Fair Values (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | | | | | | | | | | | | | | | | | | | At March 31, 2026 | | $ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | | Assets at fair value | | | | | | | Trading assets: | | | | | | | U.S. Treasury and agency securities | $ | 72,906 | | $ | 70,279 | | $ | — | | $ | — | | $ | 143,185 | | | Other sovereign government obligations | 68,547 | | 526 | | 55 | | — | | 69,128 | | | State and municipal securities | — | | 3,298 | | — | | — | | 3,298 | | | MABS | — | | 2,002 | | 629 | | — | | 2,631 | | Loans and lending commitments2 | — | | 10,679 | | 1,667 | | — | | 12,346 | | Corporate and other debt | 4,415 | | 40,368 | | 1,475 | | — | | 46,258 | | Corporate equities3,5 | 193,600 | | 589 | | 184 | | — | | 194,373 | | | Derivative and other contracts: | | | | | | Interest rate | 7,600 | | 124,702 | | 441 | | — | | 132,743 | | | Credit | 1 | | 11,358 | | 283 | | — | | 11,642 | | | Foreign exchange | 14 | | 93,896 | | 166 | | — | | 94,076 | | | Equity | 11,083 | | 95,280 | | 1,019 | | — | | 107,382 | | | Commodity and other | 229 | | 21,951 | | 3,179 | | — | | 25,359 | | Netting1 | (13,301) | | (266,426) | | (1,227) | | (45,442) | | (326,396) | | | Total derivative and other contracts | 5,626 | | 80,761 | | 3,861 | | (45,442) | | 44,806 | | Investments4,5 | 721 | | 452 | | 1,587 | | — | | 2,760 | | | Physical commodities | — | | 652 | | — | | — | | 652 | | Total trading assets4 | 345,815 | | 209,606 | | 9,458 | | (45,442) | | 519,437 | | | Investment securities—AFS | 80,738 | | 29,079 | | — | | — | | 109,817 | | | Securities purchased under agreements to resell | — | | — | | — | | — | | — | | | Total assets at fair value | $ | 426,553 | | $ | 238,685 | | $ | 9,458 | | $ | (45,442) | | $ | 629,254 | |
| | | | | | | | | | | | | | | | | | | At March 31, 2026 | | $ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | | Liabilities at fair value | | | | | | | Deposits | $ | — | | $ | 8,592 | | $ | 1 | | $ | — | | $ | 8,593 | | | Trading liabilities: | | | | | | | U.S. Treasury and agency securities | 27,993 | | 980 | | — | | — | | 28,973 | | | Other sovereign government obligations | 36,712 | | 21 | | 3 | | — | | 36,736 | | Corporate and other debt | 2,124 | | 17,507 | | 54 | | — | | 19,685 | | Corporate equities3 | 85,752 | | 336 | | 16 | | — | | 86,104 | | | Derivative and other contracts: | | | | | | Interest rate | 6,466 | | 114,140 | | 592 | | — | | 121,198 | | | Credit | 1 | | 11,503 | | 135 | | — | | 11,639 | | | Foreign exchange | 142 | | 86,095 | | 210 | | — | | 86,447 | | | Equity | 8,525 | | 120,213 | | 2,334 | | — | | 131,072 | | | Commodity and other | 116 | | 21,796 | | 1,959 | | — | | 23,871 | | Netting1 | (13,301) | | (266,426) | | (1,227) | | (47,415) | | (328,369) | | | Total derivative and other contracts | 1,949 | | 87,321 | | 4,003 | | (47,415) | | 45,858 | | | Total trading liabilities | 154,530 | | 106,165 | | 4,076 | | (47,415) | | 217,356 | | | Securities sold under agreements to repurchase | — | | 250 | | 449 | | — | | 699 | | | Other secured financings | — | | 17,352 | | 181 | | — | | 17,533 | | | Borrowings | — | | 136,696 | | 937 | | — | | 137,633 | | | Total liabilities at fair value | $ | 154,530 | | $ | 269,055 | | $ | 5,644 | | $ | (47,415) | | $ | 381,814 | |
| | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | $ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | | Assets at fair value | | | | | | | Trading assets: | | | | | | | U.S. Treasury and agency securities | $ | 70,801 | | $ | 48,504 | | $ | — | | $ | — | | $ | 119,305 | | | Other sovereign government obligations | 44,790 | | 359 | | 59 | | — | | 45,208 | | | State and municipal securities | — | | 3,740 | | — | | — | | 3,740 | | | MABS | — | | 2,326 | | 317 | | — | | 2,643 | | Loans and lending commitments2 | — | | 9,520 | | 1,424 | | — | | 10,944 | | | Corporate and other debt | 3,720 | | 32,117 | | 1,414 | | — | | 37,251 | | Corporate equities3,5 | 161,160 | | 823 | | 276 | | — | | 162,259 | | | Derivative and other contracts: | | | | | | Interest rate | 2,231 | | 125,002 | | 452 | | — | | 127,685 | | | Credit | — | | 10,081 | | 263 | | — | | 10,344 | | | Foreign exchange | 11 | | 85,969 | | 165 | | — | | 86,145 | | | Equity | 7,335 | | 85,077 | | 717 | | — | | 93,129 | | | Commodity and other | 222 | | 13,746 | | 2,494 | | — | | 16,462 | | Netting1 | (7,509) | | (247,840) | | (1,049) | | (40,577) | | (296,975) | | | Total derivative and other contracts | 2,290 | | 72,035 | | 3,042 | | (40,577) | | 36,790 | | Investments4,5 | 795 | | 416 | | 1,507 | | — | | 2,718 | | | Physical commodities | — | | 685 | | — | | — | | 685 | | Total trading assets4 | 283,556 | | 170,525 | | 8,039 | | (40,577) | | 421,543 | | | Investment securities—AFS | 80,907 | | 29,559 | | — | | — | | 110,466 | | | | | | | | | Total assets at fair value | $ | 364,463 | | $ | 200,084 | | $ | 8,039 | | $ | (40,577) | | $ | 532,009 | |
| | | | | | | | | | | | | | | | | | | At December 31, 2025 | | $ in millions | Level 1 | Level 2 | Level 3 | Netting1 | Total | | Liabilities at fair value | | | | | | | Deposits | $ | — | | $ | 8,754 | | $ | 1 | | $ | — | | $ | 8,755 | | | Trading liabilities: | | | | | | | U.S. Treasury and agency securities | 19,297 | | 2 | | — | | — | | 19,299 | | | Other sovereign government obligations | 23,534 | | 28 | | 2 | | — | | 23,564 | | | Corporate and other debt | 1,447 | | 14,138 | | 50 | | — | | 15,635 | | Corporate equities3 | 68,989 | | 27 | | 30 | | — | | 69,046 | | | Derivative and other contracts: | | | | | | Interest rate | 2,189 | | 113,060 | | 606 | | — | | 115,855 | | | Credit | — | | 10,520 | | 176 | | — | | 10,696 | | | Foreign exchange | 70 | | 82,887 | | 129 | | — | | 83,086 | | | Equity | 6,253 | | 114,930 | | 2,150 | | — | | 123,333 | | | Commodity and other | 264 | | 13,338 | | 1,574 | | — | | 15,176 | | Netting1 | (7,509) | | (247,840) | | (1,049) | | (49,723) | | (306,121) | | | Total derivative and other contracts | 1,267 | | 86,895 | | 3,586 | | (49,723) | | 42,025 | | | Total trading liabilities | 114,534 | | 101,090 | | 3,668 | | (49,723) | | 169,569 | | | Securities sold under agreements to repurchase | — | | 251 | | 445 | | — | | 696 | | | Other secured financings | — | | 16,565 | | 306 | | — | | 16,871 | | | Borrowings | — | | 131,871 | | 608 | | — | | 132,479 | | | Total liabilities at fair value | $ | 114,534 | | $ | 258,531 | | $ | 5,028 | | $ | (49,723) | | $ | 328,370 | |
MABS—Mortgage- and asset-backed securities 1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. 5.At March 31, 2026 and December 31, 2025, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
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| Schedule of Details of Loans and Lending Commitments at Fair Value |
Detail of Loans and Lending Commitments at Fair Value | | | | | | | | | | $ in millions | At
March 31,
2026 | At
December 31,
2025 | | | | | | | Commercial real estate | $ | 490 | | $ | 675 | | Residential real estate | 5,292 | | 3,274 | | | Securities-based lending and Other loans | 6,564 | | 6,995 | | | Total | $ | 12,346 | | $ | 10,944 | |
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| Schedule of Unsettled Fair Value of Futures Contracts |
Unsettled Fair Value of Futures Contracts1 | | | | | | | | | | $ in millions | At
March 31,
2026 | At
December 31,
2025 | Customer and other receivables (payables), net | $ | 3,857 | | $ | 1,538 | |
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
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| Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis |
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other sovereign government obligations | | Beginning balance | $ | 59 | | $ | 17 | | | | | Realized and unrealized gains (losses) | — | | (1) | | | | | Purchases | 1 | | 5 | | | | | Sales | (4) | | (3) | | | | | | | | | | Net transfers | (1) | | 11 | | | | | Ending balance | $ | 55 | | $ | 29 | | | | | Unrealized gains (losses) | $ | — | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MABS | | Beginning balance | $ | 317 | | $ | 281 | | | | | Realized and unrealized gains (losses) | 9 | | — | | | | | Purchases | 122 | | 92 | | | | | Sales | (62) | | (78) | | | | | | | | | | Net transfers | 243 | | 51 | | | | | Ending balance | $ | 629 | | $ | 346 | | | | | Unrealized gains (losses) | $ | 3 | | $ | — | | | | | Loans and lending commitments | | Beginning balance | $ | 1,424 | | $ | 1,059 | | | | | Realized and unrealized gains (losses) | (4) | | 6 | | | | | Purchases and originations | 572 | | 759 | | | | | Sales | (759) | | (432) | | | | | Settlements | — | | (12) | | | | | Net transfers | 434 | | 646 | | | | | Ending balance | $ | 1,667 | | $ | 2,026 | | | | | Unrealized gains (losses) | $ | (18) | | $ | 7 | | | | | Corporate and other debt | | Beginning balance | $ | 1,414 | | $ | 1,258 | | | | | Realized and unrealized gains (losses) | (51) | | (33) | | | | | Purchases and originations | 524 | | 426 | | | | | Sales | (402) | | (275) | | | | | | | | | | Net transfers | (10) | | 58 | | | | | Ending balance | $ | 1,475 | | $ | 1,434 | | | | | Unrealized gains (losses) | $ | (52) | | $ | (1) | | | | | Corporate equities | | Beginning balance | $ | 276 | | $ | 154 | | | | | Realized and unrealized gains (losses) | 12 | | (21) | | | | | Purchases | 29 | | 52 | | | | | Sales | (186) | | (57) | | | | | | | | | | Net transfers | 53 | | 35 | | | | | Ending balance | $ | 184 | | $ | 163 | | | | | Unrealized gains (losses) | $ | 13 | | $ | — | | | |
| | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | Investments | | Beginning balance | $ | 1,507 | | $ | 754 | | | | | Realized and unrealized gains (losses) | 12 | | 22 | | | | | Purchases | 79 | | 24 | | | | | Sales | (15) | | (25) | | | | | | | | | | Net transfers | 4 | | 4 | | | | | Ending balance | $ | 1,587 | | $ | 779 | | | | | Unrealized gains (losses) | $ | 7 | | $ | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net derivatives: Interest rate | | Beginning balance | $ | (154) | | $ | (53) | | | | | Realized and unrealized gains (losses) | 31 | | (119) | | | | | Purchases | 92 | | 10 | | | | | Issuances | (78) | | (12) | | | | | Settlements | (62) | | 18 | | | | | Net transfers | 20 | | 33 | | | | | Ending balance | $ | (151) | | $ | (123) | | | | | Unrealized gains (losses) | $ | (10) | | $ | (116) | | | | | Net derivatives: Credit | | Beginning balance | $ | 87 | | $ | 97 | | | | | Realized and unrealized gains (losses) | 14 | | (22) | | | | | | | | | | Issuances | (1) | | — | | | | | Settlements | 42 | | 34 | | | | | Net transfers | 6 | | 20 | | | | | Ending balance | $ | 148 | | $ | 129 | | | | | Unrealized gains (losses) | $ | 5 | | $ | (54) | | | | | Net derivatives: Foreign exchange | | Beginning balance | $ | 36 | | $ | 589 | | | | | Realized and unrealized gains (losses) | (77) | | (243) | | | | | | | | | | | | | | | Settlements | 47 | | (30) | | | | | Net transfers | (50) | | (11) | | | | | Ending balance | $ | (44) | | $ | 305 | | | | | Unrealized gains (losses) | $ | (79) | | $ | (201) | | | | | Net derivatives: Equity | | Beginning balance | $ | (1,433) | | $ | (1,148) | | | | | Realized and unrealized gains (losses) | 547 | | 380 | | | | | Purchases | 102 | | 175 | | | | | Issuances | (308) | | (144) | | | | | Settlements | (200) | | (288) | | | | | Net transfers | (23) | | 140 | | | | | Ending balance | $ | (1,315) | | $ | (885) | | | | | Unrealized gains (losses) | $ | 411 | | $ | 298 | | | | | Net derivatives: Commodity and other | | Beginning balance | $ | 920 | | $ | 1,308 | | | | | Realized and unrealized gains (losses) | 386 | | 23 | | | | | Purchases | 38 | | 22 | | | | | Issuances | (405) | | (22) | | | | | Settlements | 74 | | (64) | | | | | Net transfers | 207 | | (405) | | | | | Ending balance | $ | 1,220 | | $ | 862 | | | | | Unrealized gains (losses) | $ | 591 | | $ | (5) | | | | | Deposits | | Beginning balance | $ | 1 | | $ | 1 | | | | | | | | | | | | | | | Issuances | — | | 2 | | | | | Settlements | — | | (1) | | | | | Net transfers | — | | 1 | | | | | Ending balance | $ | 1 | | $ | 3 | | | | | Unrealized losses (gains) | $ | — | | $ | — | | | |
| | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | Nonderivative trading liabilities | | Beginning balance | $ | 82 | | $ | 110 | | | | | Realized and unrealized losses (gains) | (3) | | (4) | | | | | Purchases | (23) | | (26) | | | | | Sales | 18 | | 25 | | | | | | | | | | Net transfers | (1) | | (77) | | | | | Ending balance | $ | 73 | | $ | 28 | | | | | Unrealized losses (gains) | $ | (2) | | $ | — | | | | | Securities sold under agreements to repurchase | | Beginning balance | $ | 445 | | $ | 444 | | | | | Realized and unrealized losses (gains) | 4 | | 13 | | | | | | | | | | | | | | | | | | | | | | | | | Net transfers | — | | 203 | | | | | Ending balance | $ | 449 | | $ | 660 | | | | | Unrealized losses (gains) | $ | 4 | | $ | 13 | | | | | Other secured financings | | | | Beginning balance | $ | 306 | | $ | 76 | | | | | Realized and unrealized losses (gains) | — | | 10 | | | | | | | | | | | | | | | Issuances | 32 | | 139 | | | | | Settlements | (155) | | (5) | | | | | Net transfers | (2) | | 215 | | | | | Ending balance | $ | 181 | | $ | 435 | | | | | Unrealized losses (gains) | $ | — | | $ | 10 | | | | | Borrowings | | Beginning balance | $ | 608 | | $ | 947 | | | | | Realized and unrealized losses (gains) | (58) | | 7 | | | | | | | | | | Issuances | 287 | | 91 | | | | | Settlements | (50) | | (86) | | | | Net transfers | 150 | | (57) | | | | | Ending balance | $ | 937 | | $ | 902 | | | | | Unrealized losses (gains) | $ | (57) | | $ | 3 | | | | | Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | 1 | | (2) | | | |
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| Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis |
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other sovereign government obligations | | Beginning balance | $ | 59 | | $ | 17 | | | | | Realized and unrealized gains (losses) | — | | (1) | | | | | Purchases | 1 | | 5 | | | | | Sales | (4) | | (3) | | | | | | | | | | Net transfers | (1) | | 11 | | | | | Ending balance | $ | 55 | | $ | 29 | | | | | Unrealized gains (losses) | $ | — | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MABS | | Beginning balance | $ | 317 | | $ | 281 | | | | | Realized and unrealized gains (losses) | 9 | | — | | | | | Purchases | 122 | | 92 | | | | | Sales | (62) | | (78) | | | | | | | | | | Net transfers | 243 | | 51 | | | | | Ending balance | $ | 629 | | $ | 346 | | | | | Unrealized gains (losses) | $ | 3 | | $ | — | | | | | Loans and lending commitments | | Beginning balance | $ | 1,424 | | $ | 1,059 | | | | | Realized and unrealized gains (losses) | (4) | | 6 | | | | | Purchases and originations | 572 | | 759 | | | | | Sales | (759) | | (432) | | | | | Settlements | — | | (12) | | | | | Net transfers | 434 | | 646 | | | | | Ending balance | $ | 1,667 | | $ | 2,026 | | | | | Unrealized gains (losses) | $ | (18) | | $ | 7 | | | | | Corporate and other debt | | Beginning balance | $ | 1,414 | | $ | 1,258 | | | | | Realized and unrealized gains (losses) | (51) | | (33) | | | | | Purchases and originations | 524 | | 426 | | | | | Sales | (402) | | (275) | | | | | | | | | | Net transfers | (10) | | 58 | | | | | Ending balance | $ | 1,475 | | $ | 1,434 | | | | | Unrealized gains (losses) | $ | (52) | | $ | (1) | | | | | Corporate equities | | Beginning balance | $ | 276 | | $ | 154 | | | | | Realized and unrealized gains (losses) | 12 | | (21) | | | | | Purchases | 29 | | 52 | | | | | Sales | (186) | | (57) | | | | | | | | | | Net transfers | 53 | | 35 | | | | | Ending balance | $ | 184 | | $ | 163 | | | | | Unrealized gains (losses) | $ | 13 | | $ | — | | | |
| | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | Investments | | Beginning balance | $ | 1,507 | | $ | 754 | | | | | Realized and unrealized gains (losses) | 12 | | 22 | | | | | Purchases | 79 | | 24 | | | | | Sales | (15) | | (25) | | | | | | | | | | Net transfers | 4 | | 4 | | | | | Ending balance | $ | 1,587 | | $ | 779 | | | | | Unrealized gains (losses) | $ | 7 | | $ | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net derivatives: Interest rate | | Beginning balance | $ | (154) | | $ | (53) | | | | | Realized and unrealized gains (losses) | 31 | | (119) | | | | | Purchases | 92 | | 10 | | | | | Issuances | (78) | | (12) | | | | | Settlements | (62) | | 18 | | | | | Net transfers | 20 | | 33 | | | | | Ending balance | $ | (151) | | $ | (123) | | | | | Unrealized gains (losses) | $ | (10) | | $ | (116) | | | | | Net derivatives: Credit | | Beginning balance | $ | 87 | | $ | 97 | | | | | Realized and unrealized gains (losses) | 14 | | (22) | | | | | | | | | | Issuances | (1) | | — | | | | | Settlements | 42 | | 34 | | | | | Net transfers | 6 | | 20 | | | | | Ending balance | $ | 148 | | $ | 129 | | | | | Unrealized gains (losses) | $ | 5 | | $ | (54) | | | | | Net derivatives: Foreign exchange | | Beginning balance | $ | 36 | | $ | 589 | | | | | Realized and unrealized gains (losses) | (77) | | (243) | | | | | | | | | | | | | | | Settlements | 47 | | (30) | | | | | Net transfers | (50) | | (11) | | | | | Ending balance | $ | (44) | | $ | 305 | | | | | Unrealized gains (losses) | $ | (79) | | $ | (201) | | | | | Net derivatives: Equity | | Beginning balance | $ | (1,433) | | $ | (1,148) | | | | | Realized and unrealized gains (losses) | 547 | | 380 | | | | | Purchases | 102 | | 175 | | | | | Issuances | (308) | | (144) | | | | | Settlements | (200) | | (288) | | | | | Net transfers | (23) | | 140 | | | | | Ending balance | $ | (1,315) | | $ | (885) | | | | | Unrealized gains (losses) | $ | 411 | | $ | 298 | | | | | Net derivatives: Commodity and other | | Beginning balance | $ | 920 | | $ | 1,308 | | | | | Realized and unrealized gains (losses) | 386 | | 23 | | | | | Purchases | 38 | | 22 | | | | | Issuances | (405) | | (22) | | | | | Settlements | 74 | | (64) | | | | | Net transfers | 207 | | (405) | | | | | Ending balance | $ | 1,220 | | $ | 862 | | | | | Unrealized gains (losses) | $ | 591 | | $ | (5) | | | | | Deposits | | Beginning balance | $ | 1 | | $ | 1 | | | | | | | | | | | | | | | Issuances | — | | 2 | | | | | Settlements | — | | (1) | | | | | Net transfers | — | | 1 | | | | | Ending balance | $ | 1 | | $ | 3 | | | | | Unrealized losses (gains) | $ | — | | $ | — | | | |
| | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | Nonderivative trading liabilities | | Beginning balance | $ | 82 | | $ | 110 | | | | | Realized and unrealized losses (gains) | (3) | | (4) | | | | | Purchases | (23) | | (26) | | | | | Sales | 18 | | 25 | | | | | | | | | | Net transfers | (1) | | (77) | | | | | Ending balance | $ | 73 | | $ | 28 | | | | | Unrealized losses (gains) | $ | (2) | | $ | — | | | | | Securities sold under agreements to repurchase | | Beginning balance | $ | 445 | | $ | 444 | | | | | Realized and unrealized losses (gains) | 4 | | 13 | | | | | | | | | | | | | | | | | | | | | | | | | Net transfers | — | | 203 | | | | | Ending balance | $ | 449 | | $ | 660 | | | | | Unrealized losses (gains) | $ | 4 | | $ | 13 | | | | | Other secured financings | | | | Beginning balance | $ | 306 | | $ | 76 | | | | | Realized and unrealized losses (gains) | — | | 10 | | | | | | | | | | | | | | | Issuances | 32 | | 139 | | | | | Settlements | (155) | | (5) | | | | | Net transfers | (2) | | 215 | | | | | Ending balance | $ | 181 | | $ | 435 | | | | | Unrealized losses (gains) | $ | — | | $ | 10 | | | | | Borrowings | | Beginning balance | $ | 608 | | $ | 947 | | | | | Realized and unrealized losses (gains) | (58) | | 7 | | | | | | | | | | Issuances | 287 | | 91 | | | | | Settlements | (50) | | (86) | | | | Net transfers | 150 | | (57) | | | | | Ending balance | $ | 937 | | $ | 902 | | | | | Unrealized losses (gains) | $ | (57) | | $ | 3 | | | | | Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | 1 | | (2) | | | |
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| Schedule of Valuation Techniques and Unobservable Inputs |
Valuation Techniques and Unobservable Inputs | | | | | | | | | | Balance / Range (Average1) | | $ in millions, except inputs | At March 31, 2026 | At December 31, 2025 | | Assets at Fair Value on a Recurring Basis | | | | | | | | | | | Other sovereign government obligations | $ | 55 | | $ | 59 | | | Comparable pricing: | | | | Bond price | 65 to 112 points (99 points) | 58 to 112 points (100 points) | | | | | | | | | | | MABS | $ | 629 | | $ | 317 | | | Comparable pricing: | | | | Bond price | 30 to 104 points (75 points) | 30 to 100 points (68 points) | | Loans and lending commitments | $ | 1,667 | | $ | 1,424 | | | | | | | | | Comparable pricing: | | | | Loan price | 43 to 103 points (91 points) | 54 to 102 points (81 points) | | Corporate and other debt | $ | 1,475 | | $ | 1,414 | | | Comparable pricing: | | | Bond price | 29 to 130 points (86 points) | 29 to 130 points (90 points) | | Discounted cash flow: | | | Loss given default | 40% to 40% (40% / 40%) | 40% to 40% (40% / 40%) | | | | | | | | | | | Corporate equities | $ | 184 | | $ | 276 | | | Comparable pricing: | | | | Equity price | 100% | 100% | | Investments | $ | 1,587 | | $ | 1,507 | | | Discounted cash flow: | | | WACC | 10% to 21% (16%) | 10% to 21% (16%) | | Exit multiple | 9 to 9 times (9 times) | 9 to 9 times (9 times) | | Market approach: | | | | EBITDA multiple | 17 times | 18 times | | Comparable pricing: | | | | Equity price | 24% to 100% (95%) | 24% to 100% (95%) | | Net derivative and other contracts: | | | | Interest rate | $ | (151) | | $ | (154) | | | Option model: | | | | IR volatility skew | 63% to 94% (72% / 74%) | 52% to 86% (67% / 66%) | | IR curve correlation | 53% to 99% (85% / 86%) | 56% to 99% (87% / 88%) | | Bond volatility | 67% to 107% (92% / 91%) | 63% to 97% (80% / 80%) | | Inflation volatility | 32% to 67% (44% / 40%) | 32% to 67% (44% / 40%) | | | | | Credit | $ | 148 | | $ | 87 | | | Credit default swap model: | | Cash-synthetic basis | 9 points | 11 points | | Bond price | 0 to 96 points (79 points) | 0 to 97 points (53 points) | | Credit spread | 22 to 679 bps (109 bps) | 22 to 680 bps (108 bps) | | Funding spread | N/M | 6 to 590 bps (77 bps) | | | | | | |
| | | | | | | | | | Balance / Range (Average1) | | $ in millions, except inputs | At March 31, 2026 | At December 31, 2025 | Foreign exchange2 | $ | (44) | | $ | 36 | | | Option model: | | | | | | | | | | IR curve | -1% to 6% (0% / 0%) | -1% to 10% (2% / 1%) | | Foreign exchange volatility skew | 6% to 12% (9% / 10%) | 6% to 10% (8% / 8%) | | Contingency probability | 95% to 95% (95% / 95%) | 80% to 95% (95% / 95%) | Equity2 | $ | (1,315) | | $ | (1,433) | | | Option model: | | | | Equity volatility | 3% to 137% (28%) | 1% to 133% (27%) | | Equity volatility skew | -11% to 4% (-2%) | -11% to 3% (-1%) | | Equity correlation | -16% to 100% (63%) | 0% to 100% (57%) | | FX correlation | -84% to 90% (-17%) | -90% to 90% (-30%) | | IR correlation | -25% to 85% (18%) | -5% to 16% (15%) | | Commodity and other | $ | 1,220 | | $ | 920 | | | Option model: | | | | Forward power price | $5 to $136 ($58) per MWh | $5 to $141 ($59) per MWh | Forward natural gas Price | $1 to $8 ($3) per MMBTu | N/M | | Commodity volatility | 14% to 95% (28%) | 6% to 137% (29%) | | Cross-commodity correlation | 69% to 99% (96%) | 54% to 99% (98%) | | Liabilities Measured at Fair Value on a Recurring Basis | | | | | | | | | | | | | | Corporate and other debt | $ | 54 | | $ | 50 | | | Comparable pricing: | | | | Bond price | 1 to 100 points (28 points) | 2 to 101 points (25 points) | | | | | | | | | | | Securities sold under agreements to repurchase | $ | 449 | | $ | 445 | | Discounted cash flow: | | | Funding spread | 21 to 145 bps (71 / 61 bps) | 18 to 109 bps (63 / 63 bps) | | Other secured financings | $ | 181 | | $ | 306 | | | | | | | | Comparable pricing: | | | Loan price | 66 to 89 points (72 points) | 0 to 98 points (66 points) | | | | | | | | | | | Borrowings | $ | 937 | | $ | 608 | | | Option model: | | | | Equity volatility | 9% to 93% (30%) | 5% to 102% (44%) | | Equity volatility skew | -4% to 1% (-1%) | -3% to 1% (-1%) | | Equity correlation | 10% to 100% (83%) | 20% to 100% (84%) | | Equity - FX correlation | -88% to 21% (-19%) | -70% to 30% (-19%) | | | | | | | | Credit default swap model: | | | | Credit spread | 377 to 377 bps (377 bps) | 325 to 325 bps (325 bps) | | Discounted cash flow: | | | Loss given default | 40% to 40% (40% / 40%) | 40% to 40% (40% / 40%) |
| | | | | | | | | | Balance / Range (Average1) | | $ in millions, except inputs | At March 31, 2026 | At December 31, 2025 | | Nonrecurring Fair Value Measurement | | | Loans | $ | 1,507 | | $ | 1,319 | | | Corporate loan model: | | | Credit spread | 96 to 682 bps (280 bps) | 87 to 967 bps (272 bps) | | Comparable pricing: | | | | Loan price | 50 to 85 points (60 points) | 50 to 100 points (67 points) | | Warehouse model: | | | | Credit spread | 72 to 121 bps (100 bps) | 66 to 113 bps (82 bps) | | | | | | |
Points—Percentage of par IR—Interest rate FX—Foreign exchange 1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2.Includes derivative contracts with multiple risks (i.e., hybrid products).
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| Schedule of Net Asset Value Measurements |
Fund Interests | | | | | | | | | | | | | | | | | At March 31, 2026 | At December 31, 2025 | | $ in millions | Carrying
Value | Commitment | Carrying
Value | Commitment | | Private equity and other | $ | 3,103 | | $ | 664 | | $ | 3,110 | | $ | 671 | | | Real estate | 3,591 | | 276 | | 3,551 | | 246 | | Hedge | 80 | | 1 | | 72 | | 1 | | | Total | $ | 6,774 | | $ | 941 | | $ | 6,733 | | $ | 918 | |
Nonredeemable Funds by Contractual Maturity | | | | | | | | | | | Carrying Value at March 31, 2026 | | $ in millions | Private Equity and Other | Real Estate | | Less than 5 years | $ | 1,062 | | $ | 2,471 | | | 5-10 years | 1,585 | | 1,088 | | | Over 10 years | 456 | | 32 | | | Total | $ | 3,103 | | $ | 3,591 | |
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| Schedule of Nonrecurring Fair Value Measurements |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | | | | | | | | | | | | | | At March 31, 2026 | | | Fair Value | | $ in millions | Level 2 | Level 31 | Total | | Assets | | | | | Loans | $ | 3,070 | | $ | 1,507 | | $ | 4,577 | | | | | | | | | | | Other assets—Other investments | — | | 67 | | 67 | | | | | | | Other assets—ROU assets | — | | — | | — | | | Total | $ | 3,070 | | $ | 1,574 | | $ | 4,644 | | | Liabilities | | | | | Other liabilities and accrued expenses—Lending commitments | $ | 63 | | $ | 24 | | $ | 87 | | | Total | $ | 63 | | $ | 24 | | $ | 87 | |
| | | | | | | | | | | | | | | At December 31, 2025 | | | | Fair Value | | | $ in millions | Level 2 | Level 31 | Total | | | Assets | | | | | | Loans | $ | 2,385 | | $ | 1,319 | | $ | 3,704 | | | | Other assets—Other investments | — | | 64 | | 64 | | | | Other assets—ROU assets | 20 | | — | | 20 | | | | Total | $ | 2,405 | | $ | 1,383 | | $ | 3,788 | | | | Liabilities | | | | | | Other liabilities and accrued expenses—Lending commitments | $ | 53 | | $ | 18 | | $ | 71 | | | | Total | $ | 53 | | $ | 18 | | $ | 71 | | |
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Nonrecurring Fair Value Remeasurements1 | | | | | | | | | | | | | Three Months Ended
March 31, | | | $ in millions | 2026 | 2025 | | | | Assets | | | | | Loans2 | $ | (104) | | $ | 19 | | | | | | | | | | | | | | Other assets—Other investments3 | — | | (6) | | | | Other assets—Premises, equipment and software4 | (1) | | (5) | | | | | | | | | | Total | $ | (105) | | $ | 8 | | | | | Liabilities | | | | | Other liabilities and accrued expenses—Lending commitments2 | $ | (16) | | $ | (8) | | | | | Total | $ | (16) | | $ | (8) | | | |
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses. 2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. 3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions. 4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
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| Schedule of Financial Instruments Not Measured at Fair Value |
Financial Instruments Not Measured at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | At March 31, 2026 | | | | | | | | Carrying
Value | Fair Value | | | | | | | $ in millions | Level 1 | Level 2 | Level 3 | Total | | | | | | | Financial assets | | | | | | | | | | | Cash and cash equivalents | $ | 133,529 | | $ | 133,529 | | $ | — | | $ | — | | $ | 133,529 | | | | | | | | Investment securities—HTM | 50,546 | | 9,768 | | 31,870 | | 1,355 | | 42,993 | | | | | | | | Securities purchased under agreements to resell | 128,880 | | — | | 127,577 | | 1,299 | | 128,876 | | | | | | | | Securities borrowed | 154,570 | | — | | 154,569 | | — | | 154,569 | | | | | | | | Customer and other receivables | 122,949 | | — | | 118,150 | | 4,708 | | 122,858 | | | | | | | Loans1 | | | | | | | | | | | | Held for investment | 276,683 | | — | | 29,068 | | 245,334 | | 274,402 | | | | | | | | Held for sale | 17,231 | | — | | 10,805 | | 6,603 | | 17,408 | | | | | | | | Other assets | 704 | | — | | 704 | | — | | 704 | | | | | | | | Financial liabilities | | | | | | | | | | Deposits | $ | 419,378 | | $ | — | | $ | 419,926 | | $ | — | | $ | 419,926 | | | | | | | | Securities sold under agreements to repurchase | 119,132 | | — | | 119,086 | | — | | 119,086 | | | | | | | | Securities loaned | 19,589 | | — | | 19,588 | | — | | 19,588 | | | | | | | | Other secured financings | 5,133 | | — | | 5,130 | | — | | 5,130 | | | | | | | | Customer and other payables | 258,877 | | — | | 258,877 | | — | | 258,877 | | | | | | | | Borrowings | 233,935 | | — | | 235,550 | | 219 | | 235,769 | | | | | | | | | Commitment
Amount | | | | | | | | | | Lending commitments2 | $ | 208,117 | | $ | — | | $ | 1,486 | | $ | 1,317 | | $ | 2,803 | | | | | | |
| | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | | Carrying
Value | Fair Value | | $ in millions | Level 1 | Level 2 | Level 3 | Total | | Financial assets | | | | | | Cash and cash equivalents | $ | 111,695 | | $ | 111,695 | | $ | — | | $ | — | | $ | 111,695 | | | Investment securities—HTM | 53,090 | | 11,636 | | 32,622 | | 1,357 | | 45,615 | | | Securities purchased under agreements to resell | 120,243 | | — | | 119,273 | | 1,003 | | 120,276 | | | Securities borrowed | 151,908 | | — | | 151,909 | | — | | 151,909 | | | Customer and other receivables | 108,189 | | — | | 103,458 | | 4,682 | | 108,140 | | Loans1 | | | | | | Held for investment | 268,720 | | — | | 27,243 | | 238,800 | | 266,043 | | Held for sale | 9,374 | | — | | 5,692 | | 3,703 | | 9,395 | | | Other assets | 704 | | — | | 704 | | — | | 704 | | | Financial liabilities | | | | | Deposits | $ | 406,768 | | $ | — | | $ | 407,350 | | $ | — | | $ | 407,350 | | | Securities sold under agreements to repurchase | 77,843 | | — | | 77,832 | | — | | 77,832 | | | Securities loaned | 17,310 | | — | | 17,313 | | — | | 17,313 | | | Other secured financings | 4,732 | | — | | 4,729 | | — | | 4,729 | | | Customer and other payables | 226,342 | | — | | 226,342 | | — | | 226,342 | | | Borrowings | 216,456 | | — | | 220,547 | | 200 | | 220,747 | | | | Commitment
Amount | | | | | Lending commitments2 | $ | 208,435 | | $ | — | | $ | 1,145 | | $ | 1,087 | | $ | 2,232 | |
1.Amounts include loans measured at fair value on a nonrecurring basis. 2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
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