v3.25.3
Offsetting Arrangements (Tables)
 9 Months Ended
Sep. 30, 2025
Offsetting [Abstract]  
Offsetting Assets
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:September 30, 2025
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$10,874 $(6,574)$4,300 $— $4,300 
Interest rate contracts(6)
35 (2)33 — 33 
Cash collateral and securities nettingNA(779)(779)(379)(1,158)
Total derivatives10,909 (7,355)3,554 (379)3,175 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
289,539 (239,753)49,786 (46,637)3,149 
Total derivatives and other financial instruments$300,448 $(247,108)$53,340 $(47,016)$6,324 
Assets:December 31, 2024
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$29,439 $(16,424)$13,015 $— $13,015 
Interest rate contracts(6)
28 (1)27 — 27 
Other derivative contracts1 — 1 — 1 
Cash collateral and securities nettingNA(1,860)(1,860)(1,197)(3,057)
Total derivatives29,468 (18,285)11,183 (1,197)9,986 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
276,151 (232,021)44,130 (42,589)1,541 
Total derivatives and other financial instruments$305,619 $(250,306)$55,313 $(43,786)$11,527 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $49.79 billion as of September 30, 2025 were $7.73 billion of resale agreements and $42.06 billion of collateral provided related to securities borrowing. Included in the $44.13 billion as of December 31, 2024 were $6.68 billion of resale agreements and $37.45 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Offsetting Liabilities
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:September 30, 2025
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$10,709 $(6,574)$4,135 $— $4,135 
Interest rate contracts(6)
3 (2)1 — 1 
Other derivative contracts178 — 178 — 178 
Cash collateral and securities nettingNA(1,207)(1,207)(299)(1,506)
Total derivatives10,890 (7,783)3,107 (299)2,808 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
256,344 (239,753)16,591 (16,388)203 
Total derivatives and other financial instruments$267,234 $(247,536)$19,698 $(16,687)$3,011 
Liabilities:December 31, 2024
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$28,904 $(16,424)$12,480 $— $12,480 
Interest rate contracts(6)
1 (1)— — — 
Other derivative contracts219 — 219 — 219 
Cash collateral and securities nettingNA(6,103)(6,103)(1,572)(7,675)
Total derivatives29,124 (22,528)6,596 (1,572)5,024 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
250,032 (232,021)18,011 (17,835)176 
Total derivatives and other financial instruments$279,156 $(254,549)$24,607 $(19,407)$5,200 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $16.59 billion as of September 30, 2025 were $0.21 billion of repurchase agreements and $16.38 billion of collateral received related to securities lending transactions. Included in the $18.01 billion as of December 31, 2024 were $3.68 billion of repurchase agreements and $14.33 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements, as of the periods indicated:
As of September 30, 2025As of December 31, 2024
(In millions)Overnight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 daysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$233,841 $— $181 $— $234,022 $223,095 $350 $1,277 $2,500 $227,222 
Total233,841 — 181 — 234,022 223,095 350 1,277 2,500 227,222 
Securities lending transactions:
US Treasury and agency securities161 — — — 161 152 — — — 152 
Corporate debt securities27 — — — 27 193 — — — 193 
Equity securities9,832 — — 1,747 11,579 11,181 13 — 4,519 15,713 
Other(1)
10,555 — — — 10,555 6,752 — — — 6,752 
Total20,575 — — 1,747 22,322 18,278 13 — 4,519 22,810 
Gross amount of recognized liabilities for repurchase agreements and securities lending$254,416 $— $181 $1,747 $256,344 $241,373 $363 $1,277 $7,019 $250,032 
(1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.