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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Asset Contracts

Fair Values of Derivative Contracts

			Assets at September 30, 2025
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	5		$	—		$	8
Foreign exchange			49			60			—			109
Total			52			65			—			117
Not designated as accounting hedges
Economic hedges of loans
Credit			—			19			—			19
Other derivatives
Interest rate			114,429			14,447			110			128,986
Credit			4,731			8,208			—			12,939
Foreign exchange			68,766			5,141			624			74,531
Equity			36,890			—			80,724			117,614
Commodity and other			12,870			—			2,924			15,794
Total			237,686			27,815			84,382			349,883
Total gross derivatives			$	237,738		$	27,880		$	84,382		$	350,000
Amounts offset
Counterparty netting			(166,835)			(26,061)			(81,034)			(273,930)
Cash collateral netting			(37,029)			(1,600)			—			(38,629)
Total in Trading assets			$	33,874		$	219		$	3,348		$	37,441
Amounts not offset1
Financial instruments collateral			(15,044)			—			—			(15,044)
Net amounts			$	18,830		$	219		$	3,348		$	22,397
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	5,075

			Assets at December 31, 2024
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	4		$	—		$	—		$	4
Foreign exchange			185			122			—			307
Total			189			122			—			311
Not designated as accounting hedges
Economic hedges of loans
Credit			—			28			—			28
Other derivatives
Interest rate			115,520			13,163			119			128,802
Credit			4,711			4,411			—			9,122
Foreign exchange			104,024			4,301			90			108,415
Equity			24,368			—			51,314			75,682
Commodity and other			14,071			—			1,860			15,931
Total			262,694			21,903			53,383			337,980
Total gross derivatives			$	262,883		$	22,025		$	53,383		$	338,291
Amounts offset
Counterparty netting			(188,069)			(20,276)			(51,168)			(259,513)
Cash collateral netting			(38,511)			(1,698)			—			(40,209)
Total in Trading assets			$	36,303		$	51		$	2,215		$	38,569
Amounts not offset1
Financial instruments collateral			(17,837)			—			—			(17,837)
Net amounts			$	18,466		$	51		$	2,215		$	20,732
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	3,354

Schedule of Fair Values of Derivative Liability Contracts

			Liabilities at September 30, 2025
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	510		$	—		$	—		$	510
Foreign exchange			143			39			—			182
Total			653			39			—			692
Not designated as accounting hedges
Economic hedges of loans
Credit			47			638			—			685
Other derivatives
Interest rate			102,606			13,080			113			115,799
Credit			5,297			7,820			—			13,117
Foreign exchange			63,266			5,495			696			69,457
Equity			60,952			—			80,878			141,830
Commodity and other			11,453			—			2,819			14,272
Total			243,621			27,033			84,506			355,160
Total gross derivatives			$	244,274		$	27,072		$	84,506		$	355,852
Amounts offset
Counterparty netting			(166,835)			(26,061)			(81,034)			(273,930)
Cash collateral netting			(44,457)			(1,005)			—			(45,462)
Total in Trading liabilities			$	32,982		$	6		$	3,472		$	36,460
Amounts not offset1
Financial instruments collateral			(4,012)			—			(1,051)			(5,063)
Net amounts			$	28,970		$	6		$	2,421		$	31,397
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												7,296

			Liabilities at December 31, 2024
$ in millions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	533		$	—		$	—		$	533
Foreign exchange			3			—			—			3
Total			536			—			—			536
Not designated as accounting hedges
Economic hedges of loans
Credit			53			718			—			771
Other derivatives
Interest rate			104,495			13,038			124			117,657
Credit			4,941			3,860			—			8,801
Foreign exchange			100,730			4,085			153			104,968
Equity			42,332			—			53,142			95,474
Commodity and other			11,584			—			1,979			13,563
Total			264,135			21,701			55,398			341,234
Total gross derivatives			$	264,671		$	21,701		$	55,398		$	341,770
Amounts offset
Counterparty netting			(188,070)			(20,276)			(51,168)			(259,514)
Cash collateral netting			(43,126)			(1,200)			—			(44,326)
Total in Trading liabilities			$	33,475		$	225		$	4,230		$	37,930
Amounts not offset1
Financial instruments collateral			(6,338)			—			(2,658)			(8,996)
Net amounts			$	27,137		$	225		$	1,572		$	28,934
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable												$	4,321

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

Schedule of Notionals of Derivative Contracts

Notionals of Derivative Contracts

			Assets at September 30, 2025
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	188		$	—		$	188
Foreign exchange			5			4			—			9
Total			5			192			—			197
Not designated as accounting hedges
Economic hedges of loans
Credit			—			—			—			—
Other derivatives
Interest rate			4,116			7,568			528			12,212
Credit			269			259			—			528
Foreign exchange			4,256			299			18			4,573
Equity			904			—			848			1,752
Commodity and other			151			—			77			228
Total			9,696			8,126			1,471			19,293
Total gross derivatives			$	9,701		$	8,318		$	1,471		$	19,490

			Liabilities at September 30, 2025
$ in billions			Bilateral OTC			Cleared OTC			Exchange- Traded			Total
Designated as accounting hedges
Interest rate			$	3		$	215		$	—		$	218
Foreign exchange			16			2			—			18
Total			19			217			—			236
Not designated as accounting hedges
Economic hedges of loans
Credit			2			17			—			19
Other derivatives
Interest rate			4,095			7,579			529			12,203
Credit			291			249			—			540
Foreign exchange			4,279			286			22			4,587
Equity			995			—			1,333			2,328
Commodity and other			130			—			85			215
Total			9,792			8,131			1,969			19,892
Total gross derivatives			$	9,811		$	8,348		$	1,969		$	20,128

			Assets at December 31, 2024
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	—		$	108		$	—		$	108
Foreign exchange			14			4			—			18
Total			14			112			—			126
Not designated as accounting hedges
Economic hedges of loans
Credit			—			—			—			—
Other derivatives
Interest rate			3,713			4,367			442			8,522
Credit			208			149			—			357
Foreign exchange			2,717			171			9			2,897
Equity			591			—			609			1,200
Commodity and other			137			—			77			214
Total			7,366			4,687			1,137			13,190
Total gross derivatives			$	7,380		$	4,799		$	1,137		$	13,316

			Liabilities at December 31, 2024
$ in billions			Bilateral OTC			Cleared OTC			Exchange-Traded			Total
Designated as accounting hedges
Interest rate			$	2		$	193		$	—		$	195
Foreign exchange			1			—			—			1
Total			3			193			—			196
Not designated as accounting hedges
Economic hedges of loans
Credit			2			20			—			22
Other derivatives
Interest rate			3,626			4,468			417			8,511
Credit			230			133			—			363
Foreign exchange			2,763			178			18			2,959
Equity			754			—			826			1,580
Commodity and other			100			—			89			189
Total			7,475			4,799			1,350			13,624
Total gross derivatives			$	7,478		$	4,992		$	1,350		$	13,820

Schedule of Gains (Losses) on Accounting Hedges

Gains (Losses) on Accounting Hedges

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
$ in millions			2025			2024			2025			2024
Fair value hedges—Recognized in Interest income
Interest rate contracts			$	(100)		$	(1,277)		$	(903)		$	(686)
Investment Securities—AFS			115			1,302			938			755
Fair value hedges—Recognized in Interest expense
Interest rate contracts			$	609		$	5,777		$	4,471		$	3,627
Deposits			(34)			(227)			(112)			(235)
Borrowings			(574)			(5,561)			(4,364)			(3,403)
Net investment hedges—Foreign exchange contracts
Recognized in OCI			$	175		$	(533)		$	(1,229)		$	122
Forward points excluded from hedge effectiveness testing—Recognized in Interest income			96			50			143			140
Cash flow hedges—Interest rate contracts1
Recognized in OCI			$	15		$	34		$	28		$	(26)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income			(40)			(11)			(70)			(34)
Net change in cash flow hedges included within AOCI			55			45			98			8

1.During the nine months ended September 30, 2025, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of September 30, 2025, is approximately $(60) million. The maximum length of time over which forecasted cash flows are hedged is 40 months.

Schedule of Fair Value Hedges - Hedged Items

Fair Value Hedges—Hedged Items 

$ in millions			At September 30, 2025			At December 31, 2024
Investment Securities—AFS
Amortized cost basis currently or previously hedged1			$	57,275		$	54,809
Basis adjustments included in amortized cost2			$	218		$	(741)
Deposits
Carrying amount currently or previously hedged			$	48,904		$	21,524
Basis adjustments included in carrying amount2			$	156		$	44
Borrowings
Carrying amount currently or previously hedged			$	189,937		$	171,834
Basis adjustments included in carrying amount—Outstanding hedges			$	(5,769)		$	(10,072)
Basis adjustments included in carrying amount—Terminated hedges			$	(631)		$	(648)

1.Carrying amount represents the amortized cost. As of September 30, 2025, and December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $600 million and $325 million, respectively. The Firm designated $703 million and $178 million as hedged amounts as of September 30, 2025, and December 31, 2024, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $2.2 million as of September 30, 2025 and $(2) million as of December 31, 2024. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 7 herein for additional information.

2.Hedge accounting basis adjustments are primarily related to outstanding hedges.

Schedule of Gains (Losses) on Economic Loan Hedges

Gains (Losses) on Economic Hedges of Loans

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
$ in millions			2025			2024			2025			2024
Recognized in Other revenues
Credit contracts1			$	(82)		$	(101)		$	(172)		$	(248)

1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.

Schedule of Net Derivative Liabilities and Collateral Posted

Net Derivative Liabilities and Collateral Posted

$ in millions			At September 30, 2025			At December 31, 2024
Net derivative liabilities with credit risk-related contingent features			$	23,734		$	22,414
Collateral posted			18,038			16,252

Schedule of Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade

Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade

$ in millions			At September 30, 2025
One-notch downgrade			$	267
Two-notch downgrade			513
Bilateral downgrade agreements included in the amounts above1			$	643

1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.

Schedule of Maximum Potential Payout/Notional of Credit Protection Sold

Maximum Potential Payout/Notional of Credit Protection Sold1

			Years to Maturity at September 30, 2025
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	15		$	34		$	38		$	16		$	103
Non-investment grade			7			18			16			4			45
Total			$	22		$	52		$	54		$	20		$	148
Index and basket CDS
Investment grade			$	4		$	12		$	8		$	2		$	26
Non-investment grade			9			26			231			94			360
Total			$	13		$	38		$	239		$	96		$	386
Total CDS sold			$	35		$	90		$	293		$	116		$	534
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	35		$	90		$	293		$	119		$	537
CDS protection sold with identical protection purchased															$	474

			Years to Maturity at December 31, 2024
$ in billions			< 1			1-3			3-5			Over 5			Total
Single-name CDS
Investment grade			$	15		$	31		$	37		$	10		$	93
Non-investment grade			7			16			16			1			40
Total			$	22		$	47		$	53		$	11		$	133
Index and basket CDS
Investment grade			$	3		$	12		$	10		$	—		$	25
Non-investment grade			11			22			158			16			207
Total			$	14		$	34		$	168		$	16		$	232
Total CDS sold			$	36		$	81		$	221		$	27		$	365
Other credit contracts			—			—			—			3			3
Total credit protection sold			$	36		$	81		$	221		$	30		$	368
CDS protection sold with identical protection purchased															$	303

Schedule of Fair Value Asset (Liability) of Credit Protection Sold

Fair Value Asset (Liability) of Credit Protection Sold1

$ in millions			At September 30, 2025			At December 31, 2024
Single-name CDS
Investment grade			$	2,370		$	1,890
Non-investment grade			767			585
Total			$	3,137		$	2,475
Index and basket CDS
Investment grade			$	883		$	799
Non-investment grade			3,837			489
Total			$	4,720		$	1,288
Total CDS sold			$	7,857		$	3,763
Other credit contracts			145			133
Total credit protection sold			$	8,002		$	3,896

1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.

Schedule of Protection Purchased with CDS

Protection Purchased with CDS

			Notional
$ in billions			At September 30, 2025			At December 31, 2024
Single name			$	170		$	156
Index and basket			351			193
Tranched index and basket			31			28
Total			$	552		$	377

			Fair Value Asset (Liability)
$ in millions			At September 30, 2025			At December 31, 2024
Single name			$	(3,499)		$	(2,693)
Index and basket			(4,294)			(654)
Tranched index and basket			(1,033)			(962)
Total			$	(8,826)		$	(4,309)

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-Section 50
-Paragraph 4E
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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