v3.26.1
Trading Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
June 30, 2026December 31, 2025
(in millions)
Trading assets:
U.S. Treasury$4,470 $3,791 
U.S. Government agency issued or guaranteed— 2 
U.S. Government sponsored enterprises463 1,347 
Foreign bonds1,422 914 
Equity securities19,354 15,141 
Precious metals(1)
1,100 196 
Derivatives, net922 1,366 
Total trading assets$27,731 $22,757 
Trading liabilities:
Securities sold, not yet purchased$746 $1,438 
Payables for precious metals(1)
640 86 
Derivatives, net1,608 831 
Total trading liabilities$2,994 $2,355 
(1)In the first quarter of 2026, we reclassified $1.2 billion of precious metal lease assets from loans to trading assets and $0.8 billion of precious metal lease liabilities from short-term borrowings to trading liabilities on the consolidated balance sheet, which generally have a maturity of three months or less, to align with our risk management practices. Prior period amounts were not reclassified as the impact was not material. At June 30, 2026, precious metal lease assets and precious metal lease liabilities were $0.8 billion and $0.5 billion, respectively.