Trading assets and liabilities consisted of the following: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | (in millions) | Trading assets: | | | | U.S. Treasury | $ | 3,945 | | | $ | 3,676 | | U.S. Government agency issued or guaranteed | 1 | | | 1 | | U.S. Government sponsored enterprises | 1,218 | | | 1,166 | | | | | | | | | | Foreign bonds | 936 | | | 783 | | Equity securities | 12,402 | | | 13,844 | | Precious metals | 473 | | | 163 | | Derivatives, net | 1,930 | | | 1,598 | | Total trading assets | $ | 20,905 | | | $ | 21,231 | | Trading liabilities: | | | | Securities sold, not yet purchased | $ | 1,462 | | | $ | 1,489 | | Payables for precious metals | — | | | 70 | | Derivatives, net | 1,480 | | | 2,348 | | Total trading liabilities | $ | 2,942 | | | $ | 3,907 | |
|