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Fair Values (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis

			At September 30, 2025
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	59,141		$	42,287		$	—		$	—		$	101,428
Other sovereign government obligations			54,861			417			64			—			55,342
State and municipal securities			—			3,932			—			—			3,932
MABS			—			2,176			506			—			2,682
Loans and lending commitments2			—			8,741			1,266			—			10,007
Corporate and other debt6			3,797			35,436			1,499			—			40,732
Corporate equities3,5			159,387			1,934			267			—			161,588
Derivative and other contracts:
Interest rate			3,494			125,160			340			—			128,994
Credit			—			12,671			287			—			12,958
Foreign exchange			584			73,915			141			—			74,640
Equity			8,488			108,419			707			—			117,614
Commodity and other			615			12,335			2,844			—			15,794
Netting1			(10,634)			(259,969)			(884)			(41,072)			(312,559)
Total derivative and other contracts			2,547			72,531			3,435			(41,072)			37,441
Investments4,5			822			498			1,461			—			2,781
Physical commodities			—			1,184			—			—			1,184
Total trading assets4			280,555			169,136			8,498			(41,072)			417,117
Investment securities—AFS			78,245			30,082			—			—			108,327
Total assets at fair value			$	358,800		$	199,218		$	8,498		$	(41,072)		$	525,444

			At September 30, 2025
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	8,476		$	1		$	—		$	8,477
Trading liabilities:
U.S. Treasury and agency securities			18,093			598			—			—			18,691
Other sovereign government obligations			26,456			77			2			—			26,535
Corporate and other debt6			1,518			16,121			68			—			17,707
Corporate equities3			62,663			287			65			—			63,015
Derivative and other contracts:
Interest rate			3,408			112,188			713			—			116,309
Credit			—			13,608			194			—			13,802
Foreign exchange			676			68,567			396			—			69,639
Equity			10,951			129,151			1,728			—			141,830
Commodity and other			623			11,830			1,819			—			14,272
Netting1			(10,634)			(259,969)			(884)			(47,905)			(319,392)
Total derivative and other contracts			5,024			75,375			3,966			(47,905)			36,460
Total trading liabilities			113,754			92,458			4,101			(47,905)			162,408
Securities sold under agreements to repurchase			—			251			452			—			703
Other secured financings			—			16,569			118			—			16,687
Borrowings			—			125,934			1,351			—			127,285
Total liabilities at fair value			$	113,754		$	243,688		$	6,023		$	(47,905)		$	315,560

			At December 31, 2024
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities			$	54,436		$	44,332		$	—		$	—		$	98,768
Other sovereign government obligations			25,179			9,969			17			—			35,165
State and municipal securities			—			2,993			—			—			2,993
MABS			—			2,231			281			—			2,512
Loans and lending commitments2			—			7,602			1,059			—			8,661
Corporate and other debt			—			30,394			1,258			—			31,652
Corporate equities3,5			102,874			606			154			—			103,634
Derivative and other contracts:
Interest rate			4,154			124,309			343			—			128,806
Credit			—			8,783			367			—			9,150
Foreign exchange			65			108,037			620			—			108,722
Equity			2,704			72,532			446			—			75,682
Commodity and other			1,366			12,370			2,195			—			15,931
Netting1			(6,471)			(251,771)			(645)			(40,835)			(299,722)
Total derivative and other contracts			1,818			74,260			3,326			(40,835)			38,569
Investments4,5			808			933			754			—			2,495
Physical commodities			—			1,229			—			—			1,229
Total trading assets4			185,115			174,549			6,849			(40,835)			325,678
Investment securities—AFS			69,834			28,774			—			—			98,608
Total assets at fair value			$	254,949		$	203,323		$	6,849		$	(40,835)		$	424,286

			At December 31, 2024
$ in millions			Level 1			Level 2			Level 3			Netting1			Total
Liabilities at fair value
Deposits			$	—		$	6,498		$	1		$	—		$	6,499
Trading liabilities:
U.S. Treasury and agency securities			21,505			3			—			—			21,508
Other sovereign government obligations			20,724			3,712			84			—			24,520
Corporate and other debt			—			9,032			11			—			9,043
Corporate equities3			60,653			95			15			—			60,763
Derivative and other contracts:
Interest rate			3,615			114,179			396			—			118,190
Credit			—			9,302			270			—			9,572
Foreign exchange			147			104,793			31			—			104,971
Equity			3,241			90,639			1,594			—			95,474
Commodity and other			1,461			11,215			887			—			13,563
Netting1			(6,471)			(251,771)			(645)			(44,953)			(303,840)
Total derivative and other contracts			1,993			78,357			2,533			(44,953)			37,930
Total trading liabilities			104,875			91,199			2,643			(44,953)			153,764
Securities sold under agreements to repurchase			—			512			444			—			956
Other secured financings			—			14,012			76			—			14,088
Borrowings			—			102,385			947			—			103,332
Total liabilities at fair value			$	104,875		$	214,606		$	4,111		$	(44,953)		$	278,639

MABS—Mortgage- and asset-backed securities

1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.

2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.

3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.

4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.

5.At September 30, 2025 and December 31, 2024, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.

6.Within Corporate and other debt the Firm holds supranational and regional governmental bonds. The Firm’s valuation techniques and valuation hierarchy classification policies for such instruments is consistent with that of the Firm’s holdings in Other sovereign government obligations, which are further described in Note 4 to the financial statements in the 2024 Form 10-K.

Schedule of Details of Loans and Lending Commitments at Fair Value

Detail of Loans and Lending Commitments at Fair Value

$ in millions			At September 30, 2025			At December 31, 2024
Commercial real estate			$	1,582		$	498
Residential real estate			2,715			1,922
Securities-based lending and Other loans			5,710			6,241
Total			$	10,007		$	8,661

Schedule of Unsettled Fair Value of Futures Contracts

Unsettled Fair Value of Futures Contracts1

$ in millions			At September 30, 2025			At December 31, 2024
Customer and other receivables (payables), net			$	1,802		$	1,914

1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.

Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Other sovereign government obligations
Beginning balance			$	26		$	74		$	17		$	94
Realized and unrealized gains (losses)			—			3			—			1
Purchases			5			14			5			48
Sales			(18)			(27)			(5)			(74)
Net transfers			51			45			47			40
Ending balance			$	64		$	109		$	64		$	109
Unrealized gains (losses)			$	—		$	(2)		$	—		$	(2)
State and municipal securities
Beginning balance			$	10		$	—		$	—		$	34
Sales			—			—			—			(29)
Net transfers			(10)			13			—			8
Ending balance			$	—		$	13		$	—		$	13
Unrealized gains (losses)			$	—		$	—		$	—		$	—
MABS
Beginning balance			$	515		$	423		$	281		$	489
Realized and unrealized gains (losses)			12			10			11			27
Purchases			26			43			101			140
Sales			(46)			(58)			(68)			(243)
Net transfers			(1)			23			181			28
Ending balance			$	506		$	441		$	506		$	441
Unrealized gains (losses)			$	11		$	15		$	(2)		$	9
Loans and lending commitments
Beginning balance			$	1,283		$	2,176		$	1,059		$	2,066
Realized and unrealized gains (losses)			20			29			20			19
Purchases and originations			273			130			557			681
Sales			(277)			(648)			(484)			(917)
Settlements			—			(4)			(2)			(174)
Net transfers			(33)			(99)			116			(91)
Ending balance			$	1,266		$	1,584		$	1,266		$	1,584
Unrealized gains (losses)			$	13		$	(1)		$	18		$	(2)
Corporate and other debt
Beginning balance			$	1,759		$	1,925		$	1,258		$	1,983
Realized and unrealized gains (losses)			73			9			(84)			44
Purchases and originations			225			423			643			834
Sales			(285)			(496)			(308)			(980)
Settlements			—			(73)			—			(85)
Net transfers			(273)			(62)			(10)			(70)
Ending balance			$	1,499		$	1,726		$	1,499		$	1,726
Unrealized gains (losses)			$	84		$	6		$	129		$	101

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Corporate equities
Beginning balance			$	205		$	217		$	154		$	199
Realized and unrealized gains (losses)			17			(24)			(16)			(93)
Purchases			63			26			153			65
Sales			(62)			(29)			(111)			(58)
Net transfers			44			4			87			81
Ending balance			$	267		$	194		$	267		$	194
Unrealized gains (losses)			$	39		$	(11)		$	—		$	(17)
Investments
Beginning balance			$	780		$	843		$	754		$	949
Realized and unrealized gains (losses)			69			53			345			63
Purchases			56			18			76			42
Sales			(44)			(101)			(235)			(241)
Net transfers			600			(3)			521			(3)
Ending balance			$	1,461		$	810		$	1,461		$	810
Unrealized gains (losses)			$	94		$	24		$	342		$	6
Investment securities—AFS
Beginning balance			$	11		$	—		$	—		$	—
Net transfers			(11)			—			—			—
Ending balance			$	—		$	—		$	—		$	—
Unrealized gains (losses)			$	—		$	—		$	—		$	—
Net derivatives: Interest rate
Beginning balance			$	(457)		$	262		$	(53)		$	(73)
Realized and unrealized gains (losses)			35			(120)			(370)			(103)
Purchases			64			20			85			27
Issuances			(29)			(6)			(121)			(14)
Settlements			(21)			(77)			44			(18)
Net transfers			35			(79)			42			181
Ending balance			$	(373)		$	—		$	(373)		$	—
Unrealized gains (losses)			$	50		$	(114)		$	(326)		$	(65)
Net derivatives: Credit
Beginning balance			$	97		$	124		$	97		$	96
Realized and unrealized gains (losses)			(31)			108			(115)			(42)
Settlements			8			(116)			117			39
Net transfers			19			(2)			(6)			21
Ending balance			$	93		$	114		$	93		$	114
Unrealized gains (losses)			$	(42)		$	108		$	(104)		$	(21)
Net derivatives: Foreign exchange
Beginning balance			$	(433)		$	(118)		$	589		$	(365)
Realized and unrealized gains (losses)			66			51			68			57
Purchases			2			—			13			—
Issuances			—			—			(24)			—
Settlements			133			117			(870)			264
Net transfers			(23)			45			(31)			139
Ending balance			$	(255)		$	95		$	(255)		$	95
Unrealized gains (losses)			$	60		$	51		$	68		$	61

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Net derivatives: Equity
Beginning balance			$	(1,077)		$	(1,055)		$	(1,148)		$	(1,102)
Realized and unrealized gains (losses)			(148)			(123)			110			125
Purchases			53			54			206			186
Issuances			(197)			(161)			(753)			(473)
Settlements			(131)			265			154			337
Net transfers			479			252			410			159
Ending balance			$	(1,021)		$	(768)		$	(1,021)		$	(768)
Unrealized gains (losses)			$	(104)		$	(155)		$	(24)		$	11
Net derivatives: Commodity and other
Beginning balance			$	887		$	1,203		$	1,308		$	1,290
Realized and unrealized gains (losses)			208			223			370			789
Purchases			81			70			206			126
Issuances			(176)			(23)			(315)			(37)
Settlements			(119)			(398)			(296)			(909)
Net transfers			144			(51)			(248)			(235)
Ending balance			$	1,025		$	1,024		$	1,025		$	1,024
Unrealized gains (losses)			$	332		$	(58)		$	457		$	(48)
Deposits
Beginning balance			$	30		$	34		$	1		$	33
Settlements			—			—			(1)			—
Net transfers			(29)			(33)			1			(32)
Ending balance			$	1		$	1		$	1		$	1
Unrealized losses (gains)			$	—		$	—		$	—		$	—
Nonderivative trading liabilities
Beginning balance			$	114		$	42		$	110		$	60
Realized and unrealized losses (gains)			16			6			(5)			(17)
Purchases			(104)			(44)			8			(50)
Sales			118			25			77			78
Settlements			—			—			—			(1)
Net transfers			(9)			43			(55)			2
Ending balance			$	135		$	72		$	135		$	72
Unrealized losses (gains)			$	46		$	9		$	(4)		$	(6)
Securities sold under agreements to repurchase
Beginning balance			$	446		$	449		$	444		$	449
Realized and unrealized losses (gains)			6			4			8			4
Ending balance			$	452		$	453		$	452		$	453
Unrealized losses (gains)			$	5		$	3		$	7		$	4
Other secured financings
Beginning balance			$	144		$	91		$	76		$	92
Realized and unrealized losses (gains)			(11)			1			(1)			(4)
Sales			—			—			(231)			—
Issuances			4			57			257			94
Settlements			—			(16)			(152)			(58)
Net transfers			(19)			14			169			23
Ending balance			$	118		$	147		$	118		$	147
Unrealized losses (gains)			$	(11)		$	1		$	(1)		$	(4)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Borrowings
Beginning balance			$	2,678		$	1,976		$	947		$	1,878
Realized and unrealized losses (gains)			115			86			214			90
Issuances			155			95			576			412
Settlements			(178)			(105)			(181)			(212)
Net transfers1			(1,419)			(581)			(205)			(697)
Ending balance			$	1,351		$	1,471		$	1,351		$	1,471
Unrealized losses (gains)			$	124		$	109		$	210		$	115
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA			—			(1)			—			—

1.Net transfers include the transfer of Borrowings from Level 3 to Level 2 of $1.4 billion and $0.2 billion for the three and nine months ended September 30, 2025, respectively, primarily due to the decrease in the significance of unobservable inputs related to equity structured notes.

Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Other sovereign government obligations
Beginning balance			$	26		$	74		$	17		$	94
Realized and unrealized gains (losses)			—			3			—			1
Purchases			5			14			5			48
Sales			(18)			(27)			(5)			(74)
Net transfers			51			45			47			40
Ending balance			$	64		$	109		$	64		$	109
Unrealized gains (losses)			$	—		$	(2)		$	—		$	(2)
State and municipal securities
Beginning balance			$	10		$	—		$	—		$	34
Sales			—			—			—			(29)
Net transfers			(10)			13			—			8
Ending balance			$	—		$	13		$	—		$	13
Unrealized gains (losses)			$	—		$	—		$	—		$	—
MABS
Beginning balance			$	515		$	423		$	281		$	489
Realized and unrealized gains (losses)			12			10			11			27
Purchases			26			43			101			140
Sales			(46)			(58)			(68)			(243)
Net transfers			(1)			23			181			28
Ending balance			$	506		$	441		$	506		$	441
Unrealized gains (losses)			$	11		$	15		$	(2)		$	9
Loans and lending commitments
Beginning balance			$	1,283		$	2,176		$	1,059		$	2,066
Realized and unrealized gains (losses)			20			29			20			19
Purchases and originations			273			130			557			681
Sales			(277)			(648)			(484)			(917)
Settlements			—			(4)			(2)			(174)
Net transfers			(33)			(99)			116			(91)
Ending balance			$	1,266		$	1,584		$	1,266		$	1,584
Unrealized gains (losses)			$	13		$	(1)		$	18		$	(2)
Corporate and other debt
Beginning balance			$	1,759		$	1,925		$	1,258		$	1,983
Realized and unrealized gains (losses)			73			9			(84)			44
Purchases and originations			225			423			643			834
Sales			(285)			(496)			(308)			(980)
Settlements			—			(73)			—			(85)
Net transfers			(273)			(62)			(10)			(70)
Ending balance			$	1,499		$	1,726		$	1,499		$	1,726
Unrealized gains (losses)			$	84		$	6		$	129		$	101

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Corporate equities
Beginning balance			$	205		$	217		$	154		$	199
Realized and unrealized gains (losses)			17			(24)			(16)			(93)
Purchases			63			26			153			65
Sales			(62)			(29)			(111)			(58)
Net transfers			44			4			87			81
Ending balance			$	267		$	194		$	267		$	194
Unrealized gains (losses)			$	39		$	(11)		$	—		$	(17)
Investments
Beginning balance			$	780		$	843		$	754		$	949
Realized and unrealized gains (losses)			69			53			345			63
Purchases			56			18			76			42
Sales			(44)			(101)			(235)			(241)
Net transfers			600			(3)			521			(3)
Ending balance			$	1,461		$	810		$	1,461		$	810
Unrealized gains (losses)			$	94		$	24		$	342		$	6
Investment securities—AFS
Beginning balance			$	11		$	—		$	—		$	—
Net transfers			(11)			—			—			—
Ending balance			$	—		$	—		$	—		$	—
Unrealized gains (losses)			$	—		$	—		$	—		$	—
Net derivatives: Interest rate
Beginning balance			$	(457)		$	262		$	(53)		$	(73)
Realized and unrealized gains (losses)			35			(120)			(370)			(103)
Purchases			64			20			85			27
Issuances			(29)			(6)			(121)			(14)
Settlements			(21)			(77)			44			(18)
Net transfers			35			(79)			42			181
Ending balance			$	(373)		$	—		$	(373)		$	—
Unrealized gains (losses)			$	50		$	(114)		$	(326)		$	(65)
Net derivatives: Credit
Beginning balance			$	97		$	124		$	97		$	96
Realized and unrealized gains (losses)			(31)			108			(115)			(42)
Settlements			8			(116)			117			39
Net transfers			19			(2)			(6)			21
Ending balance			$	93		$	114		$	93		$	114
Unrealized gains (losses)			$	(42)		$	108		$	(104)		$	(21)
Net derivatives: Foreign exchange
Beginning balance			$	(433)		$	(118)		$	589		$	(365)
Realized and unrealized gains (losses)			66			51			68			57
Purchases			2			—			13			—
Issuances			—			—			(24)			—
Settlements			133			117			(870)			264
Net transfers			(23)			45			(31)			139
Ending balance			$	(255)		$	95		$	(255)		$	95
Unrealized gains (losses)			$	60		$	51		$	68		$	61

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Net derivatives: Equity
Beginning balance			$	(1,077)		$	(1,055)		$	(1,148)		$	(1,102)
Realized and unrealized gains (losses)			(148)			(123)			110			125
Purchases			53			54			206			186
Issuances			(197)			(161)			(753)			(473)
Settlements			(131)			265			154			337
Net transfers			479			252			410			159
Ending balance			$	(1,021)		$	(768)		$	(1,021)		$	(768)
Unrealized gains (losses)			$	(104)		$	(155)		$	(24)		$	11
Net derivatives: Commodity and other
Beginning balance			$	887		$	1,203		$	1,308		$	1,290
Realized and unrealized gains (losses)			208			223			370			789
Purchases			81			70			206			126
Issuances			(176)			(23)			(315)			(37)
Settlements			(119)			(398)			(296)			(909)
Net transfers			144			(51)			(248)			(235)
Ending balance			$	1,025		$	1,024		$	1,025		$	1,024
Unrealized gains (losses)			$	332		$	(58)		$	457		$	(48)
Deposits
Beginning balance			$	30		$	34		$	1		$	33
Settlements			—			—			(1)			—
Net transfers			(29)			(33)			1			(32)
Ending balance			$	1		$	1		$	1		$	1
Unrealized losses (gains)			$	—		$	—		$	—		$	—
Nonderivative trading liabilities
Beginning balance			$	114		$	42		$	110		$	60
Realized and unrealized losses (gains)			16			6			(5)			(17)
Purchases			(104)			(44)			8			(50)
Sales			118			25			77			78
Settlements			—			—			—			(1)
Net transfers			(9)			43			(55)			2
Ending balance			$	135		$	72		$	135		$	72
Unrealized losses (gains)			$	46		$	9		$	(4)		$	(6)
Securities sold under agreements to repurchase
Beginning balance			$	446		$	449		$	444		$	449
Realized and unrealized losses (gains)			6			4			8			4
Ending balance			$	452		$	453		$	452		$	453
Unrealized losses (gains)			$	5		$	3		$	7		$	4
Other secured financings
Beginning balance			$	144		$	91		$	76		$	92
Realized and unrealized losses (gains)			(11)			1			(1)			(4)
Sales			—			—			(231)			—
Issuances			4			57			257			94
Settlements			—			(16)			(152)			(58)
Net transfers			(19)			14			169			23
Ending balance			$	118		$	147		$	118		$	147
Unrealized losses (gains)			$	(11)		$	1		$	(1)		$	(4)

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Borrowings
Beginning balance			$	2,678		$	1,976		$	947		$	1,878
Realized and unrealized losses (gains)			115			86			214			90
Issuances			155			95			576			412
Settlements			(178)			(105)			(181)			(212)
Net transfers1			(1,419)			(581)			(205)			(697)
Ending balance			$	1,351		$	1,471		$	1,351		$	1,471
Unrealized losses (gains)			$	124		$	109		$	210		$	115
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA			—			(1)			—			—

1.Net transfers include the transfer of Borrowings from Level 3 to Level 2 of $1.4 billion and $0.2 billion for the three and nine months ended September 30, 2025, respectively, primarily due to the decrease in the significance of unobservable inputs related to equity structured notes.

Schedule of Valuation Techniques and Unobservable Inputs

Valuation Techniques and Unobservable Inputs

			Balance / Range (Average1)
$ in millions, except inputs			At September 30, 2025			At December 31, 2024
Other sovereign government obligations			$	64		$	17
Comparable pricing:
Bond price			60 to 110 points (99 points)			45 to 104 points (75 points)
MABS			$	506		$	281
Comparable pricing:
Bond price			40 to 106 points (80 points)			27 to 98 points (67 points)
Loans and lending commitments			$	1,266		$	1,059
Margin loan model:
Margin loan rate			N/M			1% to 4% (3%)
Comparable pricing:
Loan price			50 to 106 points (89 points)			49 to 102 points (90 points)

			Balance / Range (Average1)
$ in millions, except inputs			At September 30, 2025			At December 31, 2024
Corporate and other debt			$	1,499		$	1,258
Comparable pricing:
Bond price			29 to 130 points (88 points)			28 to 130 points (83 points)
Discounted cash flow:
Loss given default			54% to 85% (68% / 54%)			54% to 84% (62% / 54%)
Corporate equities			$	267		$	154
Comparable pricing:
Equity price			100%			100%
Investments			$	1,461		$	754
Discounted cash flow:
WACC			11% to 21% (17%)			12% to 21% (16%)
Exit multiple			9 to 9 times (9 times)			9 to 10 times (10 times)
Market approach:
EBITDA multiple			18 times			20 times
Comparable pricing:
Equity price			24% to 100% (95%)			24% to 100% (84%)
Net derivative and other contracts:
Interest rate			$	(373)		$	(53)
Option model:
IR volatility skew			47% to 96% (75% / 76%)			72% to 97% (81% / 79%)
IR curve correlation			56% to 99% (85% / 87%)			28% to 99% (83% / 86%)
Bond volatility			75% to 149% (87% / 90%)			78% to 148% (92% / 92%)
Inflation volatility			32% to 67% (44% / 40%)			30% to 68% (44% / 38%)
Credit			$	93		$	97
Credit default swap model:
Cash-synthetic    basis			7 points			7 points
Bond price			0 to 93 points (51 points)			0 to 90 points (48 points)
Credit spread			22 to 675 bps (105 bps)			10 to 360 bps (90 bps)
Funding spread			6 to 590 bps (73 bps)			10 to 590 bps (76 bps)
Foreign exchange2			$	(255)		$	589
Option model:
IR curve			-1% to 10% (2% / 0%)			5% to 10% (8% / 8%)
Contingency probability			80% to 95% (85% / 95%)			90% to 95% (91% / 95%)
Equity2			$	(1,021)		$	(1,148)
Option model:
Equity volatility			3% to 126% (26%)			7% to 98% (20%)
Equity volatility skew			-11% to 7% (-1%)			-2% to 0% (-1%)
Equity correlation			0% to 100% (66%)			20% to 94% (58%)
FX correlation			-87% to 90% (-23%)			-68% to 60% (-36%)
IR correlation			0% to 15% (6%)			N/M
Commodity and other			$	1,025		$	1,308
Option model:
Forward power price			$8 to $144 ($64) per MWh			$0 to $185 ($48) per MWh
Commodity volatility			17% to 97% (30%)			0% to 165% (37%)
Cross-commodity correlation			69% to 99% (98%)			54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Corporate and other debt			$	68		$	11
Comparable pricing:
Bond price			2 to 101 points (32 points)			N/M

			Balance / Range (Average1)
$ in millions, except inputs			At September 30, 2025			At December 31, 2024
Securities sold under agreements to repurchase			$	452		$	444
Discounted cash flow:
Funding spread			21 to 139 bps (70 / 69 bps)			11 to 102 bps (36 / 26 bps)
Other secured financings			$	118		$	76
Comparable pricing:
Loan price			0 to 95 points (70 points)			0 to 100 points (33 points)
Borrowings			$	1,351		$	947
Option model:
Equity volatility			9% to 95% (24%)			7% to 71% (21%)
Equity volatility skew			-5% to 1% (-1%)			-2% to 0% (0%)
Equity correlation			20% to 100% (89%)			53% to 64% (58%)
Equity - FX correlation			-65% to 29% (-18%)			-52% to 24% (-12%)
Credit default swap model:
Credit spread			188 to 472 bps (330 bps)			247 to 433 bps (340 bps)
Discounted cash flow:
Loss given default			54% to 85% (68% / 54%)			54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans			$	2,714		$	4,518
Corporate loan model:
Credit spread			116 to 932 bps (276 bps)			109 to 1,469 bps (1,007 bps)
Comparable pricing:
Loan price			50 to 101 points (86 points)			25 to 100 points (71 points)
Warehouse model:
Credit spread			69 to 182 bps (99 bps)			207 to 280 bps (254 bps)

Points—Percentage of par

IR—Interest rate

FX—Foreign exchange

1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.

2.Includes derivative contracts with multiple risks (i.e., hybrid products).

Schedule of Net Asset Value Measurements

Fund Interests

			At September 30, 2025						At December 31, 2024
$ in millions			Carrying Value			Commitment			Carrying Value			Commitment
Private equity and other			$	3,096		$	655		$	2,653		$	644
Real estate			3,537			216			3,461			214
Hedge			73			2			92			2
Total			$	6,706		$	873		$	6,206		$	860

Nonredeemable Funds by Contractual Maturity

			Carrying Value at September 30, 2025
$ in millions			Private Equity and Other			Real Estate
Less than 5 years			$	1,092		$	2,006
5-10 years			1,698			1,353
Over 10 years			306			178
Total			$	3,096		$	3,537

Schedule of Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

			At September 30, 2025
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	1,383		$	2,714		$	4,097
Other assets—Other investments			—			60			60
Other assets—ROU assets			19			—			19
Total			$	1,402		$	2,774		$	4,176
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	58		$	25		$	83
Total			$	58		$	25		$	83

			At December 31, 2024
			Fair Value
$ in millions			Level 2			Level 31			Total
Assets
Loans			$	1,607		$	4,518		$	6,125
Other assets—Other investments			—			58			58
Other assets—ROU assets			23			—			23
Total			$	1,630		$	4,576		$	6,206
Liabilities
Other liabilities and accrued expenses—Lending commitments			$	48		$	33		$	81
Total			$	48		$	33		$	81

1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.

Gains (Losses) from Nonrecurring Fair Value Remeasurements1

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Assets
Loans2			$	(148)		$	(136)		$	(319)		$	(190)
Other assets—Other investments3			—			—			(6)			(7)
Other assets—Premises, equipment and software4			(7)			(10)			(52)			(12)
Other assets—ROU assets5			(1)			—			(1)			—
Total			$	(156)		$	(146)		$	(378)		$	(209)
Liabilities
Other liabilities and accrued expenses—Lending commitments2			$	(5)		$	(2)		$	(1)		$	8
Total			$	(5)		$	(2)		$	(1)		$	8

1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.

2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.

3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.

4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

5.Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.

Schedule of Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value

			At September 30, 2025
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	103,734		$	103,734		$	—		$	—		$	103,734
Investment securities—HTM			55,205			12,919			33,098			1,352			47,369
Securities purchased under agreements to resell			111,734			—			110,611			1,154			111,765
Securities borrowed			129,113			—			129,113			—			129,113
Customer and other receivables			106,879			—			102,293			4,527			106,820
Loans1
Held for investment			255,867			—			10,700			241,877			252,577
Held for sale			11,433			—			6,208			5,280			11,488
Other assets			704			—			704			—			704
Financial liabilities
Deposits			$	397,003		$	—		$	397,686		$	—		$	397,686
Securities sold under agreements to repurchase			60,801			—			60,786			—			60,786
Securities loaned			15,944			—			15,949			—			15,949
Other secured financings			4,754			—			4,751			—			4,751
Customer and other payables			226,430			—			226,430			—			226,430
Borrowings			204,394			—			208,157			199			208,356
			Commitment Amount
Lending commitments2			$	200,600		$	—		$	1,085		$	1,129		$	2,214

			At December 31, 2024
			Carrying Value			Fair Value
$ in millions						Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents			$	105,386		$	105,386		$	—		$	—		$	105,386
Investment securities—HTM			61,071			15,803			34,180			1,220			51,203
Securities purchased under agreements to resell			118,565			—			117,151			1,450			118,601
Securities borrowed			123,859			—			123,859			—			123,859
Customer and other receivables			79,586			—			75,361			4,056			79,417
Loans1
Held for investment			225,834			—			17,859			202,297			220,156
Held for sale			12,319			—			6,324			6,115			12,439
Other assets			839			—			839			—			839
Financial liabilities
Deposits			$	369,508		$	—		$	370,039		$	—		$	370,039
Securities sold under agreements to repurchase			49,111			—			49,103			—			49,103
Securities loaned			15,226			—			15,228			—			15,228
Other secured financings			7,514			—			7,511			—			7,511
Customer and other payables			175,890			—			175,890			—			175,890
Borrowings			185,487			—			188,269			93			188,362
			Commitment Amount
Lending commitments2			$	175,774		$	—		$	1,094		$	839		$	1,933

1.Amounts include loans measured at fair value on a nonrecurring basis.

2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.

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