v3.26.1
Commitments, Contingencies and Guarantees (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
As of
JuneDecember
$ in millions20262025
Commitment Type
Commercial lending:
Investment-grade$201,327 $154,598 
Non-investment-grade82,822 81,407 
Warehouse financing16,277 16,349 
Credit cards
74,520 70,823 
Total lending374,946 323,177 
Risk participations11,027 8,435 
Collateralized agreement122,828 103,188 
Collateralized financing79,932 43,206 
Investment5,492 9,721 
Other11,653 9,392 
Total commitments$605,878 $497,119 
The table below presents commitments by expiration.
As of June 2026
Remainder of 2027 -2029 -2031 -
$ in millions202620282030Thereafter
Commitment Type
Commercial lending:
Investment-grade$8,704 $70,852 $80,245 $41,526 
Non-investment-grade1,333 27,465 31,904 22,120 
Warehouse financing271 6,448 6,732 2,826 
Credit cards
74,520 – – – 
Total lending84,828 104,765 118,881 66,472 
Risk participations98 1,593 7,136 2,200 
Collateralized agreement116,002 5,909 917 – 
Collateralized financing77,344 2,588 – – 
Investment1,371 968 148 3,005 
Other10,772 880 – 1 
Total commitments$290,415 $116,703 $127,082 $71,678 
The table below presents information about lending commitments.
As of
JuneDecember
$ in millions20262025
Held for investment$290,139 $238,972 
Held for sale82,075 82,558 
At fair value2,732 1,647 
Total$374,946 $323,177 
In the table above:
•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.11 billion (including allowance for credit losses of $771 million) as of June 2026 and $1.04 billion (including allowance for credit losses of $731 million) as of December 2025. The estimated fair value of such lending commitments was a liability of $6.78 billion as of June 2026 and $6.03 billion as of December 2025. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.28 billion as of June 2026 and $3.44 billion as of December 2025 would have been classified in level 2, and $3.50 billion as of June 2026 and $2.59 billion as of December 2025 would have been classified in level 3.
•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was not material as of both June 2026 and December 2025. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of June 2026 and primarily classified in level 2 as of December 2025.
•Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.
Guarantees
The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.
$ in millionsDerivativesSecurities
 lending and
 clearing		Other
 financial
 guarantees
As of June 2026
Carrying Value of Net Liability$3,062 $– $497 
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2026$159,017 $154,378 $1,892 
2027 - 2028205,721 – 3,135 
2029 - 203026,899 – 3,904 
2031 - thereafter36,747 – 1,135 
Total$428,384 $154,378 $10,066 
As of December 2025
Carrying Value of Net Liability$2,643 $– $485 
Maximum Payout/Notional Amount by Period of Expiration
2026$219,426 $182,017 $2,435 
2027 - 2028111,873 – 3,709 
2029 - 203017,321 – 2,195 
2031 - thereafter31,026 – 313 
Total$379,646 $182,017 $8,652 
In the table above:
•The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.
•Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.
•The carrying value for derivatives included derivative assets of $830 million as of June 2026 and $765 million as of December 2025, and derivative liabilities of $3.89 billion as of June 2026 and $3.41 billion as of December 2025.