v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of counterparty netting and collateral and, therefore, are not representative of our exposure. The table also presents the amounts offset in the consolidated balance sheet for counterparty netting and cash collateral received and posted, as well as financial instrument collateral received and posted under enforceable master netting agreements that do not meet the criteria for netting. Derivative assets and liabilities, and related collateral, which are not subject to an enforceable master netting agreement or where a legal opinion on enforceability has not been sought or obtained, have not been netted in the table.
Substantially all of our derivative assets and liabilities relate to bilateral over-the-counter ("OTC") derivatives. The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. OTC-cleared derivatives are executed bilaterally and then novated to a central clearing counterparty, which reduces credit risk through daily margining requirements. In addition, OTC-cleared derivatives are settled daily, which reduces their fair value on the consolidated balance sheet. Exchange-traded derivatives represent less than 1 percent of our total derivative assets and liabilities.
June 30, 2026December 31, 2025
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in millions)
Derivatives accounted for as hedges:(1)
Interest rate contracts$58 $43 $24 $13 
Foreign exchange contracts113 — 129 — 
Total derivatives accounted for as hedges171 43 153 13 
Trading derivatives not accounted for as hedges:(2)
Interest rate contracts727 448 761 430 
Foreign exchange contracts12,127 11,632 9,452 8,924 
Equity contracts751 1,309 525 567 
Precious metals contracts1,187 1,193 1,883 2,050 
Credit contracts121 47 119 59 
Other non-qualifying derivatives not accounted for as hedges:(1)
Interest rate contracts— 88 1 73 
Equity contracts952 131 734 68 
Credit contracts12 143 18 158 
Other contracts(3)
4 17 4 17 
Total derivatives16,052 15,051 13,650 12,359 
Less: Amounts of receivable / payable subject to enforceable master netting agreements offset in the balance sheet(4)
12,231 12,231 10,198 10,198 
Less: Amounts of cash collateral received / posted subject to enforceable master netting agreements offset in the balance sheet(4)
2,690 995 1,911 1,143 
Net amounts of derivative assets / liabilities presented in the balance sheet1,131 1,825 1,541 1,018 
Less: Amounts of financial instrument collateral received / posted subject to enforceable master netting agreements but not offset in the balance sheet195 140 255 10 
Net amounts$936 $1,685 $1,286 $1,008 
(1)Derivative assets / liabilities related to cash flow hedges, fair value hedges and derivative instruments held for purposes other than for trading are recorded in other assets / interest, taxes and other liabilities on the consolidated balance sheet.
(2)Trading related derivative assets / liabilities are recorded in trading assets / trading liabilities on the consolidated balance sheet.
(3)Consists of swap agreements entered into in conjunction with the sales of Visa Inc. ("Visa") Class B common shares ("Class B Shares").
(4)Netting is performed at a counterparty level in cases where enforceable master netting agreements are in place, regardless of the type of derivative instrument. Therefore, we have not allocated netting to the different types of derivative instruments shown in the table above.
Schedule of Gains and Losses on Fair Value Hedging Instruments The following table presents the carrying amount of hedged items in fair value hedges recognized in the consolidated balance sheet, along with the cumulative amount of fair value hedging adjustments included in the carrying amount of those hedged items:
Carrying Amount of Hedged Items(1)
Cumulative Amount of Fair Value Hedging Adjustments Increasing (Decreasing) the
Carrying Amount of Hedged Items
ActiveDiscontinuedTotal
(in millions)
At June 30, 2026
Securities available-for-sale ("AFS")$18,748 $(999)$(410)$(1,409)
Long-term debt10,677 (223)— (223)
At December 31, 2025
Securities AFS$15,902 $(966)$(204)$(1,170)
Deposits1,497 (8)6 (2)
Long-term debt8,825 (74)— (74)
(1)The carrying amount of securities AFS represents the amortized cost basis.
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments and the hedged items in fair value hedges and their location on the consolidated statement of income:
Location of Gain (Loss)
Recognized in Income		Gain (Loss) on DerivativesGain (Loss) on Hedged Items
(in millions)
Three Months Ended June 30, 2026
Interest rate contracts / Securities AFSNet interest income$178 $29 
Interest rate contracts / Long-term debtNet interest income(94)(38)
Total$84 $(9)
Three Months Ended June 30, 2025
Interest rate contracts / Securities AFSNet interest income$(20)$228 
Interest rate contracts / DepositsNet interest income36 (28)
Interest rate contracts / Long-term debtNet interest income36 (207)
Total$52 $(7)
Six Months Ended June 30, 2026
Interest rate contracts / Securities AFSNet interest income$295 $110 
Interest rate contracts / DepositsNet interest income5 (21)
Interest rate contracts / Long-term debtNet interest income(167)(81)
Total$133 $8 
Six Months Ended June 30, 2025
Interest rate contracts / Securities AFSNet interest income$(197)$572 
Interest rate contracts / DepositsNet interest income44 (59)
Interest rate contracts / Long-term debtNet interest income88 (386)
Total$(65)$127 
Schedule of Gains and Losses on Cash Flow Hedging Instruments The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments in cash flow hedges (including amounts recognized in accumulated other comprehensive income ("AOCI") from discontinued cash flow hedges) and their location on the consolidated statement of income:
Gain (Loss) Recognized in
AOCI on Derivatives		Location of Gain (Loss)
Reclassified from AOCI into Income
Gain (Loss) Reclassified From
AOCI into Income(1)
2026202520262025
(in millions)
Three Months Ended June 30,
Foreign exchange contracts$— $(1)Net interest income$— $— 
Interest rate contracts19 (65)Net interest income(15)(17)
Total$19 $(66)$(15)$(17)
Six Months Ended June 30,
Foreign exchange contracts$(3)$(3)Net interest income$— $— 
Interest rate contracts6 (178)Net interest income(31)(27)
Total$3 $(181)$(31)$(27)
(1)Represents gains (losses) related to discontinued cash flow hedge relationships amortized to earnings from AOCI. During the next twelve months, we expect to amortize $46 million of remaining losses to earnings resulting from these discontinued cash flow hedges.
Schedule of Gains and Losses on Derivative Instruments Included in Trading Activities
The following table presents information on gains and losses on derivative instruments held for trading purposes and their location on the consolidated statement of income:
Location of Gain (Loss)
Recognized in Income on Derivatives		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Interest rate contractsTrading revenue$(70)$(21)$(153)$(148)
Foreign exchange contractsTrading revenue109 133 224 267 
Equity contractsTrading revenue(2,173)(1,047)(1,358)(269)
Precious metals contractsTrading revenue— 15 47 19 
Credit contractsTrading revenue(3)(3)14 (55)
Total$(2,137)$(923)$(1,226)$(186)
Schedule of Gains and Losses on Derivative Instruments Held for Non-qualifying Hedging Activities
The following table presents information on gains and losses on derivative instruments held for non-qualifying hedging and other activities and their location on the consolidated statement of income:
Location of Gain (Loss)
Recognized in Income on Derivatives		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Interest rate contractsGain (loss) on instruments designated at fair value and related derivatives$(11)$2 $(22)$34 
Equity contractsGain (loss) on instruments designated at fair value and related derivatives604 455 406 255 
Equity contractsOther income (loss)— — — (3)
Credit contractsOther income (loss)(14)(6)(18)(9)
Other contracts(1)
Other income (loss)(11)(2)(18)(9)
Total$568 $449 $348 $268 
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.
Credit-Risk Related Contingent Features
The following table presents the amount of additional collateral that we would be required to post (from the current collateral level) related to derivative instruments with credit-risk-related contingent features if our long-term ratings were downgraded by one or two notches. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another rating agency will generally not result in additional collateral.
One-notch downgradeTwo-notch downgrade
(in millions)
Amount of additional collateral to be posted upon downgrade$— $27 
Notional Value of Derivative Contracts The following table summarizes the notional values of derivative contracts:
June 30, 2026December 31, 2025
(in billions)
Interest rate:
Swaps, futures and forwards$191.7 $137.2 
Options written.4 .1 
Options purchased.4 — 
Total interest rate192.5 137.3 
Foreign exchange:
Swaps, futures and forwards1,349.0 1,113.2 
Options written21.9 23.8 
Options purchased22.0 23.8 
Spot51.9 34.4 
Total foreign exchange1,444.8 1,195.2 
Commodities, equities and precious metals:
Swaps, futures and forwards38.0 35.8 
Options written3.3 1.7 
Options purchased13.3 10.9 
Total commodities, equities and precious metals54.6 48.4 
Credit derivatives23.9 22.5 
Other contracts(1)
1.8 1.8 
Total$1,717.6 $1,405.2 
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.