Investment Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

AFS and HTM Securities


	At September 30, 2025
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	78,227	$	103	$	85	$	78,245
U.S. agency securities2	24,369		17		2,075		22,311
Agency CMBS	5,604		—		309		5,295


State and municipal securities	1,993		10		21		1,982
FFELP student loan ABS3	500		1		7		494

Unallocated basis adjustment4	2		—		2		—
Total AFS securities	110,695		131		2,499		108,327
HTM securities
U.S. Treasury securities	13,634		—		715		12,919
U.S. agency securities2	39,124		59		7,072		32,111
Agency CMBS	808		—		49		759
Non-agency CMBS	1,639		11		70		1,580
Total HTM securities	55,205		70		7,906		47,369
Total investment securities	$	165,900	$	201	$	10,405	$	155,696


	At December 31, 2024
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	70,160	$	62	$	388	$	69,834
U.S. agency securities2	24,113		6		2,652		21,467
Agency CMBS	5,704		—		388		5,316


State and municipal securities	1,373		18		4		1,387
FFELP student loan ABS3	612		1		9		604

Unallocated basis adjustment4	(2)		2		—		—
Total AFS securities	101,960		89		3,441		98,608
HTM securities
U.S. Treasury securities	16,885		—		1,082		15,803
U.S. agency securities2	41,582		4		8,592		32,994
Agency CMBS	1,154		—		88		1,066
Non-agency CMBS	1,450		3		113		1,340
Total HTM securities	61,071		7		9,875		51,203
Total investment securities	$	163,031	$	96	$	13,316	$	149,811

1.Amounts are net of any ACL.

2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.

3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 6 herein for additional information.

AFS Securities in an Unrealized Loss Position


	At September 30, 2025				At December 31, 2024
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	12,762	$	9	$	18,338	$	65
12 months or longer	17,063		76		19,629		323
Total	29,825		85		37,967		388
U.S. agency securities
Less than 12 months	426		—		765		11
12 months or longer	18,072		2,075		18,996		2,641
Total	18,498		2,075		19,761		2,652
Agency CMBS
Less than 12 months	214		—		—		—
12 months or longer	4,948		309		5,018		388
Total	5,162		309		5,018		388








State and municipal securities
Less than 12 months	555		10		242		2
12 months or longer	252		11		62		2
Total	807		21		304		4
FFELP student loan ABS
Less than 12 months	—		—		—		—
12 months or longer	398		7		442		9
Total	398		7		442		9




Unallocated basis adjustment	—		2		—		—
Total AFS securities in an unrealized loss position
Less than 12 months	13,957		19		19,345		78
12 months or longer	40,733		2,478		44,147		3,363
Unallocated basis adjustment	—		2		—		—
Total	$	54,690	$	2,499	$	63,492	$	3,441

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2024 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of September 30, 2025 and December 31, 2024, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at September 30, 2025 and December 31, 2024 reflect an ACL of $62 million and $52 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2024 Form 10-K for a description of the ACL methodology used for HTM Securities.

As of September 30, 2025 and December 31, 2024, 97% of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at September 30, 2025 and December 31, 2024.

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.

Investment Securities by Contractual Maturity


	At September 30, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	21,899	$	21,888	3.2	%
After 1 year through 5 years	54,024		54,056		3.9	%
After 5 years through 10 years	2,304		2,301		4.1	%
After 10 years	—		—		—	%
Total	78,227		78,245
U.S. agency securities:
Due within 1 year	18		17		0.2	%
After 1 year through 5 years	203		194		1.8	%
After 5 years through 10 years	434		402		1.6	%
After 10 years	23,714		21,698		3.6	%
Total	24,369		22,311
Agency CMBS:
Due within 1 year	567		561		2.0	%
After 1 year through 5 years	3,747		3,642		1.9	%
After 5 years through 10 years	290		284		1.6	%
After 10 years	1,000		808		1.5	%
Total	5,604		5,295












State and municipal securities:
Due within 1 year	77		77		4.8	%
After 1 year through 5 years	152		151		4.5	%
After 5 years through 10 years	113		108		4.3	%
After 10 Years	1,651		1,646		4.5	%
Total	1,993		1,982
FFELP student loan ABS:
Due within 1 year	61		59		5.5	%
After 1 year through 5 years	48		47		5.4	%
After 5 years through 10 years	22		22		5.3	%
After 10 years	369		366		5.4	%
Total	500		494






Unallocated basis adjustment4	2		—		—
Total AFS securities	$	110,695	$	108,327	3.6	%


	At September 30, 2025
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	6,669	$	6,620	2.0	%
After 1 year through 5 years	4,909		4,773		2.5	%
After 5 years through 10 years	502		438		1.1	%
After 10 years	1,554		1,088		2.3	%
Total	13,634		12,919
U.S. agency securities:
Due within 1 year	—		—		—	%
After 1 year through 5 years	61		59		2.0	%
After 5 years through 10 years	121		116		2.1	%
After 10 years	38,942		31,936		2.1	%
Total	39,124		32,111
Agency CMBS:
Due within 1 year	178		175		0.9	%
After 1 year through 5 years	464		443		1.3	%
After 5 years through 10 years	143		121		1.6	%
After 10 years	23		20		1.3	%
Total	808		759
Non-agency CMBS:
Due within 1 year	127		121		5.0	%
After 1 year through 5 years	757		735		4.6	%
After 5 years through 10 years	373		344		4.3	%
After 10 years	382		380		7.3	%
Total	1,639		1,580
Total HTM securities	$	55,205	$	47,369	2.2	%
Total investment securities	$	165,900	$	155,696	3.1	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At September 30, 2025, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.5% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities.

Gross Realized Gains (Losses) on Sales of AFS Securities


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2025		2024		2025		2024
Gross realized gains	$	3	$	—	$	25	$	50
Gross realized (losses)	—		—		(1)		—
Total1	$	3	$	—	$	24	$	50

1.Realized gains and losses are recognized in Other revenues in the income statement.