v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Measurements
We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.
We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 130 to 135 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:
Fair Value Measurements on a Recurring Basis
As of September 30, 2025
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$90 $— $— $90 
Non-U.S. government securities— 128 — 128 
Other— 666 — 666 
Total trading account assets$90 $794 $— $884 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations$24,153 $— $— $24,153 
Mortgage-backed securities— 15,551 — 15,551 
Total U.S. Treasury and federal agencies24,153 15,551 — 39,704 
Non-U.S. debt securities:
Mortgage-backed securities— 2,792 — 2,792 
Asset-backed securities— 2,380 — 2,380 
Non-U.S. sovereign, supranational and non-U.S. agency— 18,464 — 18,464 
Other— 3,062 — 3,062 
Total non-U.S. debt securities— 26,698 — 26,698 
Asset-backed securities:
Student loans— 81 — 81 
Collateralized loan obligations— 2,836 — 2,836 
Non-agency CMBS and RMBS(2)
— 4 — 4 
Other— 91 — 91 
Total asset-backed securities— 3,012 — 3,012 
State and political subdivisions— 26 — 26 
Other U.S. debt securities— 3 — 3 
Total available-for-sale investment securities$24,153 $45,290 $— $69,443 
Other assets:
Derivative instruments:
Foreign exchange contracts$— $10,872 $2 $(7,320)$3,554 
Interest rate contracts— 35 — (35)— 
Total derivative instruments— 10,907 2 (7,355)3,554 
Other22 718 — — 740 
Total assets carried at fair value$24,265 $57,709 $2 $(7,355)$74,621 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$— $10,708 $1 $(7,781)$2,928 
Interest rate contracts— 3 — (2)1 
Other derivative contracts— 178 — — 178 
Total derivative instruments— 10,889 1 (7,783)3,107 
Total liabilities carried at fair value$— $10,889 $1 $(7,783)$3,107 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $0.80 billion and $1.21 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Measurements on a Recurring Basis
As of December 31, 2024
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$34 $— $— $34 
Non-U.S. government securities— 121 — 121 
Other— 613 — 613 
Total trading account assets$34 $734 $— $768 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations$23,525 $— $— $23,525 
Mortgage-backed securities— 10,566 — 10,566 
Total U.S. Treasury and federal agencies23,525 10,566 — 34,091 
Non-U.S. debt securities:
Mortgage-backed securities— 2,430 — 2,430 
Asset-backed securities— 1,868 — 1,868 
Non-U.S. sovereign, supranational and non-U.S. agency— 13,939 — 13,939 
Other— 2,821 — 2,821 
Total non-U.S. debt securities— 21,058 — 21,058 
Asset-backed securities:
Student loans— 90 — 90 
Collateralized loan obligations— 3,453 — 3,453 
Non-agency CMBS and RMBS(2)
— 4 — 4 
Other— 91 — 91 
Total asset-backed securities— 3,638 — 3,638 
State and political subdivisions— 56 — 56 
Other U.S. debt securities— 52 — 52 
Total available-for-sale investment securities$23,525 $35,370 $— $58,895 
Other assets:
Derivative instruments:
Foreign exchange contracts$16 $29,422 $1 $(18,262)$11,177 
Interest rate contracts5 23 — (23)5 
Other derivative contracts1 — — — 1 
Total derivative instruments22 29,445 1 (18,285)11,183 
Other20 747 — — 767 
Total assets carried at fair value$23,601 $66,296 $1 $(18,285)$71,613 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts$— $28,904 $— $(22,527)$6,377 
Interest rate contracts— 1 — (1)— 
Other derivative contracts— 219 — — 219 
Total derivative instruments— 29,124 — (22,528)6,596 
Total liabilities carried at fair value$— $29,124 $— $(22,528)$6,596 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.86 billion and $6.10 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Estimates
Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information.
The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:
 Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
September 30, 2025
Financial Assets:    
Cash and due from banks$4,756 $4,756 $4,756 $— $— 
Interest-bearing deposits with banks122,642 122,642 — 122,642 — 
Securities purchased under resale agreements7,730 7,730 — 7,730 — 
Investment securities held-to-maturity40,934 36,654 1,996 34,658 — 
Net loans(1)
46,470 46,303 — 44,675 1,628 
Other(2)
10,555 10,555 — 10,555 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$34,395 $34,395 $— $34,395 $— 
   Interest-bearing - U.S.169,013 169,013 — 169,013 — 
   Interest-bearing - non-U.S.76,591 76,591 — 76,591 — 
Securities sold under repurchase agreements206 206 — 206 — 
Other short-term borrowings9,825 9,825 — 9,825 — 
Long-term debt24,688 24,719 — 24,587 132 
Other(2)
10,555 10,555 — 10,555 — 
(1) Includes $15 million of loans classified as held-for-sale that were measured at fair value in level 2 as of September 30, 2025.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
Fair Value Hierarchy
(In millions)Reported Amount Estimated Fair ValueQuoted Market Prices in Active Markets (Level 1)Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2024
Financial Assets:
Cash and due from banks$3,145 $3,145 $3,145 $— $— 
Interest-bearing deposits with banks112,957 112,957 — 112,957 — 
Securities purchased under resale agreements6,679 6,679 — 6,679 — 
Investment securities held-to-maturity47,727 41,906 5,354 36,552 — 
Net loans(1)
43,026 42,839 — 41,097 1,742 
Other(2)
6,752 6,752 — 6,752 — 
Financial Liabilities:
Deposits:
  Non-interest-bearing$33,180 $33,180 $— $33,180 $— 
  Interest-bearing - U.S.166,483 166,483 — 166,483 — 
  Interest-bearing - non-U.S.62,257 62,257 — 62,257 — 
Securities sold under repurchase agreements3,681 3,681 — 3,681 — 
Other short-term borrowings9,840 9,840 — 9,840 — 
Long-term debt23,272 23,078 — 22,882 196 
Other(2)
6,752 6,752 — 6,752 — 
(1) Includes $14 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2024.
(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.