v3.25.2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]  
Securities borrowed or purchased under agreements to resell
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:

In millions of dollarsJune 30,
2025		December 31, 2024
Securities purchased under agreements to resell$244,999 $192,950 
Securities borrowed78,903 81,115 
Total, net(1)
$323,902 $274,065 
Allowance for credit losses on securities purchased and borrowed(2)
(10)(3)
Total, net of allowance$323,892 $274,062 
Securities loaned or sold under agreements to repurchase
Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:

In millions of dollarsJune 30,
2025		December 31, 2024
Securities sold under agreements to repurchase$330,203 $239,767 
Securities loaned17,710 14,988 
Total, net(1)
$347,913 $254,755 

(1)    The above tables do not include securities-for-securities lending transactions of $3.9 billion and $5.2 billion at June 30, 2025 and December 31, 2024, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.
(2)     See Note 15.
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

 As of June 30, 2025
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net
amounts(4)
Securities purchased under agreements to resell$571,388 $326,389 $244,999 $237,911 $7,088 
Securities borrowed101,780 22,877 78,903 29,718 49,185 
Total$673,168 $349,266 $323,902 $267,629 $56,273 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net amounts(4)
Securities sold under agreements to repurchase$656,592 $326,389 $330,203 $275,604 $54,599 
Securities loaned40,587 22,877 17,710 13,819 3,891 
Total$697,179 $349,266 $347,913 $289,423 $58,490 

 As of December 31, 2024
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(3)
Net
amounts(4)
Securities purchased under agreements to resell$516,722 $323,772 $192,950 $186,121 $6,829 
Securities borrowed100,442 19,327 81,115 22,228 58,887 
Total$617,164 $343,099 $274,065 $208,349 $65,716 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(3)
Net
amounts(4)
Securities sold under agreements to repurchase$563,539 $323,772 $239,767 $193,714 $46,053 
Securities loaned34,315 19,327 14,988 12,317 2,671 
Total$597,854 $343,099 $254,755 $206,031 $48,724 

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities.
(3)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(4)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

 As of June 30, 2025
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net
amounts(4)
Securities purchased under agreements to resell$571,388 $326,389 $244,999 $237,911 $7,088 
Securities borrowed101,780 22,877 78,903 29,718 49,185 
Total$673,168 $349,266 $323,902 $267,629 $56,273 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net amounts(4)
Securities sold under agreements to repurchase$656,592 $326,389 $330,203 $275,604 $54,599 
Securities loaned40,587 22,877 17,710 13,819 3,891 
Total$697,179 $349,266 $347,913 $289,423 $58,490 

 As of December 31, 2024
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(3)
Net
amounts(4)
Securities purchased under agreements to resell$516,722 $323,772 $192,950 $186,121 $6,829 
Securities borrowed100,442 19,327 81,115 22,228 58,887 
Total$617,164 $343,099 $274,065 $208,349 $65,716 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(3)
Net
amounts(4)
Securities sold under agreements to repurchase$563,539 $323,772 $239,767 $193,714 $46,053 
Securities loaned34,315 19,327 14,988 12,317 2,671 
Total$597,854 $343,099 $254,755 $206,031 $48,724 

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities.
(3)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(4)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
Gross amount of liabilities associated with repurchase agreements and securities lending agreements
The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:

As of June 30, 2025
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$360,155 $159,940 $60,979 $75,518 $656,592 
Securities loaned31,404 215 1,316 7,652 40,587 
Total$391,559 $160,155 $62,295 $83,170 $697,179 

As of December 31, 2024
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$299,527 $154,036 $46,635 $63,341 $563,539 
Securities loaned25,898 213 1,007 7,197 34,315 
Total$325,425 $154,249 $47,642 $70,538 $597,854 


The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:

As of June 30, 2025
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$318,840 $— $318,840 
State and municipal securities93 12 105 
Foreign government securities183,417 1,154 184,571 
Corporate bonds20,455 937 21,392 
Equity securities30,118 38,070 68,188 
Mortgage-backed securities96,070 24 96,094 
Asset-backed securities5,026 23 5,049 
Other2,573 367 2,940 
Total$656,592 $40,587 $697,179 

As of December 31, 2024
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$324,233 $40 $324,273 
State and municipal securities183 — 183 
Foreign government securities132,123 1,069 133,192 
Corporate bonds17,467 330 17,797 
Equity securities18,498 32,837 51,335 
Mortgage-backed securities65,279 — 65,279 
Asset-backed securities2,609 23 2,632 
Other3,147 16 3,163 
Total$563,539 $34,315 $597,854