| Accumulated other comprehensive income/(loss) |
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the three months ended June 30, 2025
(in millions) | Unrealized
gains/(losses)
on investment securities | | Translation adjustments, net of hedges | | Fair value hedges | Cash flow hedges | | Defined benefit
pension and
OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | | | Balance at April 1, 2025 | | $ | (2,877) | | | | | $ | (1,585) | | | | $ | (193) | | | $ | (3,140) | | | | | $ | (1,157) | | | | $ | (159) | | | | $ | (9,111) | | | | Net change | | (188) | | | | | 868 | | | | (8) | | | 1,529 | | | | | (28) | | | | (305) | | | | 1,868 | | | | Balance at June 30, 2025 | | $ | (3,065) | | (a) | | | $ | (717) | | | | $ | (201) | | | $ | (1,611) | | | | | $ | (1,185) | | | | $ | (464) | | | | $ | (7,243) | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the three months ended June 30, 2024
(in millions) | Unrealized
gains/(losses)
on investment securities | | Translation adjustments, net of hedges | | Fair value hedges | Cash flow hedges | | Defined benefit pension and
OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | | | Balance at April 1, 2024 | | $ | (3,602) | | | | | $ | (1,420) | | | | $ | (155) | | | $ | (4,821) | | | | | $ | (1,052) | | | | $ | (589) | | | | $ | (11,639) | | | | Net change | | 108 | | | | | (156) | | | | 8 | | | (22) | | | | | (3) | | | | 366 | | | | 301 | | | | Balance at June 30, 2024 | | $ | (3,494) | | (a) | | | $ | (1,576) | | | | $ | (147) | | | $ | (4,843) | | | | | $ | (1,055) | | | | $ | (223) | | | | $ | (11,338) | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the six months ended June 30, 2025
(in millions) | Unrealized
gains/(losses)
on investment securities | | Translation adjustments, net of hedges | | Fair value hedges | Cash flow hedges | | Defined benefit
pension and
OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | | | Balance at January 1, 2025 | | $ | (3,830) | | | | | $ | (2,074) | | | | $ | (221) | | | $ | (4,814) | | | | | $ | (1,141) | | | | $ | (376) | | | | $ | (12,456) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | 765 | | | | | 1,357 | | | | 20 | | | 3,203 | | | | | (44) | | | | (88) | | | | 5,213 | | | | Balance at June 30, 2025 | | $ | (3,065) | | (a) | | | $ | (717) | | | | $ | (201) | | | $ | (1,611) | | | | | $ | (1,185) | | | | $ | (464) | | | | $ | (7,243) | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the six months ended June 30, 2024
(in millions) | Unrealized
gains/(losses)
on investment securities | | Translation adjustments, net of hedges | | Fair value hedges | Cash flow hedges | | Defined benefit pension and
OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | | | Balance at January 1, 2024 | | $ | (3,743) | | | | | $ | (1,216) | | | | $ | (134) | | | $ | (3,932) | | | | | $ | (1,078) | | | | $ | (340) | | | | $ | (10,443) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | 249 | | | | | (360) | | | | (13) | | | (911) | | | | | 23 | | | | 117 | | | | (895) | | | | Balance at June 30, 2024 | | $ | (3,494) | | (a) | | | $ | (1,576) | | | | $ | (147) | | | $ | (4,843) | | | | | $ | (1,055) | | | | $ | (223) | | | | $ | (11,338) | | |
(a)Included after-tax net unamortized unrealized gains/(losses) of $(625) million and $(725) million as of June 30, 2025 and 2024, respectively, related to AFS securities that have been transferred to HTM.
|
| Changes of the components of accumulated other comprehensive income (loss) |
The following table presents the pre-tax and after-tax changes in the components of OCI. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | Three months ended June 30,
(in millions) | Pre-tax | | Tax effect | | After-tax | | Pre-tax | | Tax effect | | After-tax | | Unrealized gains/(losses) on investment securities: | | | | | | | | | | | | | Net unrealized gains/(losses) arising during the period | $ | (301) | | | $ | 72 | | | $ | (229) | | | $ | (405) | | | $ | 99 | | | $ | (306) | | Reclassification adjustment for realized (gains)/losses included in net income(a) | 54 | | | (13) | | | 41 | | | 547 | | | (133) | | | 414 | | | Net change | (247) | | | 59 | | | (188) | | | 142 | | | (34) | | | 108 | | Translation adjustments(b): | | | | | | | | | | | | | Translation | 4,231 | | | (173) | | | 4,058 | | | (929) | | | 50 | | | (879) | | | Hedges | (4,213) | | | 1,023 | | | (3,190) | | | 952 | | | (229) | | | 723 | | | Net change | 18 | | | 850 | | | 868 | | | 23 | | | (179) | | | (156) | | Fair value hedges, net change(c) | (10) | | | 2 | | | (8) | | | 11 | | | (3) | | | 8 | | | Cash flow hedges: | | | | | | | | | | | | | Net unrealized gains/(losses) arising during the period | 1,422 | | | (344) | | | 1,078 | | | (683) | | | 165 | | | (518) | | Reclassification adjustment for realized (gains)/losses included in net income(d) | 592 | | | (141) | | | 451 | | | 655 | | | (159) | | | 496 | | | Net change | 2,014 | | | (485) | | | 1,529 | | | (28) | | | 6 | | | (22) | | | Defined benefit pension and OPEB plans, net change | (36) | | | 8 | | | (28) | | | (2) | | | (1) | | | (3) | | | DVA on fair value option elected liabilities, net change | (401) | | | 96 | | | (305) | | | 485 | | | (119) | | | 366 | | | Total other comprehensive income/(loss) | $ | 1,338 | | | $ | 530 | | | $ | 1,868 | | | $ | 631 | | | $ | (330) | | | $ | 301 | | | | | | | | | | | | | | | 2025 | | 2024 | Six months ended June 30,
(in millions) | Pre-tax | | Tax effect | | After-tax | | Pre-tax | | Tax effect | | After-tax | | Unrealized gains/(losses) on investment securities: | | | | | | | | | | | | | Net unrealized gains/(losses) arising during the period | $ | 919 | | | $ | (223) | | | $ | 696 | | | $ | (586) | | | $ | 143 | | | $ | (443) | | Reclassification adjustment for realized (gains)/losses included in net income(a) | 91 | | | (22) | | | 69 | | | 913 | | | (221) | | | 692 | | | Net change | 1,010 | | | (245) | | | 765 | | | 327 | | | (78) | | | 249 | | Translation adjustments(b): | | | | | | | | | | | | | Translation | 6,442 | | | (278) | | | 6,164 | | | (2,294) | | | 118 | | | (2,176) | | | Hedges | (6,347) | | | 1,540 | | | (4,807) | | | 2,394 | | | (578) | | | 1,816 | | | Net change | 95 | | | 1,262 | | | 1,357 | | | 100 | | | (460) | | | (360) | | Fair value hedges, net change(c) | 27 | | | (7) | | | 20 | | | (16) | | | 3 | | | (13) | | | Cash flow hedges: | | | | | | | | | | | | | Net unrealized gains/(losses) arising during the period | 3,009 | | | (727) | | | 2,282 | | | (2,445) | | | 591 | | | (1,854) | | Reclassification adjustment for realized (gains)/losses included in net income(d) | 1,213 | | | (292) | | | 921 | | | 1,244 | | | (301) | | | 943 | | | Net change | 4,222 | | | (1,019) | | | 3,203 | | | (1,201) | | | 290 | | | (911) | | | Defined benefit pension and OPEB plans, net change | (55) | | | 11 | | | (44) | | | 34 | | | (11) | | | 23 | | | DVA on fair value option elected liabilities, net change | (115) | | | 27 | | | (88) | | | 158 | | | (41) | | | 117 | | | Total other comprehensive income/(loss) | $ | 5,184 | | | $ | 29 | | | $ | 5,213 | | | $ | (598) | | | $ | (297) | | | $ | (895) | |
(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. There were no sales or liquidations of legal entities that resulted in reclassifications for the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Firm reclassified a net pre-tax gain of $1 million to other income, of which $10 million related to net investment hedges. (c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps. (d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.
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