v3.26.3
SECURITIES FINANCING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2026
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Securities Borrowed and Purchased Under Agreements to Resell and Securities Loaned or Sold Under Agreements to Repurchase
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following at the dates indicated:
(in millions)September 30, 2026December 31, 2025
Securities purchased under agreements to resell$8,585 $7,233 
Securities borrowed1,007 1,407 
Total$9,592 $8,640 

Securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following at the dates indicated:
(in millions)September 30, 2026December 31, 2025
Securities sold under agreements to repurchase$22,779 $19,459 
Securities lending11 1 
Total$22,790 $19,460 
Schedule of Securities Financing Assets Qualified for Offset The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of assets included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral received
Net amounts
Securities purchased under agreements to resell$32,246 $(23,661)$8,585 $(8,470)$(80)$35 
Securities borrowed1,007 — 1,007 (982)— $25 
Total$33,253 $(23,661)$9,592 $(9,452)$(80)$60 
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral pledged
Net amounts
Securities sold under agreements to repurchase$46,123 $(23,661)$22,462 $(22,234)$(108)$120 
Securities lending11 — 11 (10)— $1 
Total securities loaned or sold under agreements to repurchase subject to master netting$46,134 $(23,661)$22,473 $(22,244)$(108)$121 
Securities loaned or sold under agreements to repurchase not subject to master netting$317 $— $317 $(317)$— $— 
Total
$46,451 $(23,661)$22,790 $(22,561)$(108)$121 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

December 31, 2025
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell$27,629 $(20,396)$7,233 
Securities borrowed1,407 — 1,407 
Total
$29,036 $(20,396)$8,640 
December 31, 2025
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase$39,855 $(20,396)$19,459 
Securities lending1 — 1 
Total$39,856 $(20,396)$19,460 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets was as follows for the dates indicated:
Offsetting of Financial Assets
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)Gross Amounts of Recognized AssetsGross Amounts Offset in the Condensed Consolidated Balance SheetsNet Amounts of Assets Presented in the Condensed Consolidated Balance Sheets
Financial Instruments (2)
Cash Collateral Received (2)
Net Amount
September 30, 2026
Fair value hedges$81 $— $81 $— $— $81 
Cash flow hedges1 — 1 $— $— 1 
Other derivative activities (1)
1,649 — 1,649 (12)(1,145)492 
Total derivatives subject to a master netting arrangement or similar arrangement1,731 — 1,731 (12)(1,145)574 
Total derivatives not subject to a master netting arrangement or similar arrangement10 — 10 — — 10 
Total Derivative Assets$1,741 $— $1,741 $(12)$(1,145)$584 
December 31, 2025
Fair value hedges$17 $— $17 $— $(7)$10 
Cash flow hedges63 — 63 $— $(31)32 
Other derivative activities (1)
592 — 592 — (41)551 
Total Derivative Assets$672 $— $672 $— $(79)$593 
(1)Includes customer-related and other derivatives.
(2)When the Company receives cash collateral, it is reported in Other Liabilities and Deposits, and the cash received is classified as restricted in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial asset, and such excess amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets.
Schedule of Securities Financing Liabilities Qualified for Offset The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of assets included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral received
Net amounts
Securities purchased under agreements to resell$32,246 $(23,661)$8,585 $(8,470)$(80)$35 
Securities borrowed1,007 — 1,007 (982)— $25 
Total$33,253 $(23,661)$9,592 $(9,452)$(80)$60 
September 30, 2026
Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Condensed Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Condensed Consolidated Balance Sheets
Financial instruments
Cash collateral pledged
Net amounts
Securities sold under agreements to repurchase$46,123 $(23,661)$22,462 $(22,234)$(108)$120 
Securities lending11 — 11 (10)— $1 
Total securities loaned or sold under agreements to repurchase subject to master netting$46,134 $(23,661)$22,473 $(22,244)$(108)$121 
Securities loaned or sold under agreements to repurchase not subject to master netting$317 $— $317 $(317)$— $— 
Total
$46,451 $(23,661)$22,790 $(22,561)$(108)$121 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.
NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

December 31, 2025
(in millions)
Gross amounts of recognized assets
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell$27,629 $(20,396)$7,233 
Securities borrowed1,407 — 1,407 
Total
$29,036 $(20,396)$8,640 
December 31, 2025
(in millions)
Gross amounts of recognized liabilities
Gross amounts offset on the Consolidated Balance Sheets (1)
Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase$39,855 $(20,396)$19,459 
Securities lending1 — 1 
Total$39,856 $(20,396)$19,460 
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
Offsetting of Financial Liabilities
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Condensed Consolidated Balance SheetsNet Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets
Financial Instruments (2)
Cash Collateral Pledged (2)
Net Amount
September 30, 2026
Fair value hedges$99 $— $99 $— $(7)$92 
Cash flow hedges197 — 197 $— $(2)195 
Other derivative activities (1)
853 — 853 (12)(446)395 
Total derivatives subject to a master netting arrangement or similar arrangement1,149 — 1,149 (12)(455)682 
Total derivatives not subject to a master netting arrangement or similar arrangement381 — 381 — — 381 
Total Derivative Liabilities $1,530 $— $1,530 $(12)$(455)$1,063 
December 31, 2025
Fair value hedges$4 $— $4 $— $— $4 
Cash flow hedges23 — 23 $— $(11)12 
Other derivative activities (1)
622 — 622 — (18)604 
Total Derivative Liabilities $649 $— $649 $— $(29)$620 
(1)Includes customer-related and other derivatives.
(2)Cash collateral pledged is reported in Other Assets and Cash, cash equivalents, and restricted cash in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial liability, and such excess amounts are excluded from this table.
Schedule of Gross Amounts of Liabilities Associated with Securities Financing Activities by Remaining Contractual Maturity and by Class of Underlying Collateral
The following table presents the gross amounts of liabilities associated with Securities Financing Activities by remaining contractual maturity as of the date indicated:
September 30, 2026
(in millions)Open and overnightUp to 30 days31-90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$28,410 $6,894 $3,628 $7,508 $46,440 
Securities lending11 — — — 11 
Total$28,421 $6,894 $3,628 $7,508 $46,451 


The following table presents the gross amounts of liabilities associated with Securities Financing Activities by class of underlying collateral as of the dates indicated:
September 30, 2026December 31, 2025
(in millions)
Repurchase agreements
Securities lending
Total
Repurchase agreements
Securities lending
Total
U.S. Treasury
$25,280 $— $25,280 $20,707 $— $20,707 
Agency MBS
19,559 — 19,559 17,671 — 17,671 
Corporate and other securities1,601 11 1,612 1,477 1 1,478 
Total
$46,440 $11 $46,451 $39,855 $1 $39,856