v3.26.1
Loans (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Summary of Loans
The table below presents information about loans.
$ in millionsAmortized
Cost		Fair ValueHeld For SaleTotal
As of June 2026
Loan Type
Corporate$33,663 $615 $1,286 $35,564 
Commercial real estate39,377 408 524 40,309 
Residential real estate32,438 3,104 – 35,542 
Securities-based
19,110 – – 19,110 
Other collateralized
105,809 487 2,695 108,991 
Credit cards– – 19,506 19,506 
Other3,994 26 34 4,054 
Total loans, gross234,391 4,640 24,045 263,076 
Allowance for loan losses(2,188)– – (2,188)
Total loans$232,203 $4,640 $24,045 $260,888 
As of December 2025
Loan Type
Corporate$29,432 $326 $918 $30,676 
Commercial real estate36,261 420 728 37,409 
Residential real estate28,700 3,257 – 31,957 
Securities-based
18,079 – – 18,079 
Other collateralized
97,519 855 625 98,999 
Credit cards– – 19,742 19,742 
Other2,920 47 53 3,020 
Total loans, gross212,911 4,905 22,066 239,882 
Allowance for loan losses(2,148)– – (2,148)
Total loans$210,763 $4,905 $22,066 $237,734 
In the table above:
•Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both June 2026 and December 2025.
•Substantially all loans had floating interest rates as of both June 2026 and December 2025.
•During 2025, the firm transferred the Apple Card loan portfolio to held for sale.
The table below presents gross loans and lending commitments accounted for at amortized cost, all of which are included in the wholesale portfolio.
As of
June 2026December 2025
$ in millionsLoansLending
 Commitments
LoansLending
 Commitments
Corporate$33,663 $220,279 $29,432 $179,236 
Commercial real estate39,377 10,079 36,261 7,109 
Residential real estate32,438 3,847 28,700 3,017 
Securities-based
19,110 923 18,079 784 
Other collateralized
105,809 53,834 97,519 47,741 
Other3,994 1,177 2,920 1,085 
Total$234,391 $290,139 $212,911 $238,972 
In the table above, loans included $3.49 billion as of June 2026 and $3.39 billion as of December 2025 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $985 million as of June 2026 and $975 million as of December 2025. These loans included $486 million as of June 2026 and $656 million as of December 2025 of loans which did not require a reserve as the loan was deemed to be recoverable.
Summary of Other Loans Receivable
The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
$ in millions
Investment-Grade
Non-Investment- GradeOther Metrics/UnratedTotal
As of June 2026
Accounting Method
Amortized cost$173,324 $48,950 $12,117 $234,391 
Fair value989 606 3,045 4,640 
Held for sale1,775 2,730 19,540 24,045 
Total$176,088 $52,286 $34,702 $263,076 
Loan Type
Corporate$12,172 $23,357 $35 $35,564 
Real estate:
Commercial29,852 10,357 100 40,309 
Residential18,444 2,615 14,483 35,542 
Securities-based
18,275 809 26 19,110 
Other collateralized
93,906 14,558 527 108,991 
Credit cards– – 19,506 19,506 
Other3,439 590 25 4,054 
Total$176,088 $52,286 $34,702 $263,076 
Secured93%88%43%86%
Unsecured7%12%57%14%
Total100%100%100%100%
As of December 2025
Accounting Method
Amortized cost$149,682 $47,675 $15,554 $212,911 
Fair value595 1,025 3,285 4,905 
Held for sale695 1,578 19,793 22,066 
Total$150,972 $50,278 $38,632 $239,882 
Loan Type
Corporate$9,243 $21,432 $1 $30,676 
Real estate:
Commercial25,529 11,763 117 37,409 
Residential16,190 2,262 13,505 31,957 
Securities-based
13,130 343 4,606 18,079 
Other collateralized
84,179 14,231 589 98,999 
Credit cards– – 19,742 19,742 
Other2,701 247 72 3,020 
Total$150,972 $50,278 $38,632 $239,882 
Secured94%90%49%86%
Unsecured6%10%51%14%
Total100%100%100%100%

In the table above:
•Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both June 2026 and December 2025, substantially all such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both June 2026 and December 2025, the vast majority of such loans had a FICO credit score of greater than 740.
•The vast majority of securities-based loans included in the other metrics/unrated category as of December 2025 had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms.
•For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. During 2025, the firm transferred the Apple Card loan portfolio to held for sale.
The tables below present gross loans accounted for at amortized cost by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
As of June 2026
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		 Other Metrics/
 Unrated		Total
2026$1,459 $2,475 $– $3,934 
20252,348 2,613 – 4,961 
20241,088 1,429 – 2,517 
2023702 645 – 1,347 
2022471 703 – 1,174 
2021 or earlier472 2,732 – 3,204 
Revolving5,191 11,229 19 16,439 
Revolving converted to term– 87 – 87 
Corporate11,731 21,913 19 33,663 
20263,081 1,420 40 4,541 
20254,292 1,926 48 6,266 
20243,086 847 – 3,933 
2023945 358 – 1,303 
2022777 895 – 1,672 
2021 or earlier1,445 2,076 11 3,532 
Revolving15,756 2,129 – 17,885 
Revolving converted to term175 70 – 245 
Commercial real estate29,557 9,721 99 39,377 
20262,239 700 1,568 4,507 
20251,233 265 2,867 4,365 
202451 31 1,234 1,316 
202368 – 1,004 1,072 
202285 41 2,258 2,384 
2021 or earlier9 86 2,589 2,684 
Revolving14,631 1,479 – 16,110 
Residential real estate18,316 2,602 11,520 32,438 
202610 363 – 373 
20255 – – 5 
20241,212 113 – 1,325 
20238 – – 8 
20225 – – 5 
Revolving17,035 333 26 17,394 
Securities-based 18,275 809 26 19,110 
20266,708 2,398 52 9,158 
202510,600 3,804 132 14,536 
20243,330 1,808 66 5,204 
20231,620 747 81 2,448 
2022426 95 18 539 
2021 or earlier1,019 82 83 1,184 
Revolving67,958 4,360 21 72,339 
Revolving converted to term377 24 – 401 
Other collateralized 92,038 13,318 453 105,809 
20261,146 185 – 1,331 
2025477 63 – 540 
202450 31 – 81 
202380 – – 80 
202216 1 – 17 
2021 or earlier27 3 – 30 
Revolving1,611 304 – 1,915 
Other3,407 587 – 3,994 
Total$173,324 $48,950 $12,117 $234,391 
Percentage of total74%21%5%100%
As of December 2025
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		Other Metrics/
 Unrated		Total
2025$2,153 $3,840 $– $5,993 
2024623 1,645 – 2,268 
2023705 723 – 1,428 
2022680 838 – 1,518 
202175 1,756 – 1,831 
2020 or earlier477 1,529 – 2,006 
Revolving4,419 9,881 1 14,301 
Revolving converted to term– 87 – 87 
Corporate9,132 20,299 1 29,432 
20253,452 2,866 88 6,406 
20243,653 1,058 – 4,711 
2023993 545 28 1,566 
2022858 1,225 1 2,084 
2021390 1,730 – 2,120 
2020 or earlier851 1,272 – 2,123 
Revolving14,440 2,523 – 16,963 
Revolving converted to term185 103 – 288 
Commercial real estate24,822 11,322 117 36,261 
20251,242 274 2,692 4,208 
202489 38 1,434 1,561 
202390 – 1,155 1,245 
202286 41 2,367 2,494 
202115 74 2,453 2,542 
2020 or earlier– 19 307 326 
Revolving14,624 1,700 – 16,324 
Residential real estate16,146 2,146 10,408 28,700 
20255 – – 5 
20241,750 38 – 1,788 
202338 – – 38 
20225 – – 5 
Revolving11,332 305 4,606 16,243 
Securities-based
13,130 343 4,606 18,079 
202510,064 4,475 135 14,674 
20244,158 1,881 78 6,117 
20232,355 735 93 3,183 
2022614 178 24 816 
2021725 233 48 1,006 
2020 or earlier590 63 44 697 
Revolving64,769 5,754 – 70,523 
Revolving converted to term503 – – 503 
Other collateralized 83,778 13,319 422 97,519 
2025618 56 – 674 
2024251 72 – 323 
202381 11 – 92 
202222 1 – 23 
202122 – – 22 
2020 or earlier– 3 – 3 
Revolving1,680 103 – 1,783 
Other2,674 246 – 2,920 
Total$149,682 $47,675 $15,554 $212,911 
Percentage of total
70%23%7%100%
Summary of Credit Concentration by Region The table below presents the concentration of gross loans by region.
$ in millionsCarrying
 Value		AmericasEMEAAsiaTotal
As of June 2026
Corporate$35,564 62%26%12%100%
Commercial real estate40,309 79%17%4%100%
Residential real estate35,542 91%7%2%100%
Securities-based
19,110 84%16%– 100%
Other collateralized
108,991 79%19%2%100%
Credit cards19,506 100%– – 100%
Other4,054 95%5%– 100%
Total$263,076 80%17%3%100%
As of December 2025
Corporate$30,676 66%25%9%100%
Commercial real estate37,409 76%20%4%100%
Residential real estate31,957 92%7%1%100%
Securities-based
18,079 78%22%– 100%
Other collateralized
98,999 80%18%2%100%
Credit cards19,742 100%– – 100%
Other3,020 97%3%– 100%
Total$239,882 81%16%3%100%
In the table above:
•EMEA represents Europe, Middle East and Africa.
•The top five industry concentrations for corporate loans as of June 2026 were 24% for technology, media & telecommunications, 21% for diversified industrials, 15% for real estate, 9% for consumer & retail and 9% for financial institutions.
•The top five industry concentrations for corporate loans as of December 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 16% for real estate, 10% for consumer & retail and 8% for financial institutions.
Summary of Past Due Loans
The table below presents information about past due loans accounted for at amortized cost.
$ in millions30-89 days90 days
 or more		Total
As of June 2026
Corporate$75 $157 $232 
Commercial real estate103 468 571 
Residential real estate– 15 15 
Securities-based
4 – 4 
Other collateralized
– 6 6 
Other23 – 23 
Total$205 $646 $851 
Total divided by gross loans at amortized cost0.4%
As of December 2025
Corporate$– $32 $32 
Commercial real estate336 281 617 
Residential real estate3 19 22 
Securities-based
2 – 2 
Other collateralized
57 6 63 
Other– 34 34 
Total$398 $372 $770 
Total divided by gross loans at amortized cost0.4%
Summary of Nonaccrual Loans
The table below presents information about nonaccrual loans accounted for at amortized cost.
As of
JuneDecember
$ in millions20262025
Corporate$1,784 $2,065 
Commercial real estate1,186 1,079 
Residential real estate72 85 
Other collateralized
424 121 
Other20 37 
Total$3,486 $3,387 
Total divided by gross loans at amortized cost1.5%1.6%
In the table above:
•Nonaccrual loans included $813 million as of June 2026 and $756 million as of December 2025 of loans that were 30 days or more past due.
•Loans that were 90 days or more past due and still accruing were not material as of both June 2026 and December 2025.
•Allowance for loan losses as a percentage of total nonaccrual loans was 62.8% as of June 2026 and 63.4% as of December 2025.
•Commercial real estate, residential real estate, securities-based and other collateralized loans are collateral dependent loans and the repayment of such loans is generally expected to be provided by the operation or sale of the underlying collateral. The allowance for credit losses for such nonaccrual loans is determined by considering the fair value of the collateral less estimated costs to sell, if applicable. See Note 4 for further information about fair value measurements.
Summary of Loans Modified
The table below presents the carrying value of loans accounted for at amortized cost, as of both June 2026 and June 2025, that were modified during each of the three and six months ended June 2026 and June 2025.
Three Months
Ended June		Six Months
Ended June
$ in millions2026202520262025
Modified loans
$229 $245 $328 $491 
In the table above:
•Loan modifications during each of the three and six months ended June 2026 and June 2025 were primarily in the form of term and payment extensions. The impact of these modifications for each of the three and six months ended June 2026 and June 2025 was not material.
•As of June 2026, all of the modified loans were related to corporate, commercial real estate and residential real estate loans. Such modified loans represented less than 1% for each of corporate loans (at amortized cost), commercial real estate loans (at amortized cost) and residential real estate loans (at amortized cost).
•As of June 2025, substantially all of the modified loans were related to corporate, commercial real estate and credit card loans. Such modified loans represented approximately 1% of corporate loans (at amortized cost), and less than 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost).
•Lending commitments related to modified loans were not material as of June 2026 and $149 million as of June 2025.
•During each of the three and six months ended June 2026 and June 2025, loans that defaulted after being modified were not material. Substantially all of the modified loans were performing in accordance with the modified contractual terms as of both June 2026 and June 2025.
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments
The table below presents information about the allowance for credit losses.
$ in millionsWholesale Consumer Total
Three Months Ended June 2026
Allowance for loan losses
Beginning balance$2,345 $– $2,345 
Charge-offs
(185)– (185)
Recoveries
– – – 
Net (charge-offs)/recoveries(185)– (185)
Provision124 – 124 
Other(96)– (96)
Ending balance$2,188 $– $2,188 
Allowance ratio0.9%– 0.9%
Net charge-off ratio0.3%– 0.3%
Allowance for losses on lending commitments
Beginning balance$792 $– $792 
Provision(21)– (21)
Other– – – 
Ending balance$771 $– $771 
Three Months Ended June 2025
Allowance for loan losses
Beginning balance$2,060 $2,448 $4,508 
Charge-offs
(6)(329)(335)
Recoveries
4 41 45 
Net (charge-offs)/recoveries(2)(288)(290)
Provision34 307 341 
Other(22)– (22)
Ending balance$2,070 $2,467 $4,537 
Allowance ratio1.1%12.8%2.1%
Net charge-off ratio– 6.1%0.6%
Allowance for losses on lending commitments
Beginning balance$707 $– $707 
Provision40 – 40 
Other2 – 2 
Ending balance$749 $– $749 
Six Months Ended June 2026
Allowance for loan losses
Beginning balance$2,148 $– $2,148 
Charge-offs(208)– (208)
Recoveries14 – 14 
Net (charge-offs)/recoveries(194)– (194)
Provision377 – 377 
Other(143)– (143)
Ending balance$2,188 $– $2,188 
Allowance ratio0.9%– 0.9%
Net charge-off ratio0.2%– 0.2%
Allowance for losses on lending commitments
Beginning balance$731 $– $731 
Provision41 – 41 
Other(1)– (1)
Ending balance$771 $– $771 
Six Months Ended June 2025
Allowance for loan losses
Beginning balance$2,099 $2,567 $4,666 
Charge-offs(66)(686)(752)
Recoveries10 76 86 
Net (charge-offs)/recoveries(56)(610)(666)
Provision101 510 611 
Other(74)– (74)
Ending balance$2,070 $2,467 $4,537 
Allowance ratio1.1%12.8%2.1%
Net charge-off ratio0.1%6.4%0.7%
Allowance for losses on lending commitments
Beginning balance$674 $– $674 
Provision72 – 72 
Other3 – 3 
Ending balance$749 $– $749 
In the table above:
•During 2025, the firm had credit card loans accounted for at amortized cost that were included in the consumer portfolio. Such loans were transferred to held for sale in December 2025. The allowance for credit losses for consumer loans that exhibited similar risk characteristics was calculated using a modeled approach which classified consumer loans into pools based on borrower-related and exposure-related characteristics that differentiated a pool’s risk characteristics from other pools. Credit card loans were charged off when they were 180 days past due.
•Other (within allowance for loan losses) primarily represented the reduction to the allowance related to loans transferred to held for sale.
•The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost.
•The net charge-off ratio is calculated by dividing annualized net (charge-offs)/recoveries by average gross loans accounted for at amortized cost.
Schedule of Forecasted Economic Scenarios
The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model.
As of June 2026
U.S. unemployment rate
Forecast for the quarter ended:
December 20264.7%
June 20274.6%
December 2027
4.5%
U.S. GDP rate
Forecast for the year:
20261.9%
20271.8%
20281.9%
In the table above:
•U.S. unemployment rate represents the rate forecasted as of the respective quarter-end.
•U.S. GDP rate represents the year-over-year growth rate forecasted for the respective years.
The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the third quarter of 2027) and the maximum decline in quarterly U.S. GDP relative to the second quarter of 2026 is 2.7% (which occurs during the second quarter of 2027).
In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.5% (during the third quarter of 2027) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.7% (which occurs during the fourth quarter of 2027).
While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
Carrying ValueEstimated Fair Value
$ in millionsLevel 2Level 3Total
As of June 2026
Amortized cost$232,203 $122,835 $109,603 $232,438 
Held for sale$24,045 $21,916 $2,431 $24,347 
As of December 2025
Amortized cost$210,763 $113,861 $97,210 $211,071 
Held for sale$22,066 $21,383 $694 $22,077