US banks cut available-for-sale portfolios

Securities classifications have shifted materially since AOCI filters were removed in 2014

The proportion of securities holdings US banks classify as available-for-sale (AFS) has fallen steadily over the past four years.  

A breakdown of the securities held in AFS and held-to-maturity (HTM) portfolios at the 11 largest US banks reveals the share of the former declined 14 percentage points, from 85% to 71%, from 2013 to 2017. 

Morgan Stanley’s entire securities portfolio was classified as AFS in 2013. At the end of last year, 70% of its securities portfolio was AFS, with 30% HTM

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