v3.26.1
Trading Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Trading Assets and Liabilities [Abstract]  
Summary of Trading Assets and Liabilities
The table below presents a summary of trading assets and liabilities.
TradingTrading
$ in millionsAssets

Liabilities
As of June 2026
Trading cash instruments$723,911 $223,810 
Derivatives65,172 99,973 
Total$789,083 $323,783 
As of December 2025
Trading cash instruments$603,843 $178,147 
Derivatives52,953 84,405 
Total$656,796 $262,552 
Summary of Market Making Revenues by Major Product Type
The table below presents market making revenues by major product type.
Three Months
Ended June		Six Months
Ended June
$ in millions2026202520262025
Interest rates$675 $3,621 $(1,830)$8,031 
Credit10 135 792 253 
Currencies1,954 (2,238)3,877 (4,710)
Equities4,537 3,078 8,325 6,020 
Commodities461 137 1,934 862 
Total$7,637 $4,733 $13,098 $10,456 
In the table above:
•Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.
•Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments.
•Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.