Fair Value (Tables)

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 June 30, 2026
(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	$	56	$	—	$	—			$	56
Non-U.S. government securities	—		116		—				116
Other	—		684		—				684

Total trading account assets	$	56	$	800	$	—			$	856
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations	$	24,457	$	—	$	—			$	24,457
Mortgage-backed securities	—		16,957		—				16,957
Total U.S. Treasury and federal agencies	24,457		16,957		—				41,414
Non-U.S. debt securities:
Mortgage-backed securities	—		2,691		—				2,691
Asset-backed securities	—		2,594		—				2,594
Non-U.S. sovereign, supranational and non-U.S. agency	—		19,639		—				19,639
Other	—		2,762		—				2,762
Total non-U.S. debt securities	—		27,686		—				27,686
Asset-backed securities:
Student loans	—		36		—				36



Collateralized loan obligations	—		3,045		—				3,045

Other	—		91		—				91
Total asset-backed securities	—		3,172		—				3,172






State and political subdivisions	—		25		—				25


Total available-for-sale investment securities	$	24,457	$	47,840	$	—			$	72,297
Other assets:
Derivative instruments:
Foreign exchange contracts	$	81	$	24,014	$	9	$	(15,298)	$	8,806
Interest rate contracts	—		11		—		(11)		—

Total derivative instruments	81		24,025		9		(15,309)		8,806


Other	18		1,011		—		—		1,029
Total assets carried at fair value	$	24,612	$	73,676	$	9	$	(15,309)	$	82,988
Liabilities:
Accrued expenses and other liabilities:




Derivative instruments:
Foreign exchange contracts	$	—	$	24,221	$	7	$	(19,529)	$	4,699
Interest rate contracts	2		14		—		(14)		2
Other derivative contracts	2		116		—		—		118
Total derivative instruments	4		24,351		7		(19,543)		4,819

Total liabilities carried at fair value	$	4	$	24,351	$	7	$	(19,543)	$	4,819

(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 $2.71 billion and $6.94 billion, respectively, for cash collateral received from and provided to derivative counterparties.


	Fair Value Measurements on a Recurring Basis
	As of December 31, 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	$	55	$	—	$	—			$	55
Non-U.S. government securities	—		124		—				124
Other	—		648		—				648
Total trading account assets	$	55	$	772	$	—			$	827
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations	$	23,260	$	—	$	—			$	23,260
Mortgage-backed securities	—		15,586		—				15,586
Total U.S. Treasury and federal agencies	23,260		15,586		—				38,846
Non-U.S. debt securities:
Mortgage-backed securities	—		2,578		—				2,578
Asset-backed securities	—		2,085		—				2,085
Non-U.S. sovereign, supranational and non-U.S. agency	—		17,731		—				17,731
Other	—		2,826		—				2,826
Total non-U.S. debt securities	—		25,220		—				25,220
Asset-backed securities:
Student loans	—		64		—				64


Collateralized loan obligations	—		2,905		—				2,905
Non-agency CMBS and RMBS(2)	—		3		—				3
Other	—		91		—				91
Total asset-backed securities	—		3,063		—				3,063






State and political subdivisions	—		25		—				25

Other U.S. debt securities	—		—		—				—




Total available-for-sale investment securities	$	23,260	$	43,894	$	—			$	67,154
Other assets:
Derivative instruments:
Foreign exchange contracts	$	5	$	14,218	$	1	$	(10,073)	$	4,151
Interest rate contracts	3		31		—		(31)		3
Other derivative contracts	1		—		—		—		1
Total derivative instruments	9		14,249		1		(10,104)		4,155
Other	22		832		—		—		854
Total assets carried at fair value	$	23,346	$	59,747	$	1	$	(10,104)	$	72,990
Liabilities:
Accrued expenses and other liabilities:




Derivative instruments:
Foreign exchange contracts	$	—	$	14,097	$	—	$	(9,231)	$	4,866
Interest rate contracts	—		5		—		(5)		—
Other derivative contracts	—		159		—		—		159
Total derivative instruments	—		14,261		—		(9,236)		5,025

Total liabilities carried at fair value	$	—	$	14,261	$	—	$	(9,236)	$	5,025

(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 $2.48 billion and $1.61 billion, respectively, for cash collateral received from and provided to derivative counterparties.

(2) Consists entirely of non-agency RMBS.

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)	Carrying Value		Estimated Fair Value		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)
June 30, 2026
Financial Assets:
Cash and due from banks	$	4,290	$	4,290	$	4,290	$	—	$	—
Interest-bearing deposits with banks	145,223		145,223		—		145,223		—
Securities purchased under resale agreements	9,035		9,035		—		9,035		—

Investment securities held-to-maturity	35,290		31,104		266		30,838		—
Net loans(1)	51,901		51,750		—		50,507		1,243
Other(2)	13,606		13,606		—		13,606		—
Financial Liabilities:
Deposits:
Non-interest-bearing	$	46,489	$	46,489	$	—	$	46,489	$	—
Interest-bearing - U.S.	191,759		191,759		—		191,759		—
Interest-bearing - non-U.S.	81,299		81,299		—		81,299		—
Securities sold under repurchase agreements	395		395		—		395		—

Other short-term borrowings	4,372		4,372		—		4,372		—

Long-term debt	25,704		25,548		—		25,411		137
Other(2)	13,606		13,606		—		13,606		—

(1) Includes $92 million of loans classified as held-for-sale that were measured at fair value in level 2 as of June 30, 2026.

(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)	Carrying Value		Estimated Fair Value		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)
December 31, 2025
Financial Assets:
Cash and due from banks	$	4,433	$	4,433	$	4,433	$	—	$	—
Interest-bearing deposits with banks	126,930		126,930		—		126,930		—
Securities purchased under resale agreements	6,812		6,812		—		6,812		—

Investment securities held-to-maturity	38,171		34,166		563		33,603		—
Net loans(1)	46,589		46,417		—		44,862		1,555
Other(2)	15,490		15,490		—		15,490		—
Financial Liabilities:
Deposits:
Non-interest-bearing	$	35,267	$	35,267	$	—	$	35,267	$	—
Interest-bearing - U.S.	168,079		168,079		—		168,079		—
Interest-bearing - non-U.S.	71,004		71,004		—		71,004		—
Securities sold under repurchase agreements	841		841		—		841		—

Other short-term borrowings	3,821		3,821		—		3,821		—
Long-term debt	25,143		25,253		—		25,130		123
Other(2)	15,490		15,490		—		15,490		—

(1) Includes $92 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 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.