Trading assets and liabilities consisted of the following: | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | (in millions) | | Trading assets: | | | | | U.S. Treasury | $ | 3,779 | | | $ | 3,676 | | | U.S. Government agency issued or guaranteed | 1 | | | 1 | | | U.S. Government sponsored enterprises | 1,189 | | | 1,166 | | | | | | | | | | | Foreign bonds | 399 | | | 783 | | | Equity securities | 12,213 | | | 13,844 | | | Precious metals | 93 | | | 163 | | | Derivatives, net | 996 | | | 1,598 | | | Total trading assets | $ | 18,670 | | | $ | 21,231 | | | Trading liabilities: | | | | | Securities sold, not yet purchased | $ | 1,680 | | | $ | 1,489 | | | Payables for precious metals | 6 | | | 70 | | | Derivatives, net | 983 | | | 2,348 | | | Total trading liabilities | $ | 2,669 | | | $ | 3,907 | |
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