Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables)

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2025 and December 31, 2024. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.


Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount												Carrying value(h)(i)
	June 30, 2025										Dec 31, 2024			Jun 30, 2025		Dec 31, 2024
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)	$	14,512	$	6,597	$	4,058	$	6,769	$	31,936	$	30,349		$	408	$	534
Auto and other	11,346		1		4		3,777		15,128		14,495			11		37
Total consumer, excluding credit card	25,858		6,598		4,062		10,546		47,064		44,844			419		571
Credit card(b)	1,050,275		—		—		—		1,050,275		1,001,311			—		—
Total consumer(c)	1,076,133		6,598		4,062		10,546		1,097,339		1,046,155			419		571
Wholesale:
Other unfunded commitments to extend credit(d)	112,561		187,746		201,445		24,933		526,685		498,437			3,230		2,608
Standby letters of credit and other financial guarantees(d)	15,793		8,108		4,202		534		28,637		28,676			674		473
Other letters of credit(d)	3,786		295		11		240		4,332		4,354			16		37
Total wholesale(c)	132,140		196,149		205,658		25,707		559,654		531,467			3,920		3,118
Total lending-related	$	1,208,273	$	202,747	$	209,720	$	36,253	$	1,656,993	$	1,577,622		$	4,339	$	3,689
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	366,566	$	—	$	—	$	—	$	366,566	$	310,046		$	—	$	—
Derivatives qualifying as guarantees	1,550		86		9,699		37,085		48,420		49,628			9		113
Unsettled resale and securities borrowed agreements	154,920		1,207		1,250		—		157,377		115,939			1		2
Unsettled repurchase and securities loaned agreements	99,797		587		—		—		100,384		66,986			—		(2)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		NA		NA		NA		NA		NA			46		45
Loans sold with recourse	NA		NA		NA		NA		1,697		1,189			19		23
Exchange & clearing house guarantees and commitments(f)	243,239		NA		NA		NA		243,239		401,486			—		—
Other guarantees and commitments(g)	10,770		1,002		458		774		13,004		12,396			27		28

(a)Includes certain commitments to purchase loans from correspondents.

(b)Also includes commercial card lending-related commitments primarily in CIB.

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)As of June 30, 2025 and December 31, 2024, reflected the contractual amount net of risk participations totaling $155 million and $85 million, respectively, for other unfunded commitments to extend credit; $9.5 billion at both periods for standby letters of credit and other financial guarantees; $699 million and $556 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)As of June 30, 2025 and December 31, 2024, collateral held by the Firm in support of securities lending indemnification agreements was $388.5 billion and $328.7 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)As of June 30, 2025 and December 31, 2024, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)As of June 30, 2025 and December 31, 2024, primarily includes unfunded commitments to purchase secondary market loans, other equity investment commitments, and unfunded commitments related to certain tax-oriented equity investments.

(h)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

(i)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2025 and December 31, 2024.

Standby letters of credit, other financial guarantees and other letters of credit


	June 30, 2025					December 31, 2024
(in millions)	Standby letters of credit and other financial guarantees			Other letters of credit		Standby letters of credit and other financial guarantees			Other letters of credit
Investment-grade(a)		$	19,946	$	2,875		$	20,443	$	3,380
Noninvestment-grade(a)		8,691		1,457			8,233		974
Total contractual amount		$	28,637	$	4,332		$	28,676	$	4,354

Allowance for lending-related commitments		$	236	$	16		$	94	$	37
Guarantee liability		438		—			379		—
Total carrying value		$	674	$	16		$	473	$	37
Commitments with collateral		$	16,629	$	303		$	16,805	$	357

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

The following table summarizes the derivatives qualifying as guarantees as of June 30, 2025 and December 31, 2024.


(in millions)	June 30, 2025		December 31, 2024
Notional amounts
Derivative guarantees	$	48,420	$	49,628
Stable value contracts with contractually limited exposure	34,903		32,939
Maximum exposure of stable value contracts with contractually limited exposure	1,305		1,740
Fair value
Derivative payables	9		113