v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table presents information about our assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. Unless otherwise noted below, assets and liabilities in the following table are recorded at fair value through net income.
Fair Value Measurements on a Recurring Basis
June 30, 2026Level 1Level 2Level 3Gross
Balance
Netting(1)
Net
Balance
(in millions)
Assets:
Trading assets, excluding derivatives:
U.S. Treasury, U.S. Government agencies and sponsored enterprises$4,470 $463 $— $4,933 $— $4,933 
Debt securities issued by foreign entities1,422 — — 1,422 — 1,422 
Equity securities19,354 — — 19,354 — 19,354 
Precious metals trading— 1,100 — 1,100 — 1,100 
Derivatives:(2)
Interest rate contracts18 767 — 785 — 785 
Foreign exchange contracts— 12,231 9 12,240 — 12,240 
Equity contracts— 1,485 218 1,703 — 1,703 
Precious metals contracts— 1,187 — 1,187 — 1,187 
Credit contracts— 133 — 133 — 133 
Other contracts(3)
— — 4 4 — 4 
Derivatives netting— — — — (14,921)(14,921)
Total derivatives18 15,803 231 16,052 (14,921)1,131 
Securities available-for-sale:(4)
U.S. Treasury, U.S. Government agencies and sponsored enterprises15,819 12,329 — 28,148 — 28,148 
Asset-backed securities— 216 71 287 — 287 
Debt securities issued by foreign entities4,382 — — 4,382 — 4,382 
Loans held for sale(5)
— 531 264 795 — 795 
Other assets:
Equity securities21 128 — 149 — 149 
Equity securities measured at net asset value(6)
— — — 107 — 107 
Other(5)
— 137 — 137 — 137 
Total assets$45,486 $30,707 $566 $76,866 $(14,921)$61,945 
Liabilities:
Domestic deposits(5)
$— $3,183 $569 $3,752 $— $3,752 
Trading liabilities, excluding derivatives746 640 — 1,386 — 1,386 
Derivatives:(2)
Interest rate contracts16 561 2 579 — 579 
Foreign exchange contracts— 11,623 9 11,632 — 11,632 
Equity contracts— 1,280 160 1,440 — 1,440 
Precious metals contracts— 1,193 — 1,193 — 1,193 
Credit contracts— 190 — 190 — 190 
Other contracts(3)
— — 17 17 — 17 
Derivatives netting— — — — (13,226)(13,226)
Total derivatives16 14,847 188 15,051 (13,226)1,825 
Long-term debt(5)
— 5,940 2,752 8,692 — 8,692 
Other liabilities(5)
— 137 — 137 — 137 
Total liabilities$762 $24,747 $3,509 $29,018 $(13,226)$15,792 
Fair Value Measurements on a Recurring Basis
December 31, 2025Level 1Level 2Level 3Gross
Balance
Netting(1)
Net
Balance
(in millions)
Assets:
Trading assets, excluding derivatives:
U.S. Treasury, U.S. Government agencies and sponsored enterprises$3,791 $1,349 $— $5,140 $— $5,140 
Debt securities issued by foreign entities837 77 — 914 — 914 
Equity securities15,141 — — 15,141 — 15,141 
Precious metals trading— 196 — 196 — 196 
Derivatives:(2)
Interest rate contracts8 777 1 786 — 786 
Foreign exchange contracts— 9,572 9 9,581 — 9,581 
Equity contracts— 1,174 85 1,259 — 1,259 
Precious metals contracts— 1,883 — 1,883 — 1,883 
Credit contracts— 137 — 137 — 137 
Other contracts(3)
— — 4 4 — 4 
Derivatives netting— — — — (12,109)(12,109)
Total derivatives8 13,543 99 13,650 (12,109)1,541 
Securities available-for-sale:(4)
U.S. Treasury, U.S. Government agencies and sponsored enterprises14,277 11,349 — 25,626 — 25,626 
Asset-backed securities— 187 76 263 — 263 
Debt securities issued by foreign entities4,141 — — 4,141 — 4,141 
Loans held for sale(5)
— 460 166 626 — 626 
Other assets:
Equity securities— 131 — 131 — 131 
Equity securities measured at net asset value(6)
— — — 112 — 112 
Other(5)
— 20 — 20 — 20 
Total assets$38,195 $27,312 $341 $65,960 $(12,109)$53,851 
Liabilities:
Domestic deposits(5)
$— $3,193 $377 $3,570 $— $3,570 
Trading liabilities, excluding derivatives1,438 86 — 1,524 — 1,524 
Derivatives:(2)
Interest rate contracts5 509 2 516 — 516 
Foreign exchange contracts— 8,916 8 8,924 — 8,924 
Equity contracts— 561 74 635 — 635 
Precious metals contracts2 2,048 — 2,050 — 2,050 
Credit contracts— 216 1 217 — 217 
Other contracts(3)
— — 17 17 — 17 
Derivatives netting— — — — (11,341)(11,341)
Total derivatives7 12,250 102 12,359 (11,341)1,018 
Long-term debt(5)
— 5,912 2,354 8,266 — 8,266 
Other liabilities(5)
— 20 — 20 — 20 
Total liabilities$1,445 $21,461 $2,833 $25,739 $(11,341)$14,398 
(1)Represents counterparty and cash collateral netting which allow the offsetting of amounts relating to certain contracts if certain conditions are met.
(2)Includes trading derivative assets of $922 million and $1,366 million and trading derivative liabilities of $1,608 million and $831 million at June 30, 2026 and December 31, 2025, respectively, as well as derivatives held for hedging and other non-qualifying economic hedging activities. See Note 7, "Derivative Financial Instruments," for additional information. Excluding changes in fair value of a derivative instrument associated with a qualifying cash flow hedge, which are recognized initially in other comprehensive income (loss), derivative assets and liabilities are recorded at fair value through net income.
(3)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.
(4)Securities available-for-sale are recorded at fair value through other comprehensive income (loss). Changes in the allowance for credit losses on securities available-for-sale are recorded through net income.
(5)See Note 8, "Fair Value Option," for additional information. Excluding the fair value movement on FVO liabilities attributable to our own credit spread, which is recorded in other comprehensive income (loss), FVO assets and liabilities are recorded at fair value through net income.
(6)Investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. Unfunded commitments associated with these investments were immaterial at June 30, 2026 and December 31, 2025.
Changes in Fair Value of Level 3 Assets and Liabilities The following table summarizes additional information about changes in the fair value of significant Level 3 assets and liabilities. As a risk management practice, we may risk manage the Level 3 assets and liabilities, in whole or in part, using securities and derivative positions that are classified as Level 1 or Level 2 measurements within the fair value hierarchy. Since those Level 1 and Level 2 risk management positions are not included in the table below, the information provided does not reflect the effect of such risk management activities related to the Level 3 assets and liabilities.
Apr. 1,
2026		Total Realized / Unrealized Gains (Losses)Purch-
ases		Issu-
ances		Settle-
ments		Transfers
Into
Level 3		Transfers
Out of
Level 3		Jun. 30,
2026		Current Period Unrealized
Gains (Losses)
Still Held
(in millions)
Assets:
Derivatives, net:(1)
Equity contracts$(41)$163 $— $— $(34)$— $(30)$58 $109 
Asset-backed securities available-for-sale(2)
76 (3)— — (2)— — 71 (3)
Loans held for sale(3)
252 — 55 — (49)6 264 — 
Total assets$287 $160 $55 $— $(85)$6 $(30)$393 $106 
Liabilities:
Domestic deposits(3)
$(506)$(14)$— $(91)$13 $(48)$77 $(569)$(7)
Long-term debt(3)
(2,441)(186)— (997)522 (221)571 (2,752)(112)
Total liabilities$(2,947)$(200)$— $(1,088)$535 $(269)$648 $(3,321)$(119)
Jan. 1,
2026		Total Realized / Unrealized Gains (Losses)Purch-
ases		Issu-
ances		Settle-
ments		Transfers
Into
Level 3		Transfers
Out of
Level 3		Jun. 30,
2026		Current Period Unrealized
Gains (Losses)
Still Held
(in millions)
Assets:
Derivatives, net:(1)
Equity contracts$11 $103 $— $— $(58)$6 $(4)$58 $74 
Asset-backed securities available-for-sale(2)
76 (3)— — (2)— — 71 (4)
Loans held for sale(3)
166 2 145 — (55)6 — 264 — 
Total assets$253 $102 $145 $— $(115)$12 $(4)$393 $70 
Liabilities:
Domestic deposits(3)
$(377)$(16)$— $(171)$23 $(140)$112 $(569)$(2)
Long-term debt(3)
(2,354)(207)— (1,668)906 (450)1,021 (2,752)(112)
Total liabilities$(2,731)$(223)$— $(1,839)$929 $(590)$1,133 $(3,321)$(114)
Apr. 1,
2025		Total Realized / Unrealized Gains (Losses)Purch-
ases		Issu-
ances		Settle-
ments		Transfers
Into
Level 3		Transfers
Out of
Level 3		Jun. 30,
2025		Current Period Unrealized
Gains (Losses)
Still Held
(in millions)
Assets:
Derivatives, net:(1)
Equity contracts$(30)$66 $— $— $(7)$(8)$(33)$(12)$35 
Asset-backed securities available-for-sale(2)
94 — — — (2)— — 92 — 
Loans held for sale(3)
41 — — — (1)13 — 53 — 
Total assets$105 $66 $— $— $(10)$5 $(33)$133 $35 
Liabilities:
Domestic deposits(3)
$(295)$(9)$— $(75)$10 $(175)$124 $(420)$(2)
Long-term debt(3)
(1,946)(91)— (268)176 (679)613 (2,195)(42)
Total liabilities$(2,241)$(100)$— $(343)$186 $(854)$737 $(2,615)$(44)
Jan. 1,
2025		Total Realized / Unrealized Gains (Losses)Purch-
ases		Issu-
ances		Settle-
ments		Transfers
Into
Level 3		Transfers
Out of
Level 3		Jun. 30,
2025		Current Period Unrealized
Gains (Losses)
Still Held
(in millions)
Assets:
Derivatives, net:(1)
Equity contracts$(18)$25 $— $— $(14)$(14)$9 $(12)$22 
Asset-backed securities available-for-sale(2)
97 1 — — (6)— — 92 1 
Loans held for sale(3)
154 — 2 — (116)13 — 53 — 
Total assets$233 $26 $2 $— $(136)$(1)$9 $133 $23 
Liabilities:
Domestic deposits(3)
$(291)$(10)$— $(90)$24 $(243)$190 $(420)$(1)
Long-term debt(3)
(2,153)(87)— (572)423 (957)1,151 (2,195)(39)
Total liabilities$(2,444)$(97)$— $(662)$447 $(1,200)$1,341 $(2,615)$(40)
(1)Level 3 net derivatives included derivative assets of $231 million and derivative liabilities of $188 million at June 30, 2026 and derivative assets of $147 million and derivative liabilities of $180 million at June 30, 2025. Gains (losses) on derivatives, net are predominantly included in trading revenue and gain (loss) on instruments designated at fair value and related derivatives in the consolidated statement of income.
(2)Realized gains (losses) on securities available-for-sale are included in other securities gains, net in the consolidated statement of income. Changes in the allowance for credit losses on securities available-for-sale are included in the provision for credit losses in the consolidated statement of income. Unrealized gains (losses) on securities available-for-sale are included in other comprehensive income (loss).
(3)Excluding unrealized gains (losses) on FVO liabilities attributable to our own credit spread, which are recorded in other comprehensive income (loss), gains (losses) on FVO assets and liabilities are included in gain (loss) on instruments designated at fair value and related derivatives in the consolidated statement of income.
Quantitative Information about Recurring Fair Value Measurement of Assets and Liabilities Classified as Level 3
The following table presents quantitative information about the unobservable inputs used to determine the recurring fair value measurement of significant assets and liabilities classified as Level 3 fair value measurements:
June 30, 2026
Financial Instrument TypeFair Value (in millions)Valuation Technique(s)Significant Unobservable InputsRange of Inputs
Weighted Average(1)
Equity derivative contracts(2)
$58 Option pricing modelEquity / Equity Index volatility
5% - 149%
61%
Equity / Equity and Equity / Index correlation
40% - 98%
83%
Equity forward price
$0 - $72,824
$3,341
Asset-backed securities available-for-sale$71 Discounted cash flowsMarket assumptions related to yields for comparable instruments
2% - 3%
2%
Loans held for sale$264 Market comparables and internal assumptionsAdjusted market price
31% - 100%
83%
Domestic deposits (structured deposits)(2)(3)
$(569)Option adjusted discounted cash flowsEquity / Equity Index volatility
5% - 66%
14%
Equity / Equity and Equity / Index correlation
40% - 95%
67%
Long-term debt (structured notes)(2)(3)
$(2,752)Option adjusted discounted cash flowsEquity / Equity Index volatility
11% - 86%
35%
Equity / Equity and Equity / Index correlation
45% - 98%
85%
Credit default swap spreads396bpsN/A
December 31, 2025
Financial Instrument TypeFair Value (in millions)Valuation Technique(s)Significant Unobservable InputsRange of Inputs
Weighted Average(1)
Equity derivative contracts(2)
$11 Option pricing modelEquity / Equity Index volatility
5% - 90%
60%
Equity / Equity and Equity / Index correlation
42% - 98%
84%
Equity forward price
$0 - $57,523
$2,773
Asset-backed securities available-for-sale
$76 Discounted cash flowsMarket assumptions related to yields for comparable instruments
2% - 3%
2%
Loans held for sale$166 Market comparables and internal assumptionsAdjusted market price
28% - 100%
74%
Domestic deposits (structured deposits)(2)(3)
$(377)Option adjusted discounted cash flowsEquity / Equity Index volatility
5% - 45%
12%
Equity / Equity and Equity / Index correlation
42% - 93%
75%
Long-term debt (structured notes)(2)(3)
$(2,354)Option adjusted discounted cash flowsEquity / Equity Index volatility
12% - 72%
31%
Equity / Equity and Equity / Index correlation
48% - 98%
86%
Credit default swap spreads722bpsN/A
N/A Not Applicable
(1)For equity derivatives, structured deposits and structured notes, weighted averages are calculated based on the fair value of the instruments. For all remaining instrument types, weighted averages are calculated based on the notional value of the instruments.
(2)We are the client-facing entity and, except for structured notes with embedded credit derivative features, we enter into identical but opposite derivatives to transfer the resultant risks to our affiliates. With the exception of counterparty credit risks, we are market risk neutral in substantially all of the structured notes and deposits. The corresponding intra-group derivatives are presented as equity derivatives in the table.
(3)Structured deposits and structured notes contain embedded derivative features whose fair value measurements contain significant Level 3 inputs. See equity derivatives and credit derivatives below for a discussion of the uncertainty of Level 3 inputs related to structured deposits and structured notes.
Assets and Liabilities Recorded at Fair Value on a Non Recurring Basis The following table presents the fair value hierarchy level within which the fair value of the assets has been recorded at June 30, 2026 and December 31, 2025. The gains (losses) during the three and six months ended June 30, 2026 and 2025 are also included.
Non-Recurring Fair Value Measurements at June 30, 2026
Total Gains (Losses) For the Three Months Ended June 30, 2026Total Gains (Losses) For the Six Months Ended June 30, 2026
  
Level 1Level 2Level 3Total
(in millions)
Consumer loans(1)
$— $91 $— $91 $3 $3 
Commercial loans held for sale(2)
— 460 — 460 (2)(1)
Commercial loans(3)
— — 342 342 (15)(42)
Total assets at fair value on a non-recurring basis
$— $551 $342 $893 $(14)$(40)
Non-Recurring Fair Value Measurements at December 31, 2025
Total Gains (Losses) For the Three Months Ended June 30, 2025Total Gains (Losses) For the Six Months Ended June 30, 2025
  
Level 1Level 2Level 3Total
(in millions)
Consumer loans(1)
$— $94 $— $94 $2 $3 
Commercial loans held for sale(2)
— 1,277 — 1,277 — — 
Commercial loans(3)
— — 342 342 (15)(67)
Total assets at fair value on a non-recurring basis
$— $1,371 $342 $1,713 $(13)$(64)
(1)Represents residential mortgage loans held for investment whose carrying amount was adjusted during the period based on the fair value of the underlying collateral.
(2)Represents loans held for sale where the fair value of the loans was below cost.
(3)Certain commercial loans are individually assessed for impairment. We measure the credit impairment of a collateral-dependent loan based on the fair value of the collateral asset. The collateral often involves properties that are illiquid due to market conditions. As a result, these loans are classified as a Level 3 fair value measurement within the fair value hierarchy.
Quantitative Information about Non Recurring Fair Value Measurement of Assets and Liabilities
The following table presents quantitative information about the unobservable inputs used to determine the non-recurring fair value measurement of assets classified as Level 3 fair value measurements:
At June 30, 2026
Financial Instrument TypeFair Value (in millions)Valuation Technique(s)Significant Unobservable InputsRange of Inputs
Weighted Average(1)
Commercial loans$342 Valuation of third-party appraisal
on underlying collateral		Loss severity rates
4% - 100%
33%
At December 31, 2025
Financial Instrument TypeFair Value (in millions)Valuation Technique(s)Significant Unobservable InputsRange of Inputs
Weighted Average(1)
Commercial loans$342 Valuation of third-party appraisal
on underlying collateral		Loss severity rates
0% - 100%
30%
(1)Weighted average is calculated based on the carrying value of the loans.
Carrying Value and Estimated Fair Value of Financial Instruments
The following table summarizes the carrying value and estimated fair value of our financial instruments, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy:
June 30, 2026Carrying
Value		Fair
Value		Level 1Level 2Level 3
(in billions)
Financial assets:
Short-term financial assets, net of allowance for credit losses$24.7 $24.7 $.8 $23.9 $— 
Federal funds sold and securities purchased under agreements to resell
4.5 4.5 — 4.5 — 
Securities held-to-maturity, net of allowance for credit losses20.5 20.1 5.9 14.2 — 
Commercial loans, net of allowance for credit losses41.3 41.9 — — 41.9 
Commercial loans held for sale.5 .5 — .5 — 
Consumer loans, net of allowance for credit losses20.4 19.5 — — 19.5 
Financial liabilities:
Short-term financial liabilities$9.1 $9.1 $— $9.1 $— 
Deposits123.1 123.0 — 123.0 — 
Long-term debt16.6 17.0 — 17.0 — 
December 31, 2025Carrying
Value		Fair
Value		Level 1Level 2Level 3
(in billions)
Financial assets:
Short-term financial assets, net of allowance for credit losses$23.9 $23.9 $.8 $23.1 $— 
Federal funds sold and securities purchased under agreements to resell
9.3 9.3 — 9.3 — 
Securities held-to-maturity, net of allowance for credit losses18.3 18.1 2.8 15.3 — 
Commercial loans, net of allowance for credit losses38.9 39.7 — — 39.7 
Commercial loans held for sale1.3 1.3 — 1.3 — 
Consumer loans, net of allowance for credit losses20.5 19.8 — — 19.8 
Financial liabilities:
Short-term financial liabilities$7.3 $7.3 $— $7.3 $— 
Deposits120.5 120.5 — 120.5 — 
Long-term debt14.8 15.1 — 15.1 —