Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities reported at fair value as of June 30, 2025 and December 31, 2024, by major product category and fair value hierarchy.


Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(e)

June 30, 2025 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	447,781	$	—	$	—	$	447,781
Securities borrowed	—		96,645		—		—		96,645
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		158,847		365		—		159,212
Residential – nonagency	—		2,691		5		—		2,696
Commercial – nonagency	—		1,476		7		—		1,483
Total mortgage-backed securities	—		163,014		377		—		163,391
U.S. Treasury, GSEs and government agencies(a)	195,415		14,558		—		—		209,973
Obligations of U.S. states and municipalities	—		6,499		1		—		6,500
Certificates of deposit, bankers’ acceptances and commercial paper	—		4,963		—		—		4,963
Non-U.S. government debt securities	63,424		72,207		205		—		135,836
Corporate debt securities	—		45,252		385		—		45,637
Loans	—		11,919		868		—		12,787
Asset-backed securities	—		4,839		12		—		4,851
Total debt instruments	258,839		323,251		1,848		—		583,938
Equity securities	222,091		1,213		196		—		223,500
Physical commodities(b)	6,465		1,213		24		—		7,702
Other	—		14,153		217		—		14,370
Total debt and equity instruments(c)	487,395		339,830		2,285		—		829,510
Derivative receivables:
Interest rate	3,844		302,121		4,341		(284,836)		25,470
Credit	—		10,774		894		(11,180)		488
Foreign exchange	172		211,373		1,690		(189,527)		23,708
Equity	—		99,199		3,029		(96,969)		5,259
Commodity	—		18,893		505		(13,977)		5,421
Total derivative receivables	4,016		642,360		10,459		(596,489)		60,346
Total trading assets(d)	491,411		982,190		12,744		(596,489)		889,856
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		94,035		—		—		94,035
Residential – nonagency	—		5,955		—		—		5,955
Commercial – nonagency	—		4,861		7		—		4,868
Total mortgage-backed securities	—		104,851		7		—		104,858
U.S. Treasury and government agencies	302,794		287		—		—		303,081
Obligations of U.S. states and municipalities	—		17,647		—		—		17,647
Non-U.S. government debt securities	32,875		8,255		—		—		41,130
Corporate debt securities	—		31		92		—		123
Asset-backed securities:
Collateralized loan obligations	—		16,460		—		—		16,460
Other(a)	—		2,081		—		—		2,081
Total available-for-sale securities	335,669		149,612		99		—		485,380
Loans	—		51,048		2,252		—		53,300
Mortgage servicing rights	—		—		8,996		—		8,996
Other assets(d)	7,915		7,552		1,403		—		16,870
Total assets measured at fair value on a recurring basis	$	834,995	$	1,734,828	$	25,494	$	(596,489)	$	1,998,828
Deposits	$	—	$	39,536	$	2,099	$	—	$	41,635
Federal funds purchased and securities loaned or sold under repurchase agreements	—		525,477		—		—		525,477
Short-term borrowings	—		32,263		4,136		—		36,399
Trading liabilities:
Debt and equity instruments(c)	136,079		37,141		72		—		173,292
Derivative payables:
Interest rate	5,552		282,157		2,910		(281,263)		9,356
Credit	—		15,445		1,702		(14,321)		2,826
Foreign exchange	183		204,312		1,350		(189,448)		16,397
Equity	—		116,044		6,233		(107,348)		14,929
Commodity	—		16,124		336		(11,858)		4,602
Total derivative payables	5,735		634,082		12,531		(604,238)		48,110
Total trading liabilities	141,814		671,223		12,603		(604,238)		221,402
Accounts payable and other liabilities	5,289		3,606		40		—		8,935
Beneficial interests issued by consolidated VIEs	—		7		—		—		7
Long-term debt	—		76,693		41,664		—		118,357
Total liabilities measured at fair value on a recurring basis	$	147,103	$	1,348,805	$	60,542	$	(604,238)	$	952,212


	Fair value hierarchy						Derivative netting adjustments(e)

December 31, 2024 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	286,771	$	—	$	—	$	286,771
Securities borrowed	—		83,962		—		—		83,962
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		104,312		488		—		104,800
Residential – nonagency	—		2,282		5		—		2,287
Commercial – nonagency	—		1,283		10		—		1,293
Total mortgage-backed securities	—		107,877		503		—		108,380
U.S. Treasury, GSEs and government agencies(a)	150,580		11,702		—		—		162,282
Obligations of U.S. states and municipalities	—		6,100		1		—		6,101
Certificates of deposit, bankers’ acceptances and commercial paper	—		3,950		—		—		3,950
Non-U.S. government debt securities	34,108		54,335		152		—		88,595
Corporate debt securities	—		33,591		390		—		33,981
Loans	—		10,228		1,088		—		11,316
Asset-backed securities	—		2,813		10		—		2,823
Total debt instruments	184,688		230,596		2,144		—		417,428
Equity securities	130,307		1,359		62		—		131,728
Physical commodities(b)	5,957		1,533		26		—		7,516
Other	—		19,935		210		—		20,145
Total debt and equity instruments(c)	320,952		253,423		2,442		—		576,817
Derivative receivables:
Interest rate	4,934		282,019		3,781		(265,789)		24,945
Credit	—		10,379		708		(10,273)		814
Foreign exchange	196		261,520		1,204		(237,608)		25,312
Equity	—		82,855		2,365		(79,935)		5,285
Commodity	—		15,232		394		(11,015)		4,611
Total derivative receivables	5,130		652,005		8,452		(604,620)		60,967
Total trading assets(d)	326,082		905,428		10,894		(604,620)		637,784
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		91,893		—		—		91,893
Residential – nonagency	—		4,811		—		—		4,811
Commercial – nonagency	—		4,057		8		—		4,065
Total mortgage-backed securities	—		100,761		8		—		100,769
U.S. Treasury and government agencies	234,491		288		—		—		234,779
Obligations of U.S. states and municipalities	—		17,913		—		—		17,913
Non-U.S. government debt securities	23,973		12,272		—		—		36,245
Corporate debt securities	—		70		—		—		70
Asset-backed securities:
Collateralized loan obligations	—		14,943		—		—		14,943
Other(a)	—		2,133		—		—		2,133
Total available-for-sale securities	258,464		148,380		8		—		406,852
Loans	—		38,934		2,416		—		41,350
Mortgage servicing rights	—		—		9,121		—		9,121
Other assets(d)	5,732		6,997		1,344		—		14,073
Total assets measured at fair value on a recurring basis	$	590,278	$	1,470,472	$	23,783	$	(604,620)	$	1,479,913
Deposits	$	—	$	31,583	$	2,185	$	—	$	33,768
Federal funds purchased and securities loaned or sold under repurchase agreements	—		226,329		—		—		226,329
Short-term borrowings	—		23,045		3,476		—		26,521
Trading liabilities:
Debt and equity instruments(c)	120,719		32,457		46		—		153,222
Derivative payables:
Interest rate	3,981		266,767		3,480		(264,989)		9,239
Credit	—		12,725		1,071		(11,898)		1,898
Foreign exchange	187		253,196		1,184		(238,970)		15,597
Equity	—		90,908		5,231		(87,491)		8,648
Commodity	—		14,021		467		(10,209)		4,279
Total derivative payables	4,168		637,617		11,433		(613,557)		39,661
Total trading liabilities	124,887		670,074		11,479		(613,557)		192,883
Accounts payable and other liabilities	3,100		2,717		76		—		5,893
Beneficial interests issued by consolidated VIEs	—		1		—		—		1
Long-term debt	—		66,216		34,564		—		100,780
Total liabilities measured at fair value on a recurring basis	$	127,987	$	1,019,965	$	51,780	$	(613,557)	$	586,175

(a)At June 30, 2025 and December 31, 2024, included total U.S. GSE obligations of $160.3 billion and $120.1 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in

fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2025 and December 31, 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.1 billion and $1.0 billion, respectively, primarily reported in other assets.

(e)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Fair value inputs, assets and liabilities, quantitative information

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of

the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.


Level 3 inputs(a)
June 30, 2025
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values		Average(i)
Residential mortgage-backed securities and loans(b)	$	843	Discounted cash flows	Yield	0%	93%		7%
				Prepayment speed	2%	13%		9%
				Conditional default rate	0%	7%		0%
				Loss severity	0%	110%		5%
Commercial mortgage-backed securities and loans(c)	1,299		Market comparables	Price	$0	$84		$81
Corporate debt securities	477		Market comparables	Price	$0	$197		$100
Loans(d)	1,362		Market comparables	Price	$0	$101		$82
Non-U.S. government debt securities	205		Market comparables	Price	$2	$121		$99
Net interest rate derivatives	1,422		Option pricing	Interest rate volatility	25 bps	695 bps		109 bps
				Interest rate spread volatility	37 bps	77 bps		64 bps
				Bermudan switch value	0%	45%		16%
				Interest rate correlation	(64)%	97%		63%
				IR-FX correlation	(35)%	60%		8%
	9		Discounted cash flows	Prepayment speed	0%	20%		5%
Net credit derivatives	(837)		Discounted cash flows	Credit correlation	27%	79%		47%
				Credit spread	0 bps	11,330 bps		547 bps
				Recovery rate	10%	90%		56%
	29		Market comparables	Price	$0	$115		$75
Net foreign exchange derivatives	390		Option pricing	IR-FX correlation	(40)%	60%		21%
	(50)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	2%	28%		12%
Net equity derivatives	(3,204)		Option pricing	Forward equity price(h)	82%	144%		101%
				Equity volatility	4%	198%		33%
				Equity correlation	5%	100%		55%
				Equity-FX correlation	(80)%	65%		(32)%
				Equity-IR correlation	5%	25%		12%
Net commodity derivatives	169		Option pricing	Oil commodity forward	$37 / BBL	$287 / BBL		$153 / BBL
				Natural gas commodity forward	$2 / MMBTU	$7 / MMBTU		$4 / MMBTU
				Commodity volatility	2%	47%		6%
				Commodity correlation	(15)%	98%		10%
MSRs	8,996		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	46,889		Option pricing	Interest rate volatility	25 bps	695 bps		109 bps
				Bermudan switch value	0%	45%		16%
				Interest rate correlation	(64)%	97%		63%
				IR-FX correlation	(35)%	60%		8%
				Equity volatility	2%	111%		27%
				Equity correlation	5%	100%		55%
				Equity-FX correlation	(80)%	65%		(32)%
				Equity-IR correlation	5%	25%		12%
	1,010		Discounted cash flows	Credit correlation	26%	73%		47%
				Credit spread	1 bps	273 bps		77 bps
				Recovery rate	20%	40%		37%
				Yield	5%	20%		11%
				Loss severity	0%	100%		50%
Other level 3 assets and liabilities, net(f)	1,741

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $365 million, nonagency securities of $5 million and non-trading loans of $473 million.

(c)Comprises nonagency securities of $14 million, trading loans of $65 million and non-trading loans of $1.2 billion.

(d)Comprises trading loans of $803 million and non-trading loans of $559 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $803 million including $606 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2025 and 2024. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.


	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025 (in millions)	Fair value at Apr. 1, 2025		Total realized/unrealized gains/(losses)										Transfers into level 3		Transfers (out of) level 3				Fair value at Jun. 30, 2025			Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2025
						Purchases(f)	Sales				Settlements(g)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	390		$	10		$	28	$	(49)			$	(14)	$	—	$	—		$	365		$	4
Residential – nonagency	5			6			—		(6)				—		—		—			5			—
Commercial – nonagency	7			—			—		—				—		—		—			7			—
Total mortgage-backed securities	402			16			28		(55)				(14)		—		—			377			4
Obligations of U.S. states and municipalities	1			—			—		—				—		—		—			1			—
Non-U.S. government debt securities	161			24			95		(105)				—		54		(24)			205			30
Corporate debt securities	442			2			29		(86)				(5)		3		—			385			(1)
Loans	803			17			377		(241)				(6)		157		(239)			868			17
Asset-backed securities	10			—			2		—				—		—		—			12			—
Total debt instruments	1,819			59			531		(487)				(25)		214		(263)			1,848			50
Equity securities	133			(27)			151		(102)				—		63		(22)			196			(20)
Physical commodities	14			10			—		—				—		—		—			24			10
Other	239			30			15		—				(52)		2		(17)			217			14
Total trading assets – debt and equity instruments	2,205			72		(c)	697		(589)				(77)		279		(302)			2,285			54		(c)
Net derivative receivables:(b)
Interest rate	994			393			34		(84)				65		5		24			1,431			496
Credit	(703)			(141)			(2)		(7)				10		8		27			(808)			(142)
Foreign exchange	298			333			28		(87)				(31)		21		(222)			340			358
Equity	(2,961)			579			351		(757)				(711)		378		(83)			(3,204)			215
Commodity	40			157			17		(74)				30		(1)		—			169			160
Total net derivative receivables	(2,332)			1,321		(c)	428		(1,009)				(637)		411		(254)			(2,072)			1,087		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8			(1)			—		—				—		—		—			7			—
Corporate debt securities	—			—			92		—				—		—		—			92			—
Total available-for-sale securities	8			(1)			92		—				—		—		—			99			—
Loans	2,398			145		(c)	76		(56)				(315)		152		(148)			2,252			33		(c)
Mortgage servicing rights	9,127			53		(d)	85		3				(272)		—		—			8,996			53		(d)
Other assets	1,370			(21)		(c)	57		(21)				(14)		35		(3)			1,403			(21)		(c)

	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025 (in millions)	Fair value at Apr. 1, 2025		Total realized/unrealized (gains)/losses										Transfers into level 3		Transfers (out of) level 3				Fair value at Jun. 30, 2025			Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2025
						Purchases	Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	1,949		$	110	(c)(e)	$	—	$	—	$	261	$	(211)	$	—	$	(10)		$	2,099		$	108	(c)(e)
Short-term borrowings	4,045			155		(c)(e)	—		—		1,659		(1,722)		9		(10)			4,136			131		(c)(e)
Trading liabilities – debt and equity instruments	44			(4)		(c)	(7)		35		—		(1)		10		(5)			72			—
Accounts payable and other liabilities	36			5		(c)	—		—		—		—		—		(1)			40			5		(c)
Long-term debt	36,482			2,443		(c)(e)	—		—		7,087		(3,846)		27		(529)			41,664			2,178		(c)(e)


	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2024 (in millions)	Fair value at Apr. 1, 2024		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2024				Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2024
						Purchases(f)	Sales					Settlements(g)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	729		$	(1)		$	44	$	(44)				$	(20)		$	—	$	—	$	708		$	(1)
Residential – nonagency	8			1			—		—					—			—		(4)		5			1
Commercial – nonagency	12			(1)			—		—					—			—		—		11			(1)
Total mortgage-backed securities	749			(1)			44		(44)					(20)			—		(4)		724			(1)
Obligations of U.S. states and municipalities	7			—			—		—					—			—		—		7			—
Non-U.S. government debt securities	173			(3)			41		(5)					—			—		(13)		193			(4)
Corporate debt securities	570			(4)			86		(72)					(151)			4		(25)		408			(5)
Loans	531			3			178		(131)					(14)			262		(138)		691			2
Asset-backed securities	14			—			—		(5)					(7)			—		—		2			—
Total debt instruments	2,044			(5)			349		(257)					(192)			266		(180)		2,025			(8)
Equity securities	203			(25)			33		(51)					—			19		(57)		122			3
Physical commodities	2			4			4		—					—			—		—		10			4
Other	107			33			15		—					(11)			1		(1)		144			34
Total trading assets – debt and equity instruments	2,356			7		(c)	401		(308)					(203)			286		(238)		2,301			33		(c)
Net derivative receivables:(b)
Interest rate	800			46			139		(41)					399			58		(100)		1,301			24
Credit	260			91			—		(1)					(153)			(32)		15		180			89
Foreign exchange	24			128			43		(87)					35			24		1		168			140
Equity	(2,781)			128			247		(591)					(109)			38		77		(2,991)			216
Commodity	(503)			54			8		(52)					20			(3)		4		(472)			60
Total net derivative receivables	(2,200)			447		(c)	437		(772)					192			85		(3)		(1,814)			529		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—			—			—		—					—			—		—		—			—
Corporate debt securities	—			—			—		—					—			—		—		—			—
Total available-for-sale securities	—			—			—		—					—			—		—		—			—
Loans	2,901			72		(c)	149		(183)					(253)			366		(59)		2,993			58		(c)
Mortgage servicing rights	8,605			119		(d)	418		(32)					(263)			—		—		8,847			119		(d)
Other assets	811			37		(c)	373		(13)					(11)			5		—		1,202			37		(c)

	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2024 (in millions)	Fair value at Apr. 1, 2024		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2024				Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2024
						Purchases	Sales				Issuances	Settlements(g)
Liabilities:(a)
Deposits	$	2,055		$	14	(c)(e)	$	—	$	—		$	265	$	(407)		$	34	$	(38)	$	1,923		$	12	(c)(e)
Short-term borrowings	2,206			68		(c)(e)	—		—			1,814		(1,360)			1		(3)		2,726			45		(c)(e)
Trading liabilities – debt and equity instruments	37			(37)		(c)	(5)		55			—		—			18		—		68			(37)		(c)
Accounts payable and other liabilities	48			(8)		(c)	(3)		28			—		—			5		—		70			(8)		(c)
Long-term debt	28,678			(36)		(c)(e)	—		—			6,473		(4,121)			426		(134)		31,286			(31)		(c)(e)


	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025 (in millions)	Fair value at Jan. 1, 2025		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2025				Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2025
						Purchases(f)	Sales					Settlements(g)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	488		$	13		$	31	$	(137)				$	(30)		$	—	$	—	$	365		$	2
Residential – nonagency	5			6			—		(6)					—			—		—		5			—
Commercial – nonagency	10			(3)			—		—					—			—		—		7			(3)
Total mortgage-backed securities	503			16			31		(143)					(30)			—		—		377			(1)
Obligations of U.S. states and municipalities	1			—			—		—					—			—		—		1			—
Non-U.S. government debt securities	152			36			171		(183)					(1)			54		(24)		205			51
Corporate debt securities	390			9			128		(137)					(10)			13		(8)		385			2
Loans	1,088			11			728		(455)					(116)			298		(686)		868			(5)
Asset-backed securities	10			—			2		—					—			—		—		12			—
Total debt instruments	2,144			72			1,060		(918)					(157)			365		(718)		1,848			47
Equity securities	62			(31)			212		(142)					—			124		(29)		196			3
Physical commodities	26			—			—		—					(2)			—		—		24			6
Other	210			(12)			24		—					(66)			78		(17)		217			(53)
Total trading assets – debt and equity instruments	2,442			29		(c)	1,296		(1,060)					(225)			567		(764)		2,285			3		(c)
Net derivative receivables:(b)
Interest rate	301			990			123		(201)					204			(55)		69		1,431			1,190
Credit	(363)			(258)			77		(7)					(128)			(138)		9		(808)			(216)
Foreign exchange	20			565			91		(240)					38			94		(228)		340			391
Equity	(2,866)			2,326			623		(1,534)					(1,665)			(199)		111		(3,204)			1,573
Commodity	(73)			260			43		(136)					92			—		(17)		169			309
Total net derivative receivables	(2,981)			3,883		(c)	957		(2,118)					(1,459)			(298)		(56)		(2,072)			3,247		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8			(1)			—		—					—			—		—		7			(1)
Corporate debt securities	—			—			92		—					—			—		—		92			—
Total available-for-sale securities	8			(1)			92		—					—			—		—		99			(1)
Loans	2,416			174		(c)	130		(128)					(615)			605		(330)		2,252			102		(c)
Mortgage servicing rights	9,121			(74)		(d)	475		7					(533)			—		—		8,996			(74)		(d)
Other assets	1,344			11		(c)	69		(52)					(24)			91		(36)		1,403			12		(c)

	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025 (in millions)	Fair value at Jan. 1, 2025		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2025				Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2025
						Purchases	Sales				Issuances	Settlements(g)
Liabilities:(a)
Deposits	$	2,185		$	162	(c)(e)	$	—	$	—		$	623	$	(836)		$	—	$	(35)	$	2,099		$	157	(c)(e)
Short-term borrowings	3,476			204		(c)(e)	—		—			4,019		(3,534)			19		(48)		4,136			127		(c)(e)
Trading liabilities – debt and equity instruments	46			(14)		(c)	(7)		46			—		(1)			26		(24)		72			(14)		(c)
Accounts payable and other liabilities	76			(3)		(c)	—		1			—		—			—		(34)		40			(3)		(c)
Long-term debt	34,564			2,233		(c)(e)	—		—			14,741		(8,937)			185		(1,122)		41,664			2,127		(c)(e)


	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2024				Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2024
						Purchases(f)	Sales					Settlements(g)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	758		$	—		$	45	$	(61)				$	(41)		$	7	$	—	$	708		$	—
Residential – nonagency	5			—			—		—					—			4		(4)		5			—
Commercial – nonagency	12			(2)			1		—					—			—		—		11			(1)
Total mortgage-backed securities	775			(2)			46		(61)					(41)			11		(4)		724			(1)
Obligations of U.S. states and municipalities	10			—			—		—					(2)			—		(1)		7			—
Non-U.S. government debt securities	179			2			92		(72)					—			7		(15)		193			(6)
Corporate debt securities	484			7			300		(167)					(181)			8		(43)		408			7
Loans	684			8			321		(330)					(45)			324		(271)		691			5
Asset-backed securities	6			—			1		(5)					(7)			7		—		2			—
Total debt instruments	2,138			15			760		(635)					(276)			357		(334)		2,025			5
Equity securities	127			(19)			114		(81)					—			43		(62)		122			5
Physical commodities	7			2			4		—					(3)			—		—		10			2
Other	101			44			42		—					(43)			1		(1)		144			42
Total trading assets – debt and equity instruments	2,373			42		(c)	920		(716)					(322)			401		(397)		2,301			54		(c)
Net derivative receivables:(b)
Interest rate	502			(282)			192		(84)					883			187		(97)		1,301			(374)
Credit	265			66			—		(16)					(139)			(38)		42		180			208
Foreign exchange	62			131			77		(125)					(87)			(29)		139		168			139
Equity	(2,402)			(524)			568		(1,199)					222			(11)		355		(2,991)			(6)
Commodity	(279)			(122)			18		(120)					27			(1)		5		(472)			(123)
Total net derivative receivables	(1,852)			(731)		(c)	855		(1,544)					906			108		444		(1,814)			(156)		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—			—			—		—					—			—		—		—			—
Corporate debt securities	—			—			—		—					—			—		—		—			—
Total available-for-sale securities	—			—			—		—					—			—		—		—			—
Loans	3,079			109		(c)	209		(205)					(645)			669		(223)		2,993			(3)		(c)
Mortgage servicing rights	8,522			397		(d)	478		(27)					(523)			—		—		8,847			397		(d)
Other assets	758			66		(c)	420		(22)					(25)			5		—		1,202			66		(c)

	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Jun. 30, 2024				Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2024
						Purchases	Sales				Issuances	Settlements(g)
Liabilities:(a)
Deposits	$	1,833		$	(15)	(c)(e)	$	—	$	—		$	792	$	(610)		$	34	$	(111)	$	1,923		$	(21)	(c)(e)
Short-term borrowings	1,758			69		(c)(e)	—		—			3,459		(2,557)			1		(4)		2,726			30		(c)(e)
Trading liabilities – debt and equity instruments	37			(40)		(c)	(6)		57			—		—			21		(1)		68			(67)		(c)
Accounts payable and other liabilities	52			(12)		(c)	(6)		31			—		—			5		—		70			(12)		(c)
Long-term debt	27,726			515		(c)(e)	—		—			10,976		(7,972)			443		(402)		31,286			424		(c)(e)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% and 2% at June 30, 2025 and December 31, 2024, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at

fair value (including liabilities measured at fair value on a nonrecurring basis) were 6% and 9% at June 30, 2025 and December 31, 2024, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Changes in fair value for MSRs are reported in mortgage fees and related income.

(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2025 and 2024. Unrealized (gains)/losses are reported in OCI, and were $63 million and $(137) million for the three months ended June 30, 2025 and 2024, respectively, and $(10) million and $(97) million for the six months ended June 30, 2025 and 2024, respectively.

(f)Loan originations are included in purchases.

(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Impact of credit adjustments on earnings

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2025		2024		2025		2024
Credit and funding adjustments:
Derivatives CVA	$	(72)	$	(56)	$	(117)	$	20
Derivatives FVA	(34)		(20)		(59)		37

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of June 30, 2025 and 2024, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2025 and 2024, by major product category and fair value hierarchy.


June 30, 2025 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	1,048	$	637	$	1,685
Other assets(a)	—		10		398		408
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,058	$	1,035	$	2,093
Accounts payable and other liabilities	—		—		5		5
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	5	$	5


June 30, 2024 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	860	$	778	$	1,638
Other assets	—		6		501		507
Total assets measured at fair value on a nonrecurring basis	$	—	$	866	$	1,279	$	2,145
Accounts payable and other liabilities	—		—		—		—
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	—

(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $398 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2025, $347 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2025 and 2024, related to assets and liabilities held at those dates.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2025		2024		2025		2024
Loans	$	(105)	$	(105)	$	(139)	$	(149)
Other assets(a)	(14)		(178)		14		(215)
Accounts payable and other liabilities	(4)		—		(5)		—
Total nonrecurring fair value gains/(losses)	$	(123)	$	(283)	$	(130)	$	(364)

(a)Included $(7) million and $(109) million for the three months ended June 30, 2025 and 2024, respectively, and $26 million and $(147) million for the six months ended June 30, 2025 and 2024, respectively, of net gains/(losses) as a result of the measurement alternative.

Equity securities without readily determinable fair values measured under the measurement alternative and related adjustments

The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2025 and 2024, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.


	Three months ended June 30,				Six months ended June 30,
As of or for the period ended, (in millions)	2025		2024		2025		2024
Other assets
Carrying value(a)	$	4,121	$	3,564	$	4,121	$	3,564
Upward carrying value changes(b)	26		10		78		30
Downward carrying value changes/impairment(c)	(33)		(119)		(52)		(177)

(a)The carrying value as of December 31, 2024 was $3.7 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and June 30, 2025 were $1.2 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2025 were $(1.5) billion.

Carrying value and estimated fair value of financial assets and liabilities

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2025 and December 31, 2024, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.


	June 30, 2025										December 31, 2024
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	23.8	$	23.8	$	—	$	—	$	23.8	$	23.4	$	23.4	$	—	$	—	$	23.4
Deposits with banks	396.6		396.4		0.2		—		396.6		445.9		445.8		0.1		—		445.9
Accrued interest and accounts receivable	124.3		—		124.2		0.1		124.3		101.1		—		101.0		0.1		101.1
Federal funds sold and securities purchased under resale agreements	22.8		—		22.8		—		22.8		8.2		—		8.2		—		8.2
Securities borrowed	127.3		—		127.3		—		127.3		135.6		—		135.6		—		135.6
Investment securities, held-to-maturity	260.6		100.2		139.1		—		239.3		274.5		97.4		150.5		—		247.9
Loans, net of allowance for loan losses(a)	1,333.7		—		263.0		1,073.1		1,336.1		1,282.3		—		268.7		1,007.8		1,276.5
Other	88.2		—		86.8		1.6		88.4		82.7		—		81.3		1.6		82.9
Financial liabilities
Deposits	$	2,520.7	$	—	$	2,521.3	$	—	$	2,521.3	$	2,372.3	$	—	$	2,372.5	$	—	$	2,372.5
Federal funds purchased and securities loaned or sold under repurchase agreements	69.9		—		69.9		—		69.9		70.5		—		70.5		—		70.5
Short-term borrowings	28.9		—		28.9		—		28.9		26.4		—		26.3		—		26.3
Accounts payable and other liabilities(b)	256.1		—		243.2		11.9		255.1		232.8		—		219.6		12.6		232.2
Beneficial interests issued by consolidated VIEs	27.7		—		27.7		—		27.7		27.3		—		27.4		—		27.4
Long-term debt	301.4		—		251.7		51.8		303.5		300.6		—		251.2		50.7		301.9

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

(b)Excludes lending-related commitments disclosed in the table below.

The carrying value and estimated fair value of wholesale lending-related commitments

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.


	June 30, 2025										December 31, 2024
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	3.5	$	—	$	—	$	4.6	$	4.6	$	2.7	$	—	$	—	$	4.4	$	4.4

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.