | Pledged asset lines | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 3 | Other | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement | Level 3 | U.S. agency mortgage-backed securities | ||
Assets | ||
Held to maturity securities: | $ 0 | $ 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 27, 2022 | Jul. 26, 2022 | |
Class of Stock [Line Items] | ||||||
Value of shares repurchased | $ 2,869 | |||||
Value of stock repurchased | 471 | |||||
Dividends accrued | $ 115.3 | $ 115.5 | $ 218.4 | $ 220.9 | ||
Depositary Shares, Series F Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 11,620 | |||||
Value of stock repurchased | $ 11 | |||||
Depositary Shares, Series G Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 42,036 | |||||
Value of stock repurchased | $ 42 | |||||
Depositary Shares, Series H Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 273,251 | |||||
Value of stock repurchased | $ 235 | |||||
Depositary Shares, Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 194,567 | |||||
Value of stock repurchased | $ 179 | |||||
Series F, Series G, Series H, And Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Dividends accrued | $ 3 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase, authorized amount | $ 15,000 | $ 4,000 | ||||
Shares repurchased (in shares) | 0 | 0 | 0 | 37,000,000 | ||
Value of shares repurchased | $ 2,800 | |||||
Remaining amount authorized for share repurchase | $ 8,700 | $ 8,700 | ||||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 0 | 0 | 0 | |||
Value of stock repurchased | $ 515 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Shares issued (in shares) | 1,429,785 | 1,429,785 |
Shares outstanding (in shares) | 1,429,785 | 1,429,785 |
Carrying value | $ 9,191 | $ 9,191 |
Series D | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 750,000 | 750,000 |
Shares outstanding (in shares) | 750,000 | 750,000 |
Liquidation preference per share (in USD per share) | $ 1,000 | |
Carrying value | $ 728 | $ 728 |
Dividend rate in effect | 5.95% | |
Series J | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 600,000 | 600,000 |
Shares outstanding (in shares) | 600,000 | 600,000 |
Liquidation preference per share (in USD per share) | $ 1,000 | |
Carrying value | $ 584 | $ 584 |
Dividend rate in effect | 4.45% | |
Series F | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 4,884 | 4,884 |
Shares outstanding (in shares) | 4,884 | 4,884 |
Liquidation preference per share (in USD per share) | $ 100,000 | |
Carrying value | $ 481 | $ 481 |
Dividend rate in effect | 5% | |
Series F | London Interbank Offered Rate (LIBOR) | ||
Class of Stock [Line Items] | ||
Dividend term | 3 months | |
Floating annual rate | 2.575% | |
Series G | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 24,580 | 24,580 |
Shares outstanding (in shares) | 24,580 | 24,580 |
Liquidation preference per share (in USD per share) | $ 100,000 | |
Carrying value | $ 2,428 | $ 2,428 |
Dividend rate in effect | 5.375% | |
Dividend term | 5 years | |
Series G | US Treasury (UST) Interest Rate | ||
Class of Stock [Line Items] | ||
Dividend term | 5 years | |
Floating annual rate | 4.971% | |
Series H | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 22,267 | 22,267 |
Shares outstanding (in shares) | 22,267 | 22,267 |
Liquidation preference per share (in USD per share) | $ 100,000 | |
Carrying value | $ 2,200 | $ 2,200 |
Dividend rate in effect | 4% | |
Dividend term | 10 years | |
Series H | US Treasury (UST) Interest Rate | ||
Class of Stock [Line Items] | ||
Dividend term | 10 years | |
Floating annual rate | 3.079% | |
Series I | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 20,554 | 20,554 |
Shares outstanding (in shares) | 20,554 | 20,554 |
Liquidation preference per share (in USD per share) | $ 100,000 | |
Carrying value | $ 2,030 | $ 2,030 |
Dividend rate in effect | 4% | |
Dividend term | 5 years | |
Series I | US Treasury (UST) Interest Rate | ||
Class of Stock [Line Items] | ||
Dividend term | 5 years | |
Floating annual rate | 3.168% | |
Series K | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 7,500 | 7,500 |
Shares outstanding (in shares) | 7,500 | 7,500 |
Liquidation preference per share (in USD per share) | $ 100,000 | |
Carrying value | $ 740 | $ 740 |
Dividend rate in effect | 5% | |
Dividend term | 5 years | |
Series K | US Treasury (UST) Interest Rate | ||
Class of Stock [Line Items] | ||
Dividend term | 5 years | |
Floating annual rate | 3.256% |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends Declared (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 | |
Class of Stock [Line Items] | ||||
Dividends declared | $ 115.3 | $ 115.5 | $ 218.4 | $ 220.9 |
Series D | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 11.1 | $ 11.1 | $ 22.3 | $ 22.3 |
Dividends declared, per share amount (in USD per share) | $ 14.88 | $ 14.88 | $ 29.76 | $ 29.76 |
Series F | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 12.2 | $ 12.2 | $ 12.2 | $ 12.2 |
Dividends declared, per share amount (in USD per share) | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 |
Series G | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 33 | $ 33.1 | $ 66 | $ 66.3 |
Dividends declared, per share amount (in USD per share) | $ 1,343.75 | $ 1,343.75 | $ 2,687.5 | $ 2,687.5 |
Series H | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 22.2 | $ 22.3 | $ 44.5 | $ 46 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 |
Series I | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 20.6 | $ 20.6 | $ 41.2 | $ 41.9 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 |
Series J | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 6.7 | $ 6.7 | $ 13.4 | $ 13.4 |
Dividends declared, per share amount (in USD per share) | $ 11.13 | $ 11.13 | $ 22.26 | $ 22.26 |
Series K | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 9.5 | $ 9.5 | $ 18.8 | $ 18.8 |
Dividends declared, per share amount (in USD per share) | $ 1,250 | $ 1,250 | $ 2,500 | $ 2,500 |
Series G, Series H, And Series I Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 42,412,000 | $ 36,347,000 | $ 40,958,000 | $ 36,608,000 |
Other net changes | 640,000 | (40,000) | 1,195,000 | 1,891,000 |
Balance at end of period | 43,953,000 | 37,147,000 | 43,953,000 | 37,147,000 |
Accumulated other comprehensive income, tax expense (benefit) | 185,000 | 9,000 | 335,000 | 537,000 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (17,576,000) | (20,690,000) | (18,131,000) | (22,621,000) |
Other net changes | 640,000 | (40,000) | 1,195,000 | 1,891,000 |
Balance at end of period | (16,936,000) | (20,730,000) | (16,936,000) | (20,730,000) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other net changes | 183,000 | (523,000) | 296,000 | 905,000 |
Accumulated other comprehensive income, tax expense (benefit) | 51,000 | (160,000) | 77,000 | 261,000 |
Other Reclassifications Included in Other Revenue from Sale of Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other net changes | 7,000 | 8,000 | 15,000 | 15,000 |
Accumulated other comprehensive income, tax expense (benefit) | 3,000 | 3,000 | 5,000 | 5,000 |
Amortization of Held to Maturity Securities Transferred from Available for Sale Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other net changes | 452,000 | 476,000 | 894,000 | 978,000 |
Accumulated other comprehensive income, tax expense (benefit) | 131,000 | 166,000 | 253,000 | 273,000 |
Other Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other net changes | (2,000) | (1,000) | (10,000) | (7,000) |
Accumulated other comprehensive income, tax expense (benefit) | $ (2,000) | |||
Other Accumulated Other Comprehensive Income | Maximum | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, tax expense (benefit) | $ 500 | $ 500 | $ 500 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Narrative (Details) $ in Billions | Jun. 30, 2024 USD ($) |
Equity [Abstract] | |
Remaining unamortized loss on securities transferred to held to maturity, net of tax | $ 10.6 |
Remaining unamortized loss on securities transferred to held to maturity, pretax | $ 13.9 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ 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 | $ 1,332 | $ 1,294 | $ 2,694 | $ 2,897 | |
Preferred stock dividends and other | (121) | (121) | (232) | (191) | |
Net Income Available to Common Stockholders | $ 1,211 | $ 1,173 | $ 2,462 | $ 2,706 | |
Weighted-average common shares outstanding - basic (in shares) | 1,828 | 1,820 | 1,827 | 1,827 | |
Basic earnings per share (in USD per share) | [1] | $ 0.66 | $ 0.64 | $ 1.35 | $ 1.48 |
Weighted-average common shares outstanding - diluted (in shares) | 1,834 | 1,825 | 1,832 | 1,834 | |
Diluted earnings per share (in USD per share) | [1] | $ 0.66 | $ 0.64 | $ 1.34 | $ 1.48 |
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 13 | 15 | 18 | 18 | |
Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income | $ 1,295 | $ 1,258 | $ 2,619 | $ 2,817 | |
Preferred stock dividends and other | (118) | (118) | (226) | (186) | |
Net Income Available to Common Stockholders | $ 1,177 | $ 1,140 | $ 2,393 | $ 2,631 | |
Weighted-average common shares outstanding - basic (in shares) | 1,777 | 1,769 | 1,776 | 1,776 | |
Basic earnings per share (in USD per share) | $ 0.66 | $ 0.64 | $ 1.35 | $ 1.48 | |
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 34 | $ 33 | $ 69 | $ 75 | |
Allocation of net income available to common stockholders: | $ 1,211 | $ 1,173 | $ 2,462 | $ 2,706 | |
Conversion of nonvoting shares to voting shares (in shares) | 51 | 51 | 51 | 51 | |
Common stock equivalent shares related to stock incentive plans (in shares) | 6 | 5 | 5 | 7 | |
Weighted-average common shares outstanding - diluted (in shares) | 1,834 | 1,825 | 1,832 | 1,834 | |
Diluted earnings per share (in USD per share) | $ 0.66 | $ 0.64 | $ 1.34 | $ 1.48 | |
Nonvoting Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income | $ 37 | $ 36 | $ 75 | $ 80 | |
Preferred stock dividends and other | (3) | (3) | (6) | (5) | |
Net Income Available to Common Stockholders | $ 34 | $ 33 | $ 69 | $ 75 | |
Weighted-average common shares outstanding - basic (in shares) | 51 | 51 | 51 | 51 | |
Basic earnings per share (in USD per share) | $ 0.66 | $ 0.64 | $ 1.35 | $ 1.48 | |
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 0 | $ 0 | $ 0 | $ 0 | |
Allocation of net income available to common stockholders: | $ 34 | $ 33 | $ 69 | $ 75 | |
Conversion of nonvoting shares to voting shares (in shares) | 0 | 0 | 0 | 0 | |
Common stock equivalent shares related to stock incentive plans (in shares) | 0 | 0 | 0 | 0 | |
Weighted-average common shares outstanding - diluted (in shares) | 51 | 51 | 51 | 51 | |
Diluted earnings per share (in USD per share) | $ 0.66 | $ 0.64 | $ 1.34 | $ 1.48 | |
[1]The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information. |
Regulatory Requirements - Regul
Regulatory Requirements - Regulatory Capital and Ratios (Details) $ in Millions | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
CSC | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 33,433 | $ 31,411 |
Actual Ratio | 0.290 | 0.245 |
Minimum Capital Requirement Amount | $ 5,190 | $ 5,770 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 42,624 | $ 40,602 |
Actual Ratio | 0.370 | 0.317 |
Minimum Capital Requirement Amount | $ 6,920 | $ 7,694 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 42,650 | $ 40,645 |
Actual Ratio | 0.370 | 0.317 |
Minimum Capital Requirement Amount | $ 9,227 | $ 10,258 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 42,624 | $ 40,602 |
Actual Ratio | 0.094 | 0.085 |
Minimum Capital Requirement Amount | $ 18,052 | $ 19,043 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 42,624 | $ 40,602 |
Actual Ratio | 0.094 | 0.085 |
Minimum Capital Requirement Amount | $ 13,633 | $ 14,379 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
CSB | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 32,091 | $ 31,777 |
Actual Ratio | 0.399 | 0.379 |
Minimum to be Well Capitalized Amount | $ 5,229 | $ 5,448 |
Minimum to be Well Capitalized Ratio | 0.065 | 0.065 |
Minimum Capital Requirement Amount | $ 3,620 | $ 3,771 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 32,091 | $ 31,777 |
Actual Ratio | 0.399 | 0.379 |
Minimum to be Well Capitalized Amount | $ 6,436 | $ 6,705 |
Minimum to be Well Capitalized Ratio | 0.080 | 0.080 |
Minimum Capital Requirement Amount | $ 4,827 | $ 5,029 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 32,111 | $ 31,816 |
Actual Ratio | 0.399 | 0.380 |
Minimum to be Well Capitalized Amount | $ 8,045 | $ 8,381 |
Minimum to be Well Capitalized Ratio | 0.100 | 0.100 |
Minimum Capital Requirement Amount | $ 6,436 | $ 6,705 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 32,091 | $ 31,777 |
Actual Ratio | 0.109 | 0.101 |
Minimum to be Well Capitalized Amount | $ 14,723 | $ 15,793 |
Minimum to be Well Capitalized Ratio | 0.050 | 0.050 |
Minimum Capital Requirement Amount | $ 11,779 | $ 12,634 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 32,091 | $ 31,777 |
Actual Ratio | 0.108 | 0.100 |
Minimum Capital Requirement Amount | $ 8,894 | $ 9,540 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
Regulatory Requirements - Narra
Regulatory Requirements - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 449,675 | $ 493,178 |
Charles Schwab Premier Bank, SSB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | 25,500 | |
Charles Schwab Trust Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 9,500 |
Regulatory Requirements - Net C
Regulatory Requirements - Net Capital and Net Capital Requirements (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
CS&Co | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | $ 8,798,000 | $ 5,629,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 1,742,000 | 1,069,000 |
Net capital in excess of required net capital | 7,056,000 | 4,560,000 |
TD Ameritrade Clearing, Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 221,000 | 3,634,000 |
Minimum dollar requirement | 1,500 | 1,500 |
2% of aggregate debit balances | 0 | 440,000 |
Net capital in excess of required net capital | 220,000 | 3,194,000 |
TD Ameritrade, Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 65,000 | 444,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 0 | 0 |
Net capital in excess of required net capital | $ 65,000 | $ 444,000 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) reportable_segment | Jun. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | reportable_segment | 2 | |||
Revenues | $ 4,690,000,000 | $ 4,656,000,000 | $ 9,430,000,000 | $ 9,772,000,000 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 |
Segment Information - Financial
Segment Information - Financial Information for Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Revenues | ||||
Net interest revenue | $ 2,158 | $ 2,290 | $ 4,391 | $ 5,060 |
Total net revenues | 4,690 | 4,656 | 9,430 | 9,772 |
Expenses Excluding Interest | 2,943 | 2,965 | 5,885 | 5,971 |
Income before taxes on income | 1,747 | 1,691 | 3,545 | 3,801 |
Asset management and administration fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 1,383 | 1,173 | 2,731 | 2,291 |
Trading revenue | ||||
Net Revenues | ||||
Revenues from contracts with customers | 777 | 803 | 1,594 | 1,695 |
Bank deposit account fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 153 | 175 | 336 | 326 |
Other | ||||
Net Revenues | ||||
Revenues from contracts with customers | 219 | 215 | 378 | 400 |
Investor Services | ||||
Net Revenues | ||||
Net interest revenue | 1,715 | 1,705 | 3,457 | 3,738 |
Total net revenues | 3,654 | 3,543 | 7,326 | 7,406 |
Expenses Excluding Interest | 2,231 | 2,191 | 4,496 | 4,424 |
Income before taxes on income | 1,423 | 1,352 | 2,830 | 2,982 |
Investor Services | Asset management and administration fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 973 | 841 | 1,920 | 1,646 |
Investor Services | Trading revenue | ||||
Net Revenues | ||||
Revenues from contracts with customers | 685 | 701 | 1,398 | 1,476 |
Investor Services | Bank deposit account fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 113 | 140 | 248 | 239 |
Investor Services | Other | ||||
Net Revenues | ||||
Revenues from contracts with customers | 168 | 156 | 303 | 307 |
Advisor Services | ||||
Net Revenues | ||||
Net interest revenue | 443 | 585 | 934 | 1,322 |
Total net revenues | 1,036 | 1,113 | 2,104 | 2,366 |
Expenses Excluding Interest | 712 | 774 | 1,389 | 1,547 |
Income before taxes on income | 324 | 339 | 715 | 819 |
Advisor Services | Asset management and administration fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 410 | 332 | 811 | 645 |
Advisor Services | Trading revenue | ||||
Net Revenues | ||||
Revenues from contracts with customers | 92 | 102 | 196 | 219 |
Advisor Services | Bank deposit account fees | ||||
Net Revenues | ||||
Revenues from contracts with customers | 40 | 35 | 88 | 87 |
Advisor Services | Other | ||||
Net Revenues | ||||
Revenues from contracts with customers | $ 51 | $ 59 | $ 75 | $ 93 |