Collateralized Transactions

9 Months Ended

Sep. 30, 2025

Collateralized Agreements [Abstract]

Offsetting of Certain Collateralized Transactions


	At September 30, 2025
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	480,516	$	(368,782)	$	111,734	$	(109,259)	$	2,475
Securities borrowed	200,015		(70,902)		129,113		(125,492)		3,621
Liabilities
Securities sold under agreements to repurchase	$	430,286	$	(368,782)	$	61,504	$	(56,918)	$	4,586
Securities loaned	86,846		(70,902)		15,944		(15,839)		105
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	886
Securities borrowed									80
Securities sold under agreements to repurchase									3,285


	At December 31, 2024
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	409,635	$	(291,070)	$	118,565	$	(116,157)	$	2,408
Securities borrowed	165,642		(41,783)		123,859		(117,573)		6,286
Liabilities
Securities sold under agreements to repurchase	$	341,137	$	(291,070)	$	50,067	$	(45,520)	$	4,547
Securities loaned	57,009		(41,783)		15,226		(15,211)		15
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	2,054
Securities borrowed									2,079
Securities sold under agreements to repurchase									3,448

1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.

For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2024 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At September 30, 2025
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	263,607	$	95,211	$	32,238	$	39,230	$	430,286
Securities loaned	76,948		1		338		9,559		86,846
Total included in the offsetting disclosure	$	340,555	$	95,212	$	32,576	$	48,789	$	517,132
Trading liabilities— Obligation to return securities received as collateral	6,093		—		—		—		6,093
Total	$	346,648	$	95,212	$	32,576	$	48,789	$	523,225


	At December 31, 2024
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	180,793	$	104,551	$	25,071	$	30,722	$	341,137
Securities loaned	42,473		—		317		14,219		57,009
Total included in the offsetting disclosure	$	223,266	$	104,551	$	25,388	$	44,941	$	398,146
Trading liabilities— Obligation to return securities received as collateral	18,067		—		—		—		18,067
Total	$	241,333	$	104,551	$	25,388	$	44,941	$	416,213

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At September 30, 2025		At December 31, 2024
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	228,058	$	177,464
Other sovereign government obligations	154,104		135,806
Corporate equities	26,552		14,993
Other	21,572		12,874
Total	$	430,286	$	341,137
Securities loaned
Other sovereign government obligations	$	1,605	$	1,805
Corporate equities	83,220		54,144
Other	2,021		1,060
Total	$	86,846	$	57,009
Total included in the offsetting disclosure	$	517,132	$	398,146
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	5,852	$	18,059
Other	241		8
Total	$	6,093	$	18,067
Total	$	523,225	$	416,213

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge


$ in millions	At September 30, 2025		At December 31, 2024
Trading assets	$	40,097	$	30,867

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge


$ in millions	At September 30, 2025		At December 31, 2024
Collateral received with right to sell or repledge	$	1,151,503	$	932,626
Collateral that was sold or repledged1	889,923		724,177

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes


$ in millions	At September 30, 2025		At December 31, 2024
Segregated securities1	$	22,293	$	26,329

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending


$ in millions	At September 30, 2025		At December 31, 2024
Margin and other lending	$	69,570	$	55,882

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2024 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.

Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $2,629 million and $437 million as of September 30, 2025 and December 31, 2024, respectively.